South Korean funeral service company Bumo Sarang is sitting on roughly 49.3 billion won ($32.7 million) in unrealized losses after investing about $40 million in customer funds into leveraged crypto exchange-traded funds (ETFs).

Bumo Sarang invested in the T-REX 2X Long BMNR Daily Target ETF (BMNU), which doubles the daily returns of Ether (ETH) treasury company Bitmine, according to the company’s audit report for 2025.

Another funeral service company, Christian Funeral Family of Faith, recorded a $331,700 net loss last year, according to Korea Economic Daily.

The findings renewed scrutiny over South Korea’s funeral mutual aid industry, which is supervised by the Fair Trade Commission (FTC) instead of financial regulators, despite managing large pools of customer prepaid funds.

Korea Economic Daily reported that about 43% of local funeral service providers held fewer assets than customer advance payments, raising concerns about whether some of them could repay customers in the event of mass cancellations.

Bumo Sarang audit report for 2025. Source: FTC

A spokesperson for Bumo Sarang told the local outlet that the company is only facing a “short-term unrealized loss due to global market volatility,” which remains “sufficiently controllable within the company’s financial buffer.”

Cointelegraph reached out to Bumo Sarang and Family of Faith for comment but did not receive a response before publication.

Related: South Korea’s Shinhan Card taps Solana to test real-world stablecoin payments

South Korean capital piled into Ether-linked stocks in 2025

A large chunk of South Korean retail capital rotated out of tech stocks and into Ethereum treasury companies last year.

“There’s around $6 billion of Korean retail capital propping up the Ethereum treasury companies,” wrote Samson Mow, the CEO of Bitcoin tech company JAN3, in an Oct. 6 X post. He added that some of those retail buyers didn’t understand the risks of investing in Ether.

ETH, BMNR, year-to-date chart. Source: Cointelegraph/TradingView

Ether’s price fell over 28% year to date in 2026 and was trading above $2,118 at the time of writing. Bitmine’s stock price fell nearly 40% during the same period to $18.7, TradingView data shows.

Bitmine chairman Tom Lee described Ether’s drop below $2,200 as an “attractive opportunity” after the treasury company bought another 71,672 Ether, according to Cointelegraph reporting earlier Tuesday.

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Privacy coin Zcash (ZEC) is flashing a classic bullish reversal pattern that could push its price above $1,000 in the coming weeks.

Key takeaways:

• ZEC’s cup-and-handle setup points to a potential rally toward $1,091 by June or July.
• Privacy coins are leading the market, with ZEC up 73% over the past month versus crypto’s 0.2% gain.

Privacy narrative may trigger 55% ZEC price upside

The ZEC/USD pair appears to have formed a cup-and-handle (C&H) pattern, marked by a rounded recovery phase followed by a downward-sloping consolidation.

Traders typically read the structure as bullish once the price breaks above the neckline, as it suggests buyers have absorbed the previous supply wall and regained control.

The pattern’s upside target is calculated by measuring the distance between the cup’s lowest point and the neckline, then adding that height to the breakout level.

ZEC/USD three-day price chart. Source: TradingView

As of Tuesday, ZEC had entered the pattern’s “handle” stage while eyeing a breakout above the neckline resistance at around the $625–$650 area.

Zcash’s decisive close above the neckline may send its price toward $1,091 by June or July, up about 88% from current prices, if the C&H structure plays out as intended.

This upside target aligns with ZEC’s 1.618 Fibonacci extension, drawn from the $745 swing high to the $185 swing low.

ZEC is outperforming the crypto market in May

ZEC has gained 18% over the past three days, even as the wider market has fallen 3.45% over the same period, prompting some traders to argue that Zcash is effectively “running its own bull market.”

Source: X

Broadly, privacy coins have outperformed the wider crypto market over the past month. ZEC led the move, gaining more than 73%, while other privacy-focused tokens such as Monero (XMR) and Dash (DASH) also rallied in tandem.

By comparison, the total crypto market capitalization rose just 0.2% over the same period, suggesting the move is more sector-specific than market-wide.

ZEC/USD versus XMR/USD, DASH/USD, and the TOTAL crypto market cap one-month performance. Source: TradingView

Heightened demand for anonymity and financial privacy is driving much of Zcash’s renewed appeal, turning the once-forgotten privacy coin into one of crypto’s strongest narratives.

Related: Zcash gains 70% in a week amid growing interest in crypto privacy

The bullish case gained further traction last week after BitMEX co-founder Arthur Hayes said ZEC’s market capitalization could one day reach 10% of Bitcoin’s (BTC).

That would imply a price of $9,225 per coin based on ZEC’s current circulating supply of about 16.68 million tokens.

ZEC’s value in BTC terms has grown roughly 20.50% since Hayes’s comment.

ZEC/BTC daily chart. Source: TradingView

Earlier in May, sentiment also improved after Multicoin Capital disclosed Zcash exposure and Robinhood listed the token, adding fresh institutional and retail-access catalysts to ZEC’s rally.

TLDR

• Bitcoin price dropped sharply this week and briefly touched $76,000 during increased selling pressure.
• Bitcoin whale wallets holding at least 100 BTC increased to 20,229 over the past year.
• Large Bitcoin holders continued accumulation despite market volatility and shifting investor sentiment.
• Data showed that these whale wallets now hold Bitcoin worth at least $7.7 million each.
• Retail traders showed fear and reacted with increased selling as bearish sentiment rose.

