Ethereum
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Ethereum News
Browse all Ethereum related articles and news. The latest news, analysis, and insights on Ethereum.
Bitmine Makes Its Largest Weekly ETH Purchase
Ethereum treasury company Bitmine Immersion Technologies (BMNR) bought 111,942 ETH last week. This marked the company’s largest weekly purchase since December 2024. Its total ETH holdings reached 5.39 million tokens; 4.47% of Ethereum’s circulating supply of 120.7 million tokens is now held by this company.At today’s prices, the weekly purchase is worth roughly $237 million. ETH is currently trading around $2,134. Plan changed, pace increasedAt the Consensus 2026 conference held in Miami in early May, Chairman Tom Lee said they would slow the pace of weekly purchases. Within a week or two, the plan changed. ETH fell from around $2,400 in April and early May to near $2,100. Bitmine saw this decline as worth buying.Lee said this directly in the company’s official statement: “We continue to steadily buy ETH. We view price levels below $2,200 as an attractive opportunity.” He also repeated the company’s goal of holding 5% of supply in 2026. In the company’s own words, it has reached 4.47% in 11 months on its way to the “alchemy of 5%.” In other words, it has completed 89% of the target.Lee also emphasized that they see two major catalysts ahead for Ethereum: Wall Street’s asset tokenization and the growing need of AI agents for public blockchains. Bitmine presents these two trends as the core arguments behind its ETH accumulation strategy.The full portfolioBitmine’s total crypto and cash holdings stand at $12.3 billion. ETH is the dominant part of this portfolio; 5.39 million tokens are worth around $11.5 billion at $2,134. The company also holds 203 Bitcoin and $444 million in cash.The portfolio also includes equity positions the company calls “moonshots”: a $200 million stake in Beast Industries and a $95 million stake in Eightco Holdings (NASDAQ: ORBS). Eightco is one of the few publicly traded companies in the world that offers indirect exposure to OpenAI.Staking: More than accumulationBitmine has staked 87% of its ETH holdings, equal to more than 4.71 million tokens. At a price of $2,134, this position is worth $10.1 billion. Annual staking revenue has reached around $276 million, while the seven-day yield was reported at 2.75%.Bitmine also built its own infrastructure for a staking operation of this scale. MAVAN, short for Made in America VAlidator Network, was launched in 2026 and was initially developed only to stake Bitmine’s own ETH. Now its scope is expanding; the company plans to open it to institutional investors, custodians and ecosystem partners.Global rankingBitmine maintains its position as the world’s largest ETH treasury. In the global crypto treasury ranking, it is second only to Strategy Inc. (MSTR). Strategy holds a portfolio worth $64 billion with around 818,000 BTC.The stock’s liquidity also paints a notable picture. According to Fundstrat data, BMNR’s five-day average daily trading volume stands at $572 million, placing it 193rd among 5,704 US-listed companies. It ranks just behind Trane Technologies at 192 and ahead of Delta Airlines at 194.Institutional supportThe company’s investor base also stands out. Institutional names such as Cathie Wood’s ARK Invest, Founders Fund, Pantera Capital, Kraken, DCG and Galaxy Digital are among Bitmine’s shareholders. Tom Lee also continues to support the company both as Bitmine’s chairman and as a personal investor.In April 2026, the company moved from NYSE American to the New York Stock Exchange. Its ticker remained BMNR.While assessing the market outlook, Lee also highlighted the GENIUS Act and the SEC’s Project Crypto initiative. He compares these regulatory steps to the United States abandoning the gold standard in 1971; pointing to how that decision transformed Wall Street, he argues that today’s crypto regulations could have a similar impact.
