Track market-moving stories before they get noisy

Extreme bullish positioning in the derivatives market can cut both ways.

Notably, Ethereum’s [ETH] current market structure is a good example. According to the data from CoinGlass, over $177 million in ETH long positions were liquidated on the 8th of October, which marked the largest long squeeze since early June.

With this in mind, ETH’s derivatives market may be set up for another squeeze. Lookonchain recently highlighted that smart trader, with a reported 100% win rate and $9.26 million in total profits, is back in action. After the market dip, the trader opened a 20x leveraged long position on 12,000 ETH worth $29.88 million. The position is now sitting on an unrealized profit of $626,000.

Source: X The key takeaway? Other traders are leaning bullish too.

Bitfinex whales’ ETH long positions are rising, while the Ethereum Long/Short Ratio crossed above 1 for the first time after three days of negative readings. This points to a shift toward bullish positioning. However, if too many traders crowd into long, another sharp move lower could trigger a fresh wave of liquidations.

From a technical lens, with Ethereum [ETH] down 8% this week, the violent bullish positioning may lead to another bull trap, potentially pushing the price toward $2.1k if support breaks. But does this aggressive long positioning mean that traders are anticipating a catalyst that the broader market has yet to price in?

Ethereum: Hidden catalyst or crowded trade? Ethereum’s recent weakness may not be ETH-specific, as altcoin rotation could be behind the sell-off too.

Technically speaking, ETH is down almost 8% in the week, while Solana [SOL] has corrected by over 9%. Moreover, Bitcoin dominance has climbed back above 60%, putting pressure on the altcoins. However, if BTC.D fails to break through this resistance again; it could clear the path for an altcoin recovery, which may explain why traders are still building bullish Ethereum positions.

On the supply side note, Binance’s ETH reserves have reduced from nearly 4 million to below 3.5 million, thus recording a 6-month low. The drop in the ETH reserves on Binance may add to upward pressure on the price if Bitcoin dominance fails to rise and capital rotation begins to take place back into altcoins. 

Source: CryptoQuant Given this setup, Ethereum’s bullish positioning could be more than a fluke.

On-chain liquidity across Ethereum also remains strong. According to Token Terminal, Ethereum added $243.4 million in stablecoin market cap over the last seven days, leading all networks. This could encourage fresh buying activity, particularly with ETH reserves on exchanges continuing to deplete, which could reduce selling pressure, giving bulls more breathing room to rally prices.

This makes the current setup different from the previous extended squeeze. If capital continues to flow into ETH, a breakout in the ETH/BTC pair could serve as the next catalyst for upside. This indicates that traders are positioning ahead of a potential shift in momentum that the broader market has yet to price in.

Final Summary Rising ETH longs increase liquidation risks, but falling exchange reserves could support a recovery. Growing stablecoin liquidity and a possible drop in Bitcoin dominance could boost ETH if capital flows back into altcoins.

14h47 ▪ 5 min read ▪ by Eddy S.

Summarize this article with:

Solana generates $38.2 million in revenue on dApps in seven days, compared to Ethereum’s poor performance which no longer holds up, even when adding up its entire ecosystem. Are we witnessing the beginning of a new era in the crypto market?

In brief $38.2 million revenue on dApps for Solana in seven days, compared to $11.7 million for Ethereum. Ethereum, Base, Polygon and OP Mainnet combined make $21.2 million, compared to $38.2 million for Solana. In August 2026, Solana was already number 1 for the month with $143 million, or 38% of the total onchain according to DefiLlama. See you on October 31, 2026, for the month’s closing which will tell if this crypto lead still holds. Solana Outperforms Ethereum on dApps in 7 Days Solana earns more than three times what Ethereum earns on dApps in 7 days, $38.2 million versus $11.7 million according to Token Terminal, in a ranking published by Solana Hub on October 10, 2026. Hyperliquid, a very fast crypto trading platform, comes second with $14.8 million. Ethereum still makes the podium but not on the highest step.

Why follow this figure? Because it can signal strong activity that generates money for the crypto network, beyond the tokens we buy hoping for an increase. However, it does not count the number of orders placed. Also watch the scope because the ranking follows entities of different natures (blockchains, platforms, ecosystems), it does not compare ten identical blockchains.

RankNetworkApplication revenue over 7 days (million dollars)1Solana38.22Hyperliquid14.83Ethereum11.74BNB Chain6.65Base4.36Robinhood4.27Polygon4.08OP Mainnet1.29Avalanche0.87410Near0.665Source: Token Terminal, ranking published by Solana Hub on X, data from the last 7 days as of October 10, 2026. Why do Crypto Users and Developers Choose Solana? Because crypto transactions cost very little there and go through quickly, which allows trading applications to operate at large scale. In August 2026, two trading terminals, Axiom (about $24 million) and FOMO (about $14.6 million), generated nearly $38.6 million of the $143 million of application revenue for the month, according to DefiLlama. According to our calculations, that represents 27% of the total.

The effect is like a snowball because the more crypto traders trade, the more applications (dApps) earn. The more they earn, the more other teams come to build in the same place. Solana is also called monolithic; everything happens on a single chain, with a single reserve of money available for exchange. This can facilitate liquidity flow and transaction execution.

Is the Ethereum Ecosystem Underestimated by its Main Network? Partly. Over seven days, Ethereum with its $11.7 million, represents only a part of its ecosystem’s activity. Base ($4.3 million) and OP Mainnet ($1.2 million) are Ethereum Layer 2s, and Polygon ($4.0 million) is a neighboring network, whose PoS network has a distinct technical status from a classic Layer 2. According to our calculations, this extended scope totals $21.2 million. But even with this extended scope, Solana still holds a $17 million lead.

Crypto : Has Solana Definitively Beaten Ethereum? Not yet… A seven-day ranking does not prove a lasting reversal. Except that Solana is not new to success against Ethereum because in August 2026, it was already number 1 in dApp revenues, and the official crypto network account made this known on X: 

Solana is number 1 for application revenues in August with $143M. 38% of all onchain application revenues.

But revenues don’t tell everything. They do not measure liquidity, security, value locked in applications (TVL), or the number of active users. Especially since Solana still has points to prove. These revenues mainly come from trading, so from an activity that follows the appetite for risky assets. So these performances will have to be watched over three to six months to know if they last.

The competition between Solana and Ethereum pushes the entire crypto sector to move faster, and Solana is no longer a mere challenger on dApp revenues. The real test will come at the month’s close, October 31, 2026. In your opinion, will Ethereum regain first place thanks to its Layer 2s, or is SOL the new king of dApps?

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

An Ethereum address holding 12,746 ETH has moved for the first time in roughly 10.2 years, according to blockchain tracker Whale Alert.

What happened on-chain Whale Alert flagged the activation of the address, which held 12,746 ETH before stirring. The wallet had sat untouched for about 10.2 years.

Where those coins went, or what the owner intends, has not been publicly reported. The address has activated, and that is the confirmed part of the story.

Analytics firms watching these wallets have described a familiar routine. Long-dormant holders often start with a small test transfer, then follow up with larger movements once they confirm everything works.

A pattern of early wallets returning This address is not the first ancient Ethereum wallet to resurface. Over 2025 and 2026, several others have reappeared, with notable examples moving 10,000 ETH, 2,000 ETH and 40,000 ETH.

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Many of these wallets are linked to early Ethereum holders, particularly participants in the project’s initial coin offering, or ICO. An ICO is a token sale where a project raises money by selling its coins directly to the public before or around launch.

The economics of those early purchases are striking. Original acquisition costs for some of these wallets ran as low as $3,100 for significant ETH holdings, which translates into enormous returns against current valuations.

Several firms track this activity closely. Whale Alert, Lookonchain, Arkham Intelligence and the block explorer Etherscan have all surfaced on-chain movements from these older wallets.

Selling, staking or just checking in When dormant wallets come back, outcomes have varied. Some holders have sent coins to exchanges, which usually signals a possible sale.

Others have directed their ETH toward staking instead. Staking means locking up ETH to help secure the Ethereum network, earning rewards in return.

The research shows some activations have leaned toward staking rather than selling. That points to at least some early holders choosing yield over cashing out.

What this means for the market The immediate market impact of these reactivations has been limited. Individual activations have typically been absorbed without major price swings in ETH.

For traders, the practical takeaway is to watch what happens after the first transfer. Given the documented habit of small test transactions preceding larger ones, the follow-up moves from this address will reveal far more than the initial wake-up.

Destination is the tell. Coins heading to exchange deposit addresses suggest selling pressure, while coins moving into staking contracts suggest a holder settling in for the long haul.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

19h05 ▪ 5 min read ▪ by Luc Jose A.

Summarize this article with:

An Ethereum whale suffered the liquidation of 28716 ETH, valued at 69.69 million dollars, during the market crash on October 9. This amount represents the value of the closed position, while its realized loss would be close to 4.48 million dollars.

In brief An Ethereum whale sees 28716 ETH, worth 69.69 million dollars, liquidated after the price dropped to 2420 dollars. The trader records an estimated realized loss of 4.48 million dollars. Thirty minutes after its liquidation, the whale injects 10 million USDC and opens a new position on 9580 ETH. A drop of ether below 2300 dollars could lead to further forced closures. Crypto liquidations reach 1.19 billion dollars in 24 hours, including 356 million on Ethereum. The Ethereum whale loses part of its position The trader used three addresses on Hyperliquid to maintain significant leveraged positions. Spotted on October 7, they then controlled about 352 million dollars of long bets on bitcoin and ether.

The total included 1140 BTC and 98090 ETH. The positions had been opened about two weeks earlier, at average prices near 82205 dollars for bitcoin and 2604 dollars for ether. They still showed an unrealized gain of 2.66 million dollars before the acceleration of the drop.

