Shortly before a wave of resignations by senior contributors, the Ethereum Foundation published a bizarre governance document.

Obviously influenced by Vitalik Buterin’s beloved NFT collection Milady, whose floor price has declined 90% from its December 2024 peak, the illustrated “Mandate” PDF features lingerie-clad archers, a cartoon pledge carrying a penalty of death by suicide, and a headline on its front page, “HOPE SPRINGS ETERNAL IN THE HUMAN BREAST.”

The Ethereum Foundation Mandate document arrived on March 13, 2026. Its board signed it, crediting two artists for their artistic rendering of the text.

On the cover, an anime girl asks, “Ever dream this girl?” Random text bubbles assert, “My heart glitches for you” and “divinely guided and protected.”

A Milady e-girl on page 34 declares, “I can’t believe we all won forever.”

No departing contributor actually named the document as the reason for their exit, but the timing spoke loudly enough to draw widespread blame on social media.

All three Ethereum Foundation protocol leads have left within the past few months, and over half a dozen contributors announced resignations after Ethereum’s Mandate document.

EthereumDaily, with over 100,000 followers on X, blamed the 38-page Mandate for “intentionally shrinking” the workforce. “Forgot about the ‘sign or leave’ the new EF mandate. Seems to be the real reason behind departures?” wrote DefiIgnas.

Another fund manager blamed resignations on the document.

‘May the foundation fall on its own sword’

Page 11 features an illustration of the infamous seppuku (also known as hara-kiri) suicide pledge. Its version reads, “May the Foundation fall on its own sword if it fails to uphold its solemn promise to Ethereum.” 

The license shown inside that illustration is the Source Seppuku License, a satirical software license hosted on the Remilia wiki.

Remilia is the collective that created the Milady Maker NFT collection. Buterin uses a Milady NFT for his profile photo on X. 

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The second clause of this “license” requires the actor to take his or her own life with a sword upon failure to uphold any of the pledges in the license, or upon modification or removal of any part of the license.

According to Cryptopolitan and reblogged elsewhere, Ethereum Foundation staff were asked to sign off on the Mandate document or face termination. Protos was unable to verify whether the foundation publicly commented on that allegation.

Milady, controversial to say the least

The Mandate’s visual vocabulary openly borrows from Milady, whose NFTs once traded above 7.3 ether (ETH) in December 2024 yet now trade below 1.2 ETH, an 84% decline in ETH or 91% decline in USD.

Unfortunately, value destruction for holders hasn’t been Milady’s only failure.

Milady’s founder Charlotte Fang (real name Krishna Okhandiar) resigned as Milady Maker CEO in May 2022 after investigators exposed him as the operator of a 4chan-connected suicide cult account, Miya.

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Archived essays attributed to the Miya account used antisemitic and anti-black racism.

Okhandiar, posting as Fang, later admitted to being Miya. Floor prices of Milady NFTs halved during his resignation.

Eight days before the Mandate dropped, someone asked Vitalik on X, “why milady? (linked to kaliacc, miya, suicide cult, seppuku license, online abuse).”

“Kaliacc” references Kali Yuga Accelerationism, the white-supremacist accelerationist movement that Fang’s Miya account propagated.

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Read more: Fresh Ethereum Foundation drama flares following core devs departure

Mass resignations from Ethereum Foundation

Tomasz Stańczak resigned as co-executive director in February 2026. He was less than a year into the role. The new mandate document followed in March.

Within weeks, more contributors stepped back from Ethereum Foundation roles: Josh Stark, Tim Beiko, Barnabé Monnot, and Trent van Epps, who departed to the Ethereum Protocol Guild.

Ethereum Foundation researchers Carl Beekhuizen and Julian Ma also resigned in mid-May. Alex Stokes started an open-ended “sabbatical.”

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Ireland’s Criminal Assets Bureau and Europol have secured another 500 BTC tied to Clifton Collins, bringing recovered funds from the dormant wallet cluster to 1,000 BTC.

Ireland’s Criminal Assets Bureau said it secured another cryptocurrency wallet linked to an earlier criminal case, with support from Europol’s European Cybercrime Centre. The wallet held 500 Bitcoin, worth about $38.7 million at the time of the reported move.

