Bitcoin remained confined to a narrow trading range as the Nasdaq and S&P 500 closed at fresh records, highlighting a notable gap between strong U.S. equity performance and subdued crypto trading. According to CoinDesk, bitcoin was trading around $85,500 and had spent roughly four weeks moving within a limited band, while other major digital assets also showed little change.
Stocks advance while crypto momentum stalls
The Nasdaq rose 0.5% and the S&P 500 gained 0.6%, enough for both indexes to finish at record closing levels. The Nasdaq has been reaching new highs relatively frequently, but the S&P 500’s latest record was its first in two months.
Large technology companies were broadly higher, although Meta edged down slightly. Consumer companies that had recently underperformed and utility stocks also gained as interest rates moved lower. Earlier in the session, technology and healthcare led the market, while energy shares weakened alongside falling oil prices.
The contrast with cryptocurrencies was clear. Bitcoin, ether, XRP and solana were all little changed over the preceding 24 hours in the CoinDesk report. Bitcoin briefly traded above $86,000 and reached a session high of $86,400, but later remained close to the upper portion of its recent range.
Analysts cited in the report described bitcoin’s prolonged consolidation as a period in which traders are waiting for a decisive move. FxPro said a decline below $84,000 would strengthen the case for sellers, while a move through a recent low near $83,000 could put $80,000 in focus. Those levels were presented as market commentary, not as a confirmed forecast.
Kalshi expands into equity-linked perpetual contracts
Prediction-market operator Kalshi has entered the U.S. equity market with a product called the US 500 perpetual future. The contract tracks an index of large U.S. companies and allows traders to take a position on whether the market will rise or fall without a fixed expiration date.
Unlike conventional futures, a perpetual contract does not require traders to replace or “roll” an expiring position into a later contract. The launch marks Kalshi’s first move into equity markets as it broadens its business beyond prediction markets. The company, which is regulated by the Commodity Futures Trading Commission, began offering perpetual futures linked to cryptocurrencies in May.
The development comes as financial platforms compete to offer products that provide exposure to markets outside traditional trading hours. The source material also reported that Morgan Stanley expects blockchain-based finance to develop largely within the existing financial system, rather than replace it outright.
The bank said established financial institutions could retain much of the economic value created by crypto technology because of their distribution networks, customer relationships, balance sheets and regulated infrastructure. It also pointed to the potential importance of stablecoins and tokenized funds if securities trading increasingly moves toward a 24-hour model, since digital cash and collateral would need to move beyond normal banking hours.
Winklevoss-backed Zcash ETF filing
Tyler and Cameron Winklevoss have filed with the U.S. Securities and Exchange Commission to create an exchange-traded fund tracking Zcash. Their firm, Winklevoss Asset Services, submitted an S-1 registration statement for a fund that would hold Zcash directly and trade on Nasdaq under the proposed ticker WINK.
Gemini, the cryptocurrency exchange led by the brothers, would serve as custodian. An ETF is an exchange-traded investment vehicle whose shares can be bought and sold on a stock exchange. In this proposed structure, the fund would provide market exposure through direct holdings of the underlying cryptocurrency, subject to the regulatory process described in the filing.
Other market developments included a sharp rise in Marvell shares after the chipmaker lifted its long-term revenue outlook. The company projected fiscal 2031 annual revenue of $70 billion to $90 billion and raised its fiscal 2028 forecast to $20 billion from roughly $18 billion. Its shares rose 8% to $292 in the reported session.
Hut 8 also drew attention after opening its River Bend project in Louisiana to analysts and investors. StoneX analyst Mark Palmer reiterated a buy rating and a $195 price target, citing the company’s ability to work with local communities and its stated ability to deliver power to Anthropic on schedule and within budget. The source said the target represented more than 100% potential upside from a price near $89; no investment recommendation is made here.
Moneyiar market picture
Moneyiar data at 10:04 a.m. on October 7, 2026, showed Bitcoin at $83,706.54, down 2.66% over 24 hours and down 0.04% over seven days. At 10:03 a.m., XPR Network’s XPR token was priced at $0.00230347, down 1.49% over 24 hours and 3.89% over seven days.
WOULD was quoted at $0.03514128, up 0.33% over 24 hours and 10.6% over seven days, based on Moneyiar data recorded at 9:04 p.m. on September 22. Ontology was at $0.05769381, down 4.85% over 24 hours and 0.75% over seven days at 10:03 a.m. on October 7.
The market figures underline the subdued tone in major crypto assets even as U.S. equities continue to set records. Bitcoin’s latest Moneyiar price was below the levels above $86,000 discussed in the session report, while its seven-day change was almost flat.
