Fundamental backdrop

In late April 2026, Japan’s Ministry of Finance moved from verbal warnings to direct action, carrying out a currency intervention worth roughly ¥5.5 trillion ($35 billion) — the first since July 2024. The move was triggered by the yen weakening beyond the psychologically significant level of 160 against the dollar.

Additional context comes from the divergence in monetary policy between the ECB and the Bank of Japan: the European regulator continues to leave the door open to tighter policy amid rising inflation expectations, while Tokyo maintains a cautious normalisation path without providing clear guidance on the timing of its next move.

Technical picture

After reaching a local peak near 188 in mid-April, the EUR/JPY pair experienced two impulsive declines. The first occurred on 30 April, when the candlestick recorded an abnormal spike in vertical volume — a direct consequence of the Japanese Ministry of Finance intervention, which saw the yen strengthen by roughly 3% during the session. A second bout of sharp selling pressure followed in early May.

As a result, a horizontal profile formed with boundaries at 183.800–185.000, while the point of control is concentrated within the 184.50–184.70 range.

The price is now testing the upper boundary of the profile — an area where sellers have already shown activity on two separate occasions. The 182 region has held since February and could once again come into focus if pressure resumes: both May sell-offs reversed precisely from this zone, failing to break lower. Meanwhile, the 185.500 area could act as resistance should the current advance continue.

RSI + MA readings stand at 57 / 55 / 53 respectively — all three lines remain in neutral territory, with no clear signs of momentum.

Key takeaways

The current situation is shaped by the clash between interest-rate differentials and the willingness of the Japanese authorities to intervene again if necessary. For now, with RSI offering no directional impulse, the point of control and the profile boundaries remain the key reference levels for assessing the current trading range.

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Ether treasury company Bitmine Immersion Technologies has been included in a preliminary list for potential inclusion in the Russell 3000 index, a move that chairman Tom Lee hinted could provide tailwinds for the company’s stock.

FTSE Russell, a subsidiary of the London Stock Exchange Group, published a preliminary index inclusion list for the Russell 3000 on Friday, its index tracking the 3,000 largest companies in the US. 

Lee said in an X post Saturday that Bitmine could be included in the Russell 1000, an index tracking the largest 1,000 US companies, due to the index’s minimum market capitalization threshold of $5.7 billion. Bitmine’s market cap was $10.15 billion as of market close on Friday.

Lee said that “many active managers only buy equities on the Russell 1000,” adding that it is estimated that up to 25% of the market cap of a stock included in the index is held by passive index funds or exchange-traded funds.

Source: Tom Lee

Bitmine’s inclusion in the Russell 1000 would place it in the same index as major US large-cap equities, including tech giants Nvidia Corporation, Microsoft, and Apple and could trigger automatic buying by passive funds, providing traditional investors with indirect exposure to its Ether holdings.

FTSE Russell will provide further list updates on, June 5, June 12 and June 18, and the newly reconstituted indexes take effect after the US market close on June 26.

Bitmine stock down 30% year to date

Shares in Bitmine Immersion Technologies (BMNR) are down over 30% year-to-date and closed trading on Friday at $18.88. The company announced plans to build an Ether treasury in July 2025. By July 3, its stock had spiked to more than $135. The company disclosed holdings of 163,142 Ether worth about $500 million on July 14 of the same year.

Bitmine’s stock is down over 30% year-to-date. Source: Google Finance

As of last week, Bitmine held 5.28 million Ether, or about 4.37% of Ethereum’s total supply, with the company’s ultimate goal to hold 5% of the token’s circulating supply of 120.7 million. To hit its target of over 6 million Ether, Bitmine needs around 756,538 more in its stash.

Related: Ether pullback was ‘attractive opportunity’ for 71,672 ETH buy: Bitmine’s Lee 

Ether is down over 57% from its all-time high of $4,946, according to CoinGecko. BitMine also has an estimated $7.3 billion in paper losses due to the price drop. 

