Crypto World
Russia Expands Crypto Mining Registry Requirements to Include IP Addresses
Russia’s Ministry of Finance has approved new rules requiring network IP addresses to be recorded in official crypto mining registries. This tightens the government’s technical oversight of legal mining operations.
A government resolution formalizing the change follows an official Ministry of Finance announcement. The registry system, administered by the Federal Tax Service (FTS), is already mandatory for all entities operating legally as miners or mining infrastructure operators in Russia.
IP Data Extends Technical Disclosure Requirements
The Federal Tax Service maintains separate registries for miners and mining infrastructure operators. Access to registry data is restricted to a narrow group of institutions, including state bodies, courts, the Central Bank of Russia, and power grid operators. The system does not make any part of the data publicly available.
Adding IP addresses extends the technical scope of required disclosures. Until now, registries primarily captured business identification details. The requirement gives regulators a network-level fingerprint for each operation, making it easier to cross-reference declared activity against actual online behavior.
Russia has struggled to bring informal miners into compliance since Russia’s digital asset law legalized the activity in 2024. However, estimates put informal mining tax losses at $122 million, reflecting how many operators continue to work outside the formal registry system.
Violations Trigger Removal from Registry in Russia
Entities found to have submitted inaccurate data, violated antitrust rules, or committed other breaches face immediate removal from the registry. Loss of registry status strips a miner or mining infrastructure operator of the legal right to operate. Russian law generally prohibits unregistered mining activities.
The Ministry of Finance stated the updated framework will improve monitoring of financial risks, regulatory compliance, and energy consumption linked to mining operations. Grid operators receive registry data specifically because mining energy consumption places visible load on regional power infrastructure.
Meanwhile, Russia has already imposed regional crypto mining bans across 10 energy-stressed regions. Ministry of Finance amendments have progressively narrowed the room for informal operations since the law’s passage.
Registry Data Remains Closed to the Public
The system deliberately restricts the registry architecture. Only state institutions with an approved need can request data access. This means oversight of mining operations runs entirely through official channels.
How effectively the Federal Tax Service enforces the updated IP address requirements against the large pool of operators who have yet to register will be a key test of Russia’s ability to bring its crypto mining sector fully under state control.
The post Russia Expands Crypto Mining Registry Requirements to Include IP Addresses appeared first on BeInCrypto.
Fenwick & West LLP, the law firm that advised the now-defunct FTX exchange, has agreed to pay $54 million to settle a 2023 class-action suit brought by former FTX customers. The settlement, reached as the case moves through U.S. courts, remains subject to judicial approval.
The plaintiffs contend that Fenwick “facilitated FTX’s fraud” by playing a pivotal role in how the alleged scheme operated. They allege the firm helped design and deploy legal structures and other mechanisms that obscured the misuse of customer funds, including transfers between FTX and its trading arm, Alameda Research, and created entities intended to avoid money-transmitter licensing. The claim is that these strategies enabled commingling of funds and aided the concealment of improper fund movements.
The filing indicates Fenwick had resisted the suit’s dismissal but eventually agreed to the settlement in February. A court still must approve the agreement before any payment is issued to plaintiffs. The development adds another layer to the sprawling legal aftermath of FTX’s 2022 collapse, which continues to reverberate through the crypto industry and invite closer scrutiny from regulators and lawmakers.
Key takeaways
- The law firm Fenwick & West will pay $54 million to settle a 2023 class action brought by former FTX customers; settlement approval remains pending.
- Plaintiffs allege Fenwick helped facilitate FTX’s alleged fraud by advising on entities and structures intended to hide customer funds and avoid licensing requirements.
- The case is part of the broader legal fallout from FTX’s 2022 collapse, which has intensified scrutiny of crypto firms and their advisers.
- The FTX Recovery Trust has distributed about $2.2 billion to creditors and customers in March, with another payout scheduled for May 29, underscoring ongoing asset-liquidation processes.
- Critics say the Trust has mismanaged asset liquidation, often selling recovered assets at discounts or below peak values reached after the collapse, highlighting concerns about the pace and pricing of distributions.
FTX estate distributions and questions over asset management
In March, the FTX Recovery Trust, the vehicle handling distributions to creditors and customers affected by the exchange’s failure, announced a distribution of roughly $2.2 billion. The next tranche of reimbursements is scheduled for May 29, but ongoing criticism from affected users centers on how assets have been liquidated. Several observers contend that the Trust has offloaded assets at prices well below potential peak values achieved in the wake of the collapse, potentially shortchanging victims of the exchange’s failure.
