Justin Arzadon
5 minutes reading time
- Digital assets
Bitcoin and the broader crypto market has recently come under pressure, with Bitcoin falling below US$66K to its lowest level in three weeks. The move was less asset-specific and more a reflection of broader risk-off sentiment, as weakness in US equities spilled into a range of other asset classes.
Bitcoin and Ethereum were down -3.64% and -5.02% respectively over the seven days to 29 March 2026. Bitcoin’s market capitalisation is down to US$1.33 trillion while the global crypto market fell to US$2.3 trillion. Bitcoin’s market dominance is at 58%.
|
Price |
High |
Low |
Change from previous week |
|
|
BTC (in US$) |
$66,634 |
$71,925 |
$65,577 |
-3.64% |
|
ETH (in US$) |
$2,002 |
$2,197 |
$1,976 |
-5.02% |
Source: CoinMarketCap. As at 29 March 2026. Past performance is not indicative of future performance. Performance is shown in US dollars and does not consider any USD/AUD currency movements.
Source: Glassnode. Past performance is not indicative of future performance.
Crypto news we’re watching
Crypto collateral to reach the US housing system
Fannie Mae is reportedly preparing to accept crypto-backed mortgages for the first time, marking a notable shift in how digital assets are treated within traditional finance. The proposal would allow borrowers to use crypto holdings as part of their mortgage profile without first converting them into cash, bringing digital assets closer to recognised collateral within the housing system.1
Housing finance sits at the core of the financial system, and any move to recognise crypto in this context would represent a meaningful step toward integration. It does not eliminate volatility or risk, but it does suggest that digital assets are increasingly being viewed as part of the broader balance sheet.
Nasdaq signals the next phase of market structure evolution
Nasdaq’s move into tokenised equities highlights a potential next phase of market evolution. By enabling (or seeking to enable) stocks to be issued and traded on blockchain-based infrastructure, the model introduces the prospect of faster settlement, extended trading hours and broader global access, bringing traditional equities closer to digital market infrastructure.
But the shift may come with trade-offs. TD Securities has flagged the risk of market fragmentation, where tokenised and traditional versions of the same asset trade across parallel systems with differing liquidity and pricing. The takeaway is potentially structural: tokenisation is not just improving market efficiency; it may reshape how markets function by introducing new fragmentation and price dynamics over time. 2
CRYP company spotlight
BitMine launches Mavan, targets top spot in ETH staking
Tom Lee’s BitMine (NYSE: BMNR) has launched Mavan, a proprietary, institutional-grade Ethereum staking platform. The company is positioning this new product as the world’s largest Ethereum staking platform at launch. The platform aggregates institutional-grade staking infrastructure, aiming to capture large-scale ETH yield demand.3
BitMine is currently held in the Betashares Crypto Innovators ETF (ASX: CRYP)4. CRYP provides exposure to global companies at the forefront of the crypto economy.5
Bitcoin (BTC): Percent balance on exchanges – All exchanges
This metric shows the percentage of supply held on exchange addresses.
According to data from Glassnode, as of 27 March 2026, Bitcoin exchange balances continue to trend downward, indicating sustained self-custody and potentially reduced sell pressure.
Source: Glassnode. Past performance is not indicative of future performance.
Bitcoin (BTC): Total supply held by long-term holders
The metric shows the total amount of circulating supply held by long term holders. A long-term holder is defined by an entity’s average purchase date, with weights given by a logistic function centred at an age of 155 days and a transition width of 10 days.
According to data from Glassnode, as of 28 March 2026, long-term holder supply remains near cycle highs, reinforcing a tightening liquid supply backdrop.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
Most top 20 altcoins ended lower over the last seven days to 29 March 2026. However, a Coinbase survey shows institutional interest in XRP is building despite weak market conditions. 18% of the ~350 institutions surveyed already own crypto and 25% of the institutional investors surveyed plan to add XRP specifically to portfolios in 20266.
Investing in crypto assets or crypto-focused companies is not suitable for all investors and should only be considered by investors who (i) fully understand their features and risks or after consulting a professional financial adviser, and (ii) who have an extremely high tolerance for risk and the capacity to absorb a rapid loss of some or all of their investment. Any investment in crypto assets or crypto-focused companies should only be considered as a very small component of an investor’s overall portfolio.
References:
2. https://cointelegraph.com/news/nasdaq-tokenization-split-stock-trading-markets-td-securities
4. As at 27 March 2026. No assurance is given that this company will remain in the portfolio or will be a profitable investment.
5. CRYP does not invest in crypto assets directly and does not track price movements of any crypto assets. For more information on risks and other features of CRYP, please see the Product Disclosure Statement and Target Market Determination (TMD), available at www.betashares.com.au.
Off the Chain is published every second Tuesday. It provides the latest news on bitcoin and the rest of the crypto market, along with analysis and insights into the world of crypto.
It provides general information only and is not a recommendation to invest in any crypto asset, crypto-focused company or investment product.