The key figures allow to distinguish exposure and real loss :

Hyperliquid liquidated 28716 ETH, valued at 69.69 million dollars ; The realized loss on this portion would reach about 4.48 million dollars ; The trader added 10 million USDC thirty minutes later ; He opened a new long bet on 9580 ETH ; This new position represented about 23.26 million dollars ; His remaining positions reached 78955 ETH after the operation. On-chain tracking Lookonchain states that the whale “continues to bet on ETH upside”. This observation describes its visible positioning, but does not reveal its identity nor any possible hedges held on other platforms.

A new position opened thirty minutes later The price of ether dropped to about 2420 dollars overnight. This fall reached the liquidation thresholds of two portions of the position, located around 2446 and 2424 dollars.

Thirty minutes after these forced closures, the trader transferred 10 million USDC as new margin. He then bought 9580 ETH futures around 2428 dollars, just a few dollars above the level that had just triggered his liquidation.

His total exposure remained close to 288 million dollars after this new commitment. It included about 195 million dollars in long ether positions and over 93 million dollars on bitcoin.

The two main addresses held respectively nearly 39964 ETH at an average entry price of 2647 dollars and 38991 ETH around 2531 dollars. They showed a combined unrealized loss of several million dollars at the time of the snapshot.

This new risk-taking does not prove that the trader correctly anticipates a rebound. It may also be part of a broader strategy, impossible to reconstruct solely from the visible positions on Hyperliquid.

Further liquidations possible below 2300 dollars The next liquidation thresholds are around 2299 and 2286 dollars. With ether close to 2486 dollars, they are about 8% below the current price.

A decline to these levels could lead to new forced closures. Their scale will depend on margin additions, voluntary reductions, and loss evolution. The thresholds shown on Hyperliquid may therefore change before the market reaches them.

The two positions are also distributed across several addresses. Crossing a first threshold would not necessarily mean immediate liquidation of all 78955 ETH.

The public nature of the platform facilitates tracking these bets. However, it also encourages overinterpretations: a major address is not always an isolated investor. It may belong to a fund, a market maker, or an entity that offsets its risk elsewhere.

Ether dominates the wave of liquidations This whale was hit during a widespread purge of derivatives markets. About 1.19 billion dollars of crypto positions were liquidated over 24 hours, including more than one billion in long bets.

Ether accounted for nearly 356 million dollars in liquidations, ahead of the 298 million recorded on bitcoin. This imbalance remains notable since Ethereum’s market cap is less than one fifth that of bitcoin.

Relative to their market cap, liquidations on ether were about six times more significant. Traders had accumulated leverage while the market moved within a tight range. Breaking the supports then triggered successive automatic sell-offs.

The bet of this whale therefore illustrates less a conviction to follow than a risk inherent to leverage. Even a rebound of ether can improve its margin, but an additional 8% drop would put its positions back under pressure.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Table of contents

Thailand’s Securities and Exchange Commission (SEC) has issued rules allowing local asset managers to launch exchange-traded funds tracking Bitcoin and Ethereum, clearing the way for the country’s first domestically listed crypto ETFs. The regulator’s announcement says the notifications take effect October 16.

The funds must be passive vehicles that track a single cryptocurrency and hold at least 80% of their net asset value in that asset over each accounting year. Bitcoin and Ethereum are the only eligible assets in the initial phase, and the funds can trade only on the Stock Exchange of Thailand.

What the New Rules Require Crypto ETF custodians must be digital asset custodians regulated by Thailand’s SEC. Asset managers seeking to launch a fund must show adequate organizational readiness, and they may outsource digital asset investment management only to licensed digital asset fund managers. Brokers cannot lend clients money to buy the funds, mirroring the existing ban on lending for direct crypto purchases.

Investors will have to acknowledge that they understand the product’s risks before trading, and securities firms must emphasize appropriate asset allocation. Digital asset custodians and other qualified operators can also register as mutual fund supervisors for crypto ETFs.

A New Route for Thai Investors The change gives Thai investors a domestic option instead of relying on foreign products or direct exchange trading. Until now, Thailand permitted only institutional and wealthy investors to buy foreign crypto ETFs. The SEC also amended its rules so mutual funds and private funds can invest in Thai crypto ETFs, an option previously limited to foreign funds.

The move extends a broader digital-asset policy push in Thailand, which has one of the world’s highest rates of crypto ownership per capita.

What Comes Next In the initial phase, the SEC will not allow depositary receipts referencing foreign crypto ETFs, or brokers to facilitate foreign-ETF purchases for non-institutional clients. The framework follows public hearings held between April and September, which the regulator said drew majority support.

The approval adds Thailand to a growing list of markets expanding crypto ETF offerings, though no fund has yet filed to launch and the first Thai Bitcoin or Ethereum ETF has no confirmed debut date.

AUTHOR

Blockchain analyst specializing in the regulatory impact of government policies on the crypto industry. Known for his thorough research and clear, engaging writing, Emmanuel provides insightful analysis on the latest trends, market shifts, and emerging crypto innovations. His work aims to educate and inform both novice and experienced readers, offering expert perspectives on the fast-evolving world of digital assets. With a passion for staying ahead of the curve, Ogwu is a trusted voice in the cryptocurrency and blockchain space.

US spot Bitcoin and Ethereum exchange-traded funds (ETFs) continued to see significant investor withdrawals on October 8, as the broader cryptocurrency market faced mounting pressure.

Bitcoin and Ethereum ETF outflows accelerateFarside Investors reported that Bitcoin ETFs recorded $244.1 million in net outflows during the most recent trading session, while Ethereum ETFs experienced $72.5 million in withdrawals. Together, the two asset classes lost a combined total of $316.6 million in a single day.

This heightened pace of outflows has led some market analysts to question whether the historically bullish trend known as “Uptober” will hold true in 2024. Traditionally, October has brought gains for major cryptocurrencies, but this year, persistent ETF withdrawals suggest a more cautious approach by institutional investors.

In the first six trading sessions of October, Bitcoin ETFs saw cumulative net outflows exceeding $820 million, with the pace of withdrawals increasing throughout the second week. The single largest daily withdrawal occurred on October 7, when investors pulled $484.9 million out of Bitcoin ETFs.

On October 8, Bitcoin ETFs recorded $244.1 million in outflows, following $484.9 million withdrawn in the prior session, underlining the recent surge in investor caution.

Among major ETF providers, BlackRock’s iShares Bitcoin Trust (IBIT) posted $5.5 million in withdrawals, while Fidelity’s Wise Origin Bitcoin Fund (FBTC), lost $197.1 million. Other notable funds, Bitwise’s BITB and Ark Invest’s ARKB, recorded $17.7 million and $20.3 million in outflows, respectively. One exception was Franklin Templeton’s OnChain US Bitcoin ETF (EZBC), which attracted $4.7 million in net inflows.

ETFNet Flow (Oct. 8)IBIT (BlackRock)-$5.5 millionFBTC (Fidelity)-$197.1 millionBITB (Bitwise)-$17.7 millionARKB (Ark Invest)-$20.3 millionEZBC (Franklin Templeton)+$4.7 millionMini dictionary: Franklin Templeton is a major US-based asset management company with over $1 trillion in assets under management, known for offering a wide range of investment products, including ETFs.

Ethereum ETFs mirror Bitcoin’s lossesEthereum ETFs have also experienced heavy redemptions in October, with total outflows exceeding $600 million as of October 8. The largest single-day withdrawal for Ethereum ETFs was recorded on October 6, when $201.9 million exited, followed by $160.9 million on October 7.

On October 8, BlackRock’s iShares Ethereum Trust (ETHA) reported $71.1 million in withdrawals, while Fidelity’s FETH saw $5.5 million in new investments. Grayscale’s ETHE, another major Ethereum product, posted $6.1 million in outflows.

ETFNet Flow (Oct. 8)ETHA (BlackRock)-$71.1 millionFETH (Fidelity)+$5.5 millionETHE (Grayscale)-$6.1 millionThe latest ETF withdrawals coincided with a wider selloff in cryptocurrency markets. Over the past 24 hours, Bitcoin slid roughly 0.44%, changing hands at around $62,660 on October 8. Ethereum traded close to $2,500 as risk-averse investors reduced exposure to major digital assets.

Market volatility and liquidationsThe downturn in prices contributed to significant liquidations among leveraged traders. In the past 24 hours, approximately $1.19 billion in cryptocurrency positions were liquidated, including $356 million in Ethereum and $298 million in Bitcoin trades.

Sharp outflows from Bitcoin and Ethereum ETFs reflect a shift in market sentiment, which also triggered over $1 billion in leveraged crypto liquidations within a single day.

These developments together highlight increasing caution in the market, amid investor wariness regarding possible short-term downturns in digital asset prices.

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9 October 2026 | 15:10 Tom Lee sees Ethereum reaching $25,000 to $50,000 during the current bull cycle. At roughly 122 million ETH in supply, the upper end of that range would value the network at about $6.1 trillion.

That calculation puts his call in perspective. Ethereum would need to earn a much larger role in financial markets, with tokenized assets, stablecoins and institutional products creating activity that also supports demand for ETH.

Key Takeaways Lee’s $25,000-$50,000 range belongs to his wider bull-cycle thesis. He expects tokenization to bring larger institutional pools on-chain. Ethereum needs to capture value from settlement, collateral and staking activity. BitMine’s ETH treasury shows Lee’s conviction, while adoption still needs separate proof. What the $50,000 target would require In a recent interview, Lee described Ethereum as a neutral settlement layer for a growing on-chain financial system. He also gave a nearer-term view: ETH could approach $7,500 by year-end if Bitcoin moves above $100,000.

The $25,000-$50,000 range covers a much longer path. Lee expects tokenization to shift assets and financial services onto public blockchains, giving Ethereum a larger role in the markets that issue, trade and settle those assets.

How Lee separates Ethereum’s price scenarios

Near-term view

About $7,500

Linked to Bitcoin moving above $100,000.

Long-cycle view

$25,000-$50,000

Built around tokenization and institutional adoption.

Scale at $50,000

~$6.1 trillion

Approximate ETH value at a supply near 122 million coins.

Lee sees a large pool of capital outside crypto Lee argues that crypto still represents a small slice of the capital that could eventually move on-chain. He put the addressable pool at “$200 trillion minimum,” while separately pointing to public equities and fixed income as much larger traditional markets than crypto today.

