Track market-moving stories before they get noisy

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

Someone with very deep pockets just made a very loud bet on Ethereum. Whale wallets sold 72 Bitcoin and immediately plowed into a 20x leveraged long position on 12,000 ETH, a trade that screams conviction about where they think ETH is headed relative to BTC.

The activity, flagged on Hypurrscan, points to Hyperliquid as the likely venue for these trades. For a platform that has become the go-to destination for high-leverage perpetual futures, this kind of size is notable but not entirely surprising. What makes it interesting is the directional clarity: this isn’t a hedge. It’s a rotation.

Breaking down the trade A whale, or possibly a cluster of related wallets, liquidated 72 BTC and redeployed that capital into a 20x leveraged long position on 12,000 ETH. For every dollar of actual collateral they put up, they’re controlling twenty dollars’ worth of Ethereum exposure.

Advertisement

A 20x position means the liquidation threshold sits somewhere around a 3-5% adverse price move. If ETH drops by that margin from the entry price, the entire position gets wiped.

The size matters too. 12,000 ETH worth of exposure at 20x leverage represents a notional position that could meaningfully shift open interest in ETH perpetual futures on Hyperliquid. When positions this large enter the market, they tend to influence funding rates, which in turn can create incentive structures that pull other traders in the same direction.

The BTC-to-ETH rotation playbook On-chain analytics firms like Lookonchain have been tracking similar rotations throughout 2025, where large holders dump BTC to finance leveraged ETH positions, or occasionally do the reverse.

The pattern typically emerges when whale traders believe the ETH/BTC ratio is about to shift. Rather than simply going long on Ethereum, they actively sell Bitcoin to fund the trade, which creates selling pressure on BTC while simultaneously adding buying pressure (via leverage) on ETH.

What this means for investors The immediate impact is on funding rates. When large leveraged longs enter the perpetual futures market, they push funding rates positive, meaning long holders pay short holders to maintain their positions.

The second-order effect is on liquidation cascades. A 20x leveraged position on 12,000 ETH is a big target. If the price moves against the whale, the forced liquidation would dump a substantial amount of sell pressure into the market all at once, potentially triggering a chain reaction that catches other leveraged longs in the blast radius.

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

As Hyperliquid (HYPE) continues to make waves in the crypto market, pulling strong price moves and impressive network activity, the altcoin has finally outpaced XRP in the derivatives market.

Latest data from Coinglass shows that HYPE has overtaken XRP in crypto futures open interest, claiming the fourth largest open interest, a position previously held by XRP.

HYPE OI hits $1.45 billion The data shows that HYPE now has a massive $1.45 billion in futures open interest, surpassing XRP, which is currently sitting at $1.12 billion. 

HOT Stories

While open interest typically measures the total value of active futures contracts that have yet to be settled on a specific crypto asset, Hyperliquid now ranking in fourth place behind only Bitcoin, Ethereum, and Solana suggests that futures traders are largely betting on the asset instead of XRP.

You Might Also Like

Simply put, crypto futures traders are strongly participating in Hyperliquid, and its derivatives market is rapidly gaining traction over XRP.

Hyperliquid Vs XRPIt is important to note that Hyperliquid has flipped XRP in open interest despite HYPE slipping 1.28% over the past 24 hours to around $59.24. 

Meanwhile, XRP has surged modestly by 1.26% to about $1.09, suggesting that XRP is currently pulling stronger moves than HYPE in the spot market.

Nonetheless, the mild surge in XRP's trading price was not enough to keep it ahead in the futures rankings. Regardless, XRP still remains ahead of HYPE in the broader crypto market, maintaining its position as the fourth largest crypto asset by market capitalization.

Recent analysis from on-chain intelligence platform Token Terminal highlights a significant milestone for Ethereum in the evolving landscape of tokenized financial products. Over the past year, the network has recorded the highest absolute capital inflows into tokenized exchange-traded funds (ETFs) compared to any other blockchain.

This development underscores Ethereum’s strengthening position as a preferred infrastructure for bridging traditional finance with decentralized systems.

Tokenized ETFs represent a growing segment within the broader real-world asset (RWA) tokenization trend.

While the global ETF market exceeds $20 trillion, only a fraction—around $475 million—has migrated on-chain so far.

Ethereum captures approximately 70% of these tokenized ETF issuances, demonstrating clear dominance in this nascent but rapidly expanding category.

This leadership stems from the network’s ecosystem, established liquidity, and institutional familiarity.

The surge aligns with Ethereum’s broader success in tokenized funds. Data indicates the chain hosts over 70% of tokenized fund assets under management in many reports, with figures climbing into the tens of billions.

Major players like BlackRock (with its BUIDL fund), JPMorgan, and Franklin Templeton have issued or expanded products on Ethereum, leveraging its security and composability for money market funds, treasuries, and other yield-bearing instruments.

These offerings provide on-chain transparency, faster settlement, and programmable features that traditional structures cannot easily match.

This momentum reflects accelerating institutional adoption. Spot Ethereum ETFs in traditional markets have also drawn substantial interest, contributing to overall ecosystem growth.

Combined with strong performance in stablecoins and other RWAs, Ethereum processes trillions in transfer volumes quarterly, solidifying its role as a primary settlement layer for digital finance.

Analysts note that such inflows signal confidence in Ethereum’s utility beyond mere speculation, particularly in DeFi, staking, and tokenized real-world exposure.

Several factors drive this trend. Ethereum’s mature developer community, battle-tested security through proof-of-stake, and ongoing scalability improvements via layer-2 solutions enhance its appeal.

Tokenization reduces friction in traditional finance—cutting intermediary costs, enabling 24/7 trading, and improving auditability—while maintaining regulatory compliance pathways.

As more asset managers explore on-chain strategies, Ethereum’s first-mover advantage and network effects create a self-reinforcing cycle of liquidity and innovation.

Challenges remain, including competition from faster or cheaper alternatives and regulatory uncertainties.

However, Ethereum‘s dominance in key metrics—such as stablecoin market share exceeding 50-60% and leading positions in tokenized commodities and equities—positions it favorably.

The absolute inflow leadership in tokenized ETFs marks a pivotal step toward mainstream integration, potentially unlocking trillions more in value as traditional asset classes digitize.

Continued growth in tokenized products could further enhance Ethereum’s economic security through increased fee generation and staking demand.

For investors and institutions, this signals a maturing crypto market where utility and real-world utility increasingly drive capital allocation. The update from Token Terminal concluded that Ethereum‘s performance in attracting tokenized ETF flows highlights its evolution into critical financial infrastructure, setting the stage for deeper TradFi-DeFi convergence in the years to come.

Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

Ethereum is maintaining its key support level at $1,780, with market participants closely monitoring potential moves toward the $2,200 to $2,400 range. Analysts suggest that the near-term trend remains upward as long as this support holds, despite the presence of ongoing selling risk from large wallet activity.

Analysts see upside as long as support holdsMichaël van de Poppe, a widely followed crypto analyst, stated that Ethereum’s price structure has shifted into an upward trend on lower time frames. He indicated that previous resistance levels are now acting as support, reinforcing the bullish outlook if $1,780 remains firm.

Ethereum is entering a new upward phase, flipping previous resistance areas into support. If $1,780 continues to hold, the next upside target sits between $2,200 and $2,400.

Van de Poppe predicted that the probability of Ethereum rising above $2,000 is increasing as market sentiment improves. The strength at $1,780 is considered critical for ETH’s current short-term structure.

Should this level show weakness, analysts may re-evaluate potential downside risk. However, as of now, the focus remains on the possibility of a renewed breakout toward higher price zones.

Whale activity influences market outlookCrypto Patel, another cryptocurrency market analyst, commented that Ethereum whales are not signaling widespread capitulation. While large wallet profits have reduced as the market adjusted, he noted that the majority of these major holders remain in a profitable position.

Ethereum whales are not capitulating, but the risk of renewed selling persists as whale profits diminish and sizeable amounts of ETH are deposited to Binance.

This scenario, according to Patel, leaves room for both selling and support from whales, depending on their appetite for risk and market conditions. The willingness of large holders to either liquidate or accumulate could significantly shape short-term price action.

Patel highlighted the importance of tracking capital flows and large wallet moves. Changes in whale behavior, including deposits and stablecoin balances, may help predict whether demand supports a further rally or selling pressure undermines support.

Binance deposits and stablecoin reserves raise cautionElevated ETH deposits on Binance remain a point of concern for some traders, as they indicate more supply could be available to sell in the event of increased volatility. This trend introduces additional uncertainty and prompts closer scrutiny of exchange-related data.

Patel observed that whales have kept significant reserves in USDT and USDC, two of the leading stablecoins. Large stablecoin balances enable swift reactions to price developments, allowing these entities to buy ETH if bullish momentum arises, or sell into weakness if sentiment sours.

The current market balance hinges on whether the $1,780 level can withstand further pressure. A decisive move above this support could trigger renewed buying activity, with $2,200 to $2,400 emerging as the next target area. On the other hand, higher exchange deposits serve as a caution for traders tracking possible surges in supply.

Mini dictionary: Binance, a major global cryptocurrency exchange platform, is often used by the largest ETH holders, or “whales,” to facilitate substantial deposits and trades that can influence the market. USDT (Tether) and USDC (USD Coin) are two prominent stablecoins, frequently used as a store of value or to quickly enter and exit positions within the crypto market.

