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A formal Morgan Stanley physical file folder, open on a modern desk, containing documents for Ethereum and Solana ETF filings, with large embossed ETH and SOL logos. Blurred professional office background.
Altcoin

Morgan Stanley Ethereum Solana ETF Filings Revealed

by Ouess Crypto
written by Ouess Crypto

Morgan Stanley Ethereum Solana ETF filings just hit the SEC. The Wall Street giant submitted revised S‑1 registration statements on May 20.

The applications cover two proposed crypto ETFs. One tracks Ethereum. The other tracks Solana.

Morgan Stanley Ethereum Solana ETF filings: key details

The filings are for the Morgan Stanley Ethereum Solana ETF. The proposed ticker for the Ethereum ETF is MSSE. For the Solana product, it is MSOL.

Morgan Stanley aims to mirror its spot Bitcoin ETF launch from April.

Both documents describe the trust structure. They also explain how authorized participants will create and redeem shares. Moreover, the filings include language about staking. The trusts will stake a portion of the underlying assets.

For Ethereum, the trust will follow the spot price. It will also use a share of the held ETH for staking. Importantly, the trust is not an active investment entity. Therefore, it will not seek profit beyond tracking ETH price and staking rewards.

The Solana ETF filing uses similar language. It will track SOL price and stake a portion of tokens. In addition, the filing mentions risks related to Solana’s Proof of History architecture and network design.

Morgan Stanley Ethereum Solana ETF filings: what’s missing?

The bank did not disclose management fees or expense ratios. Furthermore, no launch date has been announced yet.

However, the revised filings confirm cash creations and redemptions. Authorized participants will handle these. A delegated sponsor will manage operational processes.

These filings come as competition heats up in the US spot crypto ETF space. For example, Grayscale recently filed an amended S‑1 for its BNB coin ETF.

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Abstract illustrative graphic showing an Ethereum logo with internal privacy layers. A geometric roadmap path with small milestones leads towards an image of Vitalik Buterin. Cool blues and purples.
DeFi

Ethereum Native Privacy: Buterin’s Near-Term Roadmap

by Ouess Crypto
written by Ouess Crypto

Ethereum native privacy is moving a step closer. Vitalik Buterin just revealed a near-term roadmap for the blockchain.

The Ethereum co‑founder detailed how Ether could become a native privacy platform. His statement follows community concerns about the lack of meaningful privacy in ETH transactions.

Vitalik Buterin reveals plans for Ethereum native privacy

The discussion started with an X user saying, “Ethereum’s missing component at this point is some form of native privacy.” The user added that privacy could boost ETH’s “moneyness” and increase demand for mainnet usage.

Buterin responded by describing several projects in development. Among the “short‑term things being done to shift Ethereum toward native privacy,” he listed: “AA + FOCIL,” “keyed nonces,” and “access‑layer work.”

Account abstraction and EIP-8250 take center stage

One primary focus is merging Account Abstraction (AA) with a censorship‑resistance framework called FOCIL. According to reports, this will provide more certainty for privacy‑oriented transactions. Experts expect easier execution of private transactions while minimizing censorship from block producers.

Another major feature is EIP‑8250. This upgrade proposes to refactor transaction processing. It will facilitate more privacy‑related operations within Ethereum’s architecture. Buterin confirmed that EIP‑8250 is slated for an upcoming network upgrade called “Hegota.”

In addition, Buterin highlighted efforts to enhance privacy in the blockchain data access layer. He mentioned “Kohaku” and “Private Reads” projects. These are currently in progress to shield users when accessing blockchain data.

Developers are also looking at systems that allow “simultaneous withdrawals from shared senders” using nullifiers as keys. This would let multiple people in privacy pools withdraw money at the same time, Buterin said.

Why Ethereum native privacy matters now

Ethereum has faced a big privacy issue. The network is pseudonymous. Transactions and wallet activity remain visible to the public.

Therefore, the updated roadmap shows a push to build privacy into Ethereum’s core. The goal is to prevent third‑party apps like Tornado Cash from being the main solution. These apps have become regulatory targets in recent years.

