Uptober Ignites: BTC Breaks $116K, SEC Loosens Custody Rules, US Crypto Jobs Surge

Bitcoin smashed through $116K, the SEC cracked open custody rules, and crypto hiring in the US is suddenly booming again.

If you want to know what that means for your wallet and the next big wave of adoption, this is the update you can't skip.

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Market-Moving News

The charts tell one story, but the real action is happening behind them. This week's moves show how capital, regulation, and talent are lining up to reshape the market.

If you'd rather spot where the next opportunity is forming—before the crowd catches on—here's what you need to know.

Markets

Bitcoin Blasts Past $116K as 'Uptober' Heats Up

Bitcoin surged above $116,000 on Wednesday, lifting total crypto market capitalization past the $4 trillion milestone.

The move erased weeks of chop and reignited optimism for a bullish fourth quarter.

Short sellers took a hit as $60 million in liquidations cascaded through the London session. Bitcoin's year-to-date gains jumped to 25% from just 15% a few days earlier.

Bitcoin dominance climbed back to 59%, signaling that the rally is being led by the top coin rather than speculative alt runs.

Analysts say this structure makes the surge more sustainable.

ETF inflows and steady institutional positioning continue to drive demand. Options data shows traders are shedding downside protection, with a 55% decline in the 25 delta skew.

Historically, Q4 is Bitcoin's strongest stretch, with a median return of over 50% across the past 12 years.

Prediction markets now give a 65% chance that Bitcoin will top $125,000 before dipping back under $105,000.

Macro conditions are also playing in crypto's favor. A dovish Fed stance and weaker equities suggest capital could rotate further into digital assets.

Take: Bitcoin's jump above $116K is more than just a chart move—it shows money is flowing back into crypto with conviction.

For you, it's a reminder that seasonal strength, ETF demand, and macro tailwinds can align fast, and Q4 has a history of rewarding those already positioned.

Policy

SEC Opens Door for State Trusts to Hold Crypto

The US Securities and Exchange Commission issued a no-action letter allowing state-chartered trusts to serve as qualified custodians for crypto.

This clears a path for advisers and funds to store assets with institutions like Coinbase and Kraken's trust affiliates.

The letter signals a major policy shift under new SEC Chair Paul Atkins. His "Project Crypto" campaign has prioritized giving regulated firms clearer ground to handle digital assets.

While the move isn't a formal rule, it effectively removes enforcement risk for advisers using state trust companies.

That gives crypto funds short-term certainty as Congress works on broader legislation.

The decision reverses years of friction under former Chair Gary Gensler, who sought to bar most crypto firms from custody.

Commissioners Hester Peirce and Caroline Crenshaw clashed over the move, with Peirce welcoming flexibility and Crenshaw calling it "regulatory roulette."

Critics warn the policy creates uneven oversight across 50 states. Supporters argue it expands safe custody options and keeps innovation onshore.

Congress is also advancing digital asset bills, with custody reforms likely to follow. The no-action letter may serve as a bridge until those rules are finalized.

Take: The SEC's green light for state trusts lowers custody friction and benefits large crypto firms looking to serve institutions.

For you, it's a sign that access to regulated custody is expanding—something that could boost confidence and accelerate capital inflows.

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Crypto Jobs

Crypto Companies Ramp Up US Hiring in 2025

Crypto firms are expanding US hiring after years of pushing talent overseas.

Industry recruiters say regulatory clarity has flipped the script, turning America back into a top destination.

The GENIUS Act, signed by President Trump, set clear stablecoin rules that gave companies the confidence to grow locally.

Coinbase alone plans to add around 1,000 US-based jobs this year.

Executives say the talent search has shifted away from developers and compliance officers. Now, firms want marketers, partnership leads, and growth teams to help scale adoption.

Recruiters also note high demand for bilingual executives who can bridge crypto and traditional finance.

The shift shows the industry is moving from building infrastructure to fighting for market share.

Average global Web3 salaries hover around $103,000, with top roles pushing $160,000. That compensation is luring back professionals who once relocated to Dubai or Singapore.

Still, not everything is smooth. Outdated US tax rules and political pushback—especially around Trump's personal crypto ties—remain friction points.

Take: The hiring surge shows crypto isn't just surviving regulation—it's growing stronger under it.

For you, it means US-based projects are gearing up for the next adoption wave, and talent returning home often signals that capital isn't far behind.

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Future Forward

Markets don't move in straight lines—they ripple, bend, and whisper before they roar. The traders who win aren't chasing headlines; they're catching the hints before the crowd even sees them.

Momentum isn't luck; it's timing. Spot the shift early, and you're not just riding the wave—you're shaping where it breaks.

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Crypto Know-How: What Is Chainlink?

Chainlink is the bridge between blockchains and the outside world.

On their own, blockchains can't see things like stock prices, weather data, or even sports scores—and that's where Chainlink steps in.

It provides "oracles," which are basically trusted data feeds.

These oracles deliver real-world information to smart contracts, so apps on Ethereum or other chains can actually respond to events in the real world.

Think about DeFi apps that need accurate crypto prices to settle trades or insurance platforms that pay out when weather hits a certain threshold—Chainlink is what makes that possible.

Without it, most blockchain apps would be stuck in their own bubble.

For you, Chainlink is the plumbing that makes Web3 useful beyond trading coins.

It's the quiet infrastructure play that powers everything from DeFi to tokenized assets, and its role only grows as blockchain blends more with traditional finance.

Everything Else

• Metaplanet scooped up another 5,288 BTC in Q3, making it the fourth-largest corporate holder with 30,823 BTC worth $3.3B—even as its stock slid 10% on the news.

• Chainlink and Swift rolled out a new integration that lets banks trigger on-chain fund transactions using the same messaging system they already rely on.

• An EU watchdog is pushing to ban multi-issuance stablecoins, raising fresh questions about how Circle, Paxos, and others can operate in Europe.

• UK trading giant IG just won an FCA crypto license, clearing the way to expand services and position itself as a one-stop shop for retail investors.

• Ripple CTO David Schwartz is stepping back after more than a decade, moving into a board role while XRP's senior VP of engineering takes over day-to-day tech leadership.