France advances wallet reporting as Saylor hints at Bitcoin buys and prediction market briefs reach the U.S. Supreme Court. Today’s BTC is nearly $84K amid Greed sentiment. The cryptocurrency market continued its short-term recovery, with Bitcoin trading near $84K and Ethereum hovering around $2,560. Both assets recorded gains over the past 24 hours. Bitcoin returned toward $84K following last week's volatility as renewed buying interest helped absorb earlier selling pressure. Ethereum showed a relatively stronger rebound and climbed back above $2,500. According to Coinglass data, total crypto liquidations reached USD 167 million over the past 24 hours. Long liquidations accounted for approximately USD 52.028 million, while short liquidations totaled around USD 115 million. The figures indicate that the recent price recovery placed greater liquidation pressure on bearish positions. Bitcoin short liquidations reached approximately USD 35.0861 million, while Ethereum short liquidations totaled USD 26.5701 million. Both exceeded their respective long liquidation volumes. Market sentiment also improved as the Crypto Fear & Greed Index rose from 61 yesterday to 69, remaining in the Greed zone. However, U.S. spot ETF flows continued to reflect selling pressure in institutional investment products. Bitcoin and Ethereum spot ETFs recorded weekly net outflows of USD 681 million and USD 542 million, respectively. The latest figures show that the short-term price recovery coincided with ETF outflows during the previous week. Trading activity in spot investment products and derivatives markets therefore showed different patterns. Overall, the market is experiencing a price rebound alongside increased short liquidations and improving sentiment. Institutional fund flows and changes in leveraged positions remain important indicators for understanding the current market structure.

Source: Alternative

Key News Highlights:

French Finance Committee Approves Crypto Wallet Reporting Proposal for Self-Custodied Holdings of €100,000 or More

The Finance Committee of France's National Assembly approved Amendment I-CF821 on October 9, proposing new reporting requirements for taxpayers holding substantial amounts of self-custodied crypto assets. The measure forms part of the country's proposed 2027 budget legislation. Under the amendment, individuals and applicable legal entities would be required to report crypto holdings directly controlled through wallets that are not managed by crypto-asset service providers. The reporting obligation would apply when the total value of these assets reaches or exceeds €100,000 as of December 31 each year. Failure to comply could result in fines of up to €10,000. Self-custodied wallets allow holders to manage their own private keys rather than relying on third-party custodians. The proposed rules would therefore primarily apply to crypto assets held outside custodial service providers. The amendment was introduced by French lawmakers Charles de Courson, Jean-Pierre Bataille, and Michel Castellani. It seeks to establish the reporting obligation through changes to France's existing tax code. The proposal cites a parliamentary investigation into the taxation of wealthy individuals. According to the findings, realized crypto capital gains reached €3.5 billion in 2021, while the value of related assets declared to tax authorities totaled approximately €400 million that year. These figures represent different measures of capital gains and reported asset holdings. The wallet disclosure proposal is among several crypto-related tax amendments recently approved by the Finance Committee. Other proposals address stablecoin conversions, taxpayers relocating abroad, and the tax treatment of crypto assets. Despite approving Amendment I-CF821, the committee subsequently rejected the revenue section of the broader 2027 budget bill by 31 votes to 3. The National Assembly is scheduled to begin debating the relevant budget provisions on October 13 using the government's original draft as its starting point. The self-custody wallet reporting requirement therefore remains a legislative proposal rather than an enacted law. The amendment would need to be reintroduced and approved through the remaining parliamentary process before taking effect.

Strategy's Bitcoin Holdings Reach 848,000 BTC as Saylor Hints at Further Purchases and STRC Buybacks Continue