If successful, Buterin’s updates could increase Ethereum’s prominence in DeFi. Ether could also thrive in enterprise solutions and blockchain‑based identity systems where privacy is a growing concern.

Earlier, however, Buterin warned that AI growth could lead to privacy threats.

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Infographic detailing the departure of eight key Ethereum Foundation researchers, featuring a large broken flask, small flasks with ETH logos, a crystalline "8", and four departing researcher silhouetter, with text panels quantifying the losses.
Altcoin

Ethereum Foundation Researchers Resign, 8th Departure

by Ouess Crypto
written by Ouess Crypto

Ethereum Foundation researchers resign again. On Monday, Julian Ma and Carl Beek both left the organization.

Ma ended his four‑year tenure. Beek ended his seven‑year tenure. Their departures bring the total number of high‑profile exits to at least eight in 2026.

Why Ethereum Foundation researchers resign in waves

Ma contributed to Ethereum’s censorship‑resistant properties and cross‑layer bridge algorithms. Beek contributed to the early design of the Beacon Chain, which introduced proof‑of‑stake to the blockchain.

Ma said on X that he left to focus on product and growth. He added that the Foundation “is an amazing place but not right for my next steps.”

Beek said he is leaving on May 29. For now, he will spend time with his wife and one‑month‑old child.

These two resignations add to a wave of departures this year. In fact, May alone has seen five senior developers and researchers leave.

Recent departures from the Foundation

Earlier this month, the Ethereum Foundation announced that Barnabé Monnot and Tim Beiko (leaders of the Protocol Cluster team) would move on. Their other lead, Alex Stokes, will go on sabbatical.

In April, Josh Stark, a key researcher and project manager, said he was leaving. That happened one day after Trent Van Epps announced his resignation.

In February, Tomasz Stanczak stepped down as co‑executive director.

Leadership changes at the Foundation

Last year, Ethereum co‑founder Vitalik Buterin announced major leadership changes. He also set a new direction for the Foundation. These changes came in response to criticism from Ethereum users over the blockchain’s long‑term roadmap.

Buterin aims to bring new talent to the organization. The goal is to redevelop the protocol for higher and faster throughput.

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An infographic charting the decline of Ethereum's price, featuring a downward-trending line graph with specific price points, a 'Bearish Pattern Forms' technical structure, and the final confirmation text.
Altcoin

Ethereum Price Falls Below $2100 as Bearish Pattern Forms

by Ouess Crypto
written by Ouess Crypto

Ethereum price dropped more than 9% on Monday to trade at $2,120 at press time.

Several bearish catalysts now appear to be weighing on Ethereum’s short‑term outlook. Despite recovering strongly from its February lows earlier this year, ETH remains more than 35% below its yearly high near $3,350.

Why Ethereum price falls below $2,100 today

Institutional sentiment toward Ethereum has weakened considerably. According to SoSoValue, US‑listed spot Ethereum ETFs extended their outflow streak last week. Roughly $255 million exited the funds as institutional appetite deteriorated.

Screenshot 2026 05 18 133302
Ethereum ETF outflows Source : SoSoValue

At the same time, top crypto market makers have started reducing exposure. Recent reports indicate that major trading firms like Wintermute offloaded nearly 40% of their Ethereum holdings over the past few weeks. This adds additional sell‑side pressure.

On‑chain exchange flows have also turned bearish. Net ETH inflows into centralized exchanges climbed to their highest levels since early 2025. That is often a signal that traders may be preparing to sell. In addition, several large ETH transfers linked to early Ethereum insiders and co‑founders moved funds to exchanges such as Kraken.

Meanwhile, rising inflation concerns and elevated oil prices continue pressuring risk assets globally.

Technical pattern warns of more downside

On the daily chart, Ethereum now appears to be forming a bearish Adam and Eve topping pattern. This structure often signals a potential trend reversal after a failed recovery.

The pattern consists of a sharp, rounded peak followed by a broader, curved structure. The neckline support currently sits near the $1,930 region.

