Justin Arzadon
6 minutes reading time
- Digital assets
Bitcoin and the broader crypto market were slightly higher over the past week. Markets responded positively to renewed momentum behind US crypto market structure legislation and stronger expectations that regulatory clarity will unlock broader institutional participation.
Bitcoin and Ethereum were up 3.01% and 0.79% respectively over the seven days to 10 May 2026. Bitcoin’s market capitalisation is up to US$1.61 trillion while the global crypto market sits at US$2.69 trillion. Bitcoin’s market dominance is at 60.1%.
|
Price |
High |
Low |
Change from previous week |
|
|
BTC (in US$) |
$80,715 |
$82,660 |
$78,355 |
3.01% |
|
ETH (in US$) |
$2,326 |
$2,415 |
$2,270 |
0.79% |
Source: CoinMarketCap. As at 10 May 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
The CLARITY Act moves crypto closer to defined rules
Momentum around the U.S. CLARITY Act is building again, with the Senate Banking Committee scheduling a key markup hearing for 14 May as lawmakers resume efforts to establish a formal market structure framework for digital assets. The legislation is designed to clarify which crypto assets fall under SEC or CFTC oversight and is increasingly being viewed as one of the most important regulatory developments for the sector this year1.
After years of operating in regulatory grey zones, crypto is moving closer to defined rules around trading, custody and stablecoins inside the world’s largest capital market. Markets are increasingly interpreting progress on the CLARITY Act not as anti-crypto regulation, but as the foundation needed for broader institutional participation.
Bullish moves into market infrastructure
Bullish’s US$4.2 billion acquisition of transfer agent Equiniti may be one of the clearest signals yet that crypto firms are moving beyond exchanges and deeper into core market infrastructure. Equiniti services around 3,000 listed companies and manages shareholder records, dividend payments and transfer services – functions that sit at the heart of traditional capital markets2.
Bullish is not simply buying distribution or trading volume, it is buying regulated infrastructure needed to support tokenised securities, 24/7 trading and blockchain-based settlement. As tokenisation moves from concept to implementation, the battle is increasingly shifting from crypto apps to ownership of the underlying financial plumbing.
CRYP company spotlight
Stablecoin deal lifts Circle shares
Circle’s shares jumped around 20% after US lawmakers reached a bipartisan compromise on stablecoin regulation, easing a key area of uncertainty around how issuers of yield-bearing stablecoins can operate and distribute yield in the form of rewards. The move was interpreted by markets as a step towards clearer rules for the sector, particularly for established players like Circle that are already operating within a more compliant framework.3
Circle is held in the Betashares Crypto Innovators ETF (ASX: CRYP)5. CRYP provides exposure to global companies at the forefront of the crypto economy.5
Bitcoin (BTC): Fear & Greed Index
The Crypto Fear & Greed Index is an indicator from Alternative.me that aims at capturing investor sentiment in a single number by incorporating data from multiple sources. The index ranges from 0 to 100, where 0 denotes ‘extreme fear’, and therefore times of exaggerated negative investor sentiment. 100 means ‘extreme greed’ and is an indication for maximum FOMO.
The Fear and Greed Index hit highs over the last week not seen in over three months. Although still at levels between fear and neutral, sentiment is undoubtedly picking up.
Source: Glassnode. Past performance is not indicative of future performance.
Bitcoin (BTC): Percent balance on exchanges – All exchanges
The percent supply held on exchange addresses shows the percentage of total Bitcoin supply currently held on exchange wallets across all major exchanges. The metric is commonly used as a proxy for market liquidity available for trading, investor conviction, and potential supply pressure.
According to data from Glassnode as of 9 May 2026, percentage of bitcoin on exchange is at the lowest in six months. Historically, that signals investors are moving BTC into long-term custody, ETFs, corporate treasuries, or cold storage rather than preparing to trade out of positions.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
Top 20 altcoins ended the week higher, led by Toncoin (TON), which surged more than 86% over the seven days to 10 May despite being down 25% over the past year. The move followed Telegram founder Pavel Durov announcing deeper TON integration into Telegram and a sixfold fee reduction, with markets betting Telegram’s massive user base could become a meaningful distribution channel for TON-based payments and digital assets6.
References:
2. https://www.reuters.com/business/bullish-buy-equiniti-42-billion-deal-2026-05-05/
3. https://cryptopotato.com/circle-shares-jump-20-as-lawmakers-reach-stablecoin-deal/
4. As at 8 May 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.