Support LevelResistance TargetsWhale ActivityMain Risk$1,780$2,200–$2,400Elevated Binance deposits
High USDT, USDC balancesPotential selling from large holdersDisclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Kraken, a cryptocurrency exchange that also offers stock trading, has introduced a fresh lineup of options contracts on Bitcoin (BTC) and Ethereum (ETH). This move aims to make sophisticated derivatives trading available to a broader group of professional and institutional investors as the crypto market matures.

The platform is rolling out European-style, cash-settled options that are linear and denominated in USD.

These contracts provide direct exposure to the underlying assets in a format familiar to traditional finance professionals.

At launch, traders can access weekly, monthly, quarterly, and semi-annual expirations through a request-for-quote (RFQ) system on Kraken Pro.

This initiative addresses a key gap in the crypto derivatives landscape. While options represent only a modest portion of overall crypto trading volume today, they dominate activity in conventional markets.

Kraken anticipates that institutional capital flowing into digital assets will drive options usage closer to traditional levels, and the new products are built to capture that growth.

The contracts use a straightforward linear structure, with premiums, profits, losses, and final settlements all handled in U.S. dollars.

Portfolio margining comes enabled by default for qualifying clients, allowing offsetting positions across spot, futures, and options to lower overall margin needs.

All assets reside in one unified wallet, and participants can collateralize positions with more than 30 different currencies, leveraging Kraken’s established multi-collateral framework.

Minimum order sizes start at 0.01 contracts for BTC/USD and 0.1 for ETH/USD, with tick sizes of $1 and $0.10 respectively.

Settlement relies on a 30-minute observation window prior to 8 UTC. Fees follow Kraken’s standard derivatives schedule, based on notional value but capped at 12.5% of the premium.

Alexia Theodorou, Director of Derivatives at Kraken, highlighted the strategic intent: the existing crypto options market has largely catered to a niche group of crypto-native participants.

By contrast, Kraken’s dollar-settled design aligns with what institutional players already understand and use alongside their spot and futures activity in a single account.

The launch marks the opening chapter of a multi-phase expansion.

Initial availability is limited to eligible professional and institutional clients via RFQ. European access is slated for the second half of 2026, pending regulatory approvals.

Subsequent updates will likely introduce a public order book to enhance liquidity and price discovery, along with additional assets and wider geographic reach.

Options serve as vital tools for expressing views on price direction, volatility, and time decay.

Integrating them into Kraken Pro creates a comprehensive derivatives suite where clients can manage risk and take directional positions efficiently within one ecosystem.

This development reflects Kraken’s commitment to building institutional-grade infrastructure.

By combining familiar contract mechanics with robust margining and multi-currency collateral, the exchange positions itself to support the next wave of professional participation in crypto derivatives. As the market evolves in 2026, products like these could help bridge the divide between crypto and traditional finance, offering sophisticated hedging and speculative opportunities in a regulatedenvironment.

Ethereum’s best marketing line was that using it destroyed it, that every transaction burned ETH and shrank the supply. Then the network solved its scaling problem, activity fled to layer 2s, and the burn collapsed. The scaling worked. The scarcity did not survive it.

Summary

Ethereum’s “ultrasound money” thesis held that EIP-1559 fee burning would outpace new issuance, making ETH deflationary and a superior store of value to Bitcoin. It worked briefly after the 2022 Merge. Then the March 2024 Dencun upgrade moved activity to layer-2 rollups paying near-zero fees, and the daily burn collapsed from thousands of ETH to as low as 50 to 70. ETH has since been mildly inflationary, with net supply growth around 0.2% to 0.8% annually depending on the period, reversing the deflation the thesis promised. The December 2025 Fusaka upgrade added EIP-7918, a blob fee floor designed to restore a minimum burn. Fidelity modeled it would have added roughly $78.6 million in burn across 93% of days since 2024. The deeper tension is unresolved: a cheap, scaled Ethereum burns less than a congested, expensive one, so the network’s success as infrastructure works against its scarcity as an asset. For about eighteen months, Ethereum had the best story in crypto, and the story was a paradox: the more people used the network, the rarer its token became. Every transaction burned a little ETH, and when the network was busy enough, it burned more than it created. Supply went down. The community called it ultrasound money, a deliberate jab at Bitcoin’s “sound money,” complete with a bat emoji and a movement.

For a while, the data backed it up. Then Ethereum did the thing it had promised to do for years, which was to scale, and scaling broke the story. Activity moved to layer-2 networks that pay almost nothing to the base chain, the burn collapsed, and ETH quietly went inflationary again. This is the story of how Ethereum’s greatest technical success dismantled its best economic narrative, and whether a December upgrade can put the pieces back.

What ultrasound money actually meant The mechanism is worth getting exactly right, because the whole debate turns on it.

In August 2021, Ethereum activated EIP-1559, which changed how transaction fees work. Instead of paying miners directly, every transaction now pays a base fee that is burned, permanently removed from circulation. The busier the network, the higher the base fee, and the more ETH destroyed. On its own, that is just a fee-burning mechanism. It became a monetary thesis when Ethereum switched from proof-of-work to proof-of-stake in the September 2022 Merge, which cut new ETH issuance by roughly 90%, because the network no longer had to pay energy-intensive miners.

Put the two together, and you get the ultrasound thesis. Issuance dropped to a trickle after the Merge. Burning continued with every transaction. If burning exceeded issuance, total ETH supply would shrink over time, making the asset deflationary. And a deflationary asset with growing demand should, in theory, appreciate. Ethereum would become harder money than Bitcoin, whose supply still grows, hence “ultrasound.” The tracking site ultrasound.money existed to display exactly this: supply ticking down, day by day.

For a stretch after the Merge, it happened. Supply fell back toward and below the level it sat at during the Merge itself. Burns outpaced issuance. The narrative was not hype; it was, for that window, an accurate description of the data. That is what made it powerful, and what made its reversal so awkward.

NEW: Tom Lee calls Robinhood Chain proof that ETH is money

The chain uses Ethereum as native gas, denominates fees in ETH, and settles on Ethereum L1 while generating volume exceeding many established DEXes pic.twitter.com/Ir2hTsaMiu

— crypto.news (@cryptodotnews) July 12, 2026 How scaling broke it The break came from Ethereum solving its most famous problem, and the irony is total.

Ethereum’s scaling strategy is to push transactions off the expensive base layer and onto layer-2 rollups, networks like Arbitrum, Optimism, and Base that process transactions cheaply and then post compressed data back to Ethereum for security. The base layer becomes a settlement and data-availability layer; the rollups handle the actual activity. This is the roadmap Ethereum has pursued for years, and it works.

The March 2024 Dencun upgrade was the pivotal moment. It introduced EIP-4844, “blob” transactions, a separate and far cheaper data channel for rollups to post their data. Costs for layer 2s dropped by a factor of 10 to 100. Activity that used to happen on mainnet, paying mainnet fees and burning mainnet ETH, moved to rollups paying blob fees that were, in practice, close to zero because blob space was massively oversupplied relative to demand.

The effect on the burn was immediate and severe. Before Dencun, Ethereum burned thousands of ETH per day during busy periods. After Dencun, daily burn dropped to as low as 50 to 70 ETH. The base layer had lost its primary fee source. With issuance running around 1,700 ETH per day and burn collapsing well below that, the equation flipped: Ethereum began creating more ETH than it destroyed. By various measures across 2025 and into 2026, net annual inflation ran somewhere between roughly 0.2% and 0.8%, depending on the window. ETH supply crossed back above its Merge-era level. The deflation was over.

The mechanism that made ultrasound money true, EIP-1559 burning at scale, had not been removed. It had been bypassed. The activity simply moved to a layer where the burn does not happen in any meaningful amount. Ethereum scaled successfully and, in doing so, severed the link between usage and scarcity that the entire thesis depended on.

The bull case: it still works, just differently The response from Ethereum’s defenders is not denial. It is reframing, and parts of it are genuinely strong.

The first point is that elastic scarcity is the actual feature, not permanent deflation. Ethereum was never designed to deflate forever at a fixed rate. It was designed to burn in proportion to demand, which means it becomes deflationary when the network is busy and mildly inflationary when it is quiet. During periods of high mainnet activity, above roughly 16 gwei average gas, burn still exceeds issuance, and ETH still goes net deflationary, temporarily. The mechanism works exactly as designed; it is just that a scaled network spends more time in the quiet regime. In this reading, ultrasound money was always conditional, and the condition is demand, not a promise.

The second point is that issuance is still radically lower than before. Even mildly inflationary, Ethereum issues roughly 90% less ETH than it did under proof-of-work. Compared to Bitcoin, which currently inflates at around 0.8% annually on a fixed schedule, Ethereum’s roughly 0.2% net inflation in calmer periods is actually lower. Both assets inflate in 2026; Ethereum, by some measures, inflates less. The “harder than Bitcoin” claim survives in a narrow, technical form even without net deflation.

The third point is that the supply figure overstates the sell pressure. Roughly 28% to 30% of all ETH is locked in staking, earning yield and not circulating. The tradeable float, ETH actually available on exchanges, is meaningfully smaller than the headline supply number, and it shrinks as more ETH is staked. A modestly inflating total supply with a large and growing staked portion is a very different pressure than the raw inflation number suggests. Demand from ETFs, treasury companies, and staking can absorb 0.2% inflation without difficulty.