Ethereum price
Ethereum Price Source : TradingView

Ethereum has already started breaking down from the upper curve of the formation. Momentum indicators continue weakening. The MACD has crossed into bearish territory. Both signal lines trend lower as red histogram bars expand. This indicates growing downside momentum.

The RSI has fallen toward the 34 level. This suggests that bearish momentum continues strengthening. Buyers are gradually losing control of the short‑term trend.

Key levels to watch

Ethereum is now struggling to hold above the key $2,100 psychological support. Earlier this month, it repeatedly failed to reclaim the $2,400 resistance zone.

If sellers push ETH below the neckline support near $1,930 , the bearish Adam and Eve setup could trigger a deeper correction toward the $1,700–$1,600 region.

On the upside, bulls would need to reclaim the $2,300 –$2,400 resistance zone. That would invalidate the current bearish structure and restore broader bullish momentum.

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A dramatic illustrative graphic for a blog post showing a sharp red downward-trending arrow cutting through large text. The title text at the top reads "CRYPTO MARKET CRASH" and below it in large red letters, "DEEPENS TO". The central figure is a massive "$2.56 TRILLION" rendered in white, bold numbers with a red outline. A broken chain and scattered, falling Bitcoin (₿) coins are at the bottom.
Story

Crypto Market Crash Deepens to $2.56 Trillion

by Ouess Crypto
written by Ouess Crypto

The crypto market crash deepens as the global market cap tumbles to $2.56 trillion. Since last week’s warning, the market has erased more than $180 billion.

crypto market crash deepens
Total Crypto MarketCap Source : CMC

Bitcoin (BTC), Ethereum (ETH), and XRP all plunged below key support levels. Macro, technical, and geopolitical jitters are driving the sell-off.

Sentiment flips from neutral to fear

The Crypto Market Fear & Greed Index dropped sharply. It fell from 48 (neutral) to 28 (fear) in just a few days.

crypto market crash deepens
Fear & Greed Index Source : Alternative.me

Bitcoin lost strength and crashed more than 2% to $76,678 and trades now above $77K today. Ethereum fell to $2,117. In fact, ETH is witnessing far higher liquidations than BTC over the last 24 hours.

crypto market crash deepens
BTC Price Source : TradingView

Altcoins and meme coins follow lower

Top altcoins also took a hit. XRP, BNB, Solana (SOL), Cardano (ADA), and Bitcoin Cash (BCH) fell another 2–7% in the past 24 hours. This happened even after the Senate advanced the CLARITY Act.

crypto market crash deepens
Crypto HeatMap Source : Quantify Crypto

Memecoins did not escape either. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) fell more than 4%. Meanwhile, AI coins saw massive profit taking today.

Why the crypto market crash deepens amid US-Iran war

Oil prices gained 2% to above $107 per barrel on May 18. Why? Because US‑Iran peace talks stalled. President Trump’s visit to China did little to pressure Iran to open the Strait of Hormuz.

crypto market crash deepens
Source : OilPrice

Trump issued a stark warning to Iran. “The clock is ticking,” he said. He urged the country to “get moving, FAST, or there won’t be anything left of them.” Moreover, he will convene his top national security team in the Situation Room on Tuesday to discuss military options in Iran.

Inflation and Fed policy add more pressure

The latest hot US CPI and PPI data show that the energy price shock is feeding into broader US inflation. According to CME FedWatch Tool, traders now fully rule out any Fed rate cuts this year. In fact, some are betting on a possible rate hike before year‑end.

crypto market crash deepens
CME FedWatch Source : CME Group

Investors now await the latest FOMC meeting minutes and flash US PMI data this week. These reports will provide clues on monetary policy and economic activity under new Fed Chair Kevin Warsh.

