Ethereum

Tom Lee's BitMine is sitting on about $7.3 billion in unrealized losses on its Ethereum treasury as ETH sentiment weakens and technical signals turn bearish. A breakdown could imply a move toward $1,600 (about 25% lower), which would lift BitMine's paper losses to nearly $10.1 billion based on 5.28 million ETH held and a $3,513 average cost.

Spot XRP ETFs posted net inflows of just over $22 million over the prior business week, extending a run of three consecutive positive weeks. XRP did not break above $1.42, fell to under $1.30 yesterday, and later recovered to around $1.35 after dropping about 15% from the May 17 move to $1.55.

Between May 18 and May 22, investors withdrew a combined $1.197 billion from BlackRock's spot Bitcoin and Ethereum ETFs as crypto markets stayed volatile. iShares Bitcoin Trust (IBIT) accounted for about $1.008 billion of the outflows, while the firm's Ethereum ETF (ETHA) recorded $189.3 million. The largest single-day redemption was $448.4 million from IBIT on May 18.

BitMine purchased an additional 60,000 ETH worth about $126 million while Ethereum traded near $2,000, taking its holdings to more than 5.2 million ETH valued at roughly $11.1 billion. The buy came as BitMine appeared on a preliminary list for the 2026 Russell 3000 reconstitution, with FTSE Russell's initial data dated May 22 and changes set to take effect at the end of June.

Bitcoin traded lower through the week after breaking $80,000 and ended Friday just under $77,000, as spot demand and ETF inflows softened and overhead resistance remained heavy. Ethereum largely moved sideways while staking rose to 31% even with ETH down 26% year-to-date, alongside leadership and organizational shakeups around the Ethereum Foundation and Bankless. Hyperliquid's HYPE outperformed, climbing about 50% as the protocol posted roughly $11M in fees and attracted early ETF attention.

Ethereum has declined over the past two weeks, but on-chain indicators cited in a CryptoQuant QuickTake argue long-term conviction remains intact. The analysis points to an all-time-high staked ETH level in early 2026 and a still-moderate MVRV reading, while ETH was priced at $2,113 with a 2.26% daily gain at press time.

Ethereum's L1 fees have fallen to record lows, and network revenue declined from $366.63 million in Q3 2025 to $260 million in Q1 2026 after the Glamsterdam upgrade cut fees by 78%. Even so, monthly transactions have climbed to a new all-time high near 80 million, suggesting usage remains strong despite weaker fee-driven revenue. ETH is also down about 6.2% in May, raising debate over whether the market is undervaluing its on-chain activity.

Bank of America disclosed in its Q1 13F filing that it has about $53 million in cryptocurrency ETF exposure, with BlackRock's iShares Bitcoin Trust (IBIT) as the largest position. The filing shows its IBIT stake rose to about $37 million, roughly 70% of the bank's crypto-related holdings, while it also kept allocations to other spot Bitcoin products.

Intesa Sanpaolo reported $235 million in crypto assets as of March 31, 2026, rising from $100 million at end-2025, while several European peers rolled out trading, custody, and stablecoin initiatives. BBVA enabled 24/7 Bitcoin and Ethereum trading in its Spanish app, BPCE opened crypto access via Hexarq with a stated reach of 12 million clients, and a 12-bank group formed Qivalis to pursue a euro-denominated stablecoin.

Stablecoin supply expanded to around $323 billion, with more than $3 billion added this month, as liquidity conditions improved. Ethereum’s staking ratio also climbed to a new all-time high of 32.4%, while ETH/BTC stayed under pressure after weeks of declines. The setup puts focus on whether past links between stablecoin liquidity and ETH’s relative strength versus Bitcoin re-emerge this cycle.