From adoption to entrenchment

Bitcoin and the broader crypto market were only modestly higher over the past week, but the bigger story sits beneath the surface. Bitcoin remains on track for its strongest monthly gain since November 2024, rising as high as $79K, its highest level since January.

Bitcoin and Ethereum were up 0.64% and 3.75% respectively over the seven days to 26 April 2026. Bitcoin’s market capitalisation is up to US$1.56 trillion while the global crypto market sits at US$2.6 trillion. Bitcoin’s market dominance is at 60%.

Source: CoinMarketCap. As at 26 April 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

BlackRock signals Bitcoin’s shift to strategic asset

BlackRock’s Bitcoin ETF crossing 806,700 BTC in holdings is another marker of how deeply institutional demand is embedding itself in the asset class. More than an ETF milestone, it reflects Bitcoin increasingly being absorbed into mainstream portfolio infrastructure through regulated channels, with BlackRock now sitting at the centre of that flow¹.

When a traditional asset manager accumulates Bitcoin at this scale, the story shifts from adoption to entrenchment. Bitcoin is increasingly being treated less as a tactical trade and more as a strategic asset in long-term capital allocation.

Wall Street moves Into stablecoin reserves

Morgan Stanley’s launch of a dedicated stablecoin reserves fund may be one of the clearest signs yet that stablecoins are moving deeper into traditional financial infrastructure. Rather than competing with issuers, the bank is positioning itself as part of the plumbing, offering a regulated home for the cash and Treasury assets that back digital dollars².

Attention is shifting from stablecoins as tokens to the institutions managing the reserve layer beneath them. When a major bank starts positioning for stablecoin reserve flows, it can suggest that digital dollars are increasingly being treated less as a crypto niche and more as an emerging part of the global monetary system.

CRYP company spotlight

Strategy passes IBIT

Strategy has overtaken BlackRock’s IBIT, now holding more Bitcoin than the ETF’s roughly 806,000 BTC and controlling over 4% of total supply. The milestone reinforces corporate balance sheets as a growing force in Bitcoin accumulation, with unrealised gains estimated near US$242 million.³

Strategy is held in the CRYP Crypto Innovators ETF ⁵. CRYP provides exposure to global companies at the forefront of the crypto economy.⁵

Bitcoin (BTC): US Spot ETF net flows

This metric shows the total net flow of funds into the leading Bitcoin and Ethereum ETFs traded in the US, reflecting the day-to-day changes in the ETF’s holdings.

According to data from Glassnode as of 26 April 2026, ETF net flows in April suggested continued demand through institutional-grade channels rather than speculative excess, with persistent inflows reinforcing the view that traditional capital continues to absorb supply even as Bitcoin pushes higher.

Source: Glassnode. Past performance is not indicative of future performance.

Bitcoin (BTC): Long-Term Holder Net Position Change

This metric captures the monthly net position change of long-term holders, i.e. the 30-day change in supply held by long-term holders. Long- and Short-Term Holder supply is defined with respect to the entity’s averaged purchasing 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 26 April 2026, ETF-driven accumulation and muted selling from long-term holders suggest this move remains driven more by accumulation than euphoria, supporting rather than undermining the institutional adoption thesis.

Source: Glassnode. Past performance is not indicative of future performance.

Altcoin news

Top 20 altcoins ended up mixed over the seven days to 26 April. However, the clear winner is a new entrant into the Top 20, with MemeCore M returning over 22% over this period. Price movement looks to be momentum-driven more than a new fundamental catalyst⁶.

References:

1. https://startupfortune.com/blackrocks-bitcoin-etf-crosses-806700-btc-to-become-the-single-largest-holder-of-the-asset-on-earth/

2. https://www.coindesk.com/markets/2026/04/24/morgan-stanley-is-positioning-itself-as-the-reserve-manager-for-the-stablecoin-industry

3. https://coinspot.io/en/analysis/strategy-overtakes-blackrock-and-now-holds-4-of-all-bitcoin/

4. As at 24 April 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.

6. https://www.ccn.com/analysis/crypto/memecore-m-tops-memecoin-rally-as-bitcoin-breaks-78k/