In the meantime, the US dollar index (DXY) climbed to a six‑week high of 99.3 today. The US 10‑year Treasury yield also climbed to around 4.63%, its highest level since January 2025.

crypto market crash deepens
DXY Source : TradingView

Massive liquidations sweep the market

As the crypto market crash deepens, more than $677 million in top crypto assets got liquidated in the last 24hours. Notably, nearly $606 million came from long positions and $70 million from short positions.

crypto market crash deepens
Liquidation Heatmap Source : Coinglass

This is turning into a larger liquidation event. There are no signs of buy‑the‑dip sentiment yet. In fact, over $520 million in long positions got liquidated in just four hours, according to Coinglass data.

More than 108,000 traders faced liquidation. The largest single liquidation order was an ETH‑USDT position worth $28.49 million on Bitget. Ethereum, Bitcoin, Solana, XRP, XAU, Dogecoin, WLFI, Bitcoin Cash, BNB, ADA, and WLD recorded the largest liquidations.

Risks of a deeper crash remain

Bitcoin and Ethereum options show traders turning cautious. They are opening puts ahead of the May 29 monthly options expiry.

Furthermore, Glassnode data reveals weaker capital inflows compared to past bull phases. This limits the odds of an uptrend. Market expert BIT noted a renewed pickup in price pressures for a potential crash.

10x Research revealed that more than $1 billion in redemptions from spot Bitcoin ETFs have occurred since the CPI data. “The inflation trade is back,” the firm said. It also noted that 30‑year bond yields climbed above 5.12%.

Bitcoin is now testing its 30‑day moving average. A confirmed break below would signal deteriorating momentum. 10x Research warned traders of a further crash if Bitcoin falls below the $76,922 major support. Currently, BTC trades near $76,700.

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A comprehensive isometric infographic illustration in a tense red, dark teal, and distressed gold style, titled "Crypto Market on Edge as Fed Decision & Iran Talks Stall." A jagged dark red graph line crashes violently, with callouts for "FED RATE," "INFLATION DATA," and "IRAN GEOPOLITICS," from a "$1B" start to a "$0.30" final value. Three distressed handshakes between a suit-clad hand, a cybernetic hand, and a US diplomat hand are shown falling apart, surrounded by tentacles, broken oil barrels, and missile silos. The scene features a fractured data grid world map dotted with red emergency sirens, tarnished gold Bitcoin icons, and floating Worldcoin tokens, indicating complete market distress. Banners at the bottom read "SOLANA ECOSYSTEM - ADVANCING SECURE STANDARDS" but the text is cracked and failing. All text and numbers are clear.
Story

Crypto Market on Edge as Fed Decision & Iran Talks Stall

by Ouess Crypto
written by Ouess Crypto

The crypto market on edge is the only way to describe today’s sentiment. Stalled US‑Iran peace talks and a looming Fed rate decision have traders holding their breath. Bitcoin, Ethereum, and XRP are all seeing increased volatility. The Crypto Fear & Greed Index slipped from 33 to 26 – back into “fear” territory.

crypto market on edge
Crypto Heatmap Source : QuantifyCrypto

Why the Crypto Market on Edge? Two Big Catalysts

First, geopolitics. US‑Iran peace talks have hit a wall. President Trump is dissatisfied with Iran’s latest proposal, which would end the war and reopen the Strait of Hormuz but delay the nuclear deal. Trump has instructed aides to prepare for an “extended blockade” of Iran to compel “nuclear capitulation.” Oil prices have already surged above $99 per barrel. The UAE even announced its exit from OPEC for more flexibility.

Second, the Fed. The FOMC meeting concludes today, April 29. Markets are pricing 100% odds of no rate cut. The CME FedWatch Tool indicates zero cuts this year. All eyes are on Jerome Powell’s press conference for any hints on future easing. Elevated energy costs from the war keep inflation sticky, so a hawkish stance could strengthen the dollar and pressure crypto. A dovish surprise could spark a rally.

crypto market on edge
CME Fed Watch Source : CME group

Bitcoin, ETH, XRP Hold Gains – For Now

Bitcoin jumped 2% to $77,245 then it crawled down to $77,058 now . Furthermore, trading volume has decreased by almost 5% over the last 24 hours . Ted Pillows predicts a rally towards $80,000 if the monthly close is above $74,434. A monthly close below this level points to $79,500 as the most likely local top.

