Bitmine, led by Tom Lee, purchased 89,026 ETH for $197.64 million, lifting its total Ethereum holdings to 2.59 million ETH worth $11.7 billion. ETH traded around $2,225 at press time, down 1.7% on the day and about 3% over the week after dropping to $2,202. Market indicators cited in the report show weakening momentum, with RSI at 41 and price below key moving averages.

A long-inactive Ethereum whale resurfaced after nine years, moving 69,878 ETH valued at nearly $157 million into three newly created addresses. The transfers had not reached exchanges at press time, so immediate sell-side pressure did not appear to rise, even as Exchange Netflow fell to -11.9k. AMBCrypto noted ETH still looked technically fragile, with key levels including $2.2k support and the $2,320 EMA/MA Crossover area.

KULR Technology Group transferred 300 BTC valued at $24.36 million to Coinbase Prime, while its Bitcoin position showed losses of $18.25 million. The company had earlier said in December 2024 it would allocate 90% of surplus cash to Bitcoin and later reported a reserve of 1,021 BTC worth $101 million by July 2025. Across Bitcoin treasury firms, total holdings value fell from $126 billion to $96 billion, leaving about $30 billion in unrealized losses.

Kelp DAO and Aave burned 17,132 rsETH linked to an exploiter on Arbitrum, and said rsETH withdrawals for ETH are expected to restart within 24 hours. Since the April 18 hack, Aave said it raised 137k ETH (worth $317 million) via DeFi United, while Kelp reported additional security tightening across LayerZero bridging configurations.

LayerZero has faced sustained pressure since an April exploit tied to a cross-chain bridge used by Kelp, where $293 million was drained and the wider DeFi gap topped $300 million. After the incident, protocols totaling $2 billion in combined TVL—including KelpDAO ($1.5B), SolvProtocol ($600M), and Re ($200M)—migrated to Chainlink CCIP, while LayerZero bridge volume fell to $91 million.

Dogecoin (DOGE) held above the $0.10 level and traded at $0.1107, up 3.5% on the day, after extending gains past $0.11. Recent spot and derivatives flows pointed to improving demand, with spot netflows at -$7.04 million and futures netflows rising 128% to $31.4 million. DOGE is now testing the 200-day EMA near $0.12, with $0.10 framed as the key level to keep the bullish setup intact.

Toncoin (TON) extended a four-day climb and reached $2.9 before easing, as leveraged activity intensified. On May 8, a whale opened a 3x long on 1.97 million TON worth $5.39 million, while total liquidations hit $28.7 million, underscoring elevated volatility around the $3 resistance.

Ethereum defended the $2,000 level and pushed to a local peak of $2,147, with ETH last quoted near $2,136 after rising 4.81% in 24 hours and 3% over the week. Derivatives activity has led the move, as Binance's spot-to-futures volume ratio fell to 0.13 while futures inflows climbed to $66.9 billion. Spot liquidity weakened alongside reported outflows, keeping the risk of a $2,000–$2,100 consolidation in play.

Bitcoin has remained in a descending channel since its $126k peak in October 2025, and it has slipped below the STH Realized Price, leaving recent buyers underwater. In Q1 2026, realized losses totaled $30.9 billion, while whale cohorts recorded about $337 million in losses per day and long-term holders around $200 million daily. Volatility and momentum indicators suggest indecision, with a potential range between $70k and $65k if sentiment persists, while a weaker demand backdrop could open a move toward $62,500.