The figure is his framing rather than a precise addition of every asset class. Its purpose is to show the gap between today’s on-chain market and the capital that tokenized products could eventually compete for.

LEE’S VIEW OF THE ADDRESSABLE CAPITAL POOL

TRADITIONAL LIQUID CAPITAL

~$200T

Equities: ~$150T
Fixed income: ~$250T

$3-$4T
ON-CHAIN TODAY

↑

+$7T

per year in new
liquid capital

Figures reflect Lee’s framing in the interview. The $200 trillion figure is not a precise sum of the equities and fixed-income pools he cited separately.

For Ethereum, the relevant question is whether that capital comes on-chain in a form that requires public settlement infrastructure. A tokenized fund can exist without generating much lasting ETH demand; repeated issuance, transfers, redemptions, collateral use and settlement create the stronger connection.

This cycle has a different group of buyers Lee compares the present setup with earlier crypto booms that were driven largely by retail participation. ICOs pushed the 2016-17 market, while NFTs and consumer crypto shaped the 2019-21 run. His present thesis rests on asset managers and financial firms building products for a different group of clients.

Period Dominant theme Buyer base in Lee’s comparison 2016-17 ICO fundraising Mainly retail participation around new token issuance. 2019-21 NFTs and consumer crypto Another retail-led market built around a new digital-ownership use case. Current cycle Tokenization and regulated products Institutions, issuers and asset managers seeking new ways to package assets. Institutional demand may eventually bring larger pools of capital, although it carries a higher operational bar. Custody, compliance, transfer restrictions, redemption rights and legal ownership need to work in practice before tokenized assets can move beyond limited rollouts.

Lee places AI early in its investment cycle Lee’s Ethereum case also sits inside a broader view of AI. He compares the current stage of AI development with the internet and mobile buildout of the 1990s, arguing that ChatGPT’s 2023 launch places the sector closer to the middle of a long adoption curve than to its final stage.

That comparison does not establish a timetable for AI, crypto or ETH. It explains why Lee expects software agents and robots to create more digital financial activity over time, including a need for programmable payments and wallets.

S-CURVE OVERLAY: INTERNET (1994→) vs AI (2023→)

1994
public internet

1997

2000
Cisco peak

2023
ChatGPT

“Today = 1997”
in Lee’s analogy

~2033
projected peak

Internet & mobile reference

AI cycle in Lee’s comparison

Schematic reconstruction of Lee’s verbal comparison. The curve shapes illustrate the analogy and are not fitted market data.

Ethereum still needs to capture the value of that activity Ethereum already has a large role in stablecoins and decentralized finance, which gives Lee’s thesis a visible base. He also sees its developer community and history of uninterrupted operation as reasons institutions may favour it for products that need neutrality and broad access.

The investment case turns on value capture. A larger tokenized-asset market helps ETH when the assets create demand for Ethereum settlement, ETH collateral, staking or blockspace. Issuing a token on a blockchain alone says little about how much economic value reaches the native asset.

That separation also helps readers distinguish a long-term adoption story from short-term market moves. Ethereum’s recent eight-month open-interest high and the rise in Bitfinex shorts showed how derivatives positioning can affect price while the network’s underlying adoption case remains unchanged.

BitMine puts Lee’s thesis on a corporate balance sheet Lee is also chairman of BitMine, an Ethereum treasury company that has accumulated one of the largest disclosed ETH positions. Its October 5 update reported about 6.02 million ETH, bringing the company close to its stated target of owning 5% of the supply.

A large treasury buyer can reduce the amount of ETH readily available for sale, especially where holdings are staked. The market-wide case remains separate: tokenization needs to produce sustained demand that continues after an individual treasury company reaches its own allocation target.

Lee’s warning for incumbent financial firms Lee argues that banks face a strategic choice as tokenized products spread. He compared the challenge with companies that dominated an earlier technology model but failed to make the next transition.

1980 · MAINFRAMES → PC

NCR

Dominated computing. Did not pivot to personal computers.

Giant that missed the shift.

TELECOM · LONG-DISTANCE → MOBILE

MCI

A major long-distance provider that failed to make the mobile transition.

Disappeared.

TODAY · TRADFI → ON-CHAIN

Large FIs

Lee says firms without a crypto rail or strategy risk the same fate.

“The NCRs and MCIs of this era.”

The comparison is a warning, not proof that every financial service will move on-chain. It does show where Lee places the commercial opportunity: tokenization could affect more than asset issuance by changing custody, settlement, collateral and the way financial products are distributed.

His long-term view extends beyond trading Lee expects software agents and robots to generate a larger volume of financial activity, which could increase the importance of digital payments, collateral and settlement. His view is that financial services already represent a large share of economic activity and could become more central as machine-driven activity expands.

ECONOMY SHARE — LEE’S FRAMING

TODAY

~50%
financial

rest of economy

→

+ AGENTS & ROBOTS

largerfinancial share

rest of economy

Directional illustration of Lee’s view. The proportions are schematic, not an economic forecast.

The evidence matters more than the number Lee’s $50,000 scenario assumes that Ethereum becomes a key part of financial infrastructure and retains enough of the resulting activity to strengthen demand for ETH. The claim will become easier to judge through recurring tokenized-asset use, settlement volumes, staking demand and the network’s share of institutional activity.

The target remains Lee’s view of where those developments could lead. The stronger story lies in the milestones that appear before any price goal is reached.

This article is for informational purposes only and does not constitute investment advice. Tom Lee’s price targets and market views are his own and do not guarantee future performance.

Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

Ethereum traders are quietly heading for the exits. Open interest in ETH derivatives has fallen 11.7%, reaching its lowest level since June 2026.

Nobody is panic selling. Leveraged traders are simply closing positions, and the futures market is getting noticeably smaller as a result.

What the numbers show Measured in coins, ETH derivatives open interest has slipped to 12.49 million ETH as of late September to early October 2026. One dataset puts that as the lowest reading since March 1, 2026.

That figure reflects a drop of 1.46 million ETH from the levels recorded during the early July recovery.

The selloff in positioning also had a single dramatic day. Aggregate ETH contract open interest fell 7.53% in one session in early October, landing at approximately $31.8 billion.

Binance, which holds a large share of ETH derivatives activity, tells a similar story. Recent estimates place ETH open interest on the exchange somewhere between $3.25 billion and $6.2 billion.

Earlier this year, Binance ETH open interest fell to approximately $4.16 billion in late June. That marked its lowest point in over three months at the time.

Shorts are holding the wheel Funding rates on certain exchanges have now turned negative. That means bearish traders are paying to keep their positions open, which suggests they are currently in control of perpetuals.

All of this is happening while ETH trades in a fairly narrow band. Prices have been consolidating between $2,600 and $2,800, with spot market activity outweighing derivatives trading.

The bigger deleveraging picture Analytics providers Coinglass and CryptoQuant have both tracked the ongoing deleveraging across ETH markets. Their data points to a broad caution about holding leveraged positions right now.

The pattern is not unique to Ethereum. Bitcoin futures have shown similar behavior, where falling open interest tends to reflect weaker speculative demand.

What this means for ETH traders Lower open interest cuts both ways. On the positive side, less leverage in the system means fewer positions that can be forcibly liquidated if prices move sharply, as current leverage levels remain subdued compared to previous peaks.

The negative funding rates complicate that picture. They show that active traders expect further declines and are positioning accordingly.

There is also a contrarian wrinkle. When shorts crowd into a trade and pay to stay there, a sudden move higher can force them to buy back positions quickly, which can amplify any upside.

A few indicators are worth tracking from here. The first is whether open interest stabilizes near 12.49 million ETH or keeps sliding. The second is funding. A return to positive rates would suggest long traders are regaining confidence, while deeper negative rates would signal growing conviction among bears. The third is the price range itself. A move outside $2,600 to $2,800 would likely pull sidelined traders back in, in whichever direction the break occurs.

Exchange-level data also deserves attention. Binance figures, given the platform’s share of ETH derivatives, could offer an early read on whether leverage is returning or still draining.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

Curve Finance has said Ethereum’s Glamsterdam upgrade could give complex DeFi transactions more reliable access to blockspace, citing mainnet checks in which a leveraged borrow used about 1.84 million gas against 125,000 for a direct stablecoin swap.

Summary

Curve’s mainnet checks put leveraged borrowing gas usage at nearly 15 times a direct stablecoin swap. The team expects added capacity to help borrowers, arbitrage traders and liquidators during heavy demand. Ethereum developers have prepared a 200 million gas test, without committing mainnet to that limit. Curve cautions that revised state charges could increase gas requirements for some transactions. Curve Finance, the decentralized finance protocol behind the crvUSD stablecoin, said Glamsterdam’s value should be measured by how transactions perform during congestion rather than by the block gas limit alone.

In comments shared with crypto.news, the team identified transaction inclusion times and actual user fees during demand spikes as the practical tests of whether Ethereum’s added capacity improves access. Its assessment also made easier validation a condition of successful scaling.

Ethereum’s Glamsterdam upgrade could help complex DeFi transactions According to Curve’s mainnet checks, a leveraged borrowing transaction consumed roughly 1.84 million gas, compared with 125,000 for a direct stablecoin swap. Based on those figures, the borrowing operation used about 14.7 times as much gas.

For transactions combining borrowing with a collateral purchase, the team said congestion can affect several parts of the same operation. More predictable access to blockspace would therefore be particularly useful for users carrying out complex transactions when network activity rises, in Curve’s view.

Cheaper execution could also make smaller arbitrage trades worth completing, according to the protocol’s team. It expects longer swap routes to become more economical, potentially improving the prices available through its pools and making positions easier to open or unwind.

The team described added capacity as welcome when Ethereum can provide it without making validation harder. Its comments stopped short of claiming that every user action would become cheaper, pointing instead to changes in the way the upgrade charges for state operations.