Massive Attack on Crypto Bridge: Hacker Steals $11 Million
Blockchain security remains one of the most challenging issues in the crypto market. Bridges, which facilitate asset transfers between different networks, have become a frequent target for attackers in recent years. The latest example is a security breach on the Verus Protocol's Ethereum bridge. On Monday, a large-scale attack was detected on the cross-chain bridge known as the Verus-Ethereum bridge. This bridge allows users to transfer value between the Verus network and Ethereum, including ETH and ERC-20 assets. However, the attacker managed to trick the system with a fake cross-chain transfer message, withdrawing millions of dollars worth of assets from the bridge reserves. On-chain security platform Blockaid announced via X that they had detected an ongoing attack on the Verus-Ethereum bridge. According to the shared transaction data, the attacker transferred 1,625 ETH, 147,659 USDC, and 103.57 tBTC v2, the tokenized Bitcoin asset of the Threshold Network. The total value of these assets is estimated to be over $11.5 million.Blockchain security company PeckShield also assessed the transaction as an attack exploiting a security vulnerability. According to on-chain data, the attacker later converted the stolen assets into ETH. The wallet in question held 5,402 ETH, worth over $11 million. Fake transfer message tricked the systemInitial findings indicate that the attack did not stem from a private key hijacking or a classic signature verification vulnerability. According to Blockaid, the attacker tricked the bridge into believing that fake transfer instructions were valid. Thus, the protocol sent assets from its reserves to the attacker's wallet.Blockaid noted similarities to the Nomad Bridge and Wormhole attacks of 2022. The Nomad attack resulted in the loss of approximately $190 million, while the Wormhole attack resulted in the loss of $325 million. Therefore, although the Verus attack appears smaller in terms of amount, the method used has brought fundamental security issues in crypto bridges back to the forefront.According to Blockaid's technical assessment, the problem is; The ECDSA signature breach wasn't a notary key compromise or a hash-binding error. The platform stated that the vulnerability stemmed from a missing source quantity validation in "checkCCEValues." According to the company, this deficiency was a security flaw that could be patched with approximately 10 lines of code on the Solidity side.Blockchain security provider ExVul made a similar assessment. The company reported that the attacker used a "fake cross-chain import payload" and that this data managed to pass through the bridge's validation stream. As a result, the attacker processed three different transfers linked to their own wallet.Bridges were once again the weakest linkThe Verus-Ethereum attack once again demonstrated how critical a risk area bridge infrastructures are in the crypto market. Cross-chain bridges provide liquidity and ease of use between different blockchain networks. However, they also broaden the attack surface because they operate between multiple networks, validation layers, and messaging systems. According to the crypto exchange Phemex, the biggest losses recently have stemmed from attacks targeting cross-chain connectivity and messaging infrastructure rather than directly targeting smart contracts. The Drift and Kelp DAO attacks are cited as significant examples of this trend. In April, the targeting of Kelp DAO's cross-chain messaging infrastructure, which runs on LayerZero, resulted in a loss of approximately $293 million. This suggests that bridge attacks could cause significant losses in 2026, as they have in previous years. In the first quarter, more than $168.6 million in assets were stolen from decentralized finance protocols. In April, the two largest attacks of the year were recorded; Drift Protocol lost approximately $280 million, and Kelp lost $292 million. Verus had not officially confirmed the attack at the time of writing. However, statements from security companies such as Blockaid, PeckShield, and ExVul, based on on-chain data, are causing concern.
Today is Critical For Bitcoin and Ethereum: Billions of Options are Closing
The crypto market is on the verge of a new volatility, under pressure from billions of dollars worth of option contracts expiring on May 1st and the impact of global developments. The closing of options, particularly concentrated in Bitcoin and Ethereum, could be decisive in determining the direction of price movements in the short term.Billions of dollars worth of Bitcoin and Ethereum options are expiringAccording to data from Deribit, a leading derivatives market platform, approximately $2.14 billion worth of cryptocurrency options are expiring today. Bitcoin options account for $1.74 billion of this, while Ethereum options are worth approximately $394-400 million.Approximately 23,000 Bitcoin option contracts are expected to close, and the put/call ratio is noteworthy at 1.10. This ratio indicates that sell (put) positions are higher than buy (call) positions, suggesting a cautious outlook among investors. The maximum pain point, defined as the price level at which options become worthless, is around $76,000. The fact that Bitcoin's spot price is trading very close to this level strengthens the expectation that the price may stabilize around this range. Looking at the option distribution, a high trading volume is noticeable between $75,500 and $77,000. This indicates that the market is still in a short-term squeeze and searching for direction. Deribit analysts point out that the price may consolidate around $76,000, especially after the expiry date. The fact that 95% of options are likely to close above this level, according to current data, suggests that the price may find equilibrium without experiencing a sharp downward break.However, indicators shared by the on-chain data provider Glassnode reveal that Bitcoin is still trading below some critical levels. The average cost of short-term investors being around $78,900 shows that the current price is below the cost of this group. Furthermore, the fact that the $78,000 level, considered the "true market average," has not yet been surpassed suggests that upward movements may remain limited. Below, the $65,000-$70,000 range stands out as a strong support area.What about Ethereum?A similar picture emerges on the Ethereum side. With over 175,000 option contracts expiring, the total size reaches approximately $400 million. At first glance, the put/call ratio appears more balanced at 0.95, but data from the last 24 hours shows this ratio has risen to 1.17. This change reveals that investors have adopted a more cautious position in the short term and are seeking protection against a possible pullback.The maximum pain point for Ethereum is at $2,325, and the fact that the current price remains below this level is noteworthy. This situation raises the possibility that the price may enter a search for upward equilibrium. Indeed, in the last 24 hours, the Ethereum price has risen by approximately 1.5 percent, fluctuating between $2,232 and $2,293. However, the 45% drop in trading volume suggests that this rise may be a temporary recovery rather than a strong momentum.On the macro side, the picture is even more complex. The PCE inflation data released in the US, reaching 3.5%, the highest level in the last three years, stands out as a factor limiting risk appetite in the markets. In addition, tensions between the US and Iran and developments around the Strait of Hormuz have pushed oil prices to $106, indicating that inflationary pressures may increase again. This increases volatility in risky markets, including crypto assets.