The bureau said Europol hosted operational meetings in The Hague and supplied “highly complex technical expertise and decryption resources” that helped investigators access the wallet. Earlier related coverage reported that CAB had already seized 500 Bitcoin from a Collins-linked wallet in March.

Collins Bitcoin cache returns to focus

The case traces back to Clifton Collins, an Irish drug dealer who bought 6,000 Bitcoin in late 2011 and early 2012 using proceeds from cannabis sales. The Guardian reported that Bitcoin traded near $5 when Collins acquired the coins.

Collins printed the private keys on paper and hid them inside the aluminum cap of a fishing rod case at a rented home in County Galway. After his 2017 arrest, the property was cleared, and the fishing gear was believed to have been taken to a dump.

Arkham tracks 1,000 BTC in movements

Arkham said a wallet linked to Collins moved another 500 BTC, worth about $38 million. The blockchain analytics firm said the move followed an earlier 500 BTC transfer to Coinbase Custody in March, bringing total funds moved from the entity to 1,000 BTC.

The latest 500 BTC did not follow the same route. Arkham said the new transfer went to a Wintermute-linked Binance deposit address, while the March transfer went to Coinbase Custody.

Lost-keys case remains active

Arkham’s public Clifton Collins page tracks wallets, holdings, inflows, outflows and counterparties tied to the entity. The page confirms the blockchain analytics label, though full transaction tables require login.

Arkham said Collins bought 6,000 BTC in 2011 and 2012, and that the private keys were long assumed lost after the fishing rod case was discarded. The firm added that another 500 BTC leaving the wallets shows the once-dormant stash is active again.

Moreover, the latest movement also comes as on-chain watchers track other government-linked crypto wallets. Arkham maintains a U.S. Government entity page that tracks holdings, wallets, inflows, outflows and counterparties.

For Ireland, the Collins case now stands as a rare example of authorities gaining access to Bitcoin once widely viewed as unreachable. Around 5,000 BTC still appear tied to the broader lost-keys cache, leaving the case open for further wallet activity.

Qivalis, a European banking consortium developing a regulated euro stablecoin, expanded to 37 member institutions on Wednesday after adding 25 new banks across 15 countries.

The new members include ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo. The Amsterdam-based consortium is targeting a second-half 2026 launch, according to a statement shared with Cointelegraph.

“We are not merely building payment rails; we are ensuring that European principles around data protection, financial stability and regulatory rigour are embedded into the next generation of digital money,” said Howard Davies, chairman of Qivalis’ supervisory board.

The move comes as European institutions race to establish alternatives to US dollar-dominated stablecoins, which currently account for 98% of the market, according to CoinGecko.

Spain leads new bank wave

Spain emerged as the most represented country among Qivalis’ 25 new members, adding five institutions, including ABANCA, Banco Sabadell, Bankinter, Cecabank and Kutxabank.

The country’s strong presence comes alongside broader signs of early adoption in euro-denominated stablecoins, with Brighty data recently pointing to Spain as a leading retail market for Circle’s EURC usage.

Source: Qivalis

Two new Italian banks joined the consortium. France, Sweden, Greece, the Netherlands, Finland and Ireland each added two new members as well, highlighting broad participation across northern and southern Europe.

The diversified expansion strengthens Qivalis’ goal of creating a unified, regulated euro stablecoin infrastructure under the European Union’s Markets in Crypto-Assets (MiCA) framework. 

ECB stance contrasts stablecoin push

The consortium’s plans come at a time of renewed debate in Europe over the role of private stablecoins in supporting the euro’s global position.

European Central Bank (ECB) President Christine Lagarde said in early May that stablecoins are not Europe’s best route to strengthening the euro’s international role, pushing back against calls to respond to US dollar-backed stablecoins with euro counterparts.

Despite that stance, banking-led initiatives like Qivalis continue to gain momentum as institutions seek regulated alternatives to dollar stablecoins.

Related: Augustus CEO says banks can’t rebuild for AI and stablecoins

The consortium has been engaging with crypto exchanges ahead of a planned euro stablecoin launch.

In March, Qivalis selected digital asset custody provider Fireblocks for tokenization technology, wallet infrastructure and custody, along with tools supporting compliance.