In Oct. 6 coverage of the 200 million gas test, earlier reporting described Sepolia preparations for a block gas limit up from roughly 60 million. The report explained that the test setting would not automatically become Ethereum mainnet’s limit.

According to Prysm’s Oct. 5 release notes, version 7.2.1 added the Sepolia schedule so validators would default to 200 million gas after the fork. The preceding version supported the upgrade but would retain the 60 million setting unless operators changed their configuration.

Liquidation benefits depend on timely transactions During sharp market moves, Curve said liquidators, oracle updates and borrowers compete for blockspace. Extra capacity could help their transactions get through, although the team cautioned that larger blocks would still face demand.

For Curve’s lending system, the expected benefit involves LLAMMA, its liquidation mechanism. According to the team, cheaper and faster arbitrage should help LLAMMA track market prices more closely as collateral passes through its liquidation range.

By reducing delays in that process, the protocol expects the upgrade could limit losses associated with prices moving before transactions complete. Curve also linked dependable liquidations to the stability of crvUSD.

The team placed particular weight on performance during volatility, when users need to act on positions rather than wait for network congestion to clear.

“What we think should be watched most closely is execution under real load.”

In Curve’s assessment, a higher gas ceiling would offer limited practical benefit if transactions continued to stall during busy periods. The team said the relevant measurements are how quickly transactions enter blocks and what users pay when competition for blockspace increases.

Gas repricing could require contract and wallet changes Alongside its expected execution benefits, Curve warned that Glamsterdam reprices state operations, meaning some actions would require more gas.

Ethereum developers raised related concerns in an Aug. 26 report on smart contract compatibility risks. According to the Ethereum Foundation warning covered there, most contracts were unaffected in transaction replays, while many flagged failures could be fixed by supplying higher gas limits.

The Foundation identified fixed gas allowances, hardcoded call limits and gas-sensitive contract logic among the risk factors. Its warning also extended to wallets, infrastructure providers and gas-estimation tools that rely on cached assumptions.

Under the proposed changes described in that report, EIP-8037 changes the cost of creating state, including accounts and contract storage, while EIP-8038 revises charges for accessing existing state. Developers were urged to test applications before mainnet activation.

On validation, Curve said Ethereum should preserve the ability to verify its ledger without asking permission. The team warned that scaling would compromise that principle if added capacity made independent verification impractical.

Public testing follows capacity checks and builder warnings In Sep. 18 coverage of Glamsterdam testnet builder risks, Ethereum developers warned that free test ether could allow malicious builders to win block auctions and withhold transaction payloads.

The developer discussion treated the scenario as a public-testnet availability concern rather than a way to steal mainnet ETH. According to the report, Devnet-11 had used 84,000 validators across multiple clients, but its controlled rehearsal excluded deliberate attacks.

For U.S. investors following Ether through listed funds, a Sep. 19 report on U.S. Ether ETF withdrawals recorded approximately $140.6 million in net outflows during Sep. 14–18, based on Farside data. Ether was the weakest of the four crypto ETF categories covered in that report.

According to the Oct. 6 upgrade coverage, the Ethereum Foundation had not set Hoodi or mainnet activation dates and said separate announcements would follow agreement among client teams.

Ethereum Institutional, a nonprofit organization focused on promoting enterprise adoption of Ethereum, has revealed a major rebrand and an overhauled website just three months after its initial launch. Announced via the group’s official X account, the update introduces a refreshed wordmark, updated visual identity, and a redesigned portal aimed at making institutional Ethereum activity more accessible.

New portal streamlines institutional discoveryAt the core of these changes is a searchable database featuring institutional deployments across both Ethereum’s mainnet and prominent Layer-2 networks. The portal allows users to filter by industry, chain, and asset type, supporting a wide range of use cases such as stablecoins, tokenized treasuries, and on-chain settlement.

A distinct brand identity has also been created for the Ethereum Institutional Forum. Previously, this forum convened over 150 executives collectively representing approximately $250 trillion in assets under management. The rebrand is intended to move Ethereum’s narrative for enterprises from compelling stories to clear, discoverable solutions.

Background: Foundation and organizational structureEthereum Institutional emerged from the Ethereum Foundation’s Enterprise Acceleration initiative, which was launched in October 2025. This initiative positioned Ethereum as a neutral and secure platform for tokenizing financial value, tracking 75% of tokenized real-world assets, 65% of DeFi total value locked (TVL), and 60% of stablecoin issuance through more than 1.1 million validators.

By July 2026, Ethereum Institutional spun out as an independent nonprofit managed by former Foundation executives David Walsh, Marius Smith, and Matthew Dawson. The group maintains relationships with over 500 key industry players, including leading banks, asset managers, and custodians. Its funding is supported by companies such as BitMine Immersion Technologies and SharpLink, alongside Ethereum co-founder Joseph Lubin.

A recent reorganization, referenced by the Ethereum Foundation, has kept core protocol development under the Foundation while designating organizations like Ethlabs to lead research and Ethereum Institutional to drive go-to-market activities, including intelligence gathering, industry outreach, and events management.

Mini dictionary: Layer-2 networks (L2s) are blockchain protocols that operate on top of a main network like Ethereum, improving scalability and transaction throughput while reducing costs. Projects such as Arbitrum, Optimism, and zkSync are among the most recognized L2s in the Ethereum ecosystem.

Growth signals from the institutional sectorInstitutions have recently shown increased interest in Ethereum. BlackRock’s BUIDL fund now manages over $1.15 billion in assets, with the majority based on Ethereum. Visa reported processing more than $1 billion in annual stablecoin settlements on the Ethereum network.

MetricValuePlatform/SourceTVL on Base$15.5 billionCoinbase BaseTotal L2 TVL$50 billion+L2BeatEthereum’s share of DeFi TVL65%DefiLlamaStablecoins on Ethereum$180 billionDefiLlamaThis liquidity is highly relevant for assets redeemable in US dollars, an advantage Ethereum maintains as competitors like Solana build out enterprise-facing business development teams. Ethereum Institutional notes that the platform’s neutrality attracts long-term infrastructure builders but may complicate enterprise engagement due to the absence of a clear counterpart.

Tackling industry needs and complianceEthereum Institutional is addressing institutional requirements through support for zero-knowledge proofs, fully homomorphic encryption, and advanced scaling technologies like Aztec and RAILGUN. The organization states that the Forum and deployment tracker address key challenges: enabling greater discovery of enterprise use cases and facilitating peer-to-peer dialogue outside traditional developer settings.

Deployment tracking and the Ethereum Institutional Forum help enterprises discover which peers have advanced beyond pilot phases, while providing a neutral platform for industry connection and credibility.

The nonprofit plans to expand its Institutional Intelligence program, focusing on standardizing issuance, settlement, and compliance processes. The tracker will incorporate live on-chain attestations and references to regulatory filings, offering additional resources for risk and legal teams. For Layer-2 teams, custodians, and exchanges, this presents opportunities to engage on evolving standards such as ERC-1400 and ERC-3643.

Ethereum Institutional positions itself as a facilitator of enterprise adoption, aiming to simplify discovery and integration of Ethereum-based solutions for the financial sector.

The International Monetary Fund (IMF) has placed a spotlight on the rapidly expanding world of tokenized assets, referencing major public blockchains including the XRP Ledger, Stellar, Ethereum, and Solana. This comes as industry focus intensifies on how financial institutions are embracing blockchain technology for regulated stablecoin issuance and new efficiencies in payments.

IMF’s analysis of tokenized finance trendsThe IMF’s July 2026 note, “The Rise of Tokenization: Deciphering New Trends in Payments and Asset Tokenization,” examines how banks and financial institutions are increasingly adopting public distributed ledger technology (DLT) for regulated digital assets. Rather than ranking or endorsing any particular network, the report points out that multiple permissionless blockchains are being utilized for real-world financial applications.

A concrete example discussed in the report is Société Générale’s euro-backed stablecoin, EUR CoinVertible (EURCV). The bank, a leading financial group based in France, has issued this asset on several public blockchains: Ethereum, Solana, the XRP Ledger, and Stellar. This illustrates a trend among regulated entities to experiment with open, public ledgers alongside private or permissioned networks.

Mini dictionary: Société Générale is one of Europe’s largest financial institutions, headquartered in France, and is active in both traditional and digital finance sectors.

The IMF references these blockchains not as the “leading” networks, but as examples of infrastructure being used by major banks to test regulated stablecoins on public protocols. The discussion underlines that public blockchain adoption is being observed across global banking partners, including those operating within the SWIFT network.

Market size, risks, and cautious outlookIn a separate analysis, the IMF’s October 2026 Global Financial Stability Report, “The Expansion of Tokenization: New Efficiencies and Vulnerabilities,” evaluates the scale and risks associated with increased tokenization. The report estimates the value of the tokenized real-world asset market at about $65 billion as of July.

Fixed-income products currently represent the dominant share of these tokenized assets. However, the IMF flags growing operational, liquidity, and contagion risks that come with greater dependence on smart contracts and decentralized ledgers. The report adopts a notably cautious tone, raising concerns rather than serving as advocacy for rapid tokenization.

IMF analysts emphasize that while banks are exploring regulated stablecoins on public blockchains such as XRP Ledger and Stellar, the growing market for tokenized real-world assets introduces new risks alongside efficiencies for the financial system.

Blockchain networkBank stablecoin testedGlobal adoption contextEthereumEURCVYesSolanaEURCVYesXRP LedgerEURCVYesStellarEURCVYesIn both the July and October IMF reports, there is no attempt to rank blockchains or declare any one network as dominant. The documentation simply records that multiple major chains have been chosen for institutional trials and deployments of stablecoins.

Interpretation and industry reactionsSocial media conversations have resurfaced around the IMF’s coverage of blockchain networks, with particular attention to the roles of XRP Ledger and Stellar as part of Europe’s regulated stablecoin implementations. However, the IMF remains neutral and analytical, focusing on infrastructure and market assessment rather than picking favorites among blockchain networks.

