Market Update for Tuesday, October 2

- U.S. stocks continue to rise, Bitcoin hovers around $70,000, while altcoins remain stagnant.

- At 8:30 PM ET, the U.S. will release December retail sales data:
- Retail Sales month-over-month (Forecast = 0.4%, Previous = 0.6%)
- Core Retail Sales month-over-month (Forecast = 0.4%, Previous = 0.5%)

ETF Spot Update for February 9
- Bitcoin is up $165.8 million, Grayscale Mini gained $130.5 million, BlackRock data is not yet available.
- Ethereum is up $102 million, BlackRock data is not yet available.
- Solana trading is balanced.

- Polymarket is suing the state of Massachusetts for banning its prediction market, claiming only the federal CFTC has regulatory authority.

- France warns crypto companies to obtain MiCA licenses by July 1, 2026, or cease operations.

- Jump Trading plans to acquire stakes in Kalshi and Polymarket in exchange for providing liquidity to both platforms.

- Crypto exchange Backpack is raising $50 million at a $1 billion valuation, claiming to have generated over $100 million in 2025.

Institutional Activity:
- Strategy has acquired an additional 1,142 BTC ($90 million), increasing total holdings to 714,644 BTC ($49 billion).
- Bitmine purchased an additional 40,000 ETH ($80 million) early this morning, matching last week's total.
- Binance's SAFU fund bought an additional 4,225 BTC ($300 million), reaching three-quarters of its $1 billion target.
- Bitcoin mining company Cango sold 4,451 BTC (~$305 million) to pay off debts and shift focus to AI, currently holding about 3,000 BTC.