Ethereum climbed 1.9% to $2,324.  Analyst Ali Martinez noted that Ethereum is attempting to reclaim its realized price as support, currently at $2,335. A monthly close above the level will trigger a further rally.

XRP is trading at $1.39, up 1%, with a supply shock on Binance adding support.

My Thoughts

This market is a pressure cooker. Today’s 2.5% drop in BTC and 40B erosion in total market cap represent classic derisking before the Fed’s decision. Today’s meeting was widely expected to hold rates steady. Powell’s commentary on the economic outlook, particularly regarding inflation (still sticky due to war‑driven energy costs) and the timing of future cuts, will be the main driver. The market’s reaction to his tone will likely determine Bitcoin’s next major move.

crypto market on edge
Fear & Greed Index Source : Alternative.me

The picture is mixed. The Fear & Greed Index plunged to 26 in the past few days, signaling a return of institutional caution. However, the risk of a “blockade extension” is a real threat to global energy supplies and a major headwind for risk assets. Yet, there are signs of underlying strength. Spot Bitcoin ETFs saw ~ $2.5 Billion in ETF inflow and Strategy made $255 million purchase last week , proving that deep pockets are still accumulating.

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A claymation scene showing an anxious character, broken peace doves, and a sign reading 'Ethereum Price Drop Hits $2,250 as Iran Peace Hopes Fade'.
Altcoin

Ethereum Price Drop as Iran Peace Hopes Fade

by Ouess Crypto
written by Ouess Crypto

The Ethereum price drop accelerated on Monday, with ETH falling to an intraday low of nearly $2,250. That’s a 3% slide in one day. From Friday’s high, the token is down over 6%. The culprit? Renewed tensions between the US and Iran over the Strait of Hormuz. Oil prices are climbing again, and risk assets are getting dumped.

Iran confirmed it will not attend peace negotiations in Islamabad today. So, investors are stuck in wait-and-watch mode. No deal means more uncertainty, and crypto is taking the hit.

Ethereum Price Drop: Technicals Tell a Different Story

Despite the bearish headlines, Ethereum’s charts are flashing a potentially bullish setup. On the daily timeframe, ETH is forming a multi-month ascending triangle pattern. That’s a flat resistance level with rising support. A breakout above the horizontal trend line could trigger a rally to $3,076 – calculated by adding the triangle’s height to the breakout point.

Ethereum price drop
ETH Price Source : TradingView

Technical indicators are backing this up. The SuperTrend has turned green, signaling a potential trend reversal to the upside. The MACD lines are also trending above neutral. So, the Ethereum price drop might be a shakeout before a bigger move.

Key resistance to watch: $2,378 (38.2% Fibonacci). A break above that could accelerate the breakout. On the flip side, a drop below $2,200 would invalidate the bullish setup and invite more downside.

Institutional Demand Steady Despite the Noise

Here’s the bullish wildcard. Spot Ethereum ETFs recorded their seventh straight day of inflows on Friday, bringing in $425 million over that period. Institutions are accumulating while retail panics. If that trend continues, it could provide the liquidity needed to push ETH toward its bullish targets.

Ethereum price drop
Screenshot 2026 04 20 153915

My Thoughts

The disconnect between price and fundamentals is striking. Yes, geopolitical noise is driving short-term fear. But Ethereum’s on-chain activity just hit an all-time high of 200M transactions in Q1. ETF inflows are steady. And the technical setup is textbook bullish. This feels like a classic accumulation phase – weak hands sell on headlines, strong hands buy the structure. If peace talks resume and oil drops, ETH could rip toward $3,000 quickly. For now, patience pays. Watch $2,200 as the line in the sand.