NEW: Ethereum ETFs see 58 million dollars in net inflows on July 14

Fresh capital flowed into spot Ethereum ETFs during the latest session pic.twitter.com/V3vb5Y7x39

— crypto.news (@cryptodotnews) July 16, 2026 And the fourth point is simply that the store-of-value case never rested on deflation alone. As long as demand for Ethereum’s blockspace, its role as settlement for stablecoins, tokenization, and DeFi, grows faster than supply, price can rise regardless of whether supply ticks up 0.2% a year. Scarcity was a nice story. Utility is the real thesis.

The bear case: the narrative was load-bearing The skeptical reading is that the ultrasound story was not just marketing, that it was doing real work in the investment case, and that losing it matters more than the reframing admits.

The blunt version comes from the on-chain data and the people watching it leave. Daily network fee revenue on Ethereum fell from near $40 million in early 2025 to a local low around $10 million in 2026. That is not just a burn problem; it is a value-accrual problem. If the base layer captures little fee revenue because activity happens on rollups that pay it almost nothing, then holding ETH is a bet on an asset whose own network is monetizing its users poorly. Some analyses have tied this directly to developer attrition and reduced whale support, framing the end of ultrasound money as the end of a period when ETH had a clean, quantifiable reason to appreciate.

The deeper problem is structural and hard to argue away: a scaled, efficient Ethereum is less deflationary than a congested, expensive one. This is the tension at the center of the whole debate. The very thing that makes Ethereum better as infrastructure, cheap transactions, more capacity, activity on fast rollups, is the thing that reduces the burn. Ethereum cannot simultaneously be the cheap, high-throughput settlement layer it wants to be and the fee-burning deflationary asset the ultrasound thesis needed. Those are in direct conflict, and the roadmap chose scaling. The asset thesis was, in a real sense, sacrificed to the technology roadmap.

Then there is the value-capture question that rollups sharpen. Layer 2s use Ethereum for security and pay it a pittance for the privilege. Robinhood’s own chain is an example: analyses of corporate L2s show the base layer capturing a rounding error of the economics while providing the security that makes the whole arrangement credible. If Ethereum’s future is thousands of rollups settling to it cheaply, then Ethereum is providing enormous value and capturing little of it, and no amount of narrative reframing fixes a value-capture problem that lives in the fee structure.

The fix nobody is talking about Which brings us to December 2025, and the upgrade that was designed, in part, to address exactly this, and that most of the market ignored.

The Fusaka upgrade activated on December 3, 2025. Its headline features were about scaling further, PeerDAS and expanded blob capacity. But buried in it was EIP-7918, the “blob base fee bound,” which is the most direct attempt yet to repair the burn. The problem Dencun created was that blob fees could collapse to near-zero, one wei, when execution costs dominated and blob demand was soft, which meant rollups consumed Ethereum’s capacity almost for free and burned almost nothing. EIP-7918 sets a floor: it ties the minimum blob fee to the execution base fee, roughly the execution base fee divided by 16, so that even in quiet periods rollups pay a meaningful minimum, and a minimum stream of ETH gets burned.

The modeling is striking. Fidelity Digital Assets analyzed what would have happened if EIP-7918 had been active since blobs launched, and found that on 93% of days since the 2024 Dencun upgrade, the adjusted fee would have exceeded the actual fee, generating an estimated additional $78.6 million, roughly 24,641 ETH, in cumulative blob-fee revenue. Blockworks noted that had the mechanism been introduced in June 2025, burnt blob fees would have been nearly 8x higher. The intent is explicit: restore a floor under the burn so that as stablecoins, DeFi, and tokenization migrate to rollups, ETH still captures value from that activity instead of subsidizing it.

The honest caveat is that this is a floor, not a restoration. EIP-7918 prevents the burn from collapsing to zero; it does not recreate the thousands-of-ETH-per-day burn of the congested mainnet era. Whether it produces measurable, sustained deflation depends on how much activity flows through blobs and how high execution base fees run, and the market is still watching. It is a serious, well-designed attempt to reconnect usage and scarcity. It is not a return to 2022.

Sound money versus ultrasound money, honestly compared Because the entire thesis was built as a shot at Bitcoin, it is worth putting the two monetary models side by side without the tribalism, since the comparison is more interesting than either camp admits.

Bitcoin offers fixed scarcity. The supply schedule is written into the protocol, capped at 21 million coins, and halves on a predictable timetable roughly every four years. A holder knows today, with certainty, what Bitcoin’s issuance will be in 2030 and 2040. That certainty is the entire product. Bitcoin does not react to demand, does not burn, does not adjust; it simply issues on schedule toward a hard cap, and its current inflation runs around 0.8% annually, trending toward zero over decades. The trade-off Bitcoin holders accept is that the base layer offers little native utility and no yield. You hold it for the certainty, and you give up productivity in exchange.

Ethereum offered, and to a degree still offers, elastic scarcity. Supply responds to network demand: high usage burns more and can push ETH net deflationary; low usage burns less and lets mild inflation through. The appeal was a token that becomes scarcer precisely when it is most used, tying the asset’s scarcity to the network’s success. The trade-off, which the L2 era exposed, is that elasticity cuts both ways.

A demand-responsive supply is only deflationary when demand is high on the layer that burns, and Ethereum deliberately moved demand to layers that do not burn. Bitcoin’s rigidity, often criticized as inflexible, turned out to be the thing that made its monetary promise keepable. Ethereum’s flexibility, often praised as sophisticated, turned out to be the thing that made its monetary promise conditional.

The honest scorecard is that these are different products for different buyers, not better and worse versions of the same thing. Bitcoin sells certainty and asks you to forgo utility. Ethereum sells utility and asks you to accept that its scarcity depends on how that utility is used. The ultrasound-money era was the brief window when Ethereum appeared to offer both, certainty of deflation and utility of a working network, and that window closed not because Ethereum failed but because it succeeded at scaling.

A holder choosing between them in 2026 is really choosing between guaranteed scarcity with no yield and demand-driven scarcity with staking yield and network utility. Framed that way, the loss of ultrasound money is less a defeat than a clarification: Ethereum was never going to be Bitcoin, and the burn was hiding how different the two bets actually are.

What this means for holding ETH Strip away the narrative fight and the practical question is whether the ultrasound story mattered to the price, and the uncomfortable answer is that it is hard to tell, because ETH has underperformed through the entire period regardless.

The clean way to see it: the ultrasound thesis was strongest right after the Merge, and it has been dismantled steadily since Dencun in March 2024. Over that same window, ETH has been a persistent underperformer against both Bitcoin and its own former highs. Either the market was pricing the loss of the deflation narrative, or the market never cared about the narrative and ETH’s problems lie elsewhere, in L2 value leakage, in competition from Solana, in the sheer difficulty of the modular roadmap. Both readings are defensible, and they point to different conclusions about whether fixing the burn fixes the price.

The most honest framing is that ultrasound money was a proxy for a real question that has not gone away: does Ethereum capture value from its own success? When the network was congested and expensive, the answer was visibly yes; the burn made it legible. When the network scaled and cheapened, the answer became murky, and the burn stopped telling the story. EIP-7918 is an attempt to make the answer legible again by putting a floor under value capture.

Whether it works will show up not in the marketing but in two numbers over the next year: net ETH supply, and base-layer fee revenue. If both turn up meaningfully, the thesis has a second life. If they do not, then ultrasound money was a phase, not a property, and Ethereum’s investment case has to stand on utility alone, which is a harder, slower, less tweetable argument than the one that shrank the supply.

Frequently Asked Questions What is Ethereum ultrasound money? It is the thesis that Ethereum’s ETH token would become deflationary and a superior store of value to Bitcoin. It rests on two mechanisms: EIP-1559, activated in 2021, which burns a portion of every transaction fee, and the 2022 Merge, which cut new ETH issuance by roughly 90%. When burning exceeds issuance, total supply shrinks. The term was a play on Bitcoin’s “sound money” branding.

Is Ethereum still deflationary in 2026? Not on a net basis, in normal conditions. After the March 2024 Dencun upgrade shifted activity to cheap layer-2 rollups, the burn collapsed, and ETH became mildly inflationary, with net supply growth around 0.2% to 0.8% annually depending on the period. During bursts of high mainnet activity, it can still turn temporarily deflationary, but the sustained deflation of the immediate post-Merge period ended.

Why did layer 2s break the burn? Because they moved activity off the base layer, where transactions burned meaningful ETH, onto rollups that pay near-zero fees. The Dencun upgrade introduced cheap “blob” transactions for rollups, cutting their costs 10 to 100 times. Blob space was oversupplied, so blob fees fell close to zero, and the daily burn dropped from thousands of ETH to as low as 50 to 70. The activity continued; the burn did not follow it.

Does this mean ETH is a worse investment? Not necessarily, and defenders make several counterpoints: issuance is still about 90% lower than under proof-of-work, roughly 0.2% net inflation in calm periods is actually below Bitcoin’s, nearly a third of ETH is locked in staking and off the market, and the real case rests on demand for blockspace rather than deflation. Critics counter that base-layer fee revenue collapsed too, raising a genuine value-capture problem.

What is EIP-7918? A change introduced in Ethereum’s December 2025 Fusaka upgrade that sets a minimum price for blob transactions, tied to the execution base fee, roughly that fee divided by 16. It prevents blob fees from collapsing to near-zero during quiet periods, ensuring a minimum stream of ETH is burned. Fidelity modeled that it would have added roughly $78.6 million in cumulative burn across 93% of days since 2024 had it existed earlier.

