Crypto market between technical test and regulatory pivot

Bitcoin

€76,394

+0.23% over 24h

Ethereum

€2,411

+0.17% over 24h

EUR/USD rate

1.1221

In this edition · 6

Editorial

The session of October 6, 2026 opens on a crypto-asset market that is digesting both a rebound in prices and a busy agenda of technical and regulatory announcements. Bitcoin remains trading close to its all-time highs, while Ether is consolidating around levels that restore room to decentralized finance participants. In the background, the recent easing of rate-hike expectations supports risk appetite, but the next FOMC meeting at the end of October and the communications from the ECB maintain a degree of caution. On the legal front, the speech by the CFTC chairman in New York marks a step toward formalizing a true “market structure” for digital assets in the United States. At the same time, Europe continues implementing MiCA and the framework on funds transfers, which is gradually creating a more defined environment for European players. Technically, the day is dominated by the triggering of the Glamsterdam upgrade test on Sepolia and by the rise of VeChain following its Interstellar hard fork. Finally, large token unlocks, such as that of Hyperliquid, remind market participants of the importance of supply dynamics in an already volatile market.

Markets

Bitcoin back above 77 000 € amid ebbing expectations of rate hikes

On October 5, 2026, Bitcoin opened around 77 100 €, supported by a calming of monetary tightening expectations, while Ether made more modest gains. In a crypto market valued at nearly 2 600 Md€, this dynamic remains a key barometer of risk appetite among European investors.

On October 5, 2026, Bitcoin (BTC) opened around 77 100 € (86 513 $) on U.S. markets, up 2.1% from the previous day’s open, according to data reported by Yahoo Finance. This level brings the price close to the market reference around 76 394 € (85 722 $) observed recently. This rise comes in a context of waning expectations of further rate hikes, a factor that tends to support assets considered riskier, including major crypto-assets.

At the same time, Ether (ETH) was trading around 2 420 € (2 716 $), up 0.6% over 24 hours, within an intraday range estimated between about 2 399 € (2 693 $) and 2 439 € (2 737 $). Ether’s market capitalization was valued around 295,8 Md€ (331,68 Md$), with a supply close to 122,108 million ETH and a 24-hour trading volume near 8,39 Md€ (9,41 Md$), according to CoinGecko on October 5, 2026.

The ETH/BTC price ratio around 0,03164 on October 5 highlights a relative underperformance of Ether versus Bitcoin over recent months. In an environment where tightening expectations are moderating, Bitcoin’s outperformance may reflect investors’ preference for the market’s most established asset. This relative capital shift within the large caps is a signal closely watched by European asset managers seeking to read risk.

A report published on October 4, 2026 noted that the total crypto market capitalization is near 2 600 Md€ (2,92 T$), with Bitcoin still about 32% below its previous peak near 112 400 € (126 080 $). This gap highlights a significant residual volatility potential, despite the recent rebound. For European investors, the joint evolution of Bitcoin and Ether, in a context of potentially stabilized rates, remains a central indicator of risk appetite but does not predetermine the future price trajectory.

Sources

Regulation

The CFTC Outlines a Real Market Structure for U.S. Crypto Assets

On October 5, 2026, the CFTC announced in New York a draft formal framework for the organization of spot and derivatives markets for crypto assets, without waiting for a new law from Congress. A development that could reshuffle the cards for European platforms and service providers targeting the U.S. market.

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

Technology

Glamsterdam on Sepolia: the decisive step before Ethereum's next major upgrade

The Glamsterdam upgrade is activated this October 6, 2026 on the Sepolia testnet, at epoch 353 024. This full-scale test must validate a new set of layer-1 optimizations before any prospect of mainnet deployment.

The rest is for subscribersSee the plans

Technology

VeChain Interstellar: an EVM hard fork to align with Ethereum’s latest developments

Activated on mainnet on September 16, 2026, the Interstellar hard fork updates VeChainThor’s EVM to incorporate in a single step several major Ethereum advancements. Beyond performance, the goal is to attract more EVM developers and strengthen cross-chain interoperability.

The rest is for subscribersSee the plans

Markets

Hyperliquid: an unlocking of approximately 300 M€ of HYPE entirely placed OTC

On October 6, 2026, Hyperliquid unlocks 3,75 million HYPE tokens, i.e. approximately 300 M€, all sold via an over-the-counter transaction to an institutional buyer. This choice aims to contain potential impact on liquidity and price formation in the secondary market.

The rest is for subscribersSee the plans

Macro

Fed, ECB and MiCA: a new macro regime for crypto-assets in Europe

Between rate hikes in the United States, the ECB’s cautious status quo and the entry into force of the MiCA framework, the European crypto ecosystem is evolving in a more costly but more predictable environment. A context that could accelerate the selection of the most resilient players.

The rest is for subscribersSee the plans

Coming up

October 6, 2026: Unlock of about 3.75 million HYPE tokens for the Hyperliquid team, with a value of about 300 M€ (336,75 M$), via an OTC sale to an institutional investor, according to Tokenomist and BeInCrypto.
October 6, 2026, 13:53 UTC: Scheduled activation of the Glamsterdam upgrade of Ethereum on the Sepolia testnet (epoch 353 024, slot 11 296 768), the first public step before future activations on other networks and then the mainnet, according to the Ethereum Foundation.
October 8, 2026: Announced opening of an All-Stakeholder VeVote on proposal VIP-255 related to the Interstellar upgrade of VeChainThor, aiming to modernize the network’s EVM, according to VeChain’s official communication.
October 20, 2026: Deadline for receiving public comments on the U.S. “Regulation Crypto Assets” rule published in the Federal Register by the SEC, which specifies the approval procedure for crypto white papers.
October 27–28, 2026: Next FOMC meeting of the U.S. Federal Reserve, identified as the next major monetary policy event that could affect risk appetite and crypto-asset valuations.
December 2026 (date communicated as next meeting after September 10, 2026): Next monetary policy meeting of the ECB, which will continue the discussion on the interest-rate cycle in the euro area, a key element for flows toward risky assets, according to the ECB calendar.