Related coverage has noted the ongoing scrutiny of firms connected to FTX’s collapse and the broader implications for the crypto legal landscape, including questions about accountability for law firms and other service providers involved in high-profile crypto failures.
What comes next remains uncertain: the court must sign off on the Fenwick settlement, and the Recovery Trust’s asset-disposition strategy will likely continue to attract attention from creditors, regulators, and market watchers as the FTX saga evolves.
Readers should stay attentive to developments in the court approval process for Fenwick’s settlement, forthcoming distributions from the Recovery Trust, and any new disclosures about how asset sales and legal structuring influenced the handling of customer funds in the FTX era.
The securities regulator was preparing to release its “innovation exemption” for tokenized stocks as soon as this week, and a draft of the plan had been prepared and reviewed by staff.
However, the timing has since been pushed back as the SEC weighs input from stock-exchange officials and other market participants, reported Bloomberg, citing people familiar with the matter on Saturday.
The exemption would have allowed the trading of tokenized stocks on decentralized exchanges that do not have the backing or consent of the public companies whose shares they track.
Experts Weigh Pros And Cons
However, the SEC noted that allowing the trading of third-party tokens has raised concerns. Several former regulators reportedly said it was unclear how companies could fulfill the same rights criteria as tokens traded on third-party blockchains.
Bloomberg also reported that public companies might face uncertainty over normal practices such as issuing dividends and counting shareholder votes. There was also concern about tokens ending up in the hands of bad actors overseas.
SEC Commissioner Hester Peirce said earlier this week that any exemption would be “limited in scope” by only permitting “digital representations of the same underlying equity security that an investor could purchase in the secondary market today.”
“The SEC deserves a lot of credit for preparing diligently for legislation and for moving ahead expeditiously under its existing authority to provide clarity to markets in adopting tokenization in capital markets,” said Coinbase chief legal officer Paul Grewal on Saturday.
Thank you @HesterPeirce. @Coinbase has long supported the thoughtful SEC staff comments already published on tokenization.
The SEC already has the existing authority it needs to permit innovation in securities markets, particularly for real, onchain tokenized NMS equities that… https://t.co/Mwr5VBrSVQ
— Paul Grewal (@iampaulgrewal) May 23, 2026
Meanwhile, Tiger Research director Ryan Yoon cautioned that allowing third-party trading of tokenized stocks could risk liquidity and revenue fragmentation. The move could create “price discrepancies across platforms,” in addition to increasing slippage on large orders, and ultimately “degrading overall market efficiency,” he said.
He added that financial revenues that should accrue to domestic US exchanges could flow offshore instead. Benefits from the move could include faster settlement, fractional ownership, lower transaction costs, the potential for 24/7 trading, and giving non-US citizens access to popular US stocks.
Crypto Markets Bounce on Trump Deal
Crypto markets have recovered from their Saturday slump today following the latest announcement from US President Donald Trump, who said on Truth Social that an agreement has been “largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other countries.”
The deal would include reopening the Strait of Hormuz, and “final aspects and details of the deal are currently being discussed and will be announced shortly,” he added.
Bitcoin reclaimed $77,000 in early trading on Sunday following its dip to a five-week low of $74,200 on Saturday.
The post SEC Delays Plans for Tokenized Stock Trading on Crypto Platforms appeared first on CryptoPotato.
The Federal Reserve published the latest version of its proposal to create a “skinny” master account, updating the proposal first published last December. In the same week, President Donald Trump signed an executive order directing the greater integration of digital assets with existing payment networks.
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The narrative
U.S. President Donald Trump signed two executive orders this past Tuesday. One directed the broader government to update existing regulations to better integrate crypto into payment systems, while the other directed the Treasury Department and regulators to strengthen Bank Secrecy Act regulations. The next day, the Federal Reserve Board published its updated proposal for a skinny master account, laying out more detail about its approach to granting crypto firms access to its payment rails.
Why it matters
The crypto industry’s integration with the broader federal payments system is certainly a goal for the industry at large. Last week’s proposals may bring that a step closer.
Breaking it down
The Federal Reserve’s proposal on Wednesday updates its skinny master account request for information first published in December 2025, laying out how the central bank envisions granting fintech and crypto firms access to its payment rails without requiring them to be full fledged, Office of the Comptroller of the Currency-chartered banks.