However, Lee previously argued that Ether’s steep drawdown may offer another buying opportunity and said last Monday that the company has staked most of its stash, with annualized staking revenues of $289 million.

Magazine: Polymarket seeks Japan entry, Harvard dumps entire ETH position: Hodler’s Digest, May 17 – 23 

Ondo Finance founder Nathan Allman has died, the company said in a post on X on Tuesday, without disclosing the cause.

“It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo’s founder. Our hearts are with his family and loved ones,” the company said. “Nate’s brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build.”

Ian De Bode, Ondo’s longtime president who has led strategy, product, and day-to-day operations for over two years, will serve as CEO. De Bode has the full confidence of the leadership team, the company said.

Allman, a Brown University graduate, founded Ondo in 2021 after working on Goldman Sachs’ digital assets team. Under his leadership, Ondo became a pioneer in tokenized real-world assets, growing total value locked to $3.5 billion.

Major products launched during his tenure include USDY, a yield-bearing stablecoin, OUSG, a tokenized U.S. Treasury fund, and tokenized equities through Ondo Global Markets.

The company said it would continue building what Allman started as the most meaningful way to honor him.

The combined market value of all stablecoins has hit a record high of $322 billion, dwarfing the foreign exchange reserves of 95 countries, including several developed countries.

As of now, their combined market cap is bigger than the FX reserves of Poland, Thailand, Mexico, and developed economies such as the United Kingdom, Canada and even the oil-exporting giant United Arab Emirates.

In essence, the amount of dollars and other fiat currencies held by users outside traditional banking channels now exceeds the official FX reserves, a sovereign protective cover against external economic shocks, of most nations.

Stablecoins are tokenized versions of fiat currencies issued on blockchain. Their values are pegged 1:1 to the U.S. dollar or other currencies such as the euro, yen, Swiss franc and others. Their combined market cap has grown multi-fold in recent years, with most activity concentrated in dollar-pegged coins such as tether USDT$0.9994 and USD Coin (USDC).

The growth is evidence of how fast capital is migrating to blockchain rails.

Foreign exchange (FX) reserves are the dollars, euros, yen, and gold that central banks hold as a buffer to stabilize their currencies, pay foreign debts, and finance energy and other imports. Only 14 nations, led by China, Japan, Russia, India, Taiwan and Germany, hold more FX reserves than the market value of stablecoins.

Double-edged sword

Stablecoins are widely used for trading cryptocurrencies. They allow users to exit volatile tokens without converting back to fiat currencies. For DeFi protocols, they serve as the settlement layer, and for cross-border payments, they provide a faster, cheaper way to move money across borders while bypassing legacy banking channels.

“The use of stablecoins in cross-border payments has grown, notably in corridors where legacy correspondent banking is slow or costly,” a recently released Bank of International Settlements report said. “Cross-border stablecoin flows have grown substantially since 2022, with particularly pronounced activity in regions experiencing high inflation and exchange rate volatility.”

But the ease of moving money comes with a risk.

Stablecoin transactions can trigger capital outflows, leaving already vulnerable current account deficit countries exposed to fiat-currency depreciation.

“Increases in stablecoin flows are associated with subsequent domestic currency depreciation, deviations from covered interest parity and widening wedges between stablecoin-implied and official exchange rates in segmented markets (Aldasoro et al (2026)),” the BIS said.

“These patterns are consistent with stablecoins enabling circumvention of capital controls and providing a relatively frictionless mechanism for EMDE residents to shift savings into dollar-denominated instruments,” the bank added.

This article was updated with a post from Lookonchain.

Ethereum price has slipped into a bearish rounded top structure as institutional outflows, leveraged shorts, and weakening momentum pressure the token below $2,150.

According to data from crypto.news, Ethereum (ETH) price was trading near $2,115 at press time after falling nearly 12% over the past seven days. The token briefly rebounded from the psychological $2,000 support zone as traders continued rotating capital into Bitcoin while risk appetite across altcoins weakened.

