Blast will wind down its Ethereum layer-2 network after operating costs exceeded revenue, directing users to withdraw assets to Ethereum mainnet by 26 October. About $63.5 million remains in its canonical bridge, and while contract-based withdrawals are scheduled to continue after the normal interface deadline, the shutdown ends operations for a network that previously commanded peak valuations above $2 billion.
The closure serves as a direct test of whether layer-2 valuations and incentive-driven deposits can translate into self-sustaining operating economics. The wind-down shifts counterparty focus toward bridge execution, exit liquidity, and smart-contract migration rather than protocol insolvency. Crucial uncertainties remain regarding the pace of asset redemptions, potential illiquidity across secondary applications, and the operational viability of other incentive-dependent rollup models in a high-cost environment.
Circle urged the European Commission to replace MiCA’s bank-deposit reserve requirements and concentration limits with more flexible liquidity mandates, while preserving cross-border co-issuance and introducing recognition pathways for third-country stablecoins. The issuer argued that current mandates keep major global dollar tokens outside the European perimeter, aligning partially with central bank concerns over concentration while seeking relief from mandatory credit-institution exposures. The outcome remains uncertain as European central banks continue to demand strict prudential safeguards and reserve onshore requirements.
Bitcoin briefly reached an intraday high near $87,800 following softer US employment data and lower bond yields that cleared an $85,000 order-book sell wall, though prices settled back to $84,505, down 0.35% over 24 hours with $45.4 billion in reported volume. Spot Bitcoin ETFs recorded $103 million in daily net inflows to open October, following $2.65 billion in net inflows throughout September—the product category’s second-largest monthly intake since October 2025. While sustained fund flows underscore steady institutional demand, overhead sell orders near $87,000 and shifting macroeconomic expectations continue to cap immediate breakout momentum.