“The euro is Europe’s currency, and on-chain financial infrastructure should carry it – built by European institutions and governed by European rules,” Qivalis CEO Jan Sell said.

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AUD/USD failed to stay in a positive zone and declined below 0.7150. NZD/USD is also moving lower and might extend losses below 0.5800.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

• The Aussie Dollar started a fresh decline from well above 0.7200 against the US Dollar.
• There is a bearish trend line forming with resistance at 0.7120 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD declined steadily from 0.5965 and traded below 0.5880.
• There is a key bearish trend line forming with resistance at 0.5855 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear 0.7220. The Aussie Dollar started a fresh decline below 0.7150 against the US Dollar.

The pair even settled below 0.7120 and the 50-hour simple moving average. There was a clear move below 0.7100. A low was formed at 0.7081, and the pair is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the 0.7184 swing high to the 0.7081 low.

On the upside, the immediate hurdle could be near the 38.2% Fib retracement at 0.7120. There is also a bearish trend line forming with resistance at 0.7120 and the 50-hour simple moving average.

The next major level for the bears could be 0.7185. The main selling point could be 0.7210, above which the price could rise toward 0.7265. Any more gains might send the pair toward 0.7320. A close above 0.7320 could start another steady increase in the near term. In the stated case, the next key resistance on the AUD/USD chart could be 0.7500.

On the downside, initial support could be near 0.7080. The next area of interest might be 0.7040. If there is a downside break below 0.7040, the pair could extend its decline. The next target for the bears might be 0.7000. Any more losses might send the pair toward 0.6920.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5965 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5920 against the US Dollar.

The pair settled below 0.5880 and the 50-hour simple moving average. Finally, it tested 0.5815 and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the 0.5882 swing high to the 0.5815 low.

If the pair recovers, it could face hurdles near the 38.2% Fib retracement at 0.5840. The next major barrier could be at 0.5855. There is also a key bearish trend line forming with resistance at 0.5855.

If there is a move above 0.5880, the pair could rise toward 0.5920. Any more gains might open the doors for a move toward 0.5965 in the coming days. On the downside, immediate support on the NZD/USD chart could be 0.5815.

The next major stop for the bears might be 0.5780. If there is a downside break below 0.5780, the pair could extend its decline toward 0.5720. The main target for the bears could be 0.5650.

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TLDR:

• 6.04 million BTC, or 30.2% of the issued Bitcoin supply, already has its public key visible on-chain.
• Operational exposure at 4.12M BTC exceeds structural exposure, driven largely by address reuse behavior.
• Exchange-related balances account for 1.66M BTC, nearly 40% of all operationally unsafe Bitcoin supply.
• Coinbase shows only a 5% of the balance is exposed, while Binance and Bitfinex show 85% and 100%, respectively.

Bitcoin’s quantum exposure has become a measurable on-chain reality, with new data revealing the scale of the risk.

According to blockchain analytics firm Glassnode, approximately 6.04 million BTC—30.2% of the issued supply—currently have their public keys visible on-chain.

The remaining 13.99 million BTC, or 69.8%, shows no public-key exposure at rest. This data offers a clearer picture of where Bitcoin’s cryptographic vulnerabilities actually stand today.

Structural and Operational Exposure Drive Bitcoin’s Quantum Risk

Glassnode separates Bitcoin’s quantum-exposed supply into two distinct categories. Structural exposure accounts for 1.92 million BTC, or 9.6% of issued supply. Operational exposure is the larger share, totaling 4.12 million BTC, equivalent to 20.6% of all issued Bitcoin.

Structural exposure comes from output types that reveal public keys by design. These include early Pay-to-Public-Key (P2PK) outputs from the Satoshi era, legacy bare multisig structures, and modern Taproot (P2TR) outputs.

Though different in era and purpose, all share one key property: the public key remains visible on-chain while the coin sits unspent.

Satoshi-era coins present a particular challenge within structural exposure. If those coins are lost or abandoned, they cannot be voluntarily migrated to safer address formats.

As Glassnode notes, Taproot itself is not inherently unsafe — it improves privacy and scripting flexibility. However, its output key remains visible, making it structurally exposed under this specific framework.