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A complex financial infographic visualizing conflicting trends in the Ethereum market. Central to the design is a prominent geometric silver Ethereum symbol (Ξ) over a multi-directional graph. Large text at the top reads 'ETHEREUM TRANSACTION RECORD HITS 200M IN Q1' and 'PRICE LAGS'. The chart shows two diverging lines: a powerful golden upward trend with target arrows labeled 'WINKLEVOSS RE-ACCUMULATION' and price targets like '$75K+', '$72.5K+', '$70K+', alongside descending red paths labeled '$130M MARCH SELLOFF' with price targets, falling icons, and fragmented money bags. Specific labels like 'NETWORK GROWTH', 'USER ADOPTION', and 'PRICE PRESSURE' are connected by clean lines. Various financial and crypto icons are integrated, with glowing data points.
Altcoin

Ethereum Transaction Record Hits 200M in Q1 – Price Lags

by Ouess Crypto
written by Ouess Crypto

The Ethereum transaction record now stands at 200.4 million transactions on the base layer in Q1 2026. That’s the first time it has crossed 200 million in a single quarter, according to Artemis data. To put that in perspective, quarterly transaction counts bottomed near 90 million in 2023. Then, they spent most of 2024 grinding sideways between 100 and 120 million.

Ethereum transaction record
Quarterly Ethereum Chain Transactions Source : Artemis

The recovery began in mid-2025. Each successive quarter saw higher activity than the last. Q1 2026 jumped 43% from Q4 2025’s 145 million. That’s a clear U-shaped growth from the 2023 bottom.

Ethereum Transaction Record: Where Is the Price?

Here’s the catch. Ethereum’s native token, ether (ETH), is down over 50% from its August 2025 high of nearly $5,000. It traded around $2,328 as of Friday morning. So, usage is booming, but the price isn’t following. That divergence could be an opportunity for traders who bet on fundamentals.

Ethereum transaction record
Ethereum Price Source : CMC

Layer 2s and Stablecoins Drive the Boom

Most of the traffic lives on Layer 2s like Base and Arbitrum. These networks process transactions cheaply and batch them down to the main chain. So, end users never directly touch the base layer, but their activity shows up as settlement and bridging.

Stablecoins are also on fire. The total supply on Ethereum has reached a record $180 billion, accounting for about 60% of the global stablecoin market.

Ethereum transaction record
Ethereum Stablecoins Mcap Source : DeFiLlama

The Dencun Upgrade’s Double-Edged Sword

The risk? Ethereum earns less per transaction after the Dencun upgrade significantly reduced data costs for L2s. More activity does not cleanly translate into more burn or more holder value. So, the Ethereum transaction record might not boost price the way it used to.

The broader read: usage has completed a multi-year recovery that typically precedes price movement. Whether this quarter marks an inflection or a local top depends on Q2’s numbers – and whether growth comes from real users or bot activity.

My Thoughts

This is the ultimate “good news, bad news” story. The good: Ethereum is more used than ever. The bad: the tokenomics have changed. Dencun made L2s cheap, which is great for users but terrible for ETH’s fee burn. More transactions don’t equal more scarcity anymore. Still, the divergence between usage and price is historically a buy signal. If Q2 holds above 200M and real user growth continues, a reversion trade could be lucrative. But watch for bot activity – it inflates numbers without real value. For now, ETH is a waiting game.

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A detailed financial infographic illustrating BitMine's Ethereum accumulation, featuring text panels, a rising chart, multiple icons, and a prominent 3D text block. Large text at the top and bottom summarizes a $71.5M investment and the near 4.9M total ETH holdings, while central graphs and multiple labels track the upward progress.
Altcoin

BitMine Ethereum Accumulation Hits 4.875M ETH with $71.5M Buy

by Ouess Crypto
written by Ouess Crypto

BitMine Ethereum accumulation just hit a new milestone. Last week, the company purchased 71,524 ETH – its largest weekly buy since December 2025. That’s a massive single-week haul, even by institutional standards.

With this latest purchase, BitMine’s total Ethereum holdings have climbed to approximately 4.875 million ETH. That solidifies its position as one of the largest institutional Ethereum investors in crypto. The company’s aggressive accumulation strategy is now under the market’s microscope, especially as institutional interest in ETH continues to grow.

