Crypto enters the regulatory core

Bitcoin and the broader crypto market moved higher through the week, supported by a conditional ceasefire between the US and Iran and stronger-than-expected US CPI data.

However, momentum faded into the weekend and crypto markets fell after US Vice-President JD Vance confirmed that negotiations failed to secure an extended ceasefire, and President Trump announced a blockade of the Strait of Hormuz. Bitcoin and Ethereum were up 7.42% and 9.02% respectively over the seven days to 12 April 2026. Bitcoin’s market capitalisation is up to US$1.43 trillion while the global crypto market rose to US$2.43 trillion. Bitcoin’s market dominance is at 59%.

Source: CoinMarketCap. As at 13 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

Australia lays the foundations for crypto regulation

Australia has taken a meaningful step towards formalising its crypto industry, with the passage of its first Digital Assets Framework Bill. The legislation brings digital asset platforms under existing financial services laws, requiring operators to obtain an AFSL and meet stricter standards around custody, compliance and consumer protection.¹

For the first time, crypto platforms are being treated as part of the regulated financial system rather than operating on the fringe. Industry participants expect the move to unlock institutional participation and capital, with the next phase shifting from policy to execution as licensing and implementation begin.

Crypto enters Japan’s core financial system

Japan has approved a bill to classify cryptocurrencies as financial instruments, shifting them from a payments-based framework into the same regulatory category as stocks and other investment assets. The move introduces stricter oversight, including insider trading bans, mandatory disclosures for issuers, and heavier penalties for non-compliant exchanges².

By bringing crypto under its core financial markets framework, Japan is no longer treating digital assets as an edge case but as part of the capital markets system. This is not about loosening rules. It is about formalising crypto’s role within traditional finance, with clearer standards, stronger protections, and a more defined path for institutional participation.

CRYP company spotlight

Coinbase secures landmark Australian licence

Coinbase Australia has secured an AFSL with retail derivatives authorisation, becoming the first crypto exchange to receive this approval from ASIC.

The licence strengthens its position as a regulated provider and expands its ability to offer products to Australian customers.³

Coinbase is held in the Betashares Crypto Innovators ETF (ASX: CRYP).⁵ CRYP provides exposure to global companies at the forefront of the crypto economy.⁶

Bitcoin (BTC): Realised Cap

Realised Cap measures Bitcoin’s value based on the price each coin last moved, offering a more grounded view of the network’s invested capital rather than current market price.

According to data from Glassnode as of 11 April 2026, the realised cap of bitcoin continues to trend higher, signaling coins are consistently being acquired at higher prices and held, indicating fresh capital entering the network and existing holders revaluing their cost basis upwards.

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

Bitcoin (BTC): Total supply held by long-term holders

The Realised Profit/Loss Ratio (7-day moving average) tracks the value of coins realised in profit versus loss over the past week, smoothing out short-term volatility to indicate whether the market is driven by profit-taking or capitulation.

According to Glassnode data as of 11 April 2026, the realised profit-to-loss ratio has increased to 1.4, its highest level since January. This metric indicates that profit-taking is currently outweighing losses.

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

Altcoin news

Most top 20 altcoins were higher over the seven days to 12 April. Zcash (ZEC), a decentralised, privacy-focused cryptocurrency launched in 2016,  hit a high of $385 before pulling back to $364 or 49% higher.

Whilst momentum remains positive, the data shows elevated activity rather than a clear fundamental catalyst. Spot volumes have pushed above $1.0 billion, while ZEC futures open interest sits near $3.39 billion, pointing to aggressive leveraged positioning and short squeezes driving the move rather than fresh underlying demand.⁷

References:

1. https://www.investordaily.com.au/crypto-industry-cheers-australias-first-digital-assets-bill/
2. https://cointelegraph.com/news/japan-approves-bill-classify-cryptocurrencies-financial-instruments
3. https://www.coinbase.com/en-au/blog/coinbase-australia-receives-afsl-licence
4. As at 10 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://decrypt.co/news-explorer?pinned=1376551&title=zcash-is-soaring-again-as-myriad-traders-predict-420-price-ahead
7. https://phemex.com/blogs/zcash-price-analysis-zec-surges-privacy-coin