- Bitcoin traded at $85,409.10 today, up 3.0 percent over the past week.
- UAE funds and BlackRock in talks to join OpenAI’s $30 billion round.
- Moonshot AI completed pre-IPO funding at a $50 billion valuation.
The global crypto market cap held roughly flat at $3.02 trillion over the past 24 hours. Bitcoin traded at $85,409.10, up 1.3% on the day and up 3.0% over the past week, after failing twice to break above its late-September high near $87,400 before retreating.
Ethereum changed hands at $2,695.22, up 0.8% in 24 hours and up 1.4% over seven days. BNB rose 2.3% to $780.97, up 3.1% weekly. XRP gained 1.6% to $1.50. Solana rose 0.8% to $119.88, up 2.6% over seven days. USDT and USDC both held close to their dollar peg.
Trending Searches
Super Inu Force led trending searches, up 619.2% to $0.036386. Edel followed, up 23.6% to $0.0512, and NEAR Protocol rose 7.9% to $5.25. Among top gainers, iExec RLC surged 96.5% to $0.7185, Handy climbed 73.4% to $0.002803, and Nockchain rose 36.2% to $0.028723.
OpenAI’s Mega Round Draws Sovereign Interest
Multiple UAE investment funds, including MGX, are in talks to join OpenAI’s latest $30 billion funding round, potentially contributing up to $10 billion combined through a consortium, according to Bloomberg. BlackRock is also reportedly discussing participation. The round is expected to value OpenAI at a pre-money valuation of roughly $1.4 trillion, with the company citing AI safety concerns for postponing its IPO until at least next year.
Moonshot AI’s Pre-IPO Valuation
Moonshot AI completed its final private financing round at a valuation of approximately $50 billion and is proceeding toward a Hong Kong IPO targeted for the first quarter of 2027, according to people familiar with the matter. The company has begun gauging investor interest and may start preliminary talks as early as this month, though the timing could still shift.
OKX’s Tokenized Stock Platform Takes Shape
Uniswap founder Hayden Adams confirmed that the tokenized securities venue built by ICE Markets and OKX will launch on Uniswap v4 Hook infrastructure, which he said is well suited to tokenized securities market structure. OKX separately held its OKX NOW conference in Singapore, where founder Star said the exchange is building toward a broader global fintech platform spanning custody, payments, investment and wealth management, describing crypto finance and traditional finance as “accelerating their convergence.”
Strategy and Bitmine Treasury Updates
Strategy purchased 334 BTC for $28.67 million last week at an average price of $85,839, bringing total holdings to 848,000 BTC worth $73.03 billion, with an unrealized profit of $9.059 billion.
Bitmine added 15,112 ETH for $40.6 million at roughly $2,687, lifting its total to 6,016,414 ETH worth $16.34 billion, though the position carries a $3.73 billion unrealized loss. Strategy also proposed switching its preferred stock dividends to a daily record-date structure, with shareholders voting October 5 through October 28.
Related: Bitmine Adds 15K ETH, Takes Treasury Past 6M Near 5% Supply Goal
Treasury Market Risk Flagged
Bridgewater founder Ray Dalio warned that rising US debt service payments are crowding out other spending and that a debt crisis could erupt within three years. Separately, a Financial Post report highlighted a technical risk in Treasury futures: as the 30-year yield approaches 6%, a “cheapest-to-deliver” switch in futures contracts could force leveraged funds to rapidly readjust positions, potentially amplifying the next bond selloff.
US Treasury Drops Surveillance Proposal
The US Treasury withdrew proposed crypto surveillance rules that would have targeted unhosted wallets and convertible virtual currency mixing services, according to market reports, though no further detail on the reasoning was given.
Related: Higher-Than-Expected US PMI: What Does This Mean for the Fed, Dollar and Bitcoin?
ETF and Market Flows
Bitcoin ETFs recorded a net inflow of 1,918 BTC worth $164.22 million on October 5, with a seven-day net inflow of 2,645 BTC. Ethereum ETFs saw a net outflow of 23,533 ETH worth $63.56 million the same day, with a seven-day outflow of 52,114 ETH. Morgan Stanley added roughly 28.65 BTC through its MSBT ETF, pushing total holdings to 10,548 BTC worth approximately $905 million.
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