BitMine Ethereum Accumulation: $11.8B in Total Assets

As of April 12, BitMine reported that its combined crypto assets and cash reserves were worth roughly $11.8 billion. That’s a strong balance sheet, demonstrating significant financial scale – not just in Ethereum, but across its entire crypto portfolio.

Why does this matter? Analysts point out that purchases of this scale can reduce supply pressure in the market. Over the long term, that could have an upward impact on ETH prices. Moreover, accumulation strategies from large investors often serve as a powerful signal for smaller and medium-sized investors.

What This Means for the Market

BitMine’s latest move highlights two key trends. First, institutional players are becoming dominant forces in crypto. Second, confidence in Ethereum’s long-term potential remains unshaken – even amid macro turbulence like the US-Iran conflict and oil price spikes.

For retail traders, watching where the big money flows is always alpha. BitMine is voting with its balance sheet. And the vote is loudly pro-Ethereum.

My Thoughts

This is the quiet accumulation that builds real floors. BitMine isn’t trading – it’s positioning. 71,524 ETH in one week is serious demand. Combined with Strategy’s Bitcoin buys and strong ETF inflows, institutions are clearly using the dip to load up. The $11.8 billion balance sheet gives BitMine plenty of dry powder. If they continue this pace, ETH could see significant supply crunch in the coming months. Retail would be wise to watch these moves closely. Smart money is sending a message: Ethereum is here to stay.

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Ethereum treasury firm Bitmine
Altcoin

Ethereum Treasury Firm Bitmine Adds 40K ETH Despite $7.6B Loss

by Ouess Crypto
written by Ouess Crypto

Ethereum treasury firm Bitmine just scooped up another 40,000 ETH. That’s $82 million worth of fresh accumulation. The purchase happened today, according to on-chain data from Arkham via Lookonchain.

This move comes just one week after the firm added 71,179 ETH. At this point, Bitmine now holds over 4.7 million ETH. That’s nearly 4% of the entire Ethereum supply. Their goal? The so-called “Alchemy of 5%” acquiring 5% of all ETH in circulation.

Why Ethereum Treasury Firm Bitmine Keeps Buying at a Loss

Here’s the wild part. Bitmine is sitting on a massive unrealized loss. DropsTab data shows the firm’s average purchase price is $3,271 per ETH. With ETH trading far below that, the unrealized loss is almost $7.6 billion.

That loss has weighed on Bitmine’s stock, which is down over 30% year-to-date. Yet, they’re still buying. Why?

Tom Lee, Bitmine’s chairman, explained it bluntly. He said they’re buying even if the low isn’t in yet. Why? Because the US economy can handle oil prices rising to $120 per barrel. Adjusted for CPI inflation, current $106 oil is actually lower than prior peaks. In July 2008, oil hit $144. Inflation since then is up 53%. To match that 2008 high in real terms, oil would need to be $220 today.

Lee also pointed out that Bitcoin and Ethereum haven’t made new lows since February 6, despite the war starting on February 28. That relative strength signals underlying resilience.

Stock and ETH Move in Sync

Ethereum treasury firm Bitmine
ETH Price Source : TradingView

Interestingly, Bitmine’s stock climbed over 2% this past week, mirroring ETH’s 3% weekly gain. So far, the market is rewarding the conviction.

Ethereum treasury firm Bitmine
Bitmine Stock Price YTD Source : Google

My Thoughts

This is either visionary or insanity. Accumulating 4.7 million ETH while sitting on a $7.6 billion paper loss takes diamond hands to another level. Tom Lee’s inflation-adjusted oil argument is smart but markets don’t always behave rationally in real time. The fact that ETH and Bitmine stock both climbed this week suggests the market respects the conviction. If the Iran war de-escalates and oil drops, this bet pays off massively. If not, the unrealized loss could grow. Either way, this is the kind of high-conviction alpha that separates long-term winners from panicked sellers. Watch the 5% threshold if they hit it, it could trigger FOMO among other treasuries.

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