Ten Years of Silence Broken: Ethereum Whale Makes $23 Million Transfer
An early investor in Ethereum (ETH) has drawn attention to the market by reactivating a wallet that had been inactive for years. This investor, who participated in the initial coin offering (ICO) in 2015, moved a significant portion of their assets, untouched for nearly 10 years, to a new address. According to blockchain data, the wallet, known as “0xCD5…7a336,” transferred a total of 10,000 ETH to a different address on Tuesday evening. The current market value of this transfer is estimated at approximately $23 million. Considering that the wallet acquired these assets for only $3,100 during Ethereum's ICO, the investment has increased in value by over 7,400 times over time. The reactivation of such long-inactive wallets is generally interpreted as significant signals in the crypto market. The actions of early investors (whales), in particular, are closely monitored by market participants, as these types of transfers are often seen as preparation for a potential sell-off. However, there is currently no clear information about the exact purpose of this transaction.On the other hand, this development coincides with the recent resurgence of similar movements. During the strong bull run in 2025, a significant portion of Ethereum ICO participants moved their assets after many years. In particular, the transfer of 150,000 ETH by another early investor last September caused a wide stir in the market. Such large-scale transfers generally have the potential to create short-term pressure on market liquidity and price dynamics.What is the current state of Ethereum price?The Ethereum price is following a relatively stable course in the shadow of these developments. According to current data, ETH is trading at around $2,335, with an increase of approximately 2% in the last 24 hours. However, this price remains well below the all-time high of $4,946 recorded last year. This indicates that a strong upward trend has not yet fully formed in the market. Ongoing macroeconomic uncertainties and expectations regarding central bank monetary policies continue to be decisive factors for crypto assets. In particular, the Federal Reserve's (Fed) interest rate decisions and inflation data play a critical role in determining the direction of the broader crypto market, including Ethereum. Therefore, macroeconomic developments, as well as large investor movements, continue to influence pricing. As a result, this ICO wallet, which has become active after years, has attracted attention. Whether these assets will be transferred to exchanges in the coming days and whether a potential sell-off will occur will be closely watched by market participants.
Record-Breaking Streak in Bitcoin ETFs: $2 Billion in 8 Days
Institutional interest in spot Bitcoin ETFs in the US has accelerated again. According to data from April 23rd, spot Bitcoin ETFs recorded net inflows exceeding $223 million on a daily basis, maintaining a positive flow for the eighth consecutive day. Total inflows exceeding $2 billion over the past eight days suggest that institutional investors are viewing the post-2025 correction period as an accumulation opportunity. According to SoSoValue data, BlackRock's IBIT fund saw the largest share of inflows that day, totaling $167.5 million. Positive flows were also seen in Ark Invest/21Shares, Morgan Stanley, and Grayscale. On the other hand, Fidelity, Bitwise, and VanEck's Bitcoin funds experienced outflows totaling approximately $30 million. Source: The Block The picture is weaker for Ethereum. Spot Ethereum ETFs recorded net outflows of approximately $76 million on the same day, following a ten-day streak of uninterrupted inflows. The sudden shift in direction of ETH ETFs, which saw inflows of over $96 million on the previous trading day, suggests that the market is giving more weight to Bitcoin in the short term.Institutional demand is strengthening, Bitcoin is taking center stageMarket experts state that ETF flows now reflect a more structural demand rather than short-term speculative movements. According to Bitrue Research Leader Andri Fauzan Adziima, institutional investors are now positioning Bitcoin not just as a trading instrument, but as a stabilizing element in portfolios. This approach, combined with continuous buying through ETFs, especially during a period when supply has tightened after the halving, is creating a lasting demand base in the market.The Bitcoin price has risen by approximately 10% in the last 30 days and is currently stabilizing around $78,000. However, this level is still well below the peak of approximately $126,000 seen in October 2025. Nevertheless, the fact that Bitcoin dominance has risen above 60% indicates that the market is becoming increasingly BTC-weighted. In this period where altcoins are generally performing poorly, the flow of capital into Bitcoin is noteworthy. According to experts, if ETF inflows continue at this pace, the $85,000 to $90,000 range could emerge as the "base scenario" for Bitcoin. However, the possibility of a retest of the $74,000 to $70,000 range in the event of a slowdown in flows is not being ignored. On the macro side, geopolitical developments continue to be decisive for the markets. While US President Donald Trump's decision to extend the ceasefire with Iran indefinitely supports risk appetite in the short term, tensions around the Strait of Hormuz have not been fully resolved. This situation reveals that the crypto market is still sensitive to macroeconomic issues. On the other hand, the approximately $8.6 billion worth of Bitcoin and Ethereum options expiry that took place on April 24 is also being closely watched in terms of short-term volatility.
