Bitcoin Buyers Bet Big as Price Surges to $65K!

Here's what we've got for you today:

• Bitcoin Buyers Throw $366M Into US ETFs as BTC Pushes Above $65K

• SEC’s Move to Redefine Exchange and Trading Systems Sparks Concerns

• Bitcoin-Backed Lending Gains Momentum as Institutional Demand Rises

• Mark Cuban Says He Wants Gary Gensler’s Job as Head of the SEC

💰️ Bitcoin Buyers Throw $366M Into US ETFs as BTC Pushes Above $65K

Bitcoin broke above the $65,000 mark during late trading on Sept. 26, and US spot Bitcoin ETFs brought in over $360 million in inflows on the same day.

• The ARK 21Shares Bitcoin ETF (ARKB) led with an inflow of $113.8 million, followed by BlackRock’s iShares Bitcoin Trust (IBIT) with $93.4 million.

• The Grayscale Bitcoin Trust (GBTC) saw the only outflow of $7.7 million, contributing to a total outflow of $20.1 billion since its conversion to a spot ETF in January.

• Bloomberg analyst Eric Balchunas shared that spot Bitcoin ETFs are "92% of the way to owning 1 million Bitcoin" and 83% towards surpassing Satoshi Nakamoto as the top Bitcoin holder.

⁉️ SEC’s Move to Redefine Exchange and Trading Systems Sparks Concerns

The SEC is still working on redefining key financial terms like "exchange" and "dealer," which could impact both traditional and digital asset markets.

• One of the SEC's key moves to strengthen the Treasury market is to expand the definition of “dealer” to include firms using algorithmic and high-frequency trading.

• The SEC’s changes were proposed in 2022 and adopted in 2024, but faced opposition from pro-crypto advocates who are concerned about its impact on digital asset trading.

• Although SEC Chair Gary Gensler did not mention crypto or DeFi during the recent Treasury conference, he later stated on CNBC that the crypto industry is already sufficiently regulated under existing laws.

📈 Bitcoin-Backed Lending Gains Momentum as Institutional Demand Rises

Financial institutions are increasingly exploring new ways to integrate Bitcoin into their services.

• Ledn revealed on Sept. 25 that financial institutions are investing billions of dollars into Bitcoin-backed loans.

• The surge in institutional interest has mostly been driven by the approval of spot Bitcoin ETFs by US regulators earlier in the year.

• According to Ledn, institutional investors are now exploring opportunities beyond ETFs, particularly through Bitcoin-backed lending. This signals that there is a shift in how Bitcoin is leveraged in financial markets.

👀 Mark Cuban Says He Wants Gary Gensler’s Job as Head of the SEC

Billionaire Mark Cuban said he’d consider accepting a position as the head of either the SEC or the Department of Health and Human Services (HHS) if Harris wins the presidency.

• Cuban is a well known finance mogul and crypto advocate, and recently endorsed Kamala Harris over Donald Trump for the 2024 US presidential elections.

• In an interview with Fox News' Neil Cavuto, Cuban stated that he might be interested in becoming head of the SEC to replace current chair Gary Gensler.

• It is still unclear if Mark Cuban is actually seriously considering a position in a potential Harris administration or if discussions have taken place with her campaign.

👀 QUICK NEWS

• Tornado Cash Dev’s Bid to Dismiss Charges Falls Out, NY Judge Sets Trial for December

• SEC’s Gary Gensler Won’t Reveal His view on Trump’s Bitcoin Reserve, Reiterates Bitcoin Isn’t a Security

• Liquid Restaking Protocol Bedrock Suffers $2M Exploit

• Base’s Total Value Locked Crosses $2 Billion for the First Time Amid Sustained User Activity

• US Seizes Crypto Domains Linked to $800M Crypto Laundering, Two Russians Charged

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