Bitcoin was quoted at $84,612.4 at 21:55 ET on Friday, October 2, 2026, below $85,000 and down 0.35% at that moment, after reaching an intraday high of $87,219, according to Investing.com. The same week, the SEC proposed custody rules that could give registered investment advisers and regulated funds additional ways to safeguard crypto assets. The timing does not show that the proposal caused Bitcoin’s price to move or that institutional buying has increased.
Bitcoin’s price was below $85,000 at a specific time—not in a live quote
Investing.com reported Bitcoin at $84,612.4 at 21:55 ET on Friday, October 2, 2026, down 0.35% at that moment. The price report was published at 9:53 p.m. and updated at 10:15 p.m. that evening. It also recorded an intraday high of $87,219 and said Bitcoin had spent much of the previous session around $84,500 to $85,000. These are historical values from that report, not a current market price.
The report attributed some support for the market to softer September employment data: it said payrolls rose by 29,000, compared with 90,000 expected, while Treasury yields and the U.S. dollar declined as rate expectations shifted. Those figures and that explanation are Investing.com’s account; they are not independently established here as official labor data or as a measured cause of Bitcoin’s movement.
What the SEC proposed on crypto custody
On October 1, 2026, the U.S. Securities and Exchange Commission proposed new rules and amendments under the Investment Advisers Act of 1940 and Investment Company Act of 1940. The proposal addresses registered investment advisers and regulated funds, including registered investment companies and business development companies. It would update custody requirements and, under specified circumstances, allow advisers to self-custody crypto assets or use state trust companies as custodians.
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SEC Chairman Paul S. Atkins said the proposal “would provide a clear regulatory framework for the custody of crypto assets, giving investment advisers and funds a compliant pathway where none existed before—and replacing the grey of uncertainty created by custody rules crafted for a bygone era.” That is the chairman’s description of the proposal’s intended effect, not a statement that a final rule has taken effect.
How the proposed custody routes differ
The proposal concerns how covered advisers and funds safeguard client or fund crypto assets. It is not a retail-wallet recommendation, and it does not mean every adviser or fund could choose any custody arrangement without conditions.
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| Route | Who may hold the assets | Key-control question | Status and limits |
|---|---|---|---|
| Custodian arrangement | A custodian meeting applicable requirements; the proposal would permit state trust companies to serve in that role. | The custodian, rather than the adviser, holds or controls the private keys under the arrangement. | The proposed framework would impose safeguarding and segregation requirements. The SEC release summarizes the route, but does not state the detailed conditions in its announcement. |
| Adviser self-custody | An adviser could hold crypto assets itself in certain circumstances under the proposal. | The adviser controls the keys, so the framework’s conditions and safeguards would be central. | This is conditional permission in a proposal, not an unrestricted option or an effective rule. The SEC release does not specify the full circumstances in its summary. |
A retail investor using a hardware wallet is in a different situation: this proposal addresses regulatory custody obligations for covered advisers and funds, not consumer instructions for storing personal Bitcoin.
The proposal has not taken effect
The SEC announcement describes a proposal, not an effective custody rule. The agency said the public comment period would run for 60 days after publication of the proposing release in the Federal Register. The October 1 announcement alone does not establish when that publication occurred or when any final rule might apply. Until rulemaking is completed, the proposed changes should not be treated as current permission to use the described routes.
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What the cited market and ownership figures do—and do not—show
The SEC’s proposed-rule text said global crypto-asset market capitalization was approximately $2.7 trillion in May 2026, compared with $800 billion at the beginning of 2021, citing CoinGecko data and related analysis. Those figures refer to the crypto market overall, not Bitcoin’s market capitalization. The text also cited a finding that 9.2% of U.S. adults held crypto assets, based on July 2025 survey results, from the SEC Office of the Investor Advocate’s 2026 report. Neither statistic establishes that the custody proposal has increased institutional participation.
The price report and the SEC proposal appeared within days of one another, but the available information does not isolate the proposal’s effect on Bitcoin’s price. Nor does it verify that institutions have begun buying more crypto because of the proposed framework. A more permissive custody pathway could matter to some regulated firms if finalized and used, but that is a possibility, not a demonstrated market outcome.
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