Discussions within the industry reflect this perspective, interpreting mentions of individual blockchains as recognition of their infrastructure role rather than explicit endorsements. Market observers continue to monitor how future IMF reports will address the balance between innovation and risk in tokenized finance.

The leap from being cited as infrastructure in regulatory documents to being called “leading” is an interpretive step, not a factual declaration by the IMF.

Moscow Exchange (MOEX), Russia’s largest stock exchange, plans to begin offering crypto trading on December 1 under the country’s new regulatory framework. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and TRON (TRX) are expected to be the initial cryptocurrencies supported by the exchange

Moscow Exchange to Offer Crypto Trading Moscow Exchange is currently testing crypto trading with professional traders, said senior managing director for sales and business development Boris Blokhin on October 8. This is a test environment for digital currency trading, testing the functionality that will eventually be implemented in the production environment

“We will continue testing until launch. We plan to provide this cryptocurrency trading capability on December 1st, in line with the new legislation,” he added, according to TASS.

Moscow Exchange intends to use its existing trading organizer license and stock-market infrastructure for crypto assets, which the new regulations permit. “Therefore, everything is very simple – both for the participants and for us” as there is no additional inclusion in the exchange’s register is required.

The announcement follows the entry into force of Russia’s cryptocurrency market legislation in early September. The Bank of Russia has begun registering crypto exchange operators and crypto custodians such as Sberbank and VTB Bank.

As CoinGape reported, Sberbank plans to launch its first crypto products on December 1. The products will be offered via SberBank Online, SberInvestments and SberBusiness. These services are already available in the bank’s overall digital platform.

Under the framework, unqualified investors can buy only Bitcoin, Ethereum, and Tether (USDT), up to 300,000 rubles per year. Qualified investors can purchase all cryptocurrencies on the platform and over-the-counter markets, without a limit on the amount.

Moscow Exchange launched perpetual futures tied to Bitcoin, Ethereum, Solana, XRP, and TRON indices last month. The contracts are quoted in US dollars, settled in Russian rubles, and limited to qualified investors. This positions Russia’s Moscow Exchange to offer regulated crypto exposure alongside banks and other licensed intermediaries.

To understand how these state-backed initiatives compare with international providers, traders can look at our comprehensive review of the regulated crypto exchanges comparison currently operating in the market.

Table of contents

BitMine Immersion Technologies, the Nasdaq-listed treasury firm that became the world’s largest corporate ether holder, plans to stop buying the token once its stack reaches 5% of ETH’s circulating supply. Chairman Tom Lee said Wednesday at TOKEN2049 in Singapore that the company is roughly 100,000 ETH from that ceiling and will halt purchases when it gets there, CoinDesk reported.

The announcement caps a weekly accumulation streak that began in June 2025 and raises a sharper question than it first appears: if more than a year of steady buying did not stop ETH from falling, how much does losing that predictable buyer actually matter?

How Close BitMine Is to Its 5% Ceiling BitMine held 6,016,414 ETH as of its Monday update, worth about $15.5 billion and equal to roughly 4.9% of the 122.1 million tokens in circulation. The firm bought another $41 million in ether last week, and at that pace the final 100,000 ETH would take six to seven weeks to accumulate.

Lee framed the timeline as faster than expected. “We thought this would take five years,” he said on stage. “It took us a little over a year.” The company also holds $643 million in cash and marketable securities, more than twice what it would need to finish the run at current prices.

A Year of Weekly Buying That Failed to Hold Up Ether The end of the buying matters less as a flow event than as a signal. BitMine has bought ETH every week since launching its treasury strategy in June 2025, yet the token is down sharply over that stretch and the position is sitting on roughly $4.5 billion in unrealized losses, according to data compiled by DropsTab and cited by CoinDesk. Much of that buying happened during last year’s bull market at higher prices, which is why the position is deeply underwater despite the steady dollar-cost averaging.

That record cuts against the idea that a single corporate buyer can anchor the price. CoinDesk itself framed the purchases cautiously, noting they “may or may not have helped support ETH.” On Wednesday the token fell about 5% over 24 hours to its weakest level since September 20, dropping nearly twice as much as bitcoin. BitMine’s ascent past 6 million ETH also came while the broader market was still sliding.

What to Watch After the Buying Stops At roughly $41 million a week, BitMine’s purchases are a small share of ETH’s daily volume, so the direct flow impact of stopping is limited. The larger question is whether the firm’s exit removes a predictable, disclosed bid that traders had come to expect, and what it signals about the end of the treasury strategy.

Watch the 5% threshold over the next six to seven weeks, any word on how BitMine redeploys its $643 million cash reserve, and whether ether can stabilize after slipping below $2,600 as ETF outflows stretched into a sixth consecutive day.

AUTHOR

Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.

In a recent update, Binance’s October Proof of Reserves (PoR) data shows that users were more inclined towards Bitcoin [BTC] on the exchange.

Meanwhile, their holdings of Ethereum [ETH], Tether [USDT], and Binance [BNB] declined between the 1st of September and the 1st of October.

Source: Binance Changes in Binance’s October PoR As per Binance’s report, user BTC holdings rose 0.91% to about 688,600 BTC, meaning users collectively added roughly 6,217 BTC to their Binance balances. In contrast, ETH holdings fell 4.61% to around 3.799 million ETH, a decline of approximately 183,600 ETH.

At the same time, USDT holdings also declined 0.87% to roughly 32.03 billion USDT, meaning users held about 280 million fewer USDT than a month earlier. Meanwhile, BNB holdings decreased 0.77% to approximately 43.04 million BNB, down around 334,200 BNB.

All in all, the data shows a shift in the composition of assets held by Binance users, with Bitcoin becoming more prominent while ETH, USDT, and BNB balances decreased. However, PoR is essentially a snapshot of assets held for users at a particular point, not a direct measure of buying or selling pressure.

Price action and more This comes as Bitcoin traded at $83,448.55 at press time after a drop of 3.2% in the past 24 hours. Whereas Ethereum was trading at $2,573.66 after a drop of 5.0%, while BNB was down 2.4% over the same period.

All of this coincided with Binance’s MiCA licensing setback in the EU, which was reportedly influenced by ECB President Christine Lagarde.

According to AMBCrypto’s recent report, Lagarde allegedly intervened to stop Greece’s regulator from approving the exchange’s application amid concerns that USD-based stablecoins could undermine the Digital Euro.

Final Summary Binance’s October Proof of Reserves (PoR) shows a rise in Bitcoin holdings. Meanwhile, there was a drop in ETH, BNB, and USDT holdings. 

Coinbase official logo (public domain, Wikimedia Commons) — CryptoBriefing brand treatment

Coinbase Pro is set to return with enhanced features, according to an announcement made by Coinbase on social media. The professional platform, which had been previously integrated into Coinbase’s main app, will now offer expanded market options and improved precision for its users. This development follows Coinbase’s strategic integration with Deribit, resulting in the creation of the Coinbase Global Exchange. The revamped Pro platform is expected to support a diverse range of financial instruments, including spot, futures, perpetuals, options, and equities. This move could potentially increase market interest and activity, especially in the Ethereum markets.

Key Takeaways The return of Coinbase Pro suggests a renewed focus on advanced market offerings, which may indicate increased activity in related markets. The integration with Deribit and formation of Coinbase Global Exchange reflects a strategic expansion of Coinbase’s ecosystem. Market pricing suggests that the relaunch could influence Ethereum’s future price predictions, consistent with scenarios where increased exchange activity supports higher price outcomes. What to Watch Observers should monitor how the reintroduction of Coinbase Pro impacts Ethereum’s market dynamics, particularly in the context of the existing prediction markets. Key actors such as Coinbase CEO Brian Armstrong and Ethereum co-founder Vitalik Buterin may provide further insights or developments that could influence market expectations. Additionally, developments in regulatory environments and institutional adoption of Ethereum could also play a significant role in shaping future price movements. Markets will be watching for any indications of increased volumes or shifts in market sentiment as the platform relaunches.

Term Structure

Contract Odds Δ since publish Volume 24h December 31, 2026 0.9% — — View market → December 31, 2026 1.2% — — View market → December 31, 2026 1.9% — — View market → December 31, 2026 2.9% — — View market → December 31, 2026 4.5% — — View market → January 1 2027 19.5% — — View market → January 1 2027 4.5% — — View market → January 1 2027 1.2% — — View market → January 1 2027 1.1% — — View market → January 1 2027 1.7% — — View market → January 1 2027 4% — — View market → January 1 2027 10.5% — — View market → January 1 2027 6.9% — — View market → January 1 2027 2.8% — — View market → January 1 2027 1% — — View market → January 1 2027 4.5% — — View market → January 1 2027 47.5% — — View market → January 1 2027 9.5% — — View market → January 1 2027 2.1% — — View market → January 1 2027 19.5% — — View market → January 1 2027 35.5% — — View market →

Ethereum spent October 7 doing something rare for a crypto asset: almost nothing. ETH traded at $2,699.33, down 0.1% on the day.

The quiet price action hides a more crowded picture in derivatives. About $414.1 million in ETH long positions sit in potential liquidation zones, alongside $640.6 million in shorts.

The liquidation numbers, by the tracker Across the broader crypto market, about $148.3 million in leveraged positions were forcibly closed over 24 hours. Depending on the data provider, the figure ranged from $148 million to $154 million.

The split between bulls and bears was nearly even. Longs accounted for $76.1 million of the total, and shorts made up $72.2 million.

Ethereum’s share of the damage was modest. ETH liquidations came in between $15.7 million and $18.4 million, depending on the source. Gate reported $5.5 million in ETH longs liquidated on its platform alone.

For context, ETH has been trading in a narrow band of roughly $2,700 to $2,715. Wiping out $15.7 million to $18.4 million inside a range that tight shows how thin the margin for error gets once leverage enters the picture.

What a liquidation actually is Think of leveraged trading like buying a house with a tiny down payment. If prices fall far enough, the lender stops waiting for you to recover. It sells the house to protect itself.

Crypto exchanges work the same way, just faster and with less paperwork. A trader posts collateral, borrows to enlarge the bet, and agrees to a price that triggers automatic closure. When the market hits that price, the exchange closes the position. The trader’s collateral is gone.

