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Strategy scoops up another 250 bitcoin for $21.5 million as holdings reach 848,250 BTC
October 12 — According to HTX market data, the crypto market remained range-bound, with Bitcoin edging up this morning to break above $84,000, a 24-hour gain of 0.82%. The total crypto market cap declined 0.3% in 24 hours to $2.894 trillion.
On the altcoin front, Layer 2 scaling, especially ZK and modularity-related sectors, stood out the most, with STRK, LUMIA, PLUME, MANTA, MEGA and others rallying collectively, backed by network upgrades, quantum resistance, and RWA narratives. Next, high-performance Layer 1, cross-chain interoperability, blockchain gaming, and DePIN sectors showed strong performance, with MAGIC leading the market, followed by IO, RLC, FIL, EIGEN and others.
Tom Lee sees $2 trillion wealth transfer fueling crypto demand as Bitmine buys more ether
Tom Lee, chairman of ether treasury firm Bitmine, said he sees a wave of inherited wealth flowing to younger investors as a potential driver of the next crypto bull market.
Lee, a Wall Street veteran who also co-founded financial research and asset management firm Fundstrat in 2014 and serves as its chief investment officer, pointed to estimates from the U.S. Internal Revenue Service (IRS) and Fundstrat suggesting between $1.5 trillion and $2 trillion in wealth could change hands from 2026 through 2028.
"The wealth transfer underway is expected to support the upcoming crypto bull market as those inheriting wealth are younger and likely have a higher risk appetite for crypto and equities," Lee said in a Monday statement.
CFTC's new crypto framework could face 2028 election deadline, says TD Cowen
Newly proposed rules to create a federal regulatory framework for leveraged and margined crypto trading may be too late as the 2028 election cycle looms, according to investment bank TD Cowen, upending work done by the current presidential administration.
In a note on Monday, Jaret Seiberg, managing director at TD Cowen’s Washington Research Group, said the Commodity Futures Trading Commission's advance notice of proposed rulemaking released a week ago is a positive step for crypto platforms, but said the agency likely won't be able to finish the rulemaking until early 2028, raising the risk that the rule will never be finalized.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Monday was $65.40 million. The total net asset value of Bitcoin spot ETFs is $106.06 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.35%.
The Bitcoin spot ETF with the highest net outflow on October 12 was iShares Bitcoin Trust (IBIT), with a net outflow of $65.40 million, according to SoSoValue.
Source: SoSoValue
The overall net outflow of the US Ethereum spot ETF on Friday was $85.40 million. The total net asset value of Ethereum spot ETFs is $15.86 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.15%.
The Ethereum spot ETF with the highest net outflow on October 12 was iShares Ethereum Trust ETF (ETHA), with a net outflow of $75.07 million, according to SoSoValue.
Source: SoSoValue
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