The fintech-focused order directed federal regulators to review their existing policies to evaluate how they regulate financial institutions and identify rules that might block fintech firms from partnering with regulated entities.
The order also directed the Fed to review how it handles uninsured depository institutions and their access to payment accounts.
Part of that review includes having the Federal Reserve member banks evaluate if they can independently grant payment accounts to entities.
The Fed cannot necessarily do all of this on its own; Congress may need to pass legislation further detailing what types of entities may be qualified for an account.
The BSA-focused order directs the U.S. Treasury Department and regulators to issue guidance to banks and other entities.
“My Administration will not tolerate national security and public safety risks caused by illicit cross-border financial activity, nor will it permit risks to our financial system posed by the extension of credit or financial services to the inadmissible and removable alien population,” Trump’s order said.
This would include an advisory that notes “payroll tax evasion,” shell companies and “the strategic use of unregistered money services businesses, third-party payment processors, or peer-to-peer platforms to facilitate ‘off-the-books’ wage payments intended to bypass Bank Secrecy Act reporting thresholds or tax obligations,” among other types of entities.
While the order did not explicitly mention cryptocurrency or decentralized finance trading platforms, they could get caught up in any ultimate guidance, said Nicholas Anthony, a research fellow at the Cato Institute.
The next question is what might be in the guidance and advisory.
“Right now it’s in the hands of the Treasury, and the Treasury is able to apply it not only however it sees fit, but also to whoever it sees fit, because of the broader power that the Treasury has under the Bank Secrecy Act,” he said.
Senate shenanigans
The Senate Banking Committee voted to advance the Clarity Act just over a week ago.
The expectation was the overall Senate might get to this sometime in the next month, to sort out ethics and other outstanding issues and then vote on whether to send the bill to the House of Representatives. That timeline took a bit of a hit Thursday, when the Senate left town for the Memorial Day recess without voting on a reconciliation bill to fund the Department of Homeland Security, among other things.
The issue is this: There’s really only so much time to get stuff done on the Senate floor. There are 19 working days in June and 15 in July. There’s another five in August and then everyone’s gone for the rest of the summer.
In that time, the Senate has to sort through reconciliation, a renewal of the Foreign Intelligence Surveillance Act (which will expire in mid-June) and possibly a housing bill.
Adding to the tension is the reason why the Senate left town. President Donald Trump’s administration wanted $1 billion for his planned East Wing ballroom and more recently another $1.8 billion for a weaponization fund, which members of both parties have referred to as a “slush fund.” The Senate had already dropped the ballroom funding from the bill, but the other $1.8 billion appeared to be too much to negotiate this week.
Negotiations over these issues — if there isn’t any backroom dealing through the recess — can draw out the negotiation process, further limiting floor time for Clarity. And of course, there’s still the ethics provision itself in the market structure bill. The White House hasn’t yet indicated what exactly it might accept, so that’s another negotiation to watch out for.
This week
- The House and Senate are on recess this week.
If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.
You can also join the group conversation on Telegram.
See ya’ll next week!
Ethereum (ETH) co-founder Vitalik Buterin signaled a strategic shift at the Ethereum Foundation, confirming his personal influence on the board will continue to shrink while the organization sells less ETH and narrows its mission.
Buterin framed the Ethereum Foundation as one node within a wider ecosystem rather than its central coordinator. He said president Aya Miyaguchi is leading much of the transition, which should stabilize over the coming months.
Ethereum Foundation Steps Back From Central Coordinator Role
Buterin said the Foundation has been moving away from the central role many in the community wanted it to play. He attributed the shift partly to community criticism.
Critics said EF actions did not match the decentralization and privacy ideals he publicly championed.
Buterin noted the EF holds about 0.16% of all ether. That stake is lower than several individual holders. Rival chain foundations often hold 10% to 50% of supply.
He added that the Foundation’s original 2014 mandate was completed in 2022, when the chain finished its build through Frontier, Homestead, Metropolis, and Serenity.
Miyaguchi is executing much of the transition. The board is also expanding to dilute any single member’s influence, including Buterin’s own.
The move builds on the Foundation’s earlier leadership restructuring plan, which sought to streamline decision-making and reduce concentration of authority.
ETH Sales Reduced as Ethereum Foundation Focuses on CROPS
With its mandate redefined, the Foundation is concentrating on a smaller set of priorities. Buterin labels these the CROPS dimension. The acronym stands for censorship resistance, openness, privacy, and security.