A long liquidation hits someone betting the price would rise. A short liquidation hits someone betting it would fall. Both showed up in roughly equal measure this time.

Forced selling can also feed on itself. When longs get liquidated, exchanges sell the underlying asset. That selling can push prices lower and trigger the next batch of liquidations. Shorts face the reverse, with forced buying pushing prices higher.

Open interest says traders are still leaning in ETH futures open interest stood at about $33.9 billion, measuring the total value of derivatives contracts still open.

That optimism stands in contrast to spot ETF flows. US spot Ethereum exchange-traded funds have seen significant outflows recently. ETF investors, who tend to be more traditional and less leveraged, have been pulling money out.

Why the liquidation zones matter more than the day’s damage Right now, $414.1 million in ETH longs sit in those zones. If the price drops into that territory, those positions could be closed automatically, adding sell pressure as they unwind.

On the other side, $640.6 million in shorts are stacked up. If ETH rallies into those levels, short sellers could be forced to buy back, potentially fueling a sharper move higher.

What to watch from here The larger short pool is worth noting. With $640.6 million in shorts versus $414.1 million in longs in the potential liquidation zones, the forced-buying fuel above the price is bigger than the forced-selling fuel below it.

The $33.9 billion in open interest is the other number to monitor. If it keeps climbing while price stays flat, leverage is building without a release valve. If it drops sharply, that usually means positions are being closed, voluntarily or otherwise.

Spot ETF flows remain the wild card. Continued outflows from US spot ETH ETFs would suggest the more conservative end of the market still does not share the futures crowd’s enthusiasm.

A 0.1% daily move still produced millions in liquidations across a tight range. The market does not need a crash to clear out overextended positions. A few bad hours will do.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

Sponsor fee waiver extended for an additional 12 months to provide zero-cost exposure and staking yield potential for U.S. investors

NEW YORK, October 6, 2026 – 21shares, one of the world’s largest issuers of cryptocurrency exchange traded funds (ETFs), today announced a 12-month extension of the sponsor fee waiver for the 21shares Ethereum Staking ETF (TETH).

Originally introduced alongside the integration of staking features in October 2025, the 100% sponsor fee waiver will now remain in effect for an additional year through October 8, 2027. 

Through staking, the Trust participates in Ethereum’s network validation process, enabling investors to benefit from the yield-generating potential of the protocol. The net staking reward (after the deduction of fees and expenses) for TETH, as of October 1, 2026 is 2.65%. 

“Extending our fee waiver for an additional 12 months underscores our commitment to providing investors with cost-efficient access to Ethereum,” said Duncan Moir, President and Chief Investment Officer at 21shares. “By combining a 100% fee waiver with the yield-generating power of network staking, we are continuing to pass the native benefits of blockchain technology directly back to our investors at zero cost.”

The fee waiver extension applies automatically to all current and prospective shareholders, with no action required from investors.

For more information on TETH, please visit https://www.21shares.com/en-us/products-us/teth.

About 21shares

21shares is one of the world’s leading cryptocurrency exchange traded product (ETP) providers and offers one of the largest suites of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto ETPs that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21shares delivers innovative, simple and cost-efficient investment solutions.

21shares is a subsidiary of FalconX, one of the world's largest digital asset prime brokers. 21shares maintains independent operations from FalconX while strategically leveraging the resources and reach of FalconX to accelerate its mission and unlock new growth. For more information, please visit www.21shares.com.

Media Contact
Audrey Belloff: [email protected]
Alethea Jadick: [email protected]

Important Information

The 21shares Ethereum Staking ETF (TETH) (referred to as the “Trust”) is not registered under the Investment Company Act of 1940 (the “40 Act”) and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. Investing involves significant risk, including possible loss of principal. An investment in the Trust is subject to a high degree of risk and heightened volatility and not suitable for all investors. The Trust is not suitable for an investor who cannot afford the loss of the entire investment. An investment in the Trust is not a direct investment in ETH.

Investing involves significant risk, including the possible loss of principal. There is no assurance that the Trust will generate a profit for investors.

Ethereum is a relatively new asset class, and the market for these assets is subject to rapid changes and uncertainty. Ethereum is largely unregulated and these investments may be more susceptible to fraud and manipulation than more regulated investments.

Must be preceded or accompanied by the prospectus for TETH (here).

The Trust participates in staking a portion of its holdings in order to generate additional rewards. Staking involves committing assets to support the operations of a blockchain and, in return, may provide rewards to the Trust. While staking can potentially enhance returns, it also introduces additional risks, including operational, technological, regulatory, and counterparty risks. Staking Ethereum introduces several risks, including the possibility of losing staked Ethereum through penalties, slashing, or inactivity leaks if validators behave poorly, go offline, or violate protocol rules. Staked Ethereum can also be locked for long and unpredictable periods due to activation and exit queues, creating liquidity constraints and making it harder to meet redemptions. Because staking depends heavily on third-party providers, operational failures, outages, cybersecurity breaches, or mismanagement by these providers could lead to lost assets or reduced rewards. Rewards themselves are uncertain and can fluctuate based on network conditions, validator performance, governance changes, commission rates, and downtime. Additionally, staking may create conflicts of interest if operators are incentivized to stake more Ethereum than is prudent, increasing liquidity risk.

Ethereum is subject to unique and substantial risks, including significant price volatility, lack of liquidity, and theft. The value of an investment in the Trust could decline significantly and without warning, including to zero. Ethereum is subject to rapid price swings, including as a result of actions and statements by influencers and the media, changes in supply and demand, and other factors. There is no assurance that Ethereum will maintain its value over the long-term.

Staking rewards earned by the Trust accrue to the Trust's assets and are reflected in NAV over time. The Trust will not distribute staking rewards directly to shareholders. Shareholders may nonetheless incur tax liability on staking income without receiving a corresponding distribution. The treatment of staking in a grantor trust for U.S. federal income tax purposes is still developing and may change. 

Failure by the Trust’s Custodians to exercise due care in the safekeeping of the Trust's underlying digital assets, as applicable, could result in a loss to the Trust. Shareholders cannot be assured that a Custodian will maintain adequate insurance with respect to the digital assets held by the Custodian on behalf of the Trust.

The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of its underlying digital assets, as applicable. An investment in the Trust is not a direct investment in Ethereum. Investors will also forgo certain rights conferred by owning these digital assets directly. Shares of a Trust are generally bought and sold at market price (not NAV) and are not individually redeemed from the Trust. Only Authorized Participants may trade directly with a Trust and only in large blocks of Shares called "creation units." Your brokerage commissions will reduce returns.

Shares in the Trust are not FDIC insured, may lose value, and have no bank guarantee.

The Marketing Agent for the Trust is Foreside Global Services, LLC. 21shares US LLC is the Sponsor to the Trust. 21shares is not affiliated with Foreside Global Services, LLC. FalconX is not affiliated with Foreside Global Services, LLC.

© 2026 21shares US LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without written permission.

Source: 21Shares

TLDR On October 2, the SEC greenlit six triple-leveraged ETFs tracking Bitcoin, Ethereum, gold, silver, oil, and natural gas. The cryptocurrency products will gain exposure through regulated futures rather than direct coin holdings. Trading cannot commence until Volatility Shares receives effective S-1 registration statements. The issuer has not yet disclosed a launch timeline for the new products. Daily rebalancing means returns may diverge significantly from three times the longer-term asset movement. The United States Securities and Exchange Commission has approved the nation’s first triple-leveraged exchange-traded funds offering exposure to Bitcoin and Ethereum. The regulatory green light came on October 2, 2026, following a rule modification filed with Cboe BZX.

🚨JUST IN: The SEC just APPROVED a rule change allowing 3x leveraged ETFs tied to Bitcoin, Ethereum, gold, silver, crude oil and natural gas from Volatility Shares.

The funds would use regulated FUTURES rather than holding the underlying assets directly.

They are NOT trading… pic.twitter.com/SMiqRONgV4

— Coin Bureau (@coinbureau) October 5, 2026

The approval enables Volatility Shares to bring six new 3x leveraged products to market. These offerings will track Bitcoin, Ethereum, gold, silver, crude oil, and natural gas.

The Bitcoin-linked product is anticipated to list under ticker symbol BITH, while the Ethereum-tracking fund will likely trade as ETHK.

How the Funds Will Work Both cryptocurrency funds will avoid direct ownership of digital coins. Instead, they’ll employ regulated futures instruments, including CME-linked contracts, to deliver approximately three times the daily percentage change of Bitcoin or Ethereum.

If the futures benchmark rises 1% in a single day, the fund should gain roughly 3%, excluding fees and expenses. Conversely, a 1% decline would translate to approximately a 3% loss.

Each fund rebalances its leverage at the close of every trading session. This daily reset mechanism is a defining characteristic of leveraged exchange-traded products.

Due to this rebalancing structure, the products are engineered to deliver triple the daily return exclusively. They’re not intended to replicate three times the performance over weekly, monthly, or annual periods.

Volatility Shares currently operates BITX, a 2x Bitcoin fund. The firm brings existing expertise in managing leveraged cryptocurrency strategies to these newly approved offerings.

Waiting on Registration Before Trading Begins Despite the SEC’s rule change approval, these funds remain unavailable for trading. Volatility Shares must still obtain effectiveness on its Form S-1 registration documents.

No confirmed timeline exists for this final regulatory step. The issuer has not publicly announced when either fund will become available to investors.

Market observers have highlighted risks associated with the long-term performance characteristics of these instruments. Daily rebalancing can produce counterintuitive results: a cryptocurrency that rises and then falls by equal percentages may still generate outsized losses for the leveraged fund compared to the underlying asset.

As an illustration, if Bitcoin climbs 10% and subsequently drops 10%, Bitcoin itself would decline roughly 1%. A triple-leveraged fund tracking these movements could fall approximately 9% due to compounding effects from daily resets.