Part of the recent selling pressure emerged immediately after the U.S. Senate Banking Committee advanced the CLARITY Act on May 19. Instead of fueling a sustained rally, the regulatory breakthrough triggered a major sell-the-news reaction across Ethereum markets as traders locked in profits following weeks of speculative positioning ahead of the vote.

Institutional sentiment deteriorated further after JPMorgan published a bearish report warning that Ethereum’s future upgrades, including Glamsterdam and Hegotá, could continue weakening the network’s fee-burning mechanism.

Analysts at the bank argued that falling Layer-2 transaction costs were reducing ETH burn activity enough to keep the asset structurally inflationary rather than deflationary, a thesis that damaged confidence among large investors.

At the same time, spot Ethereum ETFs in the United States recorded their tenth consecutive trading session of net outflows on Friday. Data compiled by SoSoValue shows that over the past week, roughly $215 million exited the funds. The persistent selling streak removed a major source of buy-side liquidity just as Bitcoin continued attracting institutional inflows.

On-chain data also signaled weakening conviction among large holders. Whale addresses holding significant ETH balances reportedly dropped from around 1,100 to nearly 1,030 during the correction period.

Meanwhile, the ETH/BTC ratio slid toward 0.027, its lowest level this year, highlighting Ethereum’s underperformance relative to Bitcoin as investors increasingly favored the safer large-cap asset.

Outside crypto markets, easing tensions between the United States and Iran briefly improved sentiment across risk assets after both sides reportedly discussed a temporary ceasefire framework and partial reopening of the Strait of Hormuz.

Oil prices retreated 5$ to $91 on Monday following the headlines, reducing immediate inflation concerns and helping Ethereum stabilize above $2,000 after several sessions of aggressive liquidation-driven selling.

Is Ethereum forming a major bearish reversal pattern?

On the daily chart, Ethereum has formed what appears to be a bearish rounded top pattern stretching from mid-April into late May. The structure developed after ETH failed multiple times to sustain momentum above the $2,400 region, gradually transitioning from higher highs into a curved distribution pattern before breaking lower.

The rounded top neckline around $2,150 has now flipped into immediate resistance. Ethereum attempted to reclaim that level during the latest rebound but sellers quickly rejected the move, reinforcing bearish control over short-term price action.

Technical indicators continue leaning negative. Ethereum remains below the Supertrend resistance near $2,318 while also trading under the 50-day moving average around $2,264. The longer-term 200-day moving average near $2,541 continues sloping downward, showing that the broader trend remains weak despite temporary relief rallies.

A breakdown projection from the rounded top pattern points toward a possible move into the $1,850–$1,900 range if sellers regain momentum. That target aligns with the lower support zone visible on the chart from February’s consolidation period.

Meanwhile, liquidation data from CoinGlass shows heavy leverage concentration between $2,150 and $2,170, creating a major liquidity barrier directly above current price levels. Bright liquidation clusters in that region suggest many short positions could be forced out if ETH successfully reclaims resistance, potentially triggering a short squeeze toward $2,250.

Still, downside liquidity remains substantial below $2,050 and near the $2,000 psychological level. A decisive breakdown beneath those zones could accelerate long liquidations and intensify volatility across perpetual futures markets.

Blockchain tracking platform Lookonchain revealed that a trader recently opened a massive 23x leveraged Ethereum short position worth more than $100 million. According to the post, the position involved roughly 47,600 ETH with a liquidation price near $2,149, placing the trade directly around Ethereum’s current resistance cluster.

Nathan Allman, the founder and CEO of Ondo Finance and a leading light in the tokenization of real-world assets, has died at age 32. Ondo confirmed the loss in a post on X, expressing profound sadness and offering thoughts to Allman’s family and loved ones.