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He said Ethereum should not chase high-throughput chains on raw speed alone, where rivals already have an edge.
Instead, the Foundation will pursue technical work that competing networks are unlikely to attempt. The reduced ETH sales policy frees resources for that longer arc.
“today, the EF is choosing to use its remaining resources to pursue longevity over breadth (yes, this means we sell less ETH),” Buterin articulated.
Concrete priorities include:
- Provably bug-free Ethereum, achievable through AI-assisted formal verification.
- Lean consensus is another goal, ensuring safety under asynchronous network conditions and 49% attacker scenarios.
- A third focus is intermediary minimization through proposals such as FOCIL and EIP-8141.
Buterin said wallet-layer projects like Kohaku aim to break dependence on third-party servers.
The Foundation’s previous ETH sale defense pointed in this direction earlier this year. A staking program for treasury further reduced reliance on outright sales.
Outside Players Expected to Fill Ethereum Foundation Gaps
By narrowing its scope, the Foundation expects outside groups to absorb work it no longer prioritizes. Buterin said this includes activities supporting ETH the asset, which traded for $2,100 as of this writing.
Those activities fall outside what the EF intends to fund directly.
He noted that nearly 90% of his net worth sits in ETH. The remainder is allocated to open-source biotech, software, and hardware initiatives.
The Foundation will provide initial support to organizations stepping into roles it vacates. Specifics on those partnerships were not detailed.
The Foundation’s treasury holdings report showed earlier this year that 99.1% of EF reserves remain in ETH.
The transition period is expected to last several months. After that, the new mandate should stabilize into the Foundation’s long-term form.
Meanwhile, the broader Ethereum 2026 vision sits at the heart of that plan.
The post Vitalik Buterin Cuts Own Power at Ethereum Foundation as ETH Sales Slow appeared first on BeInCrypto.
Fenwick & West LLP, the principal law firm that advised former cryptocurrency exchange FTX, agreed on Friday to pay $54 million to settle a 2023 class action lawsuit, filed by former customers of the defunct exchange.
The plaintiffs allege that Fenwick “facilitated FTX’s fraud” by playing “a key and crucial role in the most important aspects of why and how the FTX fraud was accomplished,” according to the original complaint.
Plaintiffs argue that the Silicon Valley law firm helped the now-bankrupt FTX obscure the misuse of customer funds by creating legal entities, structures and other strategies to hide the commingling of funds, including transfers between the exchange and its trading arm, Alameda Research.
Court filing excerpt from $54 million settlement Fenwick & West LLP has agreed to pay. Source: PACER
These strategies also included advising FTX on creating legal structures that would alleviate the exchange from having to acquire money transmitter licenses.
Fenwick initially sought to have the lawsuit dismissed before agreeing to settle with the plaintiffs in February. However, the settlement must still be approved by a US judge.
The settlement marks the latest development in the legal fallout from the 2022 collapse of the FTX exchange, which sent shockwaves through the crypto industry at the time and exposed the sector to greater scrutiny from US regulators and lawmakers.
Related: Law firm Fenwick & West sued for $525M over alleged role in FTX collapse
FTX estate pays former customers and creditors at steep discount
In March, the FTX Recovery Trust, which oversees the distribution of assets to former creditors and customers of the exchange, distributed $2.2 billion to the damaged parties.
The next tranche of reimbursements is scheduled for May 29.
However, customers and former creditors of the exchange say the Trust has mismanaged the liquidation of assets, often selling the recovered assets at a steep discount or below all-time high values reached that were reached following the collapse of FTX.
Source: SpaceX
The Recovery Trust sold a 5% stake in AI company Cursor for about $200,000 in April 2023, missing out on windfall profits when the value of that 5% stake ballooned to about $3 billion in April 2026.
Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?
Hyperliquid (HYPE) climbed nearly 10% to levels above $63, with a $1.16 billion buyback program meeting rising ETF inflows and renewed Binance flippening talk.
The move pushed Hyperliquid’s market cap above $15 billion and the token to 11th in global rankings, with HYPE outpacing most majors over a seven-day window.
Hyperliquid Buyback Engine Anchors the HYPE Bid
The Assistance Fund sits at the center of HYPE’s bid, with Hyperliquid using nearly all trading fee revenue, over $1.16 billion, to buy back HYPE.