Massive Options Day in Bitcoin and Ethereum: $9.8 Billion Closing
One of the most critical days of the month in the crypto derivatives markets has passed. Bitcoin and Ethereum options contracts, totaling approximately $9.8 billion, expired on April 24th, with prices closing above their "max pain" levels. This indicates that the overall market trend remains upward, while the decrease in volatility has led to a more cautious interpretation of the rally's nature. According to the data, expiry transactions covered approximately 109,000 Bitcoin contracts, reaching a total nominal value of $8.55 billion. On the Ethereum side, 563,000 contracts stood out, corresponding to approximately $1.32 billion. This was recorded as the highest options closing price of April. The "max pain" level, frequently referenced in the options market, is known as the price point where investors suffer the greatest possible losses. While Bitcoin was trading around $72,000, the spot price at expiry was noteworthy at approximately $77,900. This difference indicated that the market was exhibiting strength beyond expectations. A similar picture emerged for Ethereum. With its maximum price around $2,200, the ETH price traded at approximately $2,315.The put/call ratio in the options data also provided important signals regarding market sentiment. While this ratio showed a balanced appearance at 0.93 for Bitcoin, it remained at 0.72 for Ethereum, indicating a stronger bullish outlook. The significant prominence of call options, particularly on the Ethereum side, clearly revealed investors' expectations of a price increase.The open position distribution also supported this trend. While call and put contracts were quite close in Bitcoin, the call side showed a clear dominance in Ethereum. This suggests that there is a broader market optimism, rather than just short-term speculation. Market remains strong, volatility declinesOn the other hand, the decrease in implied volatility despite the rise in prices offered an important clue about the character of the market. According to analysts, volatility in Bitcoin options fell below 40%, while in Ethereum it dropped to around 60%. While volatility is normally expected to increase with price increases, the opposite picture emerged this time.This divergence shows that the current rise is supported by a more balanced capital flow rather than a sudden and speculative movement. In other words, there is a more controlled and institutionally focused entry into the market rather than aggressive leverage use. This is read as a signal that the rally may be more sustainable.In the coming period, eyes are turned to the new expiry dates. Approximately 12% of the existing open positions will expire at the end of May. The real critical threshold will be the quarterly closing at the end of June. It is expected that approximately 24% of the total positions will be resolved during this period. Analysts believe that the June expiry date will be more decisive in terms of market direction. If macroeconomic pressures ease towards the middle of the year, levels around $78,000 could become a strong support area for Bitcoin. However, if the current downward trend in volatility reverses, sharper price fluctuations may occur.
BitMine Bought 101,600 ETH in a Single Week
BitMine Immersion Technologies was initially founded as a cryptocurrency mining company. However, in late 2024, the company radically changed its strategy: it moved away from mining infrastructure and focused directly on Ethereum accumulation. This transformation was considered risky by many analysts at the time. ETH continued to be overshadowed by Bitcoin, institutional demand was uncertain, and the price still seemed far from its 2021 peaks. BitMine, however, continues on its path.BitMine Buys 101 ETHBitMine Immersion Technologies purchased 101,627 ETH in a single transaction last week. This marked the largest weekly purchase seen since December 15, 2025. With these latest purchases, the total Ethereum holdings are approaching 4.97 million. More than four percent of the total supply is now in the hands of a single institutional player. The value of this week's purchase alone exceeds $230 million; the total portfolio value is $12.9 billion. The rest of the market is quite silent on this matter. While most major digital asset treasuries are slowing down new purchases, BitMine is moving in the opposite direction. BitMine is perhaps the only company doing something similar to what Strategy is doing with Bitcoin, but on Ethereum.Explanation from Tom LeeChairman Tom Lee gets straight to the point: the "mini crypto winter" is ending. There is some data to support this claim. ETH fell to $1,755 in early February, representing a drop of about sixty percent from its 2025 peak. Considering Ethereum's all-time high is $4,953, a level expected to be reached in August 2025, the current price trajectory might seem cheap to long-term investors. Indeed, ETH has risen by six percent in the last week and about ten percent in the last month. At the time of writing, it is trading at $2,316. BitMine is increasing its buying pace during this period of recovery. According to Lee, the company has been deliberately expanding this position for the past four weeks. Moreover, they say, "We're in the final phase of the trend." But the really interesting part is the staking side. Approximately two-thirds of their ETH holdings, over 3.3 million units, are already staked. This translates to an annual return of approximately $221 million. So the company isn't just betting on price increases; they're making money while waiting. The number of institutional players adopting this model is still quite small.The portfolio also includes 199 BTC and $1.12 billion in cash. Investments in companies like Beast Industries and Eightco Holdings show that BitMine doesn't position itself as a pure crypto company. The company announced on April 12th that it holds 4.87 million ETH, a figure confirmed in its financial report which also included a net loss of $3.8 billion for the first quarter of 2026. The entire loss is due to the decline in the ETH price; there was no physical sale or operational loss.
