Markets on hold, record flows and unlock season

Bitcoin

€76,446

+0.82% over 24h

Ethereum

€2,414

+0.28% over 24h

EUR/USD rate

1.1188

In this edition · 6

Editorial

This Monday, October 5, 2026, opens with the crypto‑asset market broadly consolidating after several weeks of recovery. Bitcoin is trading around 76 446 € and ether near 2 414 €, with moderate moves over 24 hours. Behind this apparent lull, underlying dynamics remain very active. On one hand, bitcoin‑backed index products saw their flows reverse in the third quarter, moving from cumulative net outflows to significant inflows, a sign that institutional demand remains present despite volatility. On the other hand, October concentrates more than three billion euros of unlocks, with significant unlocks for several large‑cap tokens starting today, likely to weigh on liquidity and order book structure. On the regulatory front, the period is pivotal: in the United States, the consultation on the draft "Regulation Crypto Assets" is approaching its deadline, while the European Union continues implementing the MiCA package and rules on transfers of funds. Finally, tax and reporting deadlines are approaching in several jurisdictions. Today’s edition focuses on these points of friction between capital flows, the unlock calendar and the legal framework, to give readers as complete a view as possible of the risks and stakes.

Markets

Record inflows into bitcoin ETFs despite price consolidation

While bitcoin consolidates around 76 446 € on October 5, 2026, flows into bitcoin ETFs and index products flipped in the third quarter, moving from large net outflows to more than 5,63 Md€ of inflows.

On October 5, 2026, bitcoin traded around 76 446 € (85 528 $), down about 1.6% over 24 hours according to several aggregators. This move follows a month-start marked by a slight pullback in major assets. A market snapshot on October 4, 2026 placed bitcoin at nearly 79 800 € (89 000 $) and ether around 2 409 € (2 697 $), already signaling a moderate day‑to‑day decline for the broader market.

According to a summary published on October 5, 2026, flows into bitcoin ETFs and related products sharply reversed in the third quarter. After roughly 4,47 Md€ (5 Md$) of cumulative net outflows earlier in the year, the segment now shows close to 5,63 Md€ (6,3 Md$) of net inflows. This quantified shift suggests renewed interest from institutional investors, who prefer these regulated vehicles to gain exposure to bitcoin rather than direct access via exchanges.

Analysts quoted in this summary emphasize that these inflows occurred in a particularly turbulent environment. In September 2026 alone, bitcoin experienced swings greater than 20 % between its lows and highs. The return to positive flows despite this volatility is interpreted as a sign of medium‑term positioning, less sensitive to daily price amplitudes, without erasing the risks associated with the asset class.

Bitcoin index products remain concentrated among a few large North American issuers, which exposes flows to regulatory decisions that can affect a limited number of vehicles. A rule change, a trading suspension or a distribution restriction on one of these products could therefore disproportionately weigh on volumes. For European investors, this concentration underscores the importance of diversifying intermediaries and understanding local and foreign regulatory frameworks before any exposure to bitcoin via ETFs or related products.

Sources

Markets

Ethena, Aster and TIA: October unlock wave puts altcoin liquidity under pressure

With more than 1,100 unlock events scheduled in October 2026 for approximately 3,01 M€, the altcoin market is set to absorb an additional supply concentrated on a few large tokens, including Ethena (ENA), Aster (ASTER) and TIA. Investors are monitoring the potential impact on short-term volatility and market depth.

The rest is for subscribers

Upgrade to Plus or Pro to read the full edition every morning: every article, its sources and the archives.

See the plans

Regulation

United States: the SEC’s consultation on the "Regulation Crypto Assets" enters its final stretch

The U.S. SEC is consulting until 20 October 2026 on its draft "Regulation Crypto Assets", which would redefine registration requirements for many token offerings under the Securities Act of 1933. The text could significantly broaden the scope of crypto‑assets treated as securities.

The rest is for subscribersSee the plans

Regulation

MiCA and transfers of funds: a coordinated timetable that reshuffles the cards for European crypto players

With the phased entry into force of Regulation (EU) 2023/1113 on the transfers of funds and certain crypto‑assets, aligned with that of MiCA, European providers face in 2026 a major technical and organizational undertaking. The co‑legislators’ stated objective: harmonize supervision and limit regulatory arbitrage within the internal market.

The rest is for subscribersSee the plans

Technology

Optimism clarifies and strengthens its protocol upgrade process

On October 4, 2026, the Optimism community presented on its governance forum a redesign of its protocol upgrade process. The goal: to better define the roles of the Collective’s different bodies and provide a more predictable update schedule for ecosystem participants.

The rest is for subscribersSee the plans

Macro

Crypto-assets: key tax deadlines to watch in the fourth quarter of 2026

From the United Kingdom to Australia, the fourth quarter of 2026 concentrates several key tax deadlines for crypto-asset users. Poor monitoring of filings could expose individuals and businesses to penalties, in a context of increased scrutiny of digital flows.

The rest is for subscribersSee the plans

Coming up

October 5, 2026 – United Kingdom: registration deadline for Self Assessment tax, with impact on taxpayers active in crypto‑assets (source: CryptoMinium tax calendar).
October 5, 2026 – Major unlocks of Ethena (ENA) and Aster (ASTER) tokens, for a cumulative amount of several hundred million euros, or more than 10% of their circulating supply (sources: KuCoin, CryptoTicker).
October 10, 2026 – Monthly unlock of the RAIN token estimated between about 611 M€ and 702 M€ (683–785 M$), continuing a recurring dilution pattern (source: KuCoin).
October 12, 2026 – Unlock of Aptos (APT) tokens valued at about 42,9 M€ (47,96 M$), or up to nearly 2% of the circulating supply (source: KuCoin).
October 20, 2026 – Deadline to submit public comments to the SEC on the draft "Regulation Crypto Assets" (United States) (source: Federal Register).
October 30, 2026 – Large unlocks of TIA (about 965 M€, 1,08 Md$) and OP (about 31,6 M€, 35,3 M$), representing respectively nearly 17,7% of TIA’s total supply and 3% of OP’s circulating supply (source: KuCoin).