A single-day plunge of approximately 33% in the underlying futures contracts could theoretically eliminate the fund’s entire net asset value. This vulnerability explains why these instruments are typically marketed toward short-term traders who monitor positions actively.

Other asset managers have pursued similar triple-leveraged cryptocurrency products. GraniteShares filed for 3x XRP funds earlier in 2026 but encountered regulatory obstacles.

This approval represents one element of expanded regulatory engagement with digital asset products throughout the United States this year. The SEC has also published guidance addressing staking receipt tokens and various digital asset frameworks.

Regulators have been examining rules governing adviser custody of cryptocurrencies and tokenized securities offerings. Submissions from OKX and ICE concerning tokenized NYSE equity shares have progressed under an SEC innovation pilot program.

In parallel developments, the Treasury Department has reversed course on earlier proposals to regulate crypto mixing services. The SEC has also explored potential innovation exemptions for tokenized securities issuances.

Currently, both the 3x Bitcoin and 3x Ethereum funds remain inaccessible to retail and institutional investors. Trading will only commence once registration statements receive formal effectiveness declarations.

Prysm’s v7.2.1 release sets its validators to Sepolia’s new 200 million gas limit by default, a number its previous version left at 60 million unless operators changed it by hand.

Prysm ships 200M gas limit fix hours before Glamsterdam test

Posted October 6, 2026 at 6:00 am ET.

Offchain Labs, which maintains the Prysm Ethereum consensus client, released version 7.2.1 on Monday, hours before the Glamsterdam upgrade goes live on the Sepolia testnet. With the update, Prysm validators default to a 200 million gas limit once the fork activates, rather than the 60 million the prior release used unless operators set a higher number themselves.

Glamsterdam is scheduled to activate on Sepolia at epoch 353,024, or 13:53:36 UTC on Oct. 6, according to the Ethereum Foundation’s testnet announcement. Sepolia is a test network where developers try out protocol changes before they reach mainnet. Its shared configuration was updated on Sept. 24 to lift the gas limit to 200 million at the fork.

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A Late Config Change That schedule, set under EIP-8261, arrived after Prysm had already cut v7.2.0, the version the foundation listed as Sepolia-ready. Validators on v7.2.0 would “default to a 60M gas limit in their Gloas proposer preferences,” its release notes warned, and anyone who wanted 200 million had to configure it manually. The team said a follow-up release would carry the schedule.

Version 7.2.1 is that release. For validators running it, the higher limit “needs no action,” per the notes. Operators who still set a gas limit flag from older setups will override the 200 million schedule, though, and the client now warns them about it at startup.

Gas is how Ethereum measures the computing work a block can hold. A higher limit makes room for more transactions per block but puts more load on the machines running nodes. At 200 million, Sepolia’s limit will be more than three times the old 60 million default.

The release also switches on partial data columns by default, so nodes can trade individual cells of blob data instead of entire columns, and patches a bug in how Prysm builds the first post-fork block in some cases.

Teku Still Defaults to 60M Prysm was one of two consensus clients the foundation flagged for the lower default. The foundation said in the same announcement that Teku 26.9.1 “defaults to a 60M gas limit after activation” and that Teku validators who want 200 million must set it with a command-line flag. As of Tuesday morning, 26.9.1 was still Teku’s newest release on GitHub.

Glamsterdam bundles two sets of changes, Gloas on the consensus side and Amsterdam on the execution side. Most notable are enshrined proposer-builder separation (ePBS), which writes the handoff between validators and block builders into the protocol, and block-level access lists, which let nodes process transactions in parallel. Vitalik Buterin has argued that ePBS alone does not stop a small group of builders from gaining outsized power.

“Hoodi and mainnet activation dates have not yet been decided,” the foundation said.

Related Listen: The Chopping Block: Bitget’s 388 Million Dollar Hack, Kalshi’s Cooked Perps Volume, and Agentic Bank Runs

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Ethereum’s validator exit queue is shrinking, slowly. On October 5, 2026, it stood at 767,349 ETH, with an estimated wait of roughly 13 days and eight hours to fully exit.

That is down from a peak of about 851,000 ETH on October 2. The spike traces back to one source: MetaMask Staking. It began pulling validators out after disclosing a security incident on September 30.

How MetaMask filled the queue The exits involved roughly 17,000 validators that MetaMask operated for Lido, the dominant liquid staking platform. Together, those validators held approximately 523,000 ETH.

MetaMask said user wallets and funds were not affected by the incident. It framed the validator exits as proactive security housekeeping, not a response to stolen assets.

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On September 29, a day before the disclosure, the exit queue sat at about 166,000 ETH. Within days it had swollen to its October 2 high. The current 767,349 ETH reading means the backlog has started to drain, though it remains far above where it began.

The entry queue, where ETH waits to begin staking, stood between roughly 1.44 million and 1.5 million ETH on the same date, with an estimated wait of about 25 days just to start earning staking rewards.

Why Ethereum makes everyone wait The delays are a feature of Ethereum’s design. The network enforces a churn limit, which caps how much stake can enter or leave the validator set over a given period. Currently, that cap is 256 ETH per epoch in each direction. An epoch lasts about 6.4 minutes, which works out to roughly 57,600 ETH per day.

The backlog is also small relative to the whole system. Total staked ETH sits at approximately 43.6 million ETH, so even the October 2 peak represented a modest slice of the pie.

The re-staking round trip Lido has described the validator moves as temporary. The platform expects most of the exiting ETH to return to staking. Lido estimates re-entry could take up to 45 days because of how the entry queue works.

What this means For stakers, the immediate cost is time, and with it, rewards. ETH sitting in the exit queue, and later in the entry queue, is not earning the yield it otherwise would.

The entry queue backlog of roughly 1.44 million to 1.5 million ETH waiting to stake suggests demand has not cooled, even as a major operator rotates out.

The next marker to track is how quickly MetaMask’s withdrawn ETH re-enters the staking pipeline. If Lido’s expectation holds, much of the roughly 523,000 ETH should eventually show up in the entry queue. Also worth monitoring: whether MetaMask releases more detail on the September 30 incident. So far, the company’s position is that user funds were untouched, and the exits remain a defensive move rather than a damage report.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

Ethereum price reached $2,707 on Monday, rising 0.52% over 24 hours while holding above $2,700. The move keeps a near-term advance toward $3,000 in focus for the week.

The wider cryptocurrency market gained 0.68% during the same period, lifting its capitalization to $2.93 trillion. 

Bitcoin price remained above $85,000, and XRP was trading above $1.50 as the major cryptocurrencies continued their gains. The latest advance follows several weeks of gains across these assets since the middle of September.

Ethereum reportedly recorded its first weekly close above $2,700 in nine months, adding to the positive outlook. 

Bitmine Buys 15,112 ETH as Ethereum Holdings Top 6 Million The Ethereum treasury firm Bitmine acquired 15,112 ETH last week, lifting its holdings to 6,016,414 tokens. Those holdings represent approximately 4.9% of Ethereum’s total supply, bringing the company closer to its 5% ownership target.

🚨BITMINE JUST BOUGHT ANOTHER 15,112 ETH!

Bitmine added 15,112 ethereum:native over the past week, about $41 million at the $2,726 price in the release.

Holdings are now 6,016,414 ethereum:native, 4.9% of supply, and the company says it is 99% of the way to its 5% target.

Total crypto, cash and stakes are $17.4 billion.

— Crypto Banter (@crypto_banter) October 5, 2026

The weekly addition was worth roughly $41 million, based on the release’s quoted Ethereum price of $2,726. Bitmine’s cryptocurrency holdings, cash, securities and investment stakes reached a combined $17.4 billion, according to the company’s latest update.

Analyst Predicts Ethereum Above $3,000 After Strong Weekly Close Crypto analyst Ted Pillows said Ethereum recorded its highest weekly close in more than eight months. He identified $2,800 as the key threshold for a sustained upward move.

$ETH closed its highest weekly candle in 8+ months.

Now, Ethereum needs a weekly close above $2,800 with strong spot demand and it’ll rally towards $3,400-$3,500. https://t.co/ODGEN0lLag

— Ted (@TedPillows) October 5, 2026

The analyst said strong spot demand and a weekly close above that level could support gains toward $3,400–$3,500. His analysis also marked initial support near $2,550 and another around $2,200. The chart showed $1,965 as another support level if downward pressure intensifies.

Ethereum Open Interest Climbs to $34.10 Billion The Ethereum derivatives market recorded higher activity, with trading volume increasing 15.17% to $29.02 billion. Open interest rose 1.14% to $34.10 billion, indicating an increase in the value of outstanding contracts.

Source: Coinglass data The volume of options increased by 33.58% to $1.15 billion, the highest increase of the metrics reported. Options open interest rose 1.62% to $6.25 billion, indicating increased options contract values outstanding.

Ethereum Price Analysis The ETH price rallied about 13% from its September price, which was nearly $2,400, and consolidated at around $2,718 on October 5.

The Relative Strength Index registered 57. This positioning suggests a mild bullish tilt.

The MACD line stood at 7.45, above the signal line at 4.71, with a positive histogram reading of 2.73.

A sustained four-hour close above $2,800 could open the way toward the marked resistance level at $2,900. Further gains could bring $3,000 into focus, representing approximately 10.4% upside from the displayed price. 

Source: TradingView Rejection near $2,800 could further extend consolidation, with $2,600 being a key support to watch. Failure of that support would compromise the recovery and might lead to a reversion of the previous trading range from $2,400.

Economist: Eurozone services sector growth accelerates, fueling rate hike expectations.

S&P Global Market Intelligence Chief Business Economist Chris Williamson said: "The euro zone’s service sector growth has hit its fastest pace since last November, signaling that the region’s economic recovery is accelerating, with growth momentum spreading from manufacturing to broader sectors. The composite PMI survey signals show the euro zone economy is currently expanding at a quarterly rate of 0.4% and is on track for further growth in the fourth quarter. Service sector activity in both Germany and France saw its first signs of growth since March, marking their respective first service sector expansions this year; Italy, meanwhile, expanded for the fourth consecutive month, outperforming Spain, which also posted its strongest growth in four months. Overall growth in September hit its fastest pace in five years. At the same time, the survey showed input price inflation rose to 4%, indicating the euro zone’s inflation is approaching the European Central Bank’s 2% target ceiling. Combined with the acceleration in economic growth shown by the PMI, these data suggest mounting pressure on the European Central Bank to adopt more aggressive monetary tightening measures."