Ondo described Allman as the architect of the company’s mission to reshape finance through open, accessible technology. The firm credited him with driving the tokenization of billions of dollars in traditional assets and building a community of investors around on-chain representations of real-world assets. According to Ondo, the on-chain stack now includes about $3.86 billion in tokenized real-world assets across U.S. Treasuries, stocks, and commodities, with more than 111,680 token holders owning a tokenized RWA issued by Ondo. The company also noted that leadership transitions will occur in the wake of Allman’s passing, while his influence remains embedded in the project’s ongoing work.

Allman’s impact extended beyond Ondo. He previously led the firm’s early efforts in tokenized assets after a stint in Goldman Sachs’ digital asset team. Before joining Ondo, he founded ChainStreet Capital, a crypto hedge fund focused on algorithmic, event-driven trading. Ondo said that its president, Ian De Bode, would assume the role of CEO, with the company stressing that Allman’s mission would continue to guide its development. De Bode described the moment as deeply painful for the Ondo family, while affirming the team’s commitment to executing with excellence in Allman’s memory.

Key takeaways

• Nathan Allman, founder and CEO of Ondo Finance, died unexpectedly at 32, according to a company post on X.
• Ondo says Allman helped bring $3.86 billion worth of tokenized real-world assets on-chain, spanning U.S. Treasuries, stocks, and commodities, with over 111,680 token holders of Ondo-issued RWA tokens.
• Leadership transition: Ondo’s president, Ian De Bode, will become CEO as the company continues Allman’s mission and strategy.
• Allman’s career traced from Goldman Sachs’ digital asset team to founding Ondo and, previously, ChainStreet Capital, a crypto hedge fund.
• The tokenization movement, which Allman helped propel, continues to attract attention from large institutions and funds, including coverage of Wall Street interest in tokenized assets, though details about cause of death remain private.

From Goldman to Ondo: a founder’s path into tokenized finance

Allman’s professional arc reflects a bridge between traditional finance and blockchain-based tokenization. His early work with Goldman Sachs’ digital assets group positioned him at the intersection of regulated markets and cutting-edge technology. The jump to founding Ondo in 2021 found him at the forefront of a sector that aims to bring real-world assets onto public blockchains, enabling on-chain trading, settlement, and fractional ownership. Ondo’s initiatives during his tenure included tokenizing government and corporate securities and expanding access to assets through tokenized structures that could, in theory, offer improved liquidity and accessibility for a broader investor base.

BeyondOndo, Allman’s prior venture, ChainStreet Capital, reflected an emphasis on algorithmic and event-driven strategies within the crypto hedge fund space. His background and approach helped shape a narrative in which traditional assets could be represented and traded on-chain, aligning with broader industry pushback against opaque, opaque intermediaries and toward more open, automated, and auditable markets.

Leadership transitions and what comes next for Ondo

Ondo announced that its president, Ian De Bode, would assume the CEO role in light of Allman’s passing. De Bode told Cointelegraph that the company is grappling with an incredibly sad day and emphasized the personal connection to Allman, describing him as a close friend as well as a founder and visionary. “Nate’s mission has not changed,” De Bode said. “If Nate were here, he would want to continue executing with excellence. We will make him proud.”

In a separate voice, Ondo’s head of marketing and vice president, Ben Grossman, hailed Allman as a “once-in-a-generation founder and visionary” whose contributions helped shape the industry and who would be deeply missed. The company declined to disclose further details about the circumstances of Allman’s death, noting that the family has requested privacy at this time.

The broader implications: tokenization, regulation, and market momentum

Allman’s work placed Ondo at the center of a broader movement toward tokenized real-world assets (RWAs) that has drawn attention from established financial institutions. The idea that tokenized stocks, bonds, and other assets could trade with greater efficiency and transparency has been a persistent theme in industry circles, with large players expressing interest in the potential for improved settlement speed and accessibility. The tokenization wave has also intersected with policy scrutiny and regulatory considerations, as authorities weigh how tokenized RWAs should be treated within existing securities and commodities frameworks.