“HYPE’s recent rally is driven less by ETF expectations than by Hyperliquid’s built-in buyback mechanism. Since launch, Hyperliquid has funneled nearly all its trading fee revenue, over $1.16 billion, into open-market HYPE buybacks via its Assistance Fund,” WuBlockchain reported, citing Forbes contributor Zennon Kapron.
The protocol routes most perpetual and spot fee revenue into open-market HYPE purchases. The mechanism has absorbed sell pressure during unlocks and sits behind the recent HYPE rally catalysts flagged by traders.
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Bloomberg ETF analyst James Seyffart added a second leg, reporting roughly $53 million in cumulative inflows across 21Shares’ THYP and Bitwise’s BHYP since their May launches.
The flows arrive alongside growing institutional ETF demand for HYPE exposure. Kapron noted the model is volume-sensitive, and a sustained downturn in trading would weaken the buyback floor.
Analyst Floats a Binance Flippening Scenario
Blockchain analyst Simon Dedic framed Hyperliquid as a structural challenger rather than a price story, highlighting a scenario where the DEX dethrones Binance as the “most powerful and most extractive institution.”
The day HYPE flips BNB is the day this industry proves it can replace the things that are holding it back. And it might be closer than most people think,” he said.
Dedic argued that Hyperliquid’s transparent trading model distinguishes it from Binance’s BNB. The framing echoes broader coverage of its challenging exchange hierarchy in derivatives volume.
According to Artemis, Hyperliquid recorded roughly $2.6 trillion in notional trading volume earlier in the year, compared with $1.4 trillion for Coinbase, meaning nearly double the activity.
This milestone fuels debate over whether decentralized trading venues are beginning to rival centralized exchanges in scale and influence.
“Hyperliquid is quietly outgrowing Coinbase. Trading Volume (Notional): Coinbase: $1.4T Hyperliquid: $2.6T That’s nearly 2x Coinbase’s volume… from an on-chain exchange. And the market is noticing,” Artemis stated.
Why Buybacks Worked for HYPE Where PUMP Stalled
The HYPE buyback narrative draws an unflattering comparison with Pump.fun (PUMP), which trades near $0.0018, down roughly 80% from its September high despite more than $350 million spent on repurchases.
BeInCrypto previously reported on the Pump.fun buyback shortfall, where dilution and whale selling have offset the buy pressure.
The contrast turns on revenue quality. Hyperliquid’s perpetual trading fees, anchored to a trillion-dollar perps milestone, are recurring and tied to a professional user base.
Pump.fun’s revenue scales with meme coin cycles, leaving its buyback program short of fuel when interest fades.
The structure holding through a wider crypto drawdown remains the open question, with on-chain revenue, ETF flows, and a credible flippening narrative all pointing in the same direction.
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The post Hyperliquid Surges 10% as $1.16 Billion Buybacks Fuel HYPE Flippening Speculation appeared first on BeInCrypto.
XRP’s recent price action reflects growing indecision, with volatility contracting on higher timeframes while shorter-term charts show repeated reactions from established support and resistance zones. Such compression periods often precede significant directional moves, making the upcoming sessions particularly important for the asset.
Ripple Price Analysis: The Daily Chart
On the daily timeframe, XRP remains trapped beneath the descending long-term trendline while simultaneously struggling around the 100-day moving average near the $1.38 region. This moving average has recently acted as dynamic resistance, preventing buyers from sustaining upward momentum.
The price is also approaching the narrowing section of the broader descending channel structure, suggesting that a breakout event may be developing. As volatility compresses, XRP appears to be entering a decision zone where prolonged consolidation becomes less likely.
Currently, the primary resistance remains the $1.75-$1.85 supply region, while stronger resistance is located around the 200-day MA near $2.0. On the downside, the key support sits around the $1.10-$1.20 demand zone.
The most probable scenario in the near term is continued compression around the 100-day MA at $1.38, followed by an impulsive breakout. A bullish breakout above the descending channel and $1.40-$1.45 area could trigger recovery toward the $1.75-$1.85 resistance region. Conversely, rejection from current levels may reinforce the broader bearish trend and expose lower supports once again.
XRP/USDT 4-Hour Chart
The 4-hour chart presents a clearer range-bound structure. XRP has been oscillating between support around the $1.27-$1.30 zone and resistance near $1.53-$1.57 for several weeks, forming a relatively stable consolidation range.
