Crypto markets faced a risk-off start to the day, with bitcoin hovering around the low $80,000s after a sharp move lower and heavy ETF outflows. At the same time, the UK expanded sanctions tied to alleged Russia links, while Thailand advanced rules for local bitcoin and ether ETFs.
Markets: Bitcoin steadies after liquidation-driven drop
Bitcoin recovered to around $82,500 after briefly slipping below $81,000, but it was still down about 4% on the week. Ether was also weaker, and reports pointed to roughly $1.1 billion in liquidations alongside traders sending bitcoin to exchanges. Spot bitcoin and ether ETFs continued to bleed capital, with bitcoin funds losing $244 million on Thursday and ether funds extending their outflow streak to eight sessions.
Sources: CoinDesk, Cointelegraph, Cointelegraph, CoinDesk
Policy: UK sanctions crypto firms; Thailand opens ETF pathway
The UK said it sanctioned several crypto exchanges and payment processors over alleged links to Russia, including platforms it said may have handled transactions tied to the Kremlin-backed A7 network. In Asia, Thailand finalized rules that would let local asset managers launch bitcoin and ether ETFs on the Stock Exchange of Thailand, with the framework set to take effect on Oct. 16.
Sources: Decrypt, Cointelegraph, CoinDesk, CoinDesk, Cointelegraph
Corporate and legal: Mining treasury move, funding round, and BitGo dispute
MARA transferred $81.1 million in bitcoin to Galaxy Digital, a move that did not confirm a sale but came after its bitcoin holdings declined between February and August. Separately, Sam Altman-backed bitcoin insurer Meanwhile raised $37.5 million in a Bain Capital Crypto-led round. In litigation, DWF Labs subsidiaries sued BitGo for $141 million, alleging a token lock-up breach and seeking damages tied to token price declines.
Other notable moves: French tax plan and dark web sentencing
France’s Finance Committee backed a tax on stablecoin swaps in its 2027 budget bill, along with a proposal to tax unrealized crypto gains in some cases when wealthy households move abroad. In the US, a dark web market operator was sentenced to 40 years and ordered to forfeit bitcoin tied to the case.
Sources: Cointelegraph, Decrypt, CoinDesk