$11 Trillion Giant Schwab Enters Spot BTC, ETH Trading
Charles Schwab shared details of the Schwab Crypto platform this week. Expected to roll out gradually in the coming weeks, the platform will allow clients to buy and sell Bitcoin and Ethereum through the same account infrastructure they use for stock and bond trading. This move directly pits the company against Robinhood, which, while targeting a relatively young audience, has long offered stock and crypto trading under one roof, and is now adding additional financial services. Given Schwab's position as one of the world's largest brokerage firms with over $11 trillion in client assets, this move is attracting attention in the industry. Schwab Crypto accounts will be linked to existing brokerage accounts but will remain separate. The account will be offered under the Charles Schwab Premier Bank, SSB, which will be responsible for the storage and recording of digital assets. Sub-custody and transaction execution services will be handled by Paxos, an OCC-regulated blockchain infrastructure provider. The transaction fee is set at 0.75% of the dollar value of each trade. For comparison, Robinhood's commission-free trading is still a possibility. Coinbase, on the other hand, applies different rates depending on user tiers. The company positions this pricing among the lowest in the market for crypto trading among major brokerage firms.Customers are interested in cryptocurrenciesSo, is the timing of this decision a coincidence? Not really. Schwab has been openly stating for months that its customers are interested in crypto investing. With the Trump administration's regulatory stance towards the sector becoming more pronounced, traditional financial institutions that had previously been on the sidelines have begun to take action. Schwab is not alone in this respect: Morgan Stanley recently launched a spot Bitcoin ETF, and Goldman Sachs has applied for a Bitcoin income ETF.Schab is actually no stranger to the crypto market. According to company data, Schwab customers currently hold approximately 20% of all spot crypto exchange-traded products. Existing access options on the platform include spot crypto ETPs, crypto futures, options on spot crypto ETPs, and crypto-focused mutual funds. The new platform adds direct spot trading to these.Initially, only Bitcoin and Ethereum will be supported. The company plans to add more cryptocurrencies to the platform in the future and introduce transfer features that will allow deposits and withdrawals, enabling customers to move their digital asset holdings from elsewhere to Schwab.The survey, conducted between July and September 2025, involved 460 crypto investors and potential investors. Participants highlighted three factors when choosing a crypto trading platform: low and transparent pricing, a familiar brand and trust, and the belief that digital assets will be kept safe. The market will show how competitive Schwab is in these three areas. Looking at the shares, they fell 2 percent following the company's quarterly financial results announced on Thursday. The crypto announcement did not offset this decline.
Strategy and Bitmine Continue to Accumulate BTC and ETH
While institutional purchases in the crypto market continue unabated, two significant moves have been noted in both Bitcoin and Ethereum. Strategy's recent Bitcoin purchase further increased the company's market share, while Bitmine's Ethereum holdings now encompass a significant portion of the supply. Strategy acquired an additional 13,927 Bitcoin for approximately $1 billion, with an average purchase price of $71,902. This latest transaction brings the company's total Bitcoin holdings to 780,897 BTC. The company's total investments to date reach $59.02 billion, with an average cost of $75,577. This size makes Strategy by far the largest institutional Bitcoin investor. The amount of BTC held by the company represents approximately 3.8% of the total circulating supply. This percentage indicates a very high concentration compared to other publicly traded companies. The company's CEO, Michael Saylor, shared a noteworthy calculation regarding the sustainability of their Bitcoin strategy. Accordingly, Strategy's BTC holdings only need to appreciate by 2.05% annually to cover its preferred stock dividends. This rate is quite low compared to Bitcoin's historical performance.Strategy's financing model also stands out at this point. The company largely finances its Bitcoin purchases through a variable-rate preferred stock instrument. The income from this instrument, which offers an annual return of approximately 11.5%, is directly reinvested in new BTC purchases. Based on the current reserve level, it is calculated that dividend payments can be covered for approximately 48 years.Purchases continue despite significant lossesDespite this aggressive buying strategy, the company faces significant fluctuations in the short term. In the first quarter of 2026, Strategy's digital asset portfolio incurred approximately $14.5 billion in unrealized losses. The approximately 20% pullback in the Bitcoin price caused it to fall below the average cost. Nevertheless, the company's continued purchases indicate that its long-term outlook is maintained. Strategy also announced that it has achieved a 5.6% "BTC Yield" since the beginning of 2026. This metric stands out as one of the key indicators measuring the company's Bitcoin performance per share.The company's purchasing pace has also outpaced the new supply in the market. While global miners produced approximately 16,200 BTC in March 2026, Strategy purchased over 46,000 Bitcoin during the same period. This situation brings the discussions about the supply-demand balance in the market back to the forefront.It is stated that Strategy's current funding capacity is over $57 billion. This indicates that similar large-scale purchases may continue in the coming period. Analysts estimate that if the current pace is maintained, the company could reach the 1 million BTC threshold towards the end of 2026.Bitmine also purchased ETHOn the other hand, a similar accumulation is also noticeable on the Ethereum side. With its latest purchase, Bitmine added another 71,524 ETH to its portfolio. Thus, the company's total Ethereum holdings reached 4,874,858 ETH. The average cost is stated as $2,206, which represents approximately 4.04% of the Ethereum supply.