1 seconds ago

DBS: NVIDIA’s Valuation Remains Low, AI Stocks Far From Being in a Bubble

DBS Group Chief Investment Officer Hou Wey Fook said that Nvidia’s price-to-earnings (P/E) ratio and projected 70% earnings growth next year indicate that AI-driven tech stocks are still far from forming a bubble. Aggregate data shows Nvidia’s current 12-month forward P/E ratio stands at 17x. Hou compared this to Cisco Systems’ valuation of around 100x before the dot-com bubble burst. He told TV interviews: "If we take Nvidia as the representative company in the AI sector, which currently has a P/E ratio of only in the teens, how can we call this a bubble?" He added that semiconductor and AI investments still have "tailwinds". However, Hou recommended adopting a "barbell strategy" to "control overall portfolio volatility": allocating to tech stocks on the growth end, while pairing with investment-grade fixed-income assets to deliver stable returns, and using hedge funds and gold as intermediate risk-diversification tools.

1 seconds ago

Hong Kong’s Financial Services and the Treasury Bureau: Draft ordinance amendment to be submitted within the year, establishing a licensing regime for virtual asset trading and custody services.

Hong Kong Secretary for Financial Services and the Treasury Christopher Hui stated that amid the advancement of fintech innovation, the government will submit a draft ordinance amendment this year to establish a licensing regime for virtual asset trading, custody, advisory, and management services. The Hong Kong Financial Services and the Treasury Bureau, in collaboration with the Hong Kong Monetary Authority (HKMA), is also working on optimizing the legal framework to drive the tech and telecommunications sectors to step up detection and removal of fraud-related content, including AI-generated fraud.

1 seconds ago

某以太坊IC0巨鲸再度卖出1.333万枚ETH

Per Lookonchain monitoring, early Ethereum participant "0xa2F6" sold 13,330 ETH after six months of inactivity, worth roughly $36.37 million. This crypto OG bought 170,000 ETH at a low price of $0.31 via Ethereum's ICO, with a total cost of just $52,700. The batch of ETH is now valued at approximately $461.4 million.

1 seconds ago

Ethereum OG "0xa2F6" Sells 13,330 $ETH ($36.37M) After 6-Month Hold

Ethereum OG "0xa2F6" sold another 13,330 $ETH($36.37M) after 6 months. This OG bought 170,000 $ETH through the ICO at a low price of $0.31 (costing $52.7K, now worth $461.4M).

1 seconds ago

Nikkei 225 index closed up 2.4%

According to Bitget market data, the Nikkei 225 index closed up 1637.40 points, or 2.40%, at 69946.86 points on Monday, October 5.

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Ondo’s tokenized asset growth is shifting from a single-network model toward a broader distribution of liquidity.

Although Ethereum [ETH] remains at the core of the platform with a value of $2.1 billion, this represents only 52.37% of the total and therefore implies that concentration is easing.

The most notable example is Solana [SOL]. Tokenized assets have now surpassed $456.7 million on Solana, an increase of 60.32%, or approximately $147 million, over the past 30 days. Meanwhile, BNB Chain has increased to $429.7 million, representing an increase of 19.15%.

Source: RWA.xyz This increase in tokenized assets increases the number of ways that Ondo can distribute its tokenized product offerings to other users. Also, there are currently 521,028 token holders transferring $2.38 billion per month.

Source: RWA.xyz This indicates that these assets are being transferred into circulation as opposed to simply being created.

As adoption grows, the current $3.89 billion asset base of Ondo will be distributed among many networks and no longer rely solely on Ethereum.

Solana leads tokenized-equity lending Tokenized equities are moving beyond simple ownership as users begin putting them to work in on-chain credit markets. Solana is at the forefront of this evolution, as over $20.7 million worth of tokenized stock is being utilized as collateral via Kamino.

As such, it appears many of these users are seeking to utilize liquidity locked up by their equity holdings but avoid liquidating their equity exposure. On the other hand, Ethereum has $5.8 million in tokenized stocks serving as lending collateral through Euler and Morpho.

Meanwhile, Robin Hood Chain has produced just under $2 million in additional supply also via Morpho.

Source: X The large disparity illustrates that lending is still in its infancy and unevenly distributed among various networks. However, the fact that this functionality exists represents a significant expansion of tokenization.

Additionally, if adoption of lending grows, then tokenized equities will likely be given greater utility, which will drive even greater demand for on-chain collateral.

Tokenized stocks test credit demand Tokenized equities now face a test of whether lending protocols can manage their risks without limiting adoption. On Aave [AAVE] V4’s Equities Hub, collateral factors range from 65% to 79%, forcing borrowers to maintain buffers before liquidation.

Source: Aave Governance However, these constraints create a measurable path for growth. Rising collateral deposits and USD Coin [USDC] borrowing would show stronger credit demand.

Meanwhile, limited liquidations would indicate that risk controls remain effective as activity expands across tokenized stocks.

Final Summary Ondo has expanded its $3.89 billion tokenized asset base across multiple networks. Tokenized equities are gaining credit utility as Solana leads on-chain collateral activity.

Ethereum unstaking has jumped 392% since the start of October, according to data circulated on X. By October 2, roughly 850,000 ETH was lined up to leave the network’s validator set.

That is the longest exit line Ethereum has seen all year. It happened in the same week that MetaMask Staking told users part of its infrastructure had been compromised.

What is driving the exit line By October 2, the estimated wait to exit had reached about 14.77 days. In late September, exits had been sitting in the low-to-mid 100,000s ETH range.

The queue sat at approximately 850,000 to 850,736 ETH at its peak. Total staked ETH stood at roughly 43.6 million across about 878,000 active validators. The pending exits therefore represented close to 2% of all staked supply.

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The MetaMask Staking incident On September 30, MetaMask Staking disclosed a compromise of its infrastructure. Block rewards of about 0.36 ETH across 18 blocks were briefly diverted. MetaMask said no user wallets or sensitive data were affected.

MetaMask moved to exit nearly 17,000 validators holding approximately 523,000 ETH, a significant share of which was tied to Lido’s operations. The exits were framed as a precaution and were expected to finish by October 7.

Of the roughly 850,000 ETH waiting to exit, approximately 523,000 ETH came from MetaMask’s validators alone.

Not all of it is caution Jiang Zhuoer, founder of an LTC mining pool, said the jump in the queue suggested some holders were taking advantage of current prices to lock in profits.

The price barely moved ETH traded in a narrow band between $2,686 and $2,725 from September 30 to October 2. With waits near 14.77 days, any selling is spread over time rather than hitting the market in one burst.

What this means for stakers and the market MetaMask’s exits were expected to finish by October 7. Once they clear, the queue should shrink noticeably unless fresh exits replace them.

With a significant portion of the exiting stake tied to Lido’s operations, the event highlights how decisions by one infrastructure partner can affect a much larger pool of staked ETH.

Roughly 43.6 million ETH is still staked across about 878,000 validators. Even at its peak, the exit queue was a small slice of that total.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

Ethereum (ETH) is currently priced at approximately $2,682, which marks a monthly increase of about 10%. However, the asset is still trading 46% below its all-time high of $4,953. Recent price movements have established a short-term range, with buyers repeatedly defending the $2,650 level, while sellers are consistently active between $2,775 and $2,800.

Technical levels and resistance zonesOn October 2, ETH made an unsuccessful attempt to break above $2,775 before retreating toward $2,650. This price activity continues to reinforce the upper $2,700s as a key resistance area in the near term.

Coinpaper, a digital asset market research firm, previously highlighted a $2,800 breakout as the critical level Ethereum would need to convert to support before targeting the $3,000 mark, which is considered a significant psychological barrier for traders.

The immediate technical structure for ETH now presents a direct path: holding support at $2,650, breaking out above $2,800, and aiming for $3,000. If Ethereum manages to surpass this milestone, the $3,050 area stands as the next resistance.

LevelRole$2,650Support$2,775–$2,800Resistance$3,000Psychological target$3,050Next resistance Ethereum continues to face strong selling pressure in the $2,775 to $2,800 range, and has yet to confirm a sustained breakout above $2,800, according to recent technical analysis from Coinpaper.

Glamsterdam upgrade and upcoming catalystsThe next update for the network, called the Glamsterdam upgrade, is scheduled to launch on the Sepolia testnet on October 6. This upgrade introduces significant changes to block construction, gas pricing, and Layer-1 scaling, paving the way for improved performance in future mainnet releases. The Ethereum Foundation, which is responsible for overseeing the development of Ethereum, has not yet set an official date for the mainnet deployment.

Mini dictionary: Sepolia testnet, an Ethereum test environment where developers deploy and test upgrades or applications before mainnet release. Testnets like Sepolia help identify issues without affecting real assets or network operations.

Glamsterdam is expected to address some of Ethereum’s longstanding challenges, including efficiency in block creation and gas fees, and to prepare the network for further scaling solutions.

The Ethereum Foundation stated there is no finalized date yet for deploying the Glamsterdam upgrade to mainnet, but preparations on testnets are actively progressing.

ETF flows and supply trendsIn the investment products space, U.S. spot Ethereum exchange-traded funds (ETFs) registered notable outflows in recent days. According to Farside Investors, these funds saw $59.6 million of outflows on September 30, followed by another $55.4 million on October 1 and $17.3 million on October 2. This marks a reversal following a period of inflows noted in late September.

Despite the recent negative ETF flows, on-chain indicators remain positive for the longer term. Earlier this month, exchange reserves of ETH fell to multi-year lows, while staking activity continued to reduce the available circulating supply. These trends suggest a tighter supply landscape, which could impact future price dynamics if demand rises.