Bitcoin and the broader crypto market softened over the past week, with Bitcoin slipping from the mid-US$64K range towards roughly US$62.5K by the end of the week. The move reflected a mix of Fed uncertainty, ETF outflows, liquidation pressure and renewed concerns around Strategy potentially selling up to US$5 billion of crypto assets.
Over the seven days to 2 August 2026, Bitcoin and Ethereum were lower by -1.36% and -0.27%, respectively. Bitcoin’s market capitalisation fell to US$1.27 trillion, while the global crypto market sits at US$2.18 trillion. Bitcoin’s market dominance is at 58.7%.
| Price | High | Low | Change from previous week | |
|---|---|---|---|---|
| BTC (in US$) | $63,424 | $65,604 | $62,326 | -1.36% |
| ETH (in US$) | $1,873 | $1,970 | $1,822 | -0.27% |
Source: CoinMarketCap. As at 2 August 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
Cold wallets face a security wake-up call
A reported Bitcoin cold wallet attack has now spread to around 4,500 addresses, with estimated losses nearing US$89 million. The incident is a reminder that self-custody reduces reliance on intermediaries but does not remove operational risk. Even “cold” storage can become vulnerable if seed generation, wallet software, signing processes or user practices are compromised1.
As Bitcoin adoption broadens, custody standards need to mature with it. For institutions, advisers and retail holders alike, the next phase of crypto adoption will depend not only on better market infrastructure, but on stronger security discipline at the wallet level.
Wall Street moves tokenisation into production
JPMorgan, BlackRock, Goldman Sachs, Vanguard and the New York Stock Exchange are among nearly 40 financial firms and technology providers participating in a Depository Trust & Clearing Corporation (DTCC) trial to tokenise stocks and Treasuries. The assets involved include shares of Microsoft and Circle, major ETFs such as QQQ, SPY and BlackRock’s short-term Treasury ETF, as well as US Treasuries of different maturities.2
Tokenisation is no longer just being tested at the edges of crypto markets. It is moving into the core of Wall Street’s post-trade infrastructure, with DTCC, the organisation behind much of US securities clearing and settlement, beginning limited production trades of tokenised securities.
CRYP company spotlight
Power becomes the scarce asset
Nvidia has reportedly anchored Hut 8’s 1-gigawatt Beacon Point data centre in Texas, with lease commitments worth US$19.6 billion over 15 years and up to US$50.2 billion if renewal options are exercised.3
Bitcoin miners with access to large-scale power and data centre infrastructure are being pulled deeper into the AI buildout, with scarce power capacity becoming increasingly valuable.
Bitcoin (BTC): Fear and Greed Index
This chart shows the Fear & Greed Index, a third-party sentiment measure from Alternative.me that tracks crypto market sentiment on a scale from 0 to 100.
A reading near 0 indicates extreme fear, where investors may be overly negative, while a reading near 100 indicates extreme greed, where momentum and FOMO may be elevated.
Hut 8 is currently held in the CRYP Crypto Innovators ETF 4. CRYP provides exposure to global companies at the forefront of the crypto economy.5
Source: Glassnode. Past performance is not indicative of future performance. As at 1 August 2026.
Bitcoin (BTC): US Spot ETF Net Flows [USD]
This chart shows the total net flow of funds of the leading crypto ETFs traded in the US, reflecting the day-to-day changes in the ETFs’ holdings.
According to data from Glassnode as of 30 July 2026, the week finished on a positive note after a couple of days of smaller net outflows.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
Most Top 20 altcoins were in the red, with the only crypto to buck the trend convincingly Cardano ADA, up over 13% in both the last seven days and the last month.
Cardano is rising as selling pressure appears to be easing and large holders are shifting back towards accumulation. On-chain signals seem to be improving, with ADA potentially moving from a sell-off phase into a more constructive accumulation setup6.
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 does not take into account your needs, objectives and financial circumstances.