Institutions Keep Buying: Massive BTC and ETH Buys
While institutional purchases continue unabated in the crypto market, noteworthy developments are taking place in both Bitcoin and Ethereum. Strategy, led by Michael Saylor, and Bitmine, an Ethereum-focused asset manager, further strengthened their market positions with large purchases in the past week. However, losses on the balance sheet and macroeconomic uncertainties add a different dimension to the picture. Strategy is losing money but continues to buyMichael Saylor's company, Strategy, purchased an additional 4,871 BTC for approximately $330 million in the first week of April. With this latest move, the company's total Bitcoin holdings reached 766,970 BTC. This portfolio, worth approximately $53 billion at current prices, continues to make the company one of the largest institutional Bitcoin investors by far. However, the company's balance sheet also reveals the short-term risks of this aggressive buying strategy. Strategy reported an unrealized loss of $14.46 billion on Bitcoin assets in the first quarter of 2026. This loss was also detailed in the 8-K report submitted to the US Securities and Exchange Commission (SEC). On the other hand, this decline in value also created a significant tax advantage for the company. Thanks to these losses, Strategy obtained $2.42 billion in deferred tax assets. This has the potential to reduce the company's future tax burden.With the recent purchases, the company's average Bitcoin cost also slightly decreased to $75,644. This shows that Strategy continues to optimize its cost basis despite price fluctuations. It is stated that the purchases were financed through the company's "at-the-money" (ATM) share sale program.Strategy's long-term plan is also quite ambitious. Under its strategy called "42/42," the company aims to raise a total of $84 billion in capital by 2027. A large part of this resource is planned to be used for new Bitcoin purchases. In addition, the company added a US dollar reserve to its balance sheet last year, creating a more flexible structure in terms of dividend payments and liquidity management. Bitmine is aggressively growing on EthereumWhile these developments are taking place on the Bitcoin front, a similar institutional accumulation process is also noticeable on the Ethereum side. Bitmine Immersion Technologies purchased 71,252 ETH in the week ending April 5th, bringing its total holdings to 4.803 million ETH. This amount corresponds to approximately 3.98% of the total circulating ETH supply.The company's current Ethereum holdings are worth approximately $10.3 billion. Bitmine had previously stated that it aimed to reach 5% of the circulating ETH supply. With the recent purchases, it appears that this goal has been significantly approached.The company's Chairman, Tom Lee, emphasized that Ethereum is performing strongly in the current market conditions. According to Lee, ETH is one of the best-performing assets despite the geopolitical tensions that have continued for the past six weeks. Especially in a period when the conflict stemming from Iran is putting pressure on global markets, Ethereum's positive divergence is noteworthy.Bitmine also holds a strong position in the staking sector. The company's total staked ETH has reached 3.33 million, representing approximately $7.1 billion, making Bitmine one of the world's largest institutional ETH staking companies.
Ethereum Foundation Locks Up $143 Million Worth of ETH
The Ethereum Foundation has surpassed a significant milestone in its previously announced staking plan. With the latest transactions, the foundation has almost reached its target of approximately 70,000 ETH, staking a total of approximately $143 million worth of ETH.In the latest transactions on Thursday, approximately $93 million worth of ETH was staked in multiple transactions. According to on-chain data, these transfers were sent from the foundation's multisig treasury to the Eth2 Beacon Chain contract. This final addition of 45,034 ETH was divided into equal parts of approximately 2,047 ETH each. This brings the foundation's total staked holdings to approximately 69,500 ETH. Following the plan announced in February, the foundation has been progressing gradually, initially staking 2,016 ETH, and then adding approximately 20,470 ETH earlier in the week. With this latest transaction, the target level has been almost reached in a single go. As is known, the Ethereum Foundation's operations have been criticized for some time. This is because its sales-based financing model sometimes created panic in the market. In previous years, the foundation regularly sold ETH to cover its operational expenses, and this approach was criticized for putting pressure on the market. In the new model, instead of selling assets, the goal is to generate income through staking.What will the return be?Based on current staking rates, the foundation is expected to generate approximately $3.9 million to $5.4 million in annual returns from this position. Considering that institutional staking returns range from 2.7% to 3.8%, this income, while not covering the entirety of the foundation's approximately $100 million annual expenses, provides a significant contribution. Furthermore, it is stated that this return could be further increased with additional mechanisms such as MEV-boost.The most important advantage of this model for the foundation is that the assets do not remain "idle." Staking contributes to network security and generates passive income. This means more sustainable treasury management in the long term. At the same time, it becomes possible to finance operations without creating selling pressure on the market.However, the staking program is not yet finalized. The foundation still holds more than 100,000 ETH that has not been staked. There has been no clear statement on whether these assets will be staked in the future or held as liquid reserves. This indicates that the foundation wants to maintain its flexibility.According to on-chain data, the foundation's total portfolio size is approximately $270 million. The majority of this portfolio consists of approximately 102,400 ETH, while smaller amounts of USDC, BNB, and a limited amount of Bitcoin are also included.The Ethereum price was trading at approximately $2,059 during the period when staking operations took place. With a pullback of approximately 4% in the last week, ETH continues its volatile course with macroeconomic market conditions and weakness in general risk appetite.
