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Picknexo · Review
Published October 6, 2026
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Updated: October 6, 2026 | PickNexo
The broader crypto market has slipped toward US$2.93 trillion even as U.S. technology stocks trade near record highs. Rising Treasury yields and a stronger dollar are limiting crypto momentum, while Cardano, The Graph and NEAR are outperforming the largest assets.
At the same time, U.S. digital-asset policy is changing quickly. FinCEN has withdrawn proposals affecting unhosted wallets and crypto mixers, the CFTC has opened a rulemaking process for retail crypto markets, and the SEC has approved a Cboe BZX rule change for 3x leveraged Bitcoin and Ether products. Ethereum has also activated its Glamsterdam upgrade on the Sepolia testnet.
Bitcoin briefly moved above US$87,000 on Monday before falling back toward US$85,600 during Tuesday's Asian session. BTC later recovered above US$86,000 but remained below the resistance that has capped every rally since late September.
A sustained close above US$87,000 would suggest that sellers at that level have been absorbed and could open a path toward US$90,000. A break below the rising support area near US$84,000 would weaken the structure and bring US$82,000 back into focus.
The U.S. 10-year Treasury yield climbed to approximately 5.32%, around levels last seen in 2002. The two-year yield also increased toward 4.83%, and the dollar remained strong.
Higher yields also make government debt more competitive with Bitcoin, which does not produce contractual income. BTC may need stronger spot demand or lower yields before it can follow equities into a decisive breakout.
Cardano's ADA rose approximately 11%, becoming one of the strongest large-cap performers during a session when Bitcoin, Ether, XRP, Solana and Dogecoin declined between 1% and 2%.
This performance shows that token-specific positioning remains active even without a broad market rally. However, isolated gains can reverse quickly when liquidity is concentrated in a small number of assets, so investors should avoid treating one strong session as confirmation of a sustained altcoin cycle.
U.S. spot Bitcoin ETFs recorded approximately US$89.9 million in net outflows on October 5, reversing the previous session's roughly US$189.9 million inflow.
The latest daily result does not yet establish a sustained withdrawal trend. Combined flows over the latest five trading sessions remained positive at approximately US$120 million, while total assets across U.S. spot Bitcoin ETFs stood near US$111 billion.
The Financial Crimes Enforcement Network has withdrawn two proposed digital-asset rules. One proposal would have imposed recordkeeping, identity-verification and reporting requirements on certain transactions involving convertible virtual currencies and unhosted wallets.
The decision removes two pending frameworks; it does not eliminate existing anti-money-laundering, sanctions or suspicious-activity obligations. Banks and crypto businesses must still comply with rules already in force.
The Commodity Futures Trading Commission has published an advance notice of proposed rulemaking covering retail commodity transactions involving crypto assets.
The process could eventually produce a national framework for certain leveraged, margined or financed retail crypto transactions. It is still an early consultation rather than a final rule. Written comments are due within 60 days after publication in the Federal Register.
The Securities and Exchange Commission has approved a Cboe BZX rule change permitting the listing and trading of six 3x leveraged exchange-traded products tied to gold, silver, Bitcoin, Ether, crude oil and natural gas.
For crypto markets, the decision expands regulated access to aggressive short-term exposure. It may increase trading activity, but it also makes investor education and risk disclosure more important.
Ethereum's Glamsterdam network upgrade has activated on the Sepolia testnet. The test combines the Amsterdam execution-layer upgrade with the Gloas consensus-layer upgrade.
The Sepolia test is configured to explore block gas limits as high as 200 million, although some clients require validators to set that level explicitly. Hoodi and Ethereum mainnet activation dates have not yet been finalized, so the testnet milestone should not be described as a mainnet launch.
Strategy purchased another 334 BTC for approximately US$28.7 million at an average price near US$85,839. The acquisition increased its total holdings to 848,000 BTC.
These purchases provide continuing structural demand, but corporate treasury strategies remain exposed to Bitcoin volatility and financing costs. Investors should examine how acquisitions are funded, including common stock, preferred securities, warrants and cash reserves.
An unidentified vault on Base lost approximately 1,783 wrapped staked ETH, valued near US$6 million, after a newly deployed contract was added to its permission list.
The incident does not appear to be an exploit of Aave V3 itself. It illustrates a separate risk: a protocol can function as designed while a vault's administration, permission list or signer security fails.
The first signal is Bitcoin's US$87,000 resistance. A confirmed breakout could target US$90,000, while another rejection would keep BTC inside its narrowing range.
The third signal is ETF demand. One negative day is not decisive, but repeated outflows would weaken an important source of spot buying.
The fourth signal is Glamsterdam's Sepolia performance. Developers will be watching client stability, block production and the behavior of higher gas limits before setting later deployment dates.
The fifth signal is regulatory implementation. FinCEN's withdrawals are immediate, while the CFTC framework remains a proposal and the SEC decision concerns specific exchange products. Each development has a different practical timeline.
Bitcoin is approaching a decisive point after failing to hold above US$87,000 for the third time in two weeks. Rising local lows show that buyers remain active, but high Treasury yields and modest ETF outflows are preventing a clean breakout.
The policy environment is changing rapidly. FinCEN has removed two pending digital-asset proposals, the CFTC is beginning work on a federal retail crypto framework, and the SEC has approved exchange rules for highly leveraged Bitcoin and Ether products.
Ethereum's Glamsterdam activation on Sepolia adds a major technical milestone, while continued purchases by Strategy and Strive show that corporate accumulation remains active. At the same time, the Base vault loss demonstrates why permission management and signer security matter as much as protocol code.
For investors, US$87,000 is the immediate market test. For the industry, the larger story is the simultaneous expansion of regulated products, federal rulemaking and blockchain infrastructure.
This article is for informational purposes only and should not be considered financial advice.
Sources: CoinDesk, FinCEN, CFTC, SEC, Ethereum Foundation, The Block - Strategy, Bitcoin Treasuries - Strive, TFTC ETF Tracker, iTokenly, Yahoo Finance.