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With the crypto market turning slightly bearish, Ethereum has slipped below the $2,300 level, prompting questions about the durability of its recent upswing. Alongside the sideways price action, a report points to weakening bullish sentiment among Ethereum whales, reflected in a sharp decline in their holdings.
Ali Charts, a market expert and trader, analyzed Ethereum whales’ holdings and said the trend is not seen in over a year. As ETH’s upside momentum fades, a wave of selling has affected the market.
The selling activity was concentrated among large investors holding between 1,000 ETH and 10,000 ETH, who reportedly dumped nearly a quarter of their holdings amid uncertainty. The shift indicates reduced exposure and raises concerns about short-term market stability.
According to the report, since October 6, 2025, Ethereum holders in the 1,000–10,000 ETH range have shown a regime change. Before the shift, the cohort was accumulating steadily. Their ETH holdings rose from 12.95 million ETH in April 2025 to a peak of 15.95 million ETH by October 6, 2025. By May 2026, that behavior reversed.
The amount held by these mid-tier whales fell from 15.95 million ETH to about 12.52 million ETH, an approximately 21.5% decrease in their total position. Ali Charts described the development as a potential supply overhang, suggesting that reaching $3,000 may require a fresh wave of demand from institutional or retail buyers to absorb whale distribution.
The report also notes that a few days earlier, ETH whales bought aggressively, taking in over 140,000 ETH worth about $322 million. The buying was framed as a sign that high-net-worth holders may be positioning for a breakout.
Despite ETH still trading well below its all-time high, institutional adoption appears to be accelerating. Coin Bureau reported a surge in tokenized treasuries across leading networks.
The chart cited in the report shows Ethereum surpassed $8 billion in tokenized US treasuries for the first time in its history. The growth in blockchain-based sovereign debt instruments was presented as evidence of Ethereum’s increasing role as a platform for real financial assets.
The week also included the expansion of Stripe’s BRIDGE stablecoins to Celo and plans for Canada’s first regulated stablecoin on Ethereum. Even with these developments, the report says ETH continues to struggle to break key short-term resistance.
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