Weekly Rollup - April 7, 2026

Market highlights

• Bitcoin is flashing a potential “warning sign” as roughly 45% of supply is now held at a loss.
• Moody’s issued first-ever credit rating for a BTC-backed municipal bond, assigning a Ba2.
• The Ethereum Foundation staked over 45,000 tokens, bringing it to 69,500 ETH staked.
• Coinbase’s Chief Legal Officer said negotiations over CLARITY Act are “very close”.
• U.S. Senators introduced the “Mined in America Act” to support domestic bitcoin mining.
• Crypto asset manager CoinShares began trading on Nasdaq under the ticker CSHR.

Macro market overview

Risk assets saw a bid in the short trading week as the U.S. March non-farm employment change came in well above forecast at 178,000 versus an expected 60,000. The unemployment rate also declined to 4.3% and the ISM Manufacturing Purchasing Managers Index (PMI) came in higher than forecast at 52.7, adding to expectations that the U.S. Federal Reserve may leave rates unchanged throughout the remainder of 2026.

Further developments in the Middle East came this week. President Trump threatened to target Iran’s infrastructure, such as bridges and power plants, if the Strait of Hormuz doesn’t reopen by Tuesday, April 7. Throughout the weekend, Iran launched missiles that landed in Haisa, Israel, while the Israeli Defence Force launched a wave of attacks on Tehran in the early hours of Monday, April 7. U.S. stock futures declined on President Trump’s latest threats and oil is currently around US$113 per barrel.

Heading into the new week, market participants will presumably be watching for developments in the Middle East, the U.S. core personal consumption expenditures (PCE) index update on April 9 and the U.S. consumer price index (CPI) on April 10.

Weekly performance: S&P 500 +3.4%, Dow Jones +3%, Nasdaq +4.4%.

Looking ahead:

• U.S. core PCE index - Thursday, April 9
• U.S. CPI - Friday, April 10

Crypto Market Performance

Market Cap: $2.38T (+3.4%)

Sector growth was mixed this week, with minor gains across some sectors, while others saw small declines. The relatively flat trading is to be expected given the current geopolitical and macroeconomic uncertainty. The crypto fear and greed index is in fear territory are 38, a 10-point increase from the week prior, indicating a slight recovery in sentiment.

Bitcoin (BTC)

• Opened the week at US$65,957, rallied, sold off and then saw upward momentum throughout the long weekend as price gained above key resistance at US$67,500. Some analysts suggest this could provide a base for an extended rally, though caution is key given the unstable geopolitical and macroeconomic environment. Bitcoin is now trading around US$68,600 (+2.9% 7D).
• BTC dominance ranged between 58.4% and 58.7% this week.
• Bitcoin investment products saw inflows of US$144.8 million.

Bitcoin is flashing a potential “warning sign” as roughly 45% of its supply is now held at a loss. Analysts say such conditions have historically preceded either capitulation and further declines or late-stage accumulation, with current data pointing to elevated selling pressure and uncertain near-term direction.

Moody’s issued the first-ever credit rating for a bitcoin-backed municipal bond, assigning a Ba2 speculative-grade rating to the bonds issued through New Hampshire’s Business Finance Authority. The bonds are issued under the Waverose Finance Project, with a combined face value of US$100 million, coming due on 2029.

Bitcoin miner MARA Holdings cut about 15% of its workforce after selling roughly US$1.1 billion of its bitcoin as part of a broader shift toward becoming an artificial intelligence (AI) and digital-infrastructure business. The restructuring marks a departure from its prior “hold bitcoin” strategy. MARA shares gained 80% on the news, but are down 53% over the last six months.

Shares of bitcoin treasury firm Nakamoto Holdings hit a new low of US$0.211 after the company sold about US$20 million worth of BTC at a significant loss to fund operations. Despite still holding over 5,000 BTC, the firm faces unrealised losses of US$275 million.

Stablecoin issuer Circle is launching cirBTC, a fully backed wrapped bitcoin token designed to bring BTC into DeFi, lending and on-chain applications. The product aims to offer a more trusted, transparent alternative to existing wrappers and will launch on the Ethereum mainnet and Arc, Circle’s stablecoin blockchain.