Did Fusaka restore ultrasound money? No, it put a floor under the burn rather than restoring the deflation of the post-Merge era. EIP-7918 stops the burn from collapsing to zero and improves value capture as activity migrates to rollups, but it does not recreate the thousands-of-ETH-per-day burn of the congested mainnet period. Whether it produces sustained net deflation depends on blob activity and execution fees, and remains to be seen.

Is Ethereum still harder money than Bitcoin? In a narrow technical sense, sometimes. In calm periods, Ethereum’s roughly 0.2% net inflation can run below Bitcoin’s roughly 0.8% fixed-schedule inflation. But Bitcoin offers predictable, protocol-guaranteed scarcity indefinitely, while Ethereum’s supply is elastic and responds to demand, so it can inflate more during quiet, scaled periods. They offer different kinds of scarcity: fixed and certain versus elastic and demand-driven.

What should I watch to know if the thesis recovers? Two numbers over the next year: net ETH supply growth, and Ethereum base-layer fee revenue. If EIP-7918 and rising rollup activity push net supply back toward flat or negative while base-layer revenue climbs from its roughly $10 million lows, the value-capture story recovers. If supply keeps growing and fee revenue stays depressed, ultrasound money was a temporary phase, and ETH’s case rests on utility and demand alone.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. It describes monetary mechanics and network upgrades whose effects are uncertain and still developing. Nothing here is a recommendation to buy or sell any asset. Always do your own research. Figures on supply, burn, and inflation move continuously and are accurate as of July 17, 2026.

Uniswap plans to implement protocol fees for select v4 pools for the first time, with an on-chain vote scheduled for this Sunday.

Uniswap is set to roll out protocol fees on select v4 liquidity pools for the first time, as two proposals move to a final on-chain vote this Sunday. The proposals include activating protocol fees for Uniswap v4 liquidity pools across seven blockchains, and simultaneously enabling protocol fees for Uniswap v2 and v3 liquidity pools on Robinhood Chain. Since July 1, Uniswap’s cumulative swap volume on Robinhood Chain has surpassed $6 billion.

7 hours ago

Iran's Ministry of Foreign Affairs: The Memorandum of Understanding does not allow the US to open an independent parallel shipping lane in the Strait of Hormuz.

According to CCTV News, Iran’s Ministry of Foreign Affairs stated on the 18th local time that Article 5 of the Iran-US Memorandum of Understanding (MoU) prohibits the US from establishing an independent parallel shipping lane in the Strait of Hormuz. The Iran-US MoU is based on mutual commitments between the two countries, and as long as the US fulfills its pledges, Iran will abide by its own commitments.

7 hours ago

Binance Wallet now supports multiple Launchpad filtering features on the Robinhood Chain.

According to official announcements, Binance Wallet’s Meme Rush now supports filtering for multiple Launchpad projects on Robinhood Chain, including Virtuals Protocol, Flap, and Bankr. Additionally, users can now track tokens across BSC, Solana, Ethereum (ETH), Base, and Robinhood Chain simultaneously via Meme Rush, allowing them to grasp multi-chain market dynamics and popular trends in a unified feed.

7 hours ago

Next Week's Macro Outlook: Federal Reserve Blackout Period Coincides With Earnings Season, ECB Decisions Take Center Stage

As US-Iran tensions continue to evolve, the Federal Reserve will enter its pre-meeting blackout period next week, with no major US data releases that could influence its rate-setting meeting. Traders will turn their focus to Europe. Below are the key market focus points for the coming week (all times Beijing): - Tuesday 20:15: US ADP employment change for the week ended July 4 - Thursday 20:15: European Central Bank (ECB) interest rate decision - Thursday 20:45: ECB President Lagarde holds a monetary policy press conference - Friday 07:30: Japan’s June core CPI year-on-year rate Dozens of companies will release their Q2 earnings next week. Tesla will announce its earnings in the early hours of Thursday, July 23 (Beijing time); BlackRock will release its results ahead of US stock market opening on July 23 (Beijing time); Intel will report earnings in the early hours of Friday, July 24 (Beijing time).

7 hours ago

A whale transferred 19,235 ETH to Binance, worth approximately $35.34 million.

According to YuEmber monitoring, geministar.eth transferred 19,235 ETH (worth approximately $35.34 million) to Binance 15 minutes ago.

7 hours ago

Robinhood addresses controversy: Its support for Trump’s account is aimed at inclusive finance, not to encourage gambling-style trading.

According to The New York Times, as Robinhood integrates prediction markets into its app, external concerns have grown over the platform’s potential to exploit young, inexperienced investors. Additionally, many still associate Robinhood with the meme stock craze that swept markets years ago, and the firm was a key driver of that phenomenon. Today, Robinhood aims to be seen as more than those labels. The company has become one of the entities operating the Trump Accounts program, which gives Robinhood the chance to build closer ties with the next generation of investors while further strengthening its relationship with Washington’s political establishment. Robinhood CEO Vlad Tenev responded that the move is not to encourage speculation, but to expand financial inclusion and help more U.S. households participate in long-term investing. Currently, Robinhood has adjusted some product designs and is working to transition from a “speculative trading platform” to a broader financial services firm.

7 hours ago

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

Consensys has temporarily halted product releases after a North Korea-linked consultant gained access to its systems for about one month.

Summary

Consensys halted product releases after a North Korea-linked consultant accessed its systems for one month. An internal investigation found no stolen assets, exposed data, malicious code, or user harm. Consensys will review contractor screening as North Korean operatives increasingly target crypto firms. Drop Site News reported that the developer joined the Ethereum software company under the alias “Tyler Knapp” and used the GitHub handle “imyugioh.” Public GitHub records reviewed by the outlet showed that the consultant began contributing code on March 9 before his access ended in April.

Internal messages obtained by Drop Site showed that Knapp worked on core MetaMask platform code, including sections used to connect crypto users with third-party fiat payment providers. Consensys suspended product releases during its investigation and instructed staff to avoid contact with the consultant, according to the report.

Consensys general counsel Matt Corva told Drop Site that an established third-party service provider introduced Knapp to the company. Corva stressed that Consensys treated him as a consultant rather than a direct employee.

“Very quickly after being introduced, we discovered the threat, followed our security protocols, immediately terminated any access and launched a comprehensive investigation that confirmed there was no misappropriation of assets or data, no malicious code deployed, and no impact to user safety and security.”

Although Consensys disclosed no financial losses, Corva said in a statement that the company would reassess how it outsources engineering and development work. The firm also notified law enforcement and provided information about the incident, according to internal communications reviewed by Drop Site.

Consensys found no loss of user assets Consensys’ investigation found no evidence that the consultant stole company data or digital assets, inserted harmful code, or compromised users, according to Corva. The company did not publicly explain how it established the developer’s alleged ties to the Democratic People’s Republic of Korea.

Even without a confirmed loss, developer access can expose sensitive infrastructure. According to TRM Labs, developer environments have become one of the quickest paths for attackers seeking access to systems that hold private keys or approve crypto withdrawals.

A six-month investigation supported by the Ethereum Foundation’s ETH Rangers Program shows that the hiring threat extends beyond Consensys. The Ketman Project identified about 100 suspected North Korean IT workers using false identities across 53 crypto and Web3 projects, according to an ETH Rangers recap published in April.

Ketman investigators also traced at least three suspected groups across 11 code repositories, where projects had merged 62 pull requests before detecting the activity. The project reported that some applicants used generated profile pictures, forged identity documents and false Japanese identities to pass screening checks.

North Korea remains crypto’s largest hacking threat North Korea-linked groups have repeatedly used fake identities and remote engineering jobs to gain entry to technology companies. As crypto.news reported in November, Opsek founder and Security Alliance member Pablo Sabbatella warned at Devconnect Buenos Aires that North Korean workers could be embedded in as many as one-fifth of crypto companies.

Sabbatella also estimated that North Korean applicants account for roughly 30% to 40% of job applications received by crypto firms, suggesting that employment fraud is not limited to isolated cases.

Crypto companies face added risk because employees and contractors can receive access to code, wallets and transaction systems. TRM Labs estimated that North Korea was responsible for 64% of the value stolen in crypto hacks during 2025, when total losses exceeded $2.7 billion. TRM Labs

One attack accounted for much of the damage. The FBI attributed the February 2025 theft of about $1.5 billion from Bybit to North Korea’s TraderTraitor group, which dispersed the assets across thousands of blockchain addresses. FBI

TRM Labs reported that more than 30 exchanges and decentralized finance protocols now share rapid alerts through its Beacon Network when North Korea-linked funds reach participating platforms. For Consensys, the consultant’s removal prevented any known user loss, but the incident has prompted a review of the company’s third-party hiring controls.

Ethereum (ETH) price is up slightly by 1.82% today, July 18, after the Chair of the US House Administration Committee, Bryan Steil, opined that the CLARITY Act bill could pass in the coming week. The bill’s passage will see ETH being classified as a digital commodity, a move that could bolster retail and institutional demand for the biggest altcoin.

ETH price traded at $1,845 at the time of writing. It is currently testing the support at the 50-day EMA, but bulls remain in control as this support holds.

US House Chair Eyes CLARITY Act Passage Next Week While speaking in an interview with FOX Business, U.S. Representative Steil has said that the Senate could pass the CLARITY Act bill in the week between June 20 and June 24.