As the market observes Ondo’s trajectory under new leadership, readers should watch for indications of how the platform plans to scale its tokenized RWA offerings, manage risk around custody and settlement, and engage with potential institutional partners. The broader market remains attentive to whether the software and governance frameworks underpinning tokenized assets can sustain rapid growth amid ongoing regulatory conversations and the evolving appetite of traditional asset managers.

The death of a founder with a lasting imprint on the tokenization narrative inevitably raises questions about future momentum. While De Bode and the Ondo team have pledged continuity and commitment to Nate Allman’s mission, the path ahead will test the resilience of a space still crystallizing its regulatory footing and real-world utility. What remains certain is that Allman’s work helped catalyze a movement that continues to attract both investor interest and institutional curiosity, shaping how markets think about on-chain access to real-world assets.

As Ondo navigates this leadership transition, market watchers will be watching for concrete signals: new product releases or partnerships that extend tokenized RWA access, updates on risk controls surrounding on-chain collateral, and any shifts in governance that might reflect Allman’s ongoing influence. In the near term, the industry’s attention will likely focus on how the platform maintains liquidity, handling of custody, and compliance pathways as it scales the tokenization framework that Allman championed.

A Satoshi-era Bitcoin whale has transferred more than $200 million worth of BTC to crypto trading firms FalconX and Cumberland as exchange inflows and ETF outflows continue drawing attention across the market.

According to blockchain analytics provider Onchain Lens, citing Arkham data, the dormant whale moved 2,650 BTC, valued at roughly $203 million, to FalconX and Cumberland through three separate transactions on Sunday.

Data shared by the analytics firm showed the address still holds nearly 6,000 BTC, currently worth around $462 million.

Whale transfers to FalconX and Cumberland. Source: Arkham Intelligence.

Although the transfers do not confirm an immediate sale, large wallet activations tied to early Bitcoin holders often attract market attention because traders watch for signs of additional supply entering the market. 

Transfers to firms such as FalconX and Cumberland can sometimes be linked to over-the-counter transactions designed to avoid disrupting spot prices on public exchanges.

However, retail traders frequently interpret dormant whale activity as a bearish signal regardless of whether the coins are sold directly into the market. As such, concerns surrounding a possible liquidity event could increase precautionary selling and expose Bitcoin to another test of the recent $74,600 support level.

Whale transfers emerge as exchange inflows continue rising

The latest whale transaction has appeared during a period of growing concern over rising Bitcoin inflows to exchanges and trading desks.

Earlier this month, another dormant Bitcoin address moved 500 BTC worth about $40.6 million after remaining inactive for more than 12 years. Separately, a different whale transferred nearly $20 million in BTC to Binance last month.

As previously reported by crypto.news CryptoQuant analyst Darkfost said Binance recorded almost 10 consecutive days of elevated Bitcoin inflows. 

Binance’s weekly average BTC inflows climbed from 378 BTC on May 16 to 1,190 BTC in less than 10 days.

Darkfost also reported that Binance registered a daily inflow exceeding 3,600 BTC on May 18, while exchange reserves increased from 616,000 BTC on April 24 to 632,000 BTC within one month.

According to the analyst, investors typically move Bitcoin onto exchanges when preparing to sell, reduce exposure, or secure profits during periods of uncertainty. Darkfost linked the inflow trend to market weakness tied to geopolitical tensions and softer appetite for risk assets.

Spot Bitcoin ETFs have also recorded sustained withdrawals during the same period. Crypto.news previously reported that U.S.-listed spot Bitcoin ETFs logged net outflows for six straight trading sessions between May 15 and May 22, with total redemptions reaching $1.26 billion across 11 funds.

While analytics platform Santiment said past ETF outflow streaks have occasionally appeared before long-term accumulation phases, the firm added that weaker ETF demand combined with rising exchange inflows can reduce visible buyer support in the short term.

Bitcoin (BTC) traded around $77,220 at the time of reporting, according to crypto.news price data. After briefly falling to nearly $74,600 on Saturday, the asset recovered modestly but remained well below its October 2025 all-time high near $124,900.