Strategy Executive Chairman Michael Saylor has once again drawn attention to the company's Bitcoin treasury strategy after posting another message about potential Bitcoin purchases on X. In an October 11 post, Saylor suggested that the company still had room to expand its Bitcoin holdings but did not disclose any new purchase amounts or transaction values. According to a Form 8-K filed with the U.S. Securities and Exchange Commission on October 5, Strategy purchased 334 BTC between October 1 and October 4 for approximately USD 28.7 million. The average purchase price was $85,838.8 per Bitcoin. Following the transaction, Strategy's total Bitcoin holdings reached 848,000 BTC as of October 4, with an aggregate acquisition cost of approximately USD 63.97 billion. During the same period, the company also repurchased 1,773,802 shares of its STRC preferred stock between September 28 and October 4. The repurchases totaled USD 176.3 million, more than six times the amount spent on Bitcoin purchases during the period. STRC is one of Strategy's preferred stock securities and forms part of its broader approach to capital structure management, dividend obligations, and financing. According to the company's regulatory filings, Strategy held approximately USD 4.88 billion in dollar reserves as of October 4. It also maintained around USD 833.4 million in cash available for general Bitcoin treasury purposes. Both the preferred stock repurchases and Bitcoin acquisitions were disclosed in the company's October 5 filing. However, Saylor's latest social media post does not constitute official confirmation of another completed Bitcoin purchase. U.S. federal offices are closed on October 12 for the Columbus Day holiday, meaning investors may need to wait until October 13 or later for additional SEC disclosures. Any further increase in Strategy's Bitcoin holdings and the size of subsequent purchases will need to be confirmed through the company's official regulatory filings and announcements.

U.S. Supreme Court Receives Prediction Market Briefs as CFTC and States Dispute Regulatory Authority

The regulatory status of sports-related prediction markets in the United States remains under scrutiny as government representatives and industry organizations have submitted amicus briefs urging the Supreme Court to review disputes involving sports event contracts. The central legal question is whether prediction market contracts tied to sporting outcomes should qualify as swaps under the U.S. Commodity Exchange Act or be treated as sports gambling products subject to state laws. Parties submitting briefs include former U.S. Senator Chris Dodd, former Commodity Futures Trading Commission and Securities and Exchange Commission Chair Gary Gensler, the National Football League, and representatives from 39 states, the District of Columbia, and 145 tribal nations. Several participants argue that sports-related event contracts differ from conventional financial derivatives. They maintain that listing such products on federally regulated trading platforms should not automatically override existing state gambling regulations. U.S. federal appellate courts have previously issued conflicting decisions in related cases. Two appellate courts favored treating sports prediction products as gambling activities subject to state oversight, while another supported the CFTC's jurisdiction. Meanwhile, the CFTC issued an interim final rule on October 9 clarifying that traditional casino games and sports betting fall outside the definition of swaps. On the same day, the agency also proposed a separate rule intended to clarify the classification of event contracts involving sports, politics, culture, and weather as swaps. The two regulatory measures address different categories of products, distinguishing traditional gambling activities from event contracts that may fall under federal derivatives regulation. Their legal classification and applicable requirements must therefore be considered separately. The U.S. Supreme Court has not yet decided whether to hear the dispute, and the related litigation remains ongoing. The deadline for the prediction market operator involved in the case to submit its response has been extended to November 9, 2026. Further court proceedings and the CFTC's rulemaking process are expected to provide greater clarity on the regulatory framework governing prediction markets in the United States.

Bitcoin and Ethereum Spot ETFs Record Combined USD 1.223 Billion in Weekly Net Outflows

According to SoSoValue data, U.S.-listed Bitcoin and Ethereum spot ETFs recorded combined net outflows of approximately USD 1.223 billion during the trading week of October 5 to October 9. Bitcoin spot ETFs posted weekly net outflows of around USD 681 million, ending three consecutive weeks of net inflows. Fidelity's FBTC recorded the largest outflow among Bitcoin spot ETFs during the period, with approximately USD 380 million withdrawn. ARK & 21Shares' ARKB followed with net outflows of around USD 207 million. In contrast, Morgan Stanley's MSBT registered approximately USD 7.8413 million in net inflows. At the time of reporting, total net assets across U.S. Bitcoin spot ETFs stood at approximately USD 105.84 billion, while cumulative historical net inflows reached USD 57.11 billion. Ethereum spot ETFs also experienced significant withdrawals during the same week, recording net outflows of approximately USD 542 million. The funds have now registered net outflows for nine consecutive trading days. BlackRock's ETHA accounted for the largest share of weekly Ethereum ETF withdrawals with net outflows of USD 477 million. Grayscale's ETHE recorded an additional USD 31.8918 million in net outflows. Total net assets held by Ethereum spot ETFs stood at approximately USD 15.71 billion, while cumulative historical net inflows reached USD 13.26 billion. Fund flows across other crypto asset ETFs showed a different pattern. XRP spot ETFs recorded approximately USD 11.3068 million in net inflows during the same trading week, contrasting with the overall outflows from Bitcoin and Ethereum products. These figures cover the completed U.S. trading week and reflect subscriptions and redemptions across different crypto asset ETFs. They do not represent total buying or selling activity across the broader cryptocurrency spot market.

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