Steil says that this will be the week when the bill will go to the Senate floor for voting, and if senators vote in favor of it, the US might “set the gold standard” for regulating crypto assets like Ethereum and potentially drive price gains.

Steil’s remarks come shortly after reports that the final text for the CLARITY bill will also be released next week. This new text might include changes on ethics and stablecoin yields.

Steil’s remarks have increased the likelihood of the bill passing. Data from Polymarket shows that the odds that the CLARITY Act will pass in 2026 have increased from 30% on July 17 to 42% at the time of writing.

Ethereum Price Prediction as Bears Test Key Support Level Ethereum price is testing the 50-day EMA support of $1,812 ahead of the crucial vote on the CLARITY Act bill that could officially classify ETH as a digital commodity if it passes.

If ETH price remains above this support, it could draw buyers that might push it to the 100-day EMA of $1,939. The buying pressure might come from the Senate passing the CLARITY Act.

The RSI reading of 57 also supports a bullish long-term Ethereum price prediction. This RSI is also making higher highs, suggesting that bulls are tightening their grip.

This bullish momentum might not only push ETH to the 100-day EMA of $1,939, but it could also trigger a move to $2,244. This is according to a previous Coingape Ethereum price analysis that detected a bullish double-bottom pattern forming on ETH’s daily chart.

ETH/USDT: 1-day chart (Source: TradingView) But if ETH closes below this support of $1,812, the price might drop to the 20-day EMA of $1,791. That drop might be caused by the US Senate failing to get enough votes to push the CLARITY Act forward, a move that may trigger a bearish Ethereum price prediction.

Ethereum ETFs Post Highest Weekly Inflows Since April Data from SoSovalue shows that there were $105 million inflows to spot Ethereum ETFs in the week between July 13 and July 17. This $105 million is the highest inflow that the ETFs have seen since April 2026.

Ethereum ETF Flow Data (Source: SoSoValue) The inflows suggest that institutions are getting more exposure to Ethereum price ahead of the CLARITY Act vote that would increase the regulatory clarity around ETH.

If the CLARITY Act passes, these spot ETF inflows could increase as institutions that were shying away because of regulatory uncertainty start buying ETH.

The institutional demand also comes amid an increase in Ethereum’s DeFi TVL that has increased from $36 billion on July 1 to $40 billion on July 17, per DeFiLlama.

This marks the first time that the TVL on Ethereum has gone above $40 billion since May 2026.

BitMine Immersion Technologies has added a major Ethereum position to its balance sheet, but the market reaction shows investors are not automatically rewarding every corporate crypto treasury move.

The company disclosed the purchase of 42,197 ETH, valued at roughly $73 million, in a July 16 SEC filing. The acquisition expands BitMine’s Ethereum treasury strategy at a time when public companies are still experimenting with how far they can push crypto exposure as part of corporate balance-sheet management.

The headline sounds bullish for Ethereum. A public company buying tens of thousands of ETH is not a small move. But BitMine’s stock slid in the following session, suggesting equity investors may be looking at the strategy with more caution than enthusiasm.

That contrast is the story. Crypto investors may see treasury accumulation as conviction. Stock investors may see concentration risk.

Reference: SEC

TL;DR BitMine disclosed a 42,197 ETH purchase worth about $73 million. The acquisition expands the company’s Ethereum treasury strategy. BMNR stock fell after the disclosure, suggesting investors are questioning the risk/reward of the move. Ethereum Treasury Strategies Are Getting Bigger Corporate crypto treasury strategies are no longer limited to Bitcoin.

Bitcoin remains the cleanest and most established balance-sheet asset in the sector, largely because it is easier to explain as digital scarcity or a macro hedge. Ethereum is more complicated. ETH has a broader utility story, but that also means investors have to understand staking, smart contracts, DeFi, network fees, regulation, and ecosystem risk.

That makes BitMine’s move interesting.

A $73 million ETH purchase is not just a symbolic allocation. It is a serious commitment to Ethereum as a treasury asset. According to the available filing and market data, the filing details the acquisition of 42,197 ETH and places it inside a much larger Ethereum-focused balance sheet.

For crypto-native readers, that may look like an aggressive bet on Ethereum’s long-term role. For equity investors, it may raise a different question: is BitMine still being valued as an operating company, or is it becoming a leveraged public-market proxy for ETH?

That distinction is important because the stock market does not always treat crypto treasury exposure the way crypto traders expect.

Why The Stock Reaction Matters When a company announces a large crypto purchase and the stock falls, the market is sending a message.

It does not necessarily mean investors think Ethereum is weak. It may mean they are unsure whether the company’s treasury strategy improves shareholder value. Public-market investors care about dilution, financing terms, execution risk, custody, accounting treatment, and whether management is using capital efficiently.

If a company’s core business is already tied to crypto, adding more ETH can intensify the same risk rather than diversify it.

That is why BitMine’s stock move matters. It suggests the equity market may be less impressed by headline accumulation than the crypto market might be. Investors could be asking whether the company has enough operating strength to support the strategy, or whether the stock is now mostly a bet on ETH price performance.

This is the challenge every public crypto treasury company faces.

A rising crypto market can make the strategy look brilliant. A drawdown can make it look reckless. The difference often depends on timing, leverage, investor expectations, and whether the company can explain why holding the asset strengthens the business.

What It Says About Ethereum Demand For Ethereum itself, corporate buying remains a constructive signal.

The more entities that treat ETH as a treasury asset, the stronger the argument that Ethereum is maturing beyond a trading token. ETFs, staking infrastructure, tokenization, and DeFi already support the institutional case. Treasury accumulation adds another layer.

But the BitMine reaction also shows that Ethereum treasury demand is not a one-way narrative.

Investors may support ETH exposure in some structures and reject it in others. A spot ETF may be easier for institutions to understand than a company stock with operational risks attached. A clean fund product may be preferable to a public miner or infrastructure company using its balance sheet to accumulate tokens.

That does not make BitMine’s strategy wrong. It simply means the market will judge it through more than the ETH price.

The next thing to watch is whether BitMine can show a clear reason for holding such a large Ethereum treasury. If the strategy is backed by a coherent capital plan, custody framework, and operating model, investors may become more comfortable. If it looks like a pure price bet, the stock may remain volatile.

For crypto markets, the purchase still matters. It is another example of ETH moving into corporate treasury discussions. For equity markets, the message is more cautious: buying Ethereum is not enough by itself. Public companies still have to prove the allocation makes sense for shareholders.

This article is based on BitMine’s SEC filing and BMNR market data.

This article was written by the News Desk and edited by Samuel Rae.

Table of contents

The mood across crypto markets has turned cautious following a leverage-driven reset, but one Wall Street strategist is telling Ethereum holders to step back from the noise. Speaking on the New Era Finance Podcast, Fundstrat’s Tom Lee argued that the current choppiness punishes those who cannot stomach a drawdown. According to the original report covering the commentary, Lee pointed to a familiar pattern: capital exiting risk-on positions after a shock and chasing safer yield, only to miss the eventual snapback.

The Deleveraging Hangover and Yield Shift Lee framed the latest market limp as a direct consequence of a broad deleveraging event. When leverage unwinds, margin calls force liquidations, and prices overshoot to the downside. In that vacuum, opportunistic capital migrates toward yield-bearing instruments—treasuries, stablecoin staking, and tokenized real-world assets—rather than sitting in spot ETH. That rotation explains part of Ethereum’s underperformance even as its network fundamentals stay intact. The same dynamic has played out in equities before, most notably with Nvidia, which consolidated near $160 for months before a $2 trillion surge. Lee used that comparison to underscore how crypto markets also punish those who let short-term price action override the underlying thesis.

Fundamentals Haven’t Shifted While the price chart has looked grim for Ethereum bulls, the protocol’s structural story remains largely unblemished. Developer activity continues to cluster around Ethereum and its layer-2 ecosystems, with the network holding a dominant position in decentralized finance and tokenized asset issuance. A recent snapshot of Top 10 Blockchains by Developer Activity This Week showed Ethereum leading the pack, alongside BNB Chain and Polygon. On the institutional front, the tokenization of real-world assets crossed a landmark $20 billion on-chain, as covered in a Weekly Tokenization Roundup that noted activity from Bullish, Ondo, and JPMorgan. Those trends depend on Ethereum’s settlement layer, not on weekly price candles.

Impatience as the Real Risk Lee’s core message is not a price target but a behavioral warning. The investors who lose are the ones who sell during the long consolidation, convinced the trade is broken, only to miss the re-rating. That psychology is well-documented in crypto’s boom-and-bust cycles, but it hits harder when leverage unwinds and liquidations amplify the fear. What remains uncertain is the timeline. Macro factors—rate expectations from the Federal Reserve, liquidity conditions in global markets, and regulatory developments—could extend the consolidation phase. A pending crypto bill in the US Senate that faces heavy bank lobbying also creates a fog of uncertainty that suppresses risk appetite. For Ethereum specifically, the launch of spot ETF products has not yet translated into the sustained institutional bid that many expected, partly because the same deleveraging cycle hit equities and credit markets simultaneously.

The argument is straightforward: fundamentals and patience have historically won out, but only for those willing to endure the long stretches where nothing seems to work. Lee’s Nvidia analogy may be selective, but it resonates because crypto equities and tokens both suffer from what he calls a penalty on impatience. For an asset like Ethereum, which underpins a growing share of on-chain economic activity, that dynamic could look clearer in hindsight than it does right now.