BNP Paribas Takes a Step Towards Crypto: 6 New Products on the Way
BNP Paribas, one of Europe's largest banks, has taken a notable step by expanding its strategy towards crypto assets. The bank is preparing to offer its clients six new exchange-traded notes (ETNs) that provide indirect investment opportunities in digital assets such as Bitcoin and Ethereum. These products, which will be accessible starting March 30th, are considered a development that further strengthens the bridge between traditional finance and the crypto ecosystem.The new ETNs are being issued by major asset managers such as BlackRock, Fidelity, Invesco, and WisdomTree. This allows BNP Paribas to offer its clients not only its own products but also solutions from players with strong risk management and institutional credibility in the sector. With this move, the bank is opening an alternative channel for investors who do not wish to directly purchase crypto assets.A new but controlled door for investorsThese products are subject to significant limitations under the European Union's financial regulations. In particular, the MiFID II framework prioritizes investor protection and makes access to such products subject to certain conditions. BNP Paribas, in line with this, requires individual investors to undergo detailed suitability tests before accessing these products. The aim is to measure whether investors truly understand the risks of the highly volatile crypto markets.ETNs offer returns indexed to the price movements of assets such as Bitcoin or Ethereum, rather than directly buying these assets. However, there is a critical difference here. Unlike physically secured ETFs, ETNs are structured as unsecured debt instruments. This means that investors are exposed not only to fluctuations in the crypto market but also to BNP Paribas' credit risk.The bank describes these products as "indirect and regulated crypto access," while specifically emphasizing that it does not directly recommend crypto assets.Regulations are a catalyst, not an obstacleBNP Paribas' move coincides with a period of changing regulatory approaches to crypto globally. The impending implementation of the MiCA regulation in Europe offers a clearer playing field for banks. Similarly, in the UK, the Financial Conduct Authority's (FCDA) plan to re-authorize crypto ETNs in 2025 has paved the way for these products to reach retail investors.With a total market capitalization of approximately $2.5 trillion and Bitcoin's dominance exceeding 50%, the crypto ecosystem has moved beyond the question of "should we enter?" for institutional players. The real question is how these assets will be integrated into existing financial systems.BNP Paribas's move is precisely an answer to this question. The bank not only offers investment products but also develops tokenized funds on the Ethereum network and is working on a euro-based stablecoin project. This stablecoin initiative, planned to be launched this year, specifically targets use in areas such as cross-border payments and securities transactions.Meanwhile, Bitcoin ETFs continue to be a popular choice for many firms.
ETH Commentary and Price Analysis - March 27, 2026
ETH Technical AnalysisOn the Ethereum side, the current focus is on the upcoming major options expiry. Along with BTC, a large number of ETH options contracts are expiring, and the market is positioned around critical price levels. These types of periods usually stand out with increased volatility and clearer direction. Let’s look at how this options-driven compression is reflected in the technical chart. Trending Theme After the liquidity around the 2020$ region was cleared, price moved down and touched the trendline. The 1937$ level has become a critical threshold, as it aligns both with a horizontal support and the lower band of the rising structure.At the moment, price is trying to hold just above this region. This means the market is making a decision here. If this area holds, the current structure remains intact and the possibility of an upward reaction continues.However, this is also the key breakdown point. If price drops below 1937$, especially with a loss of the trendline, this move would not remain just a pullback. A new short-term bottom search would begin at lower levels.On the upside, during initial recovery attempts, attention shifts back to the 2100$ region. This area previously acted as a reaction zone and resistance.As long as price stays above 1937$ and the trendline, upward reactions continueBelow 1937$ and with a trend break, selling pressure acceleratesIn this scenario, a new short-term bottom search beginsOn the upside, the first target is the 2100$ regionThese analyses do not provide investment advice and focus on support and resistance levels that are considered to offer short- and medium-term trading opportunities depending on market conditions. However, responsibility for execution and risk management lies entirely with the user. In addition, the use of stop loss is strongly recommended.
