Bitcoin surpassed $87,000 while Bitget reported hack losses of $387 million. Russia also approved new cryptocurrency regulations.
Bitcoin has successfully crossed the $87,000 threshold, while Bitget has reported its hack losses to be approximately $387.5 million. In a notable development, Russia has also approved new regulations for cryptocurrency exchanges and custodians.
Bitcoin Surges Amid Market Activity
Starting the week around $81,000, Bitcoin rallied to over $87,000 by the end of Monday, peaking at $87,378 on Binance. This surge was fueled by nearly $1 billion in spot Bitcoin ETF inflows, indicating a return of liquidity and increased institutional interest in the market.
Despite a brief pullback, Bitcoin managed to maintain a position above $84,000, ultimately gaining over 5% for the week and inching closer to the $85,000 mark. Several altcoins outperformed Bitcoin, with Zcash rising by 14%, and Solana and XRP gaining around 13% and 11%, respectively. Notably, Bitcoin Cash saw a 36% increase, while NEAR surged by 40%.
Data from Glassnode indicated that the Altcoin Cycle Signal entered an "altseason" phase, with deposit volumes for altcoins reaching their highest since October 2025. Spot Bitcoin ETFs attracted $2.39 billion over the week, bringing total assets under management in these products to over $108.4 billion.
Ethereum funds also rebounded, receiving $689.9 million, with total assets nearing $18 billion. The cryptocurrency fear and greed index indicated moderately optimistic sentiment, hovering around 70 points.
The overall market capitalization of digital assets grew from $2.75 trillion to $2.91 trillion, with Bitcoin's dominance remaining steady at 58.6% despite altcoins' rapid growth.
Bitget Hack Incident Details
Bitget detected unauthorized transfers from its hot wallets on September 24, initially estimating the loss at around $351.6 million. CEO Gracie Chen assured that client balances remained unaffected and stated that the Bitget User Protection Fund, which held 5,500 BTC (approximately $464 million), would cover the losses. While trading continued, withdrawals were temporarily suspended for security checks.
The exchange has since updated its loss estimate to $387.5 million and launched a Recovery Bounty Program to incentivize industry participants to assist in recovering the stolen assets. On September 26, Bitget announced a phased resumption of withdrawals.
New Regulations in Russia
The Bank of Russia has established regulations for cryptocurrency exchanges and custodians, which will come into effect on October 5. The new rules require market participants to be included in official registries, detailing management qualifications and documentation needed for operation. The process will also provide a streamlined admission for existing entities seeking to register as digital custodians or exchanges.