Most recently, the price revisited the lower boundary of this range near $1.30, triggering another bullish reaction. This suggests buyers continue defending the support area, increasing the possibility of a short-term move higher.
As long as XRP holds above the $1.30 support region, the path toward the upper boundary around $1.53-$1.57 remains open. Such a move would represent a corrective bullish swing inside the broader sideways structure rather than confirmation of a larger trend reversal.
However, repeated tests of support tend to weaken demand over time. Therefore, failure to maintain the $1.30 level could invalidate the consolidation range and increase the probability of renewed downside pressure. For now, the market structure favors continued ranging behavior, with the upper resistance zone near $1.55 acting as the primary target for any short-term recovery.
The post Ripple Price Analysis: The Next Few Trading Days Will Be Essential for XRP appeared first on CryptoPotato.
Tom Lee’s BitMine Immersion has steadily expanded its Ethereum treasury even as the market’s mood darkens, with the firm now reporting about 5.28 million ETH in its holdings — roughly 4.37% of Ethereum’s total supply. The position comes amid a steep price drawdown for ETH, waning ETF interest, and a bearish technical setup that some traders say could pressure the position further into a potential $1,600 zone in coming months. BitMine’s strategy, announced earlier in 2025, continues to attract attention as one of the highest-profile corporate ETH treasuries in the market.
Key takeaways:
- BitMine’s ETH treasury has grown to 5.28 million ETH, representing about 4.37% of Ethereum’s circulating supply, making it the largest publicly disclosed Ether treasury holder.
- The firm’s paper losses on its ETH holdings have widened as ETH has fallen more than 57% from its October 2025 peak, heightening scrutiny of the strategy’s risk profile.
- A bearish technical setup — specifically a rising wedge pattern — points to a potential move toward $1,600 if ETH breaks support, which would expand BitMine’s unrealized losses beyond $10 billion based on current holdings and cost basis.
- Market headwinds, including ETF outflows and deteriorating sentiment, are converging with Ethereum-specific factors, helping explain why some traders view near-term downside risk as material.
BitMine’s growing ETH treasury amid a price pullback
BitMine Immersion began constructing its Ethereum position in mid-2025, shortly after it reported a $250 million private placement intended to fund the strategy. By mid-July 2025, the company disclosed that it held about 163,142 ETH, valued around $500 million at the time.
In the months that followed, data surfaced showing a continued accumulation. Recent disclosures place BitMine’s holdings at 5.28 million ETH, or about 4.37% of the total supply. This makes the firm the world’s largest publicly disclosed Ether treasury by share of supply, underscoring how a single corporate participant can move into a more prominent role in long-duration crypto exposure. The positioning has been framed by BitMine as a long-term play on Ethereum’s ability to recover from drawdowns and deliver a history of V-shaped recoveries after meaningful declines.
Tom Lee’s approach has not recoiled in the face of losses. In February, he argued that Ethereum’s steep drawdown could present another buying opportunity, pointing to ETH’s historical resilience after substantial drops. The company has, however, signaled in May that it would moderate the pace of new purchases rather than halt them altogether, maintaining that the objective remains to own a meaningful minority stake in the network’s total supply in line with a long-term thesis.
What the price action could mean for BitMine’s paper losses
ETH has fallen more than 57% from its October 2025 peak, eroding Ethereum’s market share and contributing to a weakening sentiment narrative around the asset. The ETH dominance metric (ETH.D) has drifted down to around 10%, versus roughly 15% at the August 2025 high, illustrating the broader rotation away from ETH in favor of other assets and sectors within crypto markets.
Trading charts paint a cautionary picture. Ether is testing the lower boundary of a rising wedge, a pattern that often implies fading buyer momentum. A confirmed breakdown below this support could set a measured move toward the $1,600 region, representing about a 25% downside move from present levels. If such a scenario plays out, BitMine’s unrealized losses would swell further, with estimates running close to $10.1 billion given its reported 5.28 million ETH and an average purchase price around $3,513 per ETH.
On the flip side, a decisive bounce off the wedge’s lower line could draw price action toward the wedge’s upper boundary near $2,530, a level that aligns with the 200-day exponential moving average and historical resistance around the 2,500 mark. In that scenario, BitMine’s paper losses would ease somewhat, even if the longer-term accumulation thesis remains intact for the portfolio.