Operational exposure, meanwhile, is entirely behavior-driven. Output types such as P2PKH and P2WPKH can protect public keys through hashing.

However, once a key is revealed during a spend, any remaining balance tied to that address enters the exposed category. This is the address-reuse problem in practice.

Exchange Custody Practices Shape the Operational Exposure Landscape

Exchange-related balances make up a notable portion of operationally exposed Bitcoin. Within the 4.12 million BTC operationally unsafe bucket, 1.66 million BTC — roughly 8.3% of total supply — is exchange-related. That figure represents about 40% of all operationally unsafe Bitcoin.

Glassnode further noted that exposure varies widely across individual custodians. Coinbase shows only 5% exposed balance among its labeled holdings. Binance and Bitfinex, however, show 85% and 100% susceptible balances, respectively, under this methodology.

Sovereign treasuries present a different picture entirely. The US, UK, and El Salvador all show 0% quantum exposure among their labeled holdings. Governments have consistently maintained above 99% operationally safe balances over the years.

The data also shows exchanges have drifted from roughly 55% operationally safe in 2018 to around 45% today. Glassnode notes this trend is reversible through standard address-management practices, including avoiding address reuse and rotating change outputs. No immediate risk ranking should be read into these figures.

Ethereum price remained under pressure on Tuesday as worsening technical structure, aggressive ETF outflows, and accelerating whale distribution pushed traders to closely monitor whether the key $2,000 psychological support level could soon fail.

According to data from crypto.news, Ethereum (ETH) traded around $2,120 at press time on May 20 after slipping below the lower boundary of a bullish ascending channel visible on the daily chart. The asset has now erased much of its rebound from April lows after repeatedly failing to reclaim the $2,300 resistance region during recent recovery attempts.

The latest breakdown has strengthened bearish sentiment because ascending channels are generally viewed as bullish continuation formations. When price decisively loses the lower support trendline, it often signals weakening buyer momentum and the potential start of a deeper correction phase.

Ethereum’s broader trend structure also remains unfavorable. The daily chart shows ETH continuing to trade below the Supertrend resistance indicator near $2,338, indicating that sellers still maintain control over the dominant trend.

Momentum indicators have similarly deteriorated in recent sessions. The Relative Strength Index has dropped toward the mid-30 region, reflecting weakening bullish momentum without yet reaching deeply oversold conditions. That distinction remains important because crypto assets often experience stronger relief rallies only after signs of seller exhaustion become more visible.

At the same time, institutional demand for Ethereum exposure has continued to deteriorate.

U.S.-listed spot Ethereum ETFs recently recorded more than $148 million in net outflows so far this week, while cumulative withdrawals over the past several sessions crossed $255 million. The persistent outflow streak has significantly reduced immediate buy-side liquidity during a period of elevated macro uncertainty across financial markets.

Per data from SoSoValue, BlackRock’s ETHA and Fidelity’s FETH continued accounting for a large share of recent withdrawals as institutional investors reduced exposure to risk assets.

The sustained ETF weakness comes as several large financial firms have recently turned more cautious on crypto flows.

JPMorgan analysts recently noted that Ethereum ETF demand has remained weaker than many market participants initially expected following launch enthusiasm earlier this year. The bank reportedly pointed to lower institutional participation, limited staking integration, and growing competition from Bitcoin ETFs as factors constraining sustained inflows into Ethereum investment products.

The bank additionally suggested that macroeconomic uncertainty and elevated Treasury yields were contributing to a weaker appetite for high-beta digital assets.

Meanwhile, crypto market maker Wintermute recently noted that Ethereum ETF flows have remained considerably weaker than many institutional participants initially expected following launch enthusiasm earlier in the cycle.

The firm suggested that short-term institutional positioning had become increasingly defensive amid deteriorating macroeconomic conditions and reduced speculative appetite across crypto markets.

Broader de-risking trends have also intensified following persistent inflation concerns and rising bond yields. U.S. 10-year Treasury yields recently climbed toward multi-month highs, increasing the opportunity cost of holding non-yielding assets such as Ethereum.

Energy markets have additionally contributed to weaker sentiment across risk assets. Brent crude oil recently remained elevated amid ongoing geopolitical tensions involving the United States and Iran, further pressuring broader crypto market appetite.