AUTHOR

Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.

Key Highlights Major whale acquired 89,396 ETH valued at approximately $164.88 million across three days Ethereum declined 3.6% in the last 24 hours, currently hovering around $1,823 US market sentiment stays bearish even with $68M in ETH ETF inflows recorded this week Network active addresses dropped to December lows while transaction volume surged to record highs Crypto analyst Michaël van de Poppe projects ETH could reach $2,200–$2,400 with $1,780 support intact Ethereum currently trades around $1,823 following a 3.6% decline in the past day. The cryptocurrency pushed toward $1,944 three days earlier but faced resistance, retreating to $1,819 before staging a modest bounce.

Ethereum (ETH) Price While prices declined, significant whale movements emerged. Blockchain monitoring service Lookonchain identified two freshly established wallets that pulled 20,000 ETH from Coinbase Prime across two separate 10,000 ETH transactions totaling $37.72 million. This same whale entity had previously acquired 30,000 ETH valued at $57.6 million on July 16, pushing its three-day accumulation to 89,396 ETH worth roughly $164.88 million.

Data from CryptoQuant’s Spot Average Order Size indicator revealed substantial whale-sized orders occurring for seven straight days. That said, the metric captures both buy and sell orders, confirming heightened whale activity without indicating directional bias.

According to CoinGlass analytics, Ethereum’s Spot Netflow stayed negative for the second consecutive day at -$23.6 million compared to -$49 million previously. This indicates ongoing but decelerating net outflows from exchanges.

Source: Coinglass Mixed Network Fundamentals US-based spot Ethereum ETFs are poised to finish the week with $68 million in combined net inflows spanning Monday through Thursday. Exchange reserves have simultaneously decreased by 253,000 ETH since July 5, indicating investors are transferring holdings to personal wallets.

ETF FLOWS: US SPOT CRYPTO ETFs FLOWS DATA UPDATE (17-07-2026) YESTERDAY

🟩 Bitcoin ETFs: +2,065 $BTC (+$132.30M)
🟩 Ethereum ETFs: +19,940 $ETH (+$36.73M)
🟥 HYPE ETFs: -90.87K $HYPE (-$5.45M)
🟩 $DOGE, $LINK, $BNB, $AVAX, $DOT, $HBAR , $LTC, $XRP, $SOL Flows Was Zero.

TOTAL US… https://t.co/OJCQThZG56 pic.twitter.com/cvNBFllZkp

— Crypto Patel (@CryptoPatel) July 18, 2026

Despite these positive signals, the Coinbase Premium Index—which measures US institutional demand—continues trading in negative territory. Ethereum network active addresses have contracted to a 14-day simple moving average of 397,000, marking the lowest reading since December, even while daily transactions climbed to an all-time high of 2.65 million.

The amount of staked ETH has climbed to an unprecedented 40.93 million ETH. Much of this increase, however, stems from a single participant: treasury management firm BitMine Immersion, which has staked 4.9 million ETH since December.

Technical Outlook and Key Levels The Balance of Power indicator shifted dramatically from 0.93 to -0.61, signaling that sellers currently dominate near-term price momentum.

Looking at the daily timeframe, Ethereum maintains its position above the 20- and 50-day exponential moving averages positioned at $1,791 and $1,812 respectively. Immediate resistance appears at $1,909, followed by $1,942 and $2,018. Downside support levels include $1,806, with stronger zones at $1,741 and $1,524.

Prominent crypto trader Michaël van de Poppe (@CryptoMichNL) stated on X that Ethereum hitting $2,000 soon is “incredibly more likely,” pointing to an emerging uptrend and solid support maintaining at $1,780. He outlined subsequent price targets between $2,200 and $2,400, emphasizing that the market structure “shouldn’t be overcomplicated.”

It's incredibly more likely that we'll start to see $ETH at $2,000+ in the near future.

The asset is running a new upwards trend and flipping previous resistance levels for support.

I don't think things should be overcomplicated, and on the lower timeframe levels, it's clearly… pic.twitter.com/h7OAoppiec

— Michaël van de Poppe (@CryptoMichNL) July 18, 2026

Over the past 24 hours, ETH saw $91.4 million in total liquidations, with long positions accounting for $61 million of that figure.

Ethereum whales remain comfortably in profit, but rising exchange deposits and ample liquidity could keep selling pressure elevated.

CryptoQuant contributor PelinayPA said Ethereum’s Whale Net Unrealized Profit/Loss (NUPL) remains above zero. This means large holders are still sitting on unrealized gains.

However, the metric has not yet reached the extreme levels seen at previous market tops. That suggests whales have not entered the profit zone that typically leads to heavy selling.

“Whales are not yet at the psychological threshold that typically triggers heavy profit-taking,” the analyst said. Although their unrealized profits are gradually shrinking, the current trend does not resemble the conditions seen at past market cycle peaks.

Binance Deposits Keep Selling Pressure Elevated Despite the lack of peak-profit conditions, Ethereum deposits to Binance remain unusually high. According to CryptoQuant, ETH deposits into Binance have increased sharply since late 2024 and remain elevated.

However, moving ETH to an exchange does not always mean investors plan to sell immediately. Still, it puts more ETH on the market, increasing the risk of selling pressure.

CryptoQuant’s chart shows the Binance User Deposit Address metric standing at 1.12 billion on July 15, remaining close to its highest levels in recent years. This suggests a large amount of ETH remains on the exchange and is available for trading.

Ethereum Whale NUPL chart | CryptoQuant Stablecoin Reserves Give Ethereum Whales More Buying Power The report also points to growing stablecoin reserves among large investors. CryptoQuant’s USDT and USDC Whale metric has climbed to 2.7958 billion, indicating that large investors collectively control nearly $2.8 billion in stablecoin liquidity that could be deployed into Ethereum or kept on the sidelines. These holdings give them additional buying power alongside their existing Ethereum positions.

This allows whales to buy more ETH if they see an opportunity. However, they could also shift their capital out of Ethereum if market conditions worsen.

Meanwhile, Ethereum’s Realized Price has climbed to approximately $2,305. This means the average price investors paid for ETH is increasing.

The analyst said this reflects stronger long-term capital inflows than in previous market cycles. It also suggests new investors are still buying Ethereum, even at higher prices.

As The Crypto Basic reported yesterday, large investors, including Bitmine, Abraxas Capital, and unknown whales, accumulated 82,898 ETH over three days. Industry leaders such as Bitmine Chairman Tom Lee have also continued to issue bullish outlooks for ETH, including a 100x price prediction, even amid the bear market.

Whale Capital Flows Could Decide ETH Next Move PelinayPA concluded that Ethereum whales are holding large amounts of both ETH and stablecoins, giving them ample liquidity on either side of the market.

This means Ethereum’s next major price move could depend on what whales do next. If they use their stablecoin reserves to buy more ETH, prices could rise. If they start selling their ETH for cash, prices could come under pressure.

At the time of writing, Ethereum was trading at $1,846. It was up 1% over the past 24 hours, 2.6% over the past week, and 5.5% over the past month. However, it remained 49% below its price from a year ago.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

The Clarity Act remains a major focus as the crypto market gains 1.27% to reach $2.19 trillion. Bitcoin price hovered above $64,000, supported by renewed institutional demand. Ethereum price was above $1,800, and XRP was close to $1.08. The Solana price was at hovering of 74, and the Cardano price was rising to $0.166.

Clarity Act Could Reshape Altcoin Regulation The Clarity Act prediction would divide digital asset oversight between the SEC and CFTC. The CFTC would supervise digital commodity spot markets. In the meantime, securities and fundraising would be under the jurisdiction of the SEC.

Proponents are hopeful that the framework will help in minimizing regulatory confusion within the United States. More definite regulations can enhance the trustworthiness of institutions and service providers.

However, the legislation has not passed the full Senate. President Donald Trump had a meeting with Senate Republicans, although the new text never came out. Polymarket traders later reduced the bill’s 2026 passage odds to 39%.

Source: Polymarketcap Representative Bryan Steil remained optimistic during a July 17 Fox News interview. He added that Senate approval would come the next week. Steil stressed the need for American regulatory standards.

XRP XRP price traded near $1.08 on Saturday amid cautious sentiment.  Greater regulation may decrease the uncertainty around XRP transactions, exchange services, and institutional adoption. It may encourage banks and payment companies to explore XRP Ledger products.

Demand for spot XRP exchange-traded funds returned on Thursday. According to SoSoValue, the products drew in close to 7 million inflows each day. Cumulative inflows went up to approximately $1.49 billion.

The average net assets in listed funds were approximately 997 million. Further demand in ETFs may absorb the selling pressure and aid in a more stable recovery.

Source: Sososvalue data The first resistance is around 1.10, then 1.15 and 1.16. XRP price must reclaim $1.25 to weaken its broader bearish structure.

Immediate support is close to $1.03. A firm downward break below that may open XRP to a further fall.

Solana (SOL) Solana price rose 0.52% to $74 during the past day. Its performance trailed Bitcoin’s 1.69% gain.

SOL could benefit because it faced previous security-related allegations. Solana was the subject of enforcement cases accepted by the SEC against multiple cryptocurrency exchanges.

A distinct digital commodity structure would reduce compliance issues among exchanges, custodians, and investment managers. The change can facilitate greater institutional involvement.