Massive $15.5 Billion Options Day: BTC and ETH at a Threshold
The cryptocurrency markets are facing one of the most significant derivatives developments of the year. A massive expiration of Bitcoin and Ethereum options, totaling over $15.5 billion, is taking place today. According to data, this event stands out as one of the largest option closures in the first quarter of 2026 and could be decisive for short-term price movements. With the majority of options expiring on the Deribit exchange at 11:00 AM (08:00 UTC), the market is experiencing both price pressure and a search for direction. The fact that Bitcoin and Ethereum are trading below what is known as their "max pain" levels strengthens the expectation that prices may be pulled towards these levels.Is the market pulling towards "max pain" levels?In options markets, "max pain" refers to the price level at which the most option contracts expire worthless. Therefore, the process of market makers balancing their positions could cause prices to approach these levels. With approximately $14 billion worth of Bitcoin options expiring, the maximum pain level is in the $74,000-$75,000 range. However, the current price of BTC is hovering around $68,000. This indicates that the price may remain under upward pressure, but sufficient momentum for a strong breakout has not yet been generated.The distribution of positions in the market is also noteworthy. The fact that call options outnumber put options reveals that investors maintain an upward expectation in the medium term. Nevertheless, the low price in the short term increases the risk of many long positions closing at a loss. According to analysts, Bitcoin remaining below $70,000 supports the weak outlook, while movements above $72,000 could quickly change market sentiment. While $75,000 remains a critical resistance level, the $66,000-$67,000 range stands out as an important support zone. Ethereum is exhibiting a more sideways trendOn the Ethereum front, approximately $2.1-2.2 billion worth of options are expiring. While the maximum pain level set for ETH is in the $2,250-$2,300 range, the fact that the current price is quite close to this level indicates that volatility may remain more limited compared to Bitcoin.The ETH price is currently stabilizing just above $2,000 in the short term. Therefore, the possibility of fluctuation in a narrow band rather than sudden and sharp movements is seen as higher. However, a breakout above $2,386 could bring a stronger bullish scenario to the fore.In terms of downside risks, the $2,020 and $1,916 levels stand out, while movements below $1,800 could open the door to a deeper correction.Institutional investors are playing the long termDespite short-term pressure, on-chain and block transaction data show that large investors are following a different strategy. According to market data, institutional players are closing their expiring contracts and turning to June and September expiring call options with higher price targets (out-of-the-money).This indicates that the current weak price movements are considered temporary and a stronger recovery is expected in the medium term. In other words, although there is selling pressure in the short term, large players are holding onto their positions, preparing for a potential uptrend. The real movement may come after expiryAccording to the consensus of analysts, while option expiry days generally create temporary pressure, the real direction is determined after expiry. In particular, the elimination of such a large open position from the market eliminates the "max pain" effect on the price.In addition, a decrease in "implied volatility," known as an IV crush, is expected in the post-expiry period. This poses a risk for short-term option buyers while creating an advantageous environment for sellers.Looking at past data, it is seen that clearer and stronger price movements emerge within 3 to 7 days following large option closures. Therefore, the real opportunities for investors are expected to emerge in the new trend that may develop after today's close.
Strategy And Bitmine Have Bought Bitcoin And Ethereum Again
While institutional players' accumulation strategies in the cryptocurrency market continue unabated, two distinct approaches stood out in the last week, both in Bitcoin and Ethereum. Michael Saylor's company, Strategy, continued its Bitcoin purchases but at a significantly more cautious pace compared to previous weeks; while Bitmine accelerated its aggressive accumulation in Ethereum, solidifying its position as one of the largest ETH holdings in the market. Strategy slows down its buying paceStrategy, led by Michael Saylor, purchased 1,031 Bitcoins last week. This purchase, totaling $76.6 million, represents a significant slowdown compared to the large-scale purchases exceeding one billion dollars made by the company in the previous two weeks. These Bitcoins were added to the portfolio at an average price of $74,326.The company's total Bitcoin holdings reached 762,099 BTC. Strategy built this accumulation at a total cost of approximately $57.7 billion, with an average purchase price of $75,694. Bitcoin's current price trading just below $70,000 indicates that the company's average cost currently remains above the market price.It was also noted that recent purchases were entirely financed through the sale of shares. In previous weeks, Strategy had used the proceeds from the issuance of STRC preferred shares for its high-volume purchases.On the market side, Strategy shares rose by approximately 1.7% in premarket trading in parallel with these developments. However, the slowdown in the company's purchase pace was interpreted by some investors as a signal to take a more cautious position.Bitmine Aggressively Grows in EthereumOn the other hand, Bitmine Immersion Technologies is exhibiting remarkable growth by focusing on Ethereum in its crypto asset strategy. The company's total crypto, cash, and "moonshot" investments have reached a value of $11 billion. The largest part of this portfolio consists of 4.66 million ETH.The amount of Ethereum held by Bitmine corresponds to approximately 3.86% of the total supply. This ratio makes the company one of the world's largest Ethereum holdings, placing it only behind Strategy's Bitcoin holdings on a global scale.Company management states that they have accelerated their Ethereum purchases, especially in recent weeks. Bitmine, which purchased 65,341 ETH last week, has increased its purchase pace from an average of 45,000–50,000 ETH in previous weeks. This aggressive accumulation strategy reflects the company's expectation that Ethereum is entering a strong recovery phase in the current cycle.Another important pillar of Bitmine's strategy is its staking activities. The company has staked approximately 3.1 million of its 4.7 million ETH. While approximately $184 million in revenue is generated annually from these staking activities, it is stated that this figure could reach $272 million when full capacity is reached. The Crypto "Safe Haven" Narrative is StrengtheningBitmine Chairman Tom Lee points out that crypto assets perform more strongly than traditional assets, especially during periods of geopolitical tension. According to Lee, Ethereum has recently risen by 18%, while gold has lost more than 15% of its value. This situation brings the "safe haven" narrative of crypto assets back to the forefront.In addition, the progress of regulations such as the Clarity Act in the US is seen as a positive catalyst for the market. The fact that the probability of the law passing by the end of the year is priced at over 68% in the forecast markets stands out as a factor that increases the appetite of institutional investors.