At the same time, traders are becoming increasingly concerned about large-holder activity on the Ethereum network.

Why are Ethereum whales reducing exposure?

Recent on-chain data suggests that major Ethereum holders have been aggressively scaling back positions over the past several weeks.

Crypto analyst Ali Martinez recently highlighted a sharp decline in the number of large Ethereum whale addresses.

“Over the past two months, approximately 60 whale addresses holding 10,000 ETH or more have completely emptied or consolidated their balances,” Martinez wrote in a May 20 X post.

Martinez warned that such large-scale exits frequently signal institutional profit-taking and declining mid-term confidence among major market participants.

“When distinct entities with multi-million dollar positions exit the network in such a short window, it typically signals institutional profit-taking and asset relocation,” he said.

The analyst additionally noted that the reduction in whale participation coincided with heavy exchange inflows, often interpreted by traders as a sign that large holders may be preparing to sell.

The whale distribution trend has emerged alongside rising concerns about weakening market liquidity.

Several major wallets, including addresses associated with early Ethereum participants and treasury firms, have recently transferred significant amounts of ETH toward centralized exchanges. While exchange transfers do not always indicate immediate selling intent, traders frequently view such activity as a bearish signal during already fragile market conditions.

Ethereum’s market dominance has also continued slipping during recent weeks as capital rotates toward stablecoins and defensive positioning.

At the same time, broader participation across Ethereum derivatives markets has weakened substantially.

Open interest across Ethereum futures markets has declined following repeated failed breakout attempts above the $2,200 and $2,300 resistance zones. Reduced speculative participation often limits the strength of recovery rallies because fewer traders remain willing to aggressively increase bullish exposure.

The broader leverage structure has also become increasingly unstable.

More than $600 million in leveraged crypto long positions were recently liquidated after Ethereum faced another rejection near the $2,400 region. The liquidation cascade significantly weakened trader confidence and triggered further deleveraging across altcoin markets.

Polymarket prediction pools now assign roughly a 56% probability that Ethereum could fall below $2,000 before the end of May, reflecting increasingly bearish market expectations.

Could a liquidation cascade accelerate ETH’s drop below $2,000?

Ethereum’s current technical structure suggests the market may be approaching a highly sensitive volatility zone.

On the daily chart, ETH recently broke the lower boundary of its ascending channel after spending several weeks consolidating within the formation. Failed bullish continuation patterns often trap late long-position traders, increasing the risk of accelerated downside movement once support gives way.

The breakdown becomes especially important because Ethereum had already failed multiple times to reclaim the $2,300 resistance region before losing channel support.

That repeated rejection reinforced the broader lower-high structure that has dominated Ethereum’s trend throughout recent months.

CoinGlass liquidation heatmap data additionally shows dense leverage clusters sitting near both the $2,150 resistance area and the lower $2,050–$2,000 support region.

Those liquidity pockets remain important because heavily leveraged positions frequently attract short-term volatility due to concentrated stop-loss orders and forced liquidation triggers.

If Ethereum successfully reclaims the $2,150 region, short liquidations could potentially fuel a temporary relief rally toward higher liquidity zones.

However, the downside liquidity structure currently appears more vulnerable.

A decisive breakdown below $2,050 could trigger a fresh wave of forced long liquidations as overleveraged traders begin exiting positions simultaneously. That dynamic becomes particularly dangerous in crypto markets because perpetual futures traders often use significantly higher leverage compared to traditional financial markets.

If liquidation pressure accelerates below $2,000, Ethereum could rapidly revisit lower support zones near $1,850 or even the broader structural support region around $1,700.

The psychological significance of the $2,000 level further increases the probability of heightened volatility. Round-number support zones often attract concentrated trader positioning, automated stop-loss activity, and liquidation clusters.

Broader sentiment across altcoins has also weakened as investors continue rotating toward safer assets amid rising macroeconomic uncertainty.

Still, some longer-term Ethereum fundamentals remain relatively stable despite the current correction. Institutional experimentation involving tokenization, stablecoins, and Ethereum-based financial infrastructure continues expanding gradually even as short-term market sentiment deteriorates.