Solana already has staking, payments, decentralized applications and tokenized assets. The increased confidence would speed up operations in these regions.

SOL price The future SOL outlook must hold support near $74 to protect its recovery attempt. An effective defense might result in resistance around $76.50.

Nevertheless, the possibility of losing $74 may lead to increased selling pressure. The second significant negative target would be around $69.60.

Cardano (ADA) Cardano price gained 3.82% to $0.166 during the past day. It increased at a greater rate than the overall market, which grew by about 1.24%.

ADA may receive the largest proportional benefit from the Clarity Act. This was not the first time that Cardano was experiencing uncertainty following past SEC security claims.

The agency was previously called ADA when it dealt with Coinbase, Binance, and Kraken. These allegations raised eyebrows among trade and institutional service providers.

Source: ADA/USD 4-hour chart: Tradingview The Cardano price should not be below $0.16 to safeguard its near-term structure. Holding that level could support another test of the $0.169 pivot.

Loss of momentum can undermine the recovery. A clear negative trend might drive ADA down to around the mark of support at $0.152.

Ethereum has regained an upward trajectory for the first time in a year, coinciding with rising institutional adoption in tokenized finance. The network registered $327.3 million in tokenized exchange-traded fund (ETF) inflows over the past 12 months, securing a dominant lead over rival blockchains.

Ethereum’s upward price trendAnalyst Michaël van de Poppe highlighted that Ethereum has entered a new uptrend following nearly a year of sideways movement. He assessed the current market pullback as a relatively normal correction within this structure and expressed optimism about Ethereum’s potential for further gains if buyers defend key support levels.

$ETH is ready for another move higher, and the current consolidation appears to be a routine correction rather than a bearish phase. Michaël van de Poppe emphasized that he does not see a convincing reason for a bearish outlook on Ethereum, stating the asset has now entered an uptrend for the first time in twelve months.

According to van de Poppe, Ethereum’s correction does not alter the underlying positive momentum. Market observers are now watching whether ETH can stabilize and build the foundation for a fresh rally. The continued recovery phase remains in focus as analysts monitor price stability after volatility.

Record tokenized ETF inflows boost Ethereum’s dominanceValidation provider Everstake reported that Ethereum recorded the largest inflows into tokenized ETFs in the last year, adding $327.3 million to its total market capitalization. This amount was nearly four times that of Solana and more than five times that of BNB Chain over the same period.

Everstake stated that Ethereum is becoming the home of tokenized finance, supported by significant inflows into tokenized ETFs. The network’s $327.3 million in ETF inflows outpaces Solana’s and BNB Chain’s combined total, underlining Ethereum’s leading role in this sector.

Tokenized ETFs are blockchain-based representations of traditional exchange-traded funds, offering market participants access to ETF exposure using decentralized infrastructure. Their growing popularity reflects increasing institutional attention to tokenized asset markets, with liquidity and network maturity influencing the choice of blockchain platforms.

NetworkTokenized ETF Inflows (12 months)Ethereum$327.3 millionSolanaApprox. $82 millionBNB ChainApprox. $65 millionMini dictionary: Everstake is a blockchain infrastructure company specializing in staking and validation services across multiple proof-of-stake networks, supporting both institutional and retail clients.

Institutional interest centers on Ethereum’s infrastructureEverstake noted that institutional investors consistently prioritize deep liquidity, robust infrastructure, and established developer activity when choosing blockchain networks. Ethereum offers all three, contributing to its continued appeal as a platform for tokenized finance products, stablecoins, and on-chain markets.

Analysts say these fundamentals have kept Ethereum at the center of institutional blockchain strategies. As the uptrend continues, traders are also closely monitoring developments in tokenized ETF inflows among the major chains.

Ongoing growth in tokenized assets and decentralized finance may help reinforce Ethereum’s network role, especially as competition with Solana and BNB Chain intensifies.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

SEC FILLINGS: 8-K - Grayscale Ethereum Staking ETF (0001725210) (Filer)

MetaMask Owner Uncovers North Korean Developer Hidden in Its Team

Ethereum price today: $1,830US sentiment toward Ethereum remains in negative territory despite declines in ETH exchange reserves and ETF inflows.Ethereum’s increasing transaction counts and staking inflows are driven by a few players rather than broad market participation.ETH eyes a bounce off the 50-day EMA and $1,806 horizontal level.Ethereum's (ETH) outperformance over the past week shows it's gaining relative strength against other top cryptocurrencies, but under the surface, key metrics indicate its rise remains fragile.

Between last week and Wednesday, ETH recorded double-digit gains, outperforming fellow crypto majors Bitcoin (BTC), XRP, and Solana (SOL), before the broader market began to correct on Thursday.

Since July 5, Ethereum Exchange Reserves have fallen by 253K ETH, indicating more investors are moving coins to self-custody wallets and reducing available sell-side supply.

ETH Exchange Reserves. Source: CryptoQuantSimilarly, US spot ETH exchange-traded funds (ETFs) are on track to end the week positively after $68 million in net inflows between Monday and Thursday, according to SoSoValue data.

However, the Coinbase Premium Index, which measures US sentiment, remains in negative territory despite seeing a slight recovery earlier in the week. The metric has to recover to positive levels and remain there to sustain ETH’s price growth.

​

ETH Coinbase Premium Index. Source: CryptoQuantMeanwhile, network activity shows a mixed outlook. The 14-day moving average of transaction counts has soared to a new high of 2.65 million, breaking its May record.

Ethereum Transaction Counts. Source: CryptoQuantHowever, active addresses have continued to decline, with their 14-day SMA falling to 397K, their lowest level since December. The divergence indicates that fewer wallets are interacting with the network, but are executing transactions at a higher frequency. Historically, booms in transaction counts without broad network participation are difficult to sustain price growth.

Ethereum Active Addresses. Source: CryptoQuantMeanwhile, the total value of staked ETH continues to soar, reaching a new record high of 40.93 million ETH, up 4.94 million ETH since the beginning of the year. On the surface, the sustained growth in staking inflows reflects confidence in the top altcoin, as investors lock up their tokens to earn yield and contribute to network security while expecting a price recovery.

However, it's important to note that a majority of the staking inflows have stemmed from Ethereum treasury firm BitMine Immersion (BMNR), which has staked 4.9 million ETH since December. Hence, the growth in total ETH staked doesn't necessarily reflect broad participation in staking.

​Ethereum Price Forecast: ETH eyes a bounce off the 50-day EMAEthereum has seen $91.4 million in liquidations over the past 24 hours, led by $61 million in long liquidations.

On the daily chart, ETH is holding a constructive near-term bullish bias, with price above the 20- and 50-day Exponential Moving Averages (EMAs) at $1,791 and $1,812. Momentum stays positive with the Relative Strength Index (RSI) hovering in the mid-50s and the Stochastic Oscillator (Stoch) elevated, which together suggest that buying pressure remains in control, even as the advance starts to look stretched.

On the topside, initial resistance is seen at the horizontal barrier near $1,909, ahead of a denser supply zone formed by the 100-day EMA at $1,942 and the $2,018 and $2,107 levels. Further hurdles are at $2,211 and $2,388.

ETH/USDT daily chartOn the downside, immediate support is aligned around $1,812–$1,806, where the 50-day EMA and a horizontal level converge, followed by the 20-day EMA and the structural floor at $1,741. A deeper setback would expose the next medium-term supports at $1,524, $1,404 and $1,155.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Bitcoin traded around $64,000 on Friday as spot ETF inflows remained positive, while crypto market sentiment stayed in the Fear zone.

Notable Statistics:

Coinglass data shows 112,566 traders were liquidated in the past 24 hours for $438.29 million.        SoSoValue data shows net inflows of $79.2 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net outflows of $28.04 million. In the past 24 hours, top gainers include DeXe, Pi and Quant. Notable Developments:

Trader Notes:

Crypto chart analyst Ali Martinez explained that dormant Bitcoin moved on-chain in large amounts over the past 24 hours, signaling a potential increase in volatility. Historically, spikes in old coins changing hands have often preceded major price moves in the Bitcoin market.

Trader Jelle notes that every previous Bitcoin bear market bottom formed below the 0.618 Fibonacci retracement of the prior bull cycle. While Bitcoin has now tested that key level for the first time, they argue history suggests the final bear market low may still lie ahead despite growing optimism that the bottom is already in.

Trader KillaXBT says Bitcoin must reclaim the $63,600–$63,800 resistance zone to maintain bullish momentum. Failure to break above this key area, aligned with the weekly open, could trigger a corrective move toward $61,000.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

TLDR: Table of Contents

TLDR:Custody Framework And Settlement AccessSovereign Bond Structure And Broader ApplicationGet 3 Free Stock Ebooks BitGo Bank & Trust now offers qualified custody for USDM1, the first onchain sovereign bond  USDM1 is backed 1:1 by US Treasuries and issued natively onchain by the Marshall Islands Go Network enables off-exchange settlement with T+0 timing across Stellar, Ethereum, and Solana Marshall Islands uses USDM1 to fund a 20-year Universal Basic Income program nationwide  BitGo Bank & Trust will provide institutional-grade qualified custody and off-exchange settlement for USDM1, the first natively issued onchain sovereign bond. The Marshall Islands issued this dollar-denominated instrument, which is backed 1:1 by US Treasuries.