Bitcoin recorded a sharp weekly decline and briefly touched $76,000, while large holders increased accumulation. Data showed rising whale wallet numbers despite growing market stress and negative sentiment. Analysts reported continued institutional activity as retail traders reacted with caution and selling pressure.

Bitcoin Whales Expand Holdings During Price Weakness

Bitcoin experienced a fast pullback this week, and prices briefly fell toward $76,000 during heavy selling. However, large holders continued accumulation, which reflects sustained activity from institutions and high-net-worth investors.

Santiment reported that wallets holding at least 100 BTC increased to 20,229 over the past year. The firm stated, “This marks an 11.2% rise from 18,191 wallets recorded last year.”

These wallets hold roughly $7.7 million or more in Bitcoin, which links them to major investors. The data showed that accumulation continued even during periods of volatility and shifting sentiment.

Santiment added that whale growth persisted despite retail hesitation and frustration across social channels. The firm noted that large holders often act independently of short-term market sentiment.

Historically, rising whale wallet numbers suggest confidence in Bitcoin’s long-term supply dynamics and market role. This trend continued even as prices faced downward pressure.

Market Stress Rises as Selling Pressure Builds

CryptoQuant data showed that the SOAB ratio moved above normal levels during the recent downturn. This shift indicated capitulation from older Bitcoin holders who began selling under pressure.

At the same time, short-term investors showed panic-selling behavior as prices declined quickly. This reaction contributed to increased volatility across the market.

Santiment reported a surge in bearish sentiment across social media platforms in recent days. The firm stated that bearish comments exceeded bullish ones for the first time since April 21.

Retail traders reacted strongly to price weakness and expected further declines in the near term. This shift highlighted growing fear among smaller market participants.

Analysts suggested that a rapid V-shaped recovery remains unlikely under current conditions. Market data reflected ongoing stress across both long-term and short-term holders.

Regulatory Progress Enters Focus as Next Catalyst

Nexo analyst Dessislava Ianeva pointed to regulatory developments as a potential driver of future price movement. She stated that the CLARITY Act could influence Bitcoin’s trajectory.

The bill recently advanced through the Senate Banking Committee, which raised expectations for regulatory clarity. Ianeva said, “This progress may act as a catalyst for the next rally.”

Bitcoin briefly rose above $82,000 following the committee approval and market reaction. At the same time, prediction markets increased the probability of the bill becoming law in 2026.

Ianeva compared the development to the earlier GENIUS Act rally, which also triggered price movement. She added that a Senate floor vote could support further upside momentum.

Recent price movements and legislative progress continue to shape market direction and investor positioning. Data shows that whale accumulation remains active during ongoing volatility.

Asset manager Yorkville America has requested to withdraw multiple crypto exchange-traded funds applications filed on behalf of the Donald Trump-backed Truth Social after changing its product strategy.

Yorkville America said Tuesday that it is moving away from offerings registered under the Securities Act of 1933, such as the proposed Truth Social Bitcoin ETF, to structures under the Investment Company Act of 1940, saying the shift would enable it to offer more innovative products while benefiting from stronger investor protections and tax efficiencies. 

Yorkville America’s Truth Social Bitcoin & Ethereum ETF and Truth Social Crypto Blue Chip ETF were also withdrawn. The asset management firm said it “initiated this process after determining the ’40 Act framework provides a structure for delivering the differentiated, rules-based investment strategies the firm continues to develop for its growing investor base.”

Yorkville America’s request to withdraw its Truth Social Bitcoin ETF. Source: SEC

The firm, known for “America First”-themed investment products, gave no indication it would pursue a crypto ETF under the ‘40 Act framework. Yorkville is the financier and asset manager for Trump Media & Technology Group (TMTG), which is behind Truth Social.

The withdrawals come amid ongoing concerns that Trump’s ties to the crypto industry, and the financial interests stemming from them, are conflicting with his duties as the US president.

Democratic senators have been pressing for answers ever since Trump was inaugurated in January 2025, particularly regarding his role with the World Liberty Financial crypto platform.

Crypto ETFs have struggled this year

It also comes as demand for crypto ETFs has cooled in 2026 amid a broader crypto market pullback. 

Net inflows into US spot Bitcoin (BTC) ETFs in 2026 currently sit at $790 million as of Tuesday, mostly concentrated in the BlackRock-issued iShares Bitcoin Trust ETF (IBIT) and are only a fraction of the $25 billion that inflowed in 2025. 

Spot Ether (ETH) ETFs have also struggled to maintain investor interest, recording $640 million in net outflows, while new altcoin ETFs have not captured the same demand at launch as their predecessors. 

Related: Trump-linked American Bitcoin energizes 11,298 new ASICs 

However, Bloomberg ETF analyst James Seyffart suspected Yorkville America’s decision to pull out of the crypto ETF market may have been due to the competitive landscape for Bitcoin ETFs, particularly with the new Morgan Stanley Bitcoin Trust ETF carrying a market-low fee of 0.14%.

The crypto ETFs were intended to be part of TMTG’s broader crypto strategy, which included the launch of the Truth.fi financial platform last year.

Yorkville America’s product offerings range from American-themed funds spanning defense, security and energy, as well as tech and real estate.

Products issued under the ’40 Act are typically mutual funds and ETFs designed for diversified, regulated investment strategies, while ’33 Act structures are commonly associated with spot commodity and crypto-style ETF products. 

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