In bitcoin buying news:

• Metaplanet bought 5,075 BTC throughout Q1 2026, bringing its holdings to 40,177 BTC, worth almost US$4.2 billion and making the company the third-largest corporate BTC holder.
• Strategy bought 4,871 BTC, bringing its holdings to 766,970 BTC at an average purchase price of US$58,016.
• American Bitcoin, the Trump Brothers’ BTC mining firm, has almost tripled its holdings since Q4 2025. The company now holds over 7,000 BTC, worth US$471 million.

Past performance is not a reliable indicator of future results.

Ethereum (ETH)

• Opened the week at US$1,983, saw a rally and then a sell off, followed by upward momentum throughout the weekend. Ethereum is now trading around US$2,100 (+4.9% 7D).
• Ethereum dominance ranged between 10.6% and 11.1% this week.
• Ethereum-focused funds saw inflows of US$40.1 million.

The Ethereum Foundation staked about US$93 million worth of ETH, adding over 45,000 tokens and bringing its total staked position to 69,500 ETH, just below its 70,000 ETH strategic target. The move converts the Foundation’s treasury holdings into yield-generating assets, helping fund operations while reinforcing network security without relying on ETH sales.

In Ethereum buying news:

• BitMine Immersion Technologies bought 71,252 Ethereum, bringing its total holdings to over 4.8 million ETH, valued at US$10.3 billion and equating to almost 4% of Ethereum’s circulating supply.

Past performance is not a reliable indicator of future results.

Altcoins

The altcoin season index is currently 32, which is bitcoin season.

Quantum field

• Algorand gained 44.8%. The layer-one network that aims to resolve the blockchain trilemma through its Pure Proof-of-Stake (PPos) consensus mechanism surged after being cited in a Google research paper on post-quantum cryptography.

Money management

• XRP declined by 0.7%. The token, created by Ripple, saw minor losses despite the news that Ripple has launched a treasury management system with native digital asset capabilities, allowing corporate financial decision-makers to manage fiat and crypto in a single platform without separate custody or reconciliation workflows.

Crypto ETF News

Digital asset investment products saw US$96 million of inflows this week, as market participants speculated over whether risk assets would soon see upward momentum on conflict easing in the Middle East and positive sentiment following the strong U.S. March jobs data.

In altcoins, Solana exchange-trade funds (ETFs) saw outflows of US$5.3 million while XRP ETFs saw outflows of US$3.6 million.

Volatility Shares launched leveraged ETFs for Cardano, Stellar and Chainlink. The ETFs offer 2x exposure to the cryptocurrencies.

Other crypto news

• Coinbase’s Chief Legal Officer Paul Grewal said negotiations over stablecoin yield provisions in the CLARITY Act are “very close” to a deal, signalling progress on a key sticking point delaying the bill. The dispute centres on whether platforms can offer yield, with banks opposing it, though Coinbase argues there is no evidence of deposit flight risks.
• The U.S. Department of Labor proposed a rule creating a “safe harbour” for 401(k) managers to offer crypto-linked investments, potentially opening access to the US$8 trillion retirement market. The framework reduces legal risk but requires strict due diligence.
• U.S. Senators introduced the “Mined in America Act” to support domestic bitcoin mining through a voluntary certification program granting access to federal energy and infrastructure programs. The bill also aims to reduce reliance on foreign hardware, boost U.S. manufacturing and codify President Trump’s proposed Strategic BTC Reserve into law.
• Charles Schwab is preparing to launch spot bitcoin and Ethereum trading in the first half of 2026, responding to sustained client demand for direct crypto access. The rollout will begin with a limited offering before expanding, marking a significant step as the brokerage moves beyond ETFs into digital asset trading within its core platform.
• Asset manager Franklin Templeton is acquiring 250 Digital, a crypto investment firm spun out of CoinFund, to launch a dedicated unit called Franklin Crypto. The deal brings in 250 Digital’s team and strategies to expand institutional crypto offerings, highlighting growing demand from large investors as TradFi deepens its digital-asset exposure.
• Crypto asset manager CoinShares began trading on Nasdaq under the ticker CSHR after completing a US$1.2 billion SPAC merger with Vine Hill Capital. The listing marks its U.S. market debut, aiming to attract institutional capital, expand product offerings and strengthen its position in global digital asset management.
• Tether’s USAT stablecoin expanded beyond the Ethereum mainnet to the Celo network, marking its first multi-chain deployment, targeting faster, lower-cost payments. Backed by Google Cloud infrastructure, the rollout aims to broaden access to regulated digital dollars, enable everyday transactions, and tap into Celo’s large mobile user base.