Ethereum’s broader headwinds and the sentiment puzzle
The price tension around ETH sits at the intersection of macro-market dynamics and specific sector concerns. In addition to the technicals, Ethereum has faced a stream of governance and ecosystem headwinds that can influence trader behavior. Reports of Ethereum Foundation departures in the past months have contributed to a narrative of shifting development priorities, while persistent ETF outflows have added pressure to price action and liquidity dynamics.
Market researchers have noted a notable shift in on-chain sentiment. Santiment’s data showed a deterioration in the bullish-to-bearish sentiment ratio throughout May, moving from a favorable stance to a roughly balanced or bearish tilt. The firm described a pattern common in periods of underperformance: traders grow more cautious, and “dead money” narratives tend to gain traction as momentum wanes. Such mood shifts can interact with price dynamics, potentially amplifying drawdowns in large, long-duration positions like BitMine’s.
From a strategic standpoint, BitMine’s decision to pursue a 5% share of Ethereum’s total supply by December remains a bold commitment. While the company has publicly framed the program as a long-term accumulation effort, the path remains uncertain if ETH fails to stabilize or reverse its current trajectory. The February framing of the opportunity suggests that the company believes a recovered ETH environment could validate the strategy, but the current drawdown underscores the risk profile associated with concentrated treasury exposure.
What to watch next for investors and the ecosystem
Several key factors will determine how BitMine’s ETH treasury interacts with market realities in the near term. First, the price action around ETH will matter most for the magnitude of unrealized losses and for the feasibility of reaching the 5% supply target within the planned timeline. If ETH stabilizes or resumes a determined ascent toward recent resistance near the 2,500–2,700 range, BitMine’s losses could contract modestly and the treasury strategy would look healthier on a price-driven basis.
Second, the macro- and sector-specific catalysts that have weighed on Ethereum — including ETF outflows, ecosystem departures, and generally cautious investor sentiment — will continue to shape risk appetite for large ETH holdings. A reversal in sentiment, perhaps supported by improved on-chain activity and development momentum, could help reframe Ethereum’s long-term risk-reward profile and support a re-rating of large treasury positions like BitMine’s.
Finally, the technical setup deserves close attention. If ETH fails to hold the rising wedge’s lower boundary, the path toward the $1,600 area could accelerate, accelerating losses in the BitMine portfolio. Conversely, a sustained bounce could push ETH back toward the 200-day EMA and higher, potentially improving the optics for holders and highlighting the tension between fundamental thesis and price action in crypto markets.
For readers tracking this story, the next few price moves on ETH will be decisive not only for BitMine’s portfolio health but also for the broader perception of corporate treasury strategies in a volatile market environment. As BitMine continues to pursue its long-term ETH ownership objective, investors should monitor both price developments and the evolving narrative around Ethereum’s ecosystem, as these factors will shape the risk and potential reward of such concentrated exposures in the months ahead.
As of now, the market is watching whether ETH can steady above critical support levels or whether a fresh round of selling pressure could redraw the risk landscape for large treasury holders. The coming weeks will reveal whether BitMine’s bold thesis withstands the current wave of headwinds or if a reassessment of the size and pace of its ETH accumulation becomes necessary.
Bitcoin remains under bearish pressure after failing to sustain momentum above the critical $80K-$82K resistance region. However, recent price action suggests buyers are attempting to defend the important $75K support zone, increasing the probability of a short-term corrective rebound before the broader downtrend resumes.
While the market structure still favors sellers, the current positioning near key support and liquidity clusters could trigger a temporary bullish correction in the coming sessions.
Bitcoin Price Analysis: The Daily Chart
On the daily timeframe, BTC has entered a corrective phase after being rejected from the major supply zone around $82K-$84K, which also aligned with the upper boundary of the ascending channel. The rejection accelerated selling pressure and pushed the asset toward the important demand area at $75K-$76K.
Recently, the price swept below the $75K support region before quickly recovering, suggesting active buyer interest and potential liquidity collection beneath local lows. This recovery has led to a modest bullish reaction, with BTC currently attempting to stabilize above the $76K area.
Despite this rebound, the broader structure remains cautious. Bitcoin is still trading beneath previous support turned resistance, and as long as Bitcoin remains below the $80K-$82K region, any upside movement may simply represent a corrective pullback within a larger bearish retracement.
The first upside target for a relief rally sits around $78K-$80K, while stronger resistance remains at $82K-$84K. Failure to reclaim these levels could increase the probability of another bearish leg toward the next major daily demand zone around $70K-$71K. A deeper breakdown may eventually expose the lower support area near $65K-$66K.
