Crypto week: Europe sets a stablecoin deadline and bitcoin slips below 82,000 dollars
In short
- The European regulator ESMA wants providers to stop services around stablecoins that do not comply with MiCA by 8 January 2027 at the latest.
- Bitcoin closed the week at 82,123 dollars, 2.81 percent lower than a week earlier, and ether lost more than 6 percent.
- US bitcoin funds saw a net 681 million dollars flow out during the week, according to SoSoValue.
- Ledger is investigating reports of losses among buyers from a reseller in Asia, but has not confirmed an amount or a cause.
European regulators set an end date this week for stablecoins that do not comply with MiCA, the European crypto law. At the same time bitcoin fell below 82,000 dollars and a possible large theft came to light at Ledger.
This is a look back at 5 to 9 October, covering only what sources can support.
ESMA: stop services for stablecoins that do not comply with MiCA
On Thursday 8 October ESMA, the European markets regulator, published an opinion on stablecoins without MiCA approval. According to Cointelegraph and crypto.news, ESMA says that providers holding a MiCA licence should no longer provide services around such stablecoins to clients in the European Union. This covers trading, custody, transfers, investment advice and portfolio management.
Providers may still help clients sell, convert or withdraw, temporarily and under close supervision. New purchases must stop. The final date is 8 January 2027, and national regulators may choose an earlier deadline.
ESMA does not name any coins itself. According to Cointelegraph, Coinbase named Tether's USDT and PayPal's PYUSD as not MiCA compliant. Coinbase told clients in the European Economic Area to withdraw their balances by 30 October. Under that reporting, remaining balances are converted automatically into USDC or another supported asset.
Crypto.news stresses that this is not a general ban on holding such stablecoins outside regulated crypto services. The opinion is mainly addressed to national regulators.
Bitcoin and ether: a red week
Bitcoin closed on Friday at 82,123 dollars, 2.81 percent lower than the Friday before, The Rio Times writes. A week earlier the price was above 87,000 dollars. Ether closed at 2,488 dollars, down 6.77 percent over the same period. The Glass Desk reports a weekly loss of 7.16 percent for ether, so the sources differ slightly.
Thursday was the hardest day. According to CoinDesk, bitcoin fell below 82,000 dollars for the first time since 20 September and briefly dipped under 81,000 dollars. Yahoo Finance, as cited by The Rio Times, reports a daily low near 80,300 dollars.
As reasons, Yahoo Finance cites high oil prices, expected interest rate increases and tension in the Middle East. CoinDesk adds a viral post by Justin Drake warning that artificial intelligence could break current encryption. Coinbase's Yehuda Lindell called that a "really bad take" with no evidence behind it. According to CoinDesk, the failed vote on the CLARITY Act and the US midterm elections on 3 November also weighed on sentiment.
Bitcoin funds lose money
US exchange traded funds on bitcoin saw outflows during the week, writes 24/7 Wall St. based on SoSoValue. Net 681.1 million dollars flowed out. On Wednesday 7 October the figure was 487.1 million and on Thursday 244.1 million. On Friday a small inflow of 21.1 million dollars followed.
Ether funds lost a net 542.1 million dollars in the same week and had nine days of outflows in a row. XRP funds had a net inflow of 11.3 million dollars. Net assets of the bitcoin funds were 105.8 billion dollars on Friday, against 110.8 billion on 5 October. The source says the price drop mainly explains that difference.
What happened to the CLARITY Act
The US CLARITY bill, meant to set rules for crypto markets, failed to clear the Senate on 15 September. The procedural vote failed 49 to 50, with 60 votes needed, FinTech Weekly reports. According to that source it stalled mainly over rules on crypto holdings of politicians and over stablecoin yield. FinTech Weekly sees the path to rules in 2026 now running mostly through the regulators SEC and CFTC. That is that source's own assessment.
Ledger: reports of drained wallets
On Friday 9 October analysts reported large losses among users of Ledger hardware wallets. According to Cryptoticker, Ledger itself confirms it is investigating losses among buyers from CryptoBilis, a reseller in Indonesia, Malaysia and the Philippines. Ledger asked CryptoBilis to pause sales and shipments. Anyone who bought from that shop in the past 90 days and has not yet set up the device should not do so, Ledger says. Anyone who did should move their funds to a new device with a new recovery phrase.
Reports differ on the amount. Analysts cite anywhere from more than 72 million to almost 90 million dollars, but Ledger confirms neither an amount nor a cause. The role of CryptoBilis is unknown and Ledger accuses no one. This is an ongoing investigation, not an established fact.
Why this matters
For anyone in the Netherlands or Belgium who holds crypto, the ESMA opinion mainly affects which stablecoins a provider may still offer. Check with your own provider what changes and when.
This week also saw prices, fund flows and news about politics and oil all mixed together, with different sources pointing to different causes. At Ledger the cause has not been established. If you own a device from a reseller, follow Ledger's own announcements.
This is news and explanation, not advice to buy, sell or hold anything.
Sources
- Cointelegraph: ESMA and non compliant stablecoins, 8 October 2026
- Crypto.news: ESMA gives providers three months, 8 October 2026
- The Rio Times: crypto markets, 9 October 2026
- CoinDesk: Live updates, 8 October 2026
- 24/7 Wall St.: bitcoin funds, 10 October 2026
- Cryptoticker: Ledger and CryptoBilis, 9 October 2026
- FinTech Weekly: CLARITY Act vote, September 2026
- The Glass Desk: Weekly Market Review, 9 October 2026
