The market environment surrounding Coinbase reversed sharply this period. Driven by the SEC's new Innovation Exemption for tokenized stocks, Bitcoin surged past $85,000, lifting the broader crypto market in a significant rebound. The pessimistic sentiment from the prior regulatory setback eased, with risk appetite clearly returning.
- Bitcoin briefly hit $85,000 on September 21, gaining 5.42% in 24 hours, while Ethereum, SOL, XRP, and Dogecoin each rose over 6%.
- The SEC's September 17 'Innovation Exemption' rule, allowing qualified platforms to trade tokenized stocks under a five-year waiver, was seen as the primary catalyst for the rally.
- The surge triggered massive short liquidations, with Coinglass reporting roughly $750 million liquidated across 136,000 traders.
- Spot Bitcoin ETFs saw $160 million in net inflows on Thursday, a reversal from the heavy outflows of the prior period.




