David Hoffman says he sold ETH as the "ETH is money" thesis has played out, while staying bullish on Ethereum apps, L2s and stablecoin use.
Ethereum price started a fresh decline and traded below $2,080. ETH is now consolidating above $2,050 and might struggle to recover.
Ethereum (ETH) options positioning remained skewed toward bullish bets, even as total open interest slipped slightly, with traders concentrating activity in near-term upside strikes around the $2,350 level. The setup suggests risk appetite is still present, but with some participants trimming exposure amid a tightly watched short-dated trading window.
Accumulated losses: The group of companies analyzed by Everstake recorded combined net losses reaching $1.41 billion. Financial backing: Yields generated by native validation accounted for 60% of the revenue disclosed by corporations in this sector. Extreme case: The firm BitMine Immersion Technologies separately reported a loss of $9.02 billion over a six-month period.
Ethereum has lost the $2,100 level as selling pressure overwhelms a recovery that has been struggling to find structural support since the mid-May highs. The decline is uncomfortable — but a CryptoOnchain analysis has identified a contradiction in the network data that makes the current price weakness considerably more complex than a straightforward bearish reading suggests.
BitMine Immersion Technologies ($BMNR) has disclosed a $12.3 billion portfolio of crypto, cash, and investments—dominated by a massive Ethereum (ETH) position—and unveiled a new institutional staking platform branded 'MAVAN', underscoring the firm's push to turn treasury holdings into a recurring yield business. In company materials and matching U.S. Securities and Exchange Commission filings, BitMine reported holdings that include roughly 5.39 million Ethereum (ETH) and about $444 million in cash.
Over the past fourteen days, Ethereum (ETH) has retraced by roughly 9%, and it is now probing the key psychological $2,000 support. Amid this weakening phase, technical analyst Ali Martinez pointed to what he described as “two triggers” that could potentially help ETH turn bullish again.
The Ethereum Foundation is prioritizing Kohaku, a privacy-focused initiative promoted by Vitalik Buterin on May 26, rather than acting as ETH price support. Kohaku has been under development for close to a year and includes privacy tooling, Railgun libraries, privacy pools and post-quantum account work.
Public companies holding ether are increasingly relying on staking income as losses mount and investor premiums shrink. Everstake's study suggests the digital asset treasury model is moving away from simple crypto exposure and toward active yield generation.
A dormant Ethereum wallet moved after more than a decade, turning a $620 purchase of 2,000 ETH into about $4.2M. The position represented a roughly 6800x return after surviving the 2017 mania, 2018 crash, 2021 bull market and slower years.
The latest exit signals either bearish distribution or long-term conviction in Ethereum.
Crypto treasury firms Sharplink and Forward Industries will both be included in the Russell 2000 and 3000 indexes at the end of June.