Institutional clients can hold USDM1 in regulated cold storage and use it for collateral and settlement through BitGo’s Go Network. The service spans Stellar, Ethereum and Solana networks.

Custody Framework And Settlement Access BitGo Bank & Trust operates as an OCC-regulated digital asset trust bank under BitGo Holdings, Inc. The bank now supports USDM1 within its qualified custody platform for institutional clients.

Segregated accounts, offline key management and institutional controls form the foundation of this custody structure. These features apply across all three supported blockchain networks.

BitGo announced the news in a post on X, describing USDM1 as the first natively issued onchain secured sovereign bond.

Today we're announcing institutional-grade qualified custody and off-exchange settlement for USDM1, the world's first natively issued onchain secured sovereign bond.

Institutional clients can hold this dollar-denominated sovereign bond in regulated custody on BitGo and use it…

— BitGo (@BitGo) July 17, 2026

The company stated that institutional clients can hold this dollar-denominated sovereign bond in regulated custody on BitGo and use it for collateral and settlement through BitGo’s Go Network. The post confirmed availability across the three supported networks.

Through the Go Network Off-Exchange Settlement solution, eligible clients can deploy USDM1 to connected trading venues.

This access operates continuously, with settlement completed on the same day trades occur. Assets do not need to move onto an exchange for this process to function.

This structure aims to reduce exposure during the trading day and lower settlement risk for institutions. It also targets a reduction in pre-funding requirements across trading and financing operations.

BitGo positions this setup as a way to improve capital efficiency for institutional clients working with digital assets.

Sovereign Bond Structure And Broader Application USDM1 was issued by the Republic of the Marshall Islands as a secured sovereign bond. The instrument follows a structure similar to a fully collateralized Brady bond under New York law. It is designed to accrue value daily, with minting and redemption tied to live signed price quotes.

Mike Belshe, CEO and co-founder of BitGo, addressed the announcement directly. He said USDM1 is “a different kind of asset – sovereign collateral with Treasury backing, built to fit how institutions already operate.” He added that custody access allows institutions to use the asset within infrastructure they already rely on.

Hon. David Paul, the Marshall Islands’ Minister of Finance, Banking and Postal Services, also commented on the partnership.

He noted that the government “truly appreciates BitGo’s partnership and is proud to see this infrastructure put to work built on trusted legal frameworks.”

He described USDM1 as anchored in the full faith and credit of the Marshall Islands government, secured by underlying US Treasury collateral.

Beyond institutional finance, the Marshall Islands has deployed USDM1 in a nationwide Universal Basic Income program.

The program distributes funds quarterly across more than 1,200 islands over a 20-year period. Financial institutions have also begun using USDM1 as a treasury instrument in daily operations.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

Altcoins

17 July 2026 | 16:40 Ethereum was rejected near $1,930 and subsequently fell through the 0.382 Fibonacci retracement. The decline has returned ETH to the former resistance area that blocked buyers for almost 10 days before the breakout. That makes the current pullback a direct test of the new market structure. 

Key Takeaways ETH was rejected near $1,930 and lost the 0.382 Fibonacci retracement during the pullback. Price is now testing an area that capped ETH for almost 10 days before the breakout. Open interest has fallen from above $15B toward $11.5B, showing that derivatives exposure is being reduced. Funding remains positive, leaving the smaller pool of open positions tilted toward longs. Derivatives positioning adds an important qualification. Open interest has contracted significantly, indicating that traders are reducing exposure, but funding rates remain positive. The market is less leveraged than it was near the recent open-interest peak, although the positions still open remain biased toward the bullish side.

Former Resistance Becomes the Main Decision Zone The support being tested is more important than an isolated Fibonacci level because of the time ETH previously spent below it. Sellers controlled this area for nearly 10 days before buyers finally forced a breakout.

Daily Ethereum price chart. A successful retest would show that supply at the former resistance has been absorbed. ETH would then need to recover the 0.382 Fibonacci level before making another attempt at $1,930.

Failure would indicate that the breakout did not establish durable support. In that case, the 50-day SMA and the 0.236 Fibonacci retracement would form the next major area for buyers to defend.

The daily close matters more than a intraday move through the level. A temporary dip followed by a recovery would leave the structure intact, while a close below support and a failed retest would provide stronger evidence of a breakdown.

Funding and Open Interest Tell Different Parts of the Story Ethereum open interest across all exchanges rose above the $15B area during the middle of the latest 90-day period before declining toward approximately $11.5B, per CryptoQuant data.

Ethereum open interest trends across exchanges. That contraction shows that traders have been closing positions rather than adding substantial new derivatives exposure. The market is therefore in a de-risking phase after the earlier build-up.

Lower open interest reduces the amount of leverage available to fuel a fresh liquidation cascade. It does not eliminate downside risk, but it means the current pullback is not developing alongside an aggressive expansion in open positions.

Funding rates provide the other half of the picture. Most readings across the latest 30 data points have remained positive, with recent values around 0.004 to 0.011. Long traders are still paying shorts, showing that perpetual positioning remains bullish overall.

Ethereum funding rate fluctuations on exchanges. The occasional negative dips demonstrate that sentiment can reverse quickly, but the latest combination is clear:

Total derivatives exposure is shrinking. The positions that remain are still tilted toward longs. That is a less crowded setup than rising open interest combined with strongly positive funding. The remaining risk is that a support failure forces those long-biased traders to reduce exposure further.

A recovery would be more convincing if open interest stabilizes or begins rising gradually after ETH holds support. Price bouncing while open interest continues to fall would suggest that the move lacks broad derivatives participation.

What the Derivatives Data Needs to Show The chart already defines the key support and resistance levels. The derivatives data can show whether the next move has enough participation to continue.

ETH Market Sentiment Indicator

🟢 Strong Recovery

ETH holds the breakout zone with rising or stable open interest. Positive funding remains constructive- provided it avoids the danger of crowded long positioning.

⚪ Weak Recovery

Price bounces while open interest falls, indicating that the move is fueled by short-covering or position closures rather than genuine new exposure.

🔴 Greater Downside Risk

ETH loses key support while funding remains positive, leaving long-biased traders highly vulnerable to a potential cascade of position reductions.

Open interest has already fallen substantially from its recent peak, so the market is less leveraged overall. The next signal is whether traders begin rebuilding exposure after support holds or continue withdrawing from the derivatives market.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice.

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.

Large cryptocurrency investors have continued buying Ethereum over the past three days. 

They withdrew nearly 82,000 ETH, worth more than $154 million, from major exchanges this week.

At the same time, Fundstrat Chairman Tom Lee shared a long-term bullish outlook for Ethereum. He said the cryptocurrency could ‘easily’ rise 100-fold.

Whales Withdraw Nearly 82,000 ETH From Exchanges According to blockchain analytics platform Lookonchain, several whale wallets accumulated Ethereum between July 15 and July 17.

On July 17, two newly created wallets withdrew 20,000 ETH worth about $37.72 million from Coinbase Prime. During the same period, investment firm Abraxas Capital withdrew another 8,452 ETH worth roughly $16 million from Binance and Bybit.

The activity followed a strong buying day on July 16. Three newly created wallets withdrew 30,000 ETH worth $57.66 million from Coinbase Prime. Crypto entrepreneur Arthur Hayes also bought 1,293 ETH, valued at around $2.48 million.

On July 15, Abraxas Capital withdrew another 8,153 ETH worth $15.3 million from Binance and Bybit. At the same time, the firm deposited 618 BTC worth nearly $40 million into Kraken. The move suggested a possible shift from Bitcoin into Ethereum.

Overall, the disclosed purchases totaled 81,898 ETH over three days.

Bitmine Expands Its Ethereum Treasury Holdings Institutional buying has also extended to corporate treasuries. Bitmine, chaired by Tom Lee, purchased another 6,000 ETH worth approximately $11.18 million from FalconX on July 15.

The purchase adds to Bitmine’s growing Ethereum holdings, now approaching 6 million ETH. The company is aiming to build one of the largest Ethereum treasury positions while also investing in Ethereum ecosystem projects.

Tom Lee Shares Bullish Ethereum Outlook In Bitmine’s July Chairman’s Message, titled “Ethereum Is the Cure for the Uncanny Valley of Wealth,” Lee compared Ethereum’s current stage to the early days of the internet.

He argued that many investors still underestimate crypto’s role in an AI-driven economy.

According to Lee, Ethereum could become the settlement layer for future financial systems. He believes crypto infrastructure will play a key role in supporting digital wealth and AI-powered commerce.

Lee referenced projections from Ethereum co-founder Joe Lubin and research from Etherealize that suggest Ethereum could eventually reach $250,000 per ETH. That would represent a gain of roughly 100 times from current levels.

Bitmine Chairman’s Message However, Lee said he was not endorsing that exact price target. Instead, he argued that Ethereum still has “radical upside.”

He compared Ethereum’s potential growth to companies such as Amazon, Nvidia, and JPMorgan during their early expansion phases.

Lee also highlighted the connection between Bitmine’s stock performance and Ethereum’s price. He said the company’s shares have shown a reported 90% correlation with ETH.

If Ethereum reaches the higher valuations predicted by some long-term bulls, Lee believes Bitmine shareholders could also benefit significantly.

Lee ended by quoting investor Charlie Munger: “The big money is not in the buying and selling, but in the waiting.”

The quote reflects Bitmine’s long-term confidence in Ethereum’s future as the firm has accumulated 5.74 million ETH tokens over the past year.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.