BTC/USDT 4-Hour Chart
The 4-hour chart highlights a clearer short-term recovery attempt. After reaching the $75K-$76K order block, Bitcoin generated a sharp bounce and is now consolidating around $76K-$77K.
This reaction indicates that buyers are defending the local support area, potentially setting the stage for a corrective move higher. If momentum persists, the first pullback target lies near the $78K-$79K range, followed by the more significant resistance zone around $80K-$82K.
However, the broader lower-high formation remains intact, and recent price action still reflects weakening bullish momentum compared to earlier recovery phases. As a result, the current rebound could evolve into a classic bearish continuation setup, where price revisits resistance before initiating another decline.
For bulls to regain control, Bitcoin would need to reclaim the $80K-$82K region convincingly. Otherwise, the current move is more likely to be interpreted as temporary relief rather than a trend reversal.
Sentiment Analysis
The liquidation heatmap provides additional context supporting the corrective-bounce scenario. A notable concentration of short liquidations has accumulated above the current price, particularly within the $80K-$85K region.
Markets often gravitate toward nearby liquidity pools before resuming the prevailing trend. Therefore, Bitcoin may first move higher to absorb these leveraged short positions, potentially fueling a squeeze toward the $80K-$82K resistance area.
At the same time, substantial liquidity clusters remain below price around the $60K-$63K region, indicating that downside targets continue to exist if bearish momentum returns after the correction.
This creates a two-step scenario: an initial bullish retracement driven by liquidation hunting toward $80K-$82K, followed by renewed selling pressure and another bearish leg toward lower support levels. The interaction between price and these liquidity zones will likely determine Bitcoin’s next major move.
The post Bitcoin Price Prediction: What’s the Most Likely Scenario for BTC Next Week? appeared first on CryptoPotato.
SpaceX has revealed in a new S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) that it owns $1.293 billion in Bitcoin (BTC) on its balance sheet.
The disclosure is the first time the company has publicly shared details about its crypto treasury ahead of its IPO.
SpaceX Discloses Its BTC Position
In SpaceX’s filing, the company says it holds 18,712 BTC, which it purchased at an average cost of around $35,324 per BTC for a total of around $661 million. As of March 31, 2026, the fair value of those holdings stood at $1.293 billion, with an unrealized gain of nearly 119%.
“The company has ownership of and control over its digital assets, which consists of Bitcoin, and utilizes, and expects to continue to utilize third-party custodians to hold its Bitcoin,” read the filing.
Elon Musk has publicly hinted at his company’s interest in digital assets through his frequent social media commentary for years. However, this filing marks the first time the aerospace giant has formally acknowledged holding BTC. Until now, estimates of the firm’s holdings had been mostly speculative, with analysts tracking Arkham-linked wallets putting the figure at around 8,285 BTC.
The revelation places SpaceX among the largest corporate holders of BTC worldwide, surpassing Tesla’s own reserves. According to data from BitcoinTreasuries.net, the former now ranks seventh globally, while the latter sits in 13th place with holdings of 11,509 BTC.
Elsewhere, Strategy remains the largest BTC treasury company, with the firm recently making a multi-billion dollar purchase of 24,869 BTC, bringing its entire stash to 843,738 BTC.
SpaceX’s Upcoming IPO
SpaceX is getting ready for its much-anticipated IPO, which it plans to list on the Nasdaq under the ticker SPCX next month. The company is aiming to raise about $75 billion, with a valuation that’s expected to fall between $1.75 trillion and $2 trillion. If successful, the offering would surpass the Saudi Aramco IPO from 2019, which raised $29.4 billion and currently holds the record for the biggest debut ever.
The aerospace firm said in its Wednesday prospectus that it sees a total addressable market of about $28.5 trillion, with its strategy focused on identifying opportunities that match this under its repeatable business model. The document also shows that Musk will keep about 85.1% of the voting power after the listing, meaning that he will still have strong control over key company decisions even after it becomes a public entity.
Meanwhile, Circle’s IPO made headlines last year in the crypto space, as the USDC issuer raised over $1 billion in its public debut. The offering also received lots of interest from major investors, with firms like ARK Investment and BlackRock contributing to its shares being oversubscribed by more than 25 times.
The post SpaceX Reveals How Much Bitcoin (BTC) It Owns appeared first on CryptoPotato.
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