Wall Street giant Goldman Sachs has made a notable shift in its crypto-related exchange-traded (ETF) fund positions, according to a recent filing submitted to the US Securities and Exchange Commission (SEC).
The update shows the firm exiting XRP- and Solana (SOL)-linked ETF exposure, while also trimming its Ethereum (ETH) ETF holdings. At the same time, the filing shows it opened a new position tied to one of the largest decentralized exchanges (DEXs).
Goldman Sachs Exits XRP And Solana ETFs
The story starts with Goldman’s XRP ETF exposure going into the end of Q4 2025. At that point, the bank held nearly $154 million worth of XRP-related ETFs from issuers including Bitwise, Franklin Templeton, Grayscale, and 21Shares.
Those holdings made Goldman Sachs one of the largest institutional holders of XRP ETF products at the time. The latest SEC disclosure, however, shows that its XRP ETF positions were removed entirely, reflecting a full exit during the first quarter.
A similar change appears with Solana-linked products. Goldman Sachs had previously disclosed that it held exposure across multiple Solana investment products, including the Grayscale Solana Trust ETF, the Bitwise Solana Staking ETF, and the Fidelity Solana Fund.
However, just like XRP, those Solana-related ETF positions also disappeared in Goldman’s Q1 filing. In other words, Goldman fully exited both XRP- and Solana-linked ETF holdings by the first quarter of 2026, with no remaining trace of those positions in the updated portfolio disclosure.
Even with these exits, Goldman Sachs did not leave the crypto ETF space entirely. The firm still held roughly $700 million in Bitcoin ETFs. Still, its posture toward Ethereum was more cautious: Goldman cut its Ethereum ETF exposure by about 70%, bringing the total down to approximately $114 million.
New Bet On Hyperliquid
What makes the change more interesting is that Goldman Sachs appears to be redeploying at least some of that capital into other parts of the crypto market.
Alongside the ETF reductions and exits, the bank opened a new position tied to Hyperliquid (HYPE). According to the filing, Goldman acquired roughly 654,630 shares of Hyperliquid Strategies (PURR), valued at about $3.3 million.
Beyond Hyperliquid, Goldman Sachs’ trading activity also shows a new wave of exposure across several crypto-linked equities. The bank increased positions in Circle (CRCL), Galaxy (GLXY), and Coinbase (COIN) shares.
At the time of writing, Hyperliquid’s native token, HYPE, was trading at around $45. It has been one of the best-performing tokens over the past month, with gains of 10% in the last two weeks alone.
Featured image created with OpenArt, chart from TradingView.com
Japan’s largest online brokerages are moving into digital assets. SBI Securities and Rakuten Securities are building in-house Bitcoin and Ethereum investment trusts for retail customers.
The shift could reshape how millions of Japanese investors reach crypto. Here is what the plan involves and why it matters now.
SBI and Rakuten Are Building In-House Bitcoin and Ethereum Bitcoin Investment Trusts in Japan
A crypto investment trust is a regulated fund that holds digital assets like Bitcoin, letting investors buy units instead of the coins themselves.
Today, most Japanese users still need a separate exchange account or wallet to buy crypto directly.
According to Nikkei, these trusts remove that friction. Investors could gain Bitcoin and Ethereum exposure through brokerage accounts they already use for stocks, bonds and funds. The product would feel closer to buying a mutual fund than trading on an exchange.
SBI Securities plans to sell products developed by group company SBI Global Asset Management. That firm is targeting roughly ¥5 trillion yen (nearly $32 billion), in assets within three years of launch.
SBI intends to manage the full chain internally, from product design to distribution.
JUST IN: Japan’s SBI and Rakuten are preparing to sell in-house crypto investment trusts for $BTC and ethereum:native exposure. pic.twitter.com/r9T9naxGqP
Both groups already run licensed exchanges, so the infrastructure and regulatory relationships are largely in place.
The momentum reflects clearer rules ahead. In a Nikkei survey of 18 firms, 11 others, including Nomura, Daiwa and Mizuho Securities, said they would consider entering once the regulatory framework is finished.
That response shows broad interest from TradFi, even before the rules are complete.
Nomura and Daiwa have signaled plans to develop crypto trusts once the framework becomes clear. SMBC Group has formed a task force, while Asset Management One under Mizuho has started early research.
Japan’s Financial Services Agency is driving this change. It is reportedly weighing rules that would let investment trusts and exchange-traded funds hold crypto under the Investment Trust Act.
Spot crypto ETFs could be approved by 2028, with analysts estimating the market could reach around 6.4 billion dollars.
🚨 JUST IN: Japan’s Financial Services Agency plans to allow crypto ETFs by 2028, with potential inflows reaching $6.4 billion, according to Nikkei. SBI and Nomura are preparing products. $BTC$ETH$XRPpic.twitter.com/fQr8Xvjtvd
Japan now wants to bring crypto closer to its mainstream wealth management industry.
For retail investors, that means familiar protections around custody, disclosure and reporting, handled through regulated financial groups they already trust.
The benefits are practical. Millions of people who already hold SBI or Rakuten accounts could add Bitcoin or Ethereum exposure without new signups.
There is no learning curve around exchanges and no anxiety about security breaches on unfamiliar platforms.
Comparison of Bitcoin and Ethereum price performance. Source: CoinGecko
The trade-off is real, too. Holding units in a trust means investors do not own the Bitcoin directly.
That structure adds management fees and counterparty considerations that do not exist with direct ownership.
Fees will be a key factor to watch. In the United States, competition among ETF issuers drove costs down quickly and boosted adoption.
How the FSA responds to filings, and what fees SBI and Rakuten attach, could shape how fast Japanese investors move in.
Ethereum (ETH) has now erased nearly all of the gains it posted earlier this month after facing renewed selling pressure across the market.
Its latest weekly sell signal has also raised concerns that another sharp corrective phase, similar to previous declines, could be developing.
Three Major ETH Downside Targets
Crypto analyst Ali Martinez flagged that a new weekly TD Sequential sell signal has appeared for Ethereum. The indicator has accurately predicted several major ETH moves over the past year, such as buy signals on April 14 and June 16, 2025, which were followed by rallies of 87% and 134%, respectively. Martinez also pointed to a sell signal on August 25, 2025, that “accurately timed” a 63% correction.
According to the analyst, if selling pressure increases, Ethereum could decline toward short-term support at $1,900, followed by mid-term and long-term downside targets at $1,565 and $1,090. He added that the $1,071 level, located near the bottom of a broader channel, appears to be a strong potential buying zone for Ethereum.
Santiment reported that Ethereum recorded its highest network realized profits in three weeks, as traders realized nearly $74.58 million in profits despite ETH’s correction. According to the on-chain analytics platform, the spike in realized profits was largely driven by holders who accumulated Ethereum earlier this year at much lower prices and are still selling at a profit during the recent decline.
The firm noted that ETH traded below the $2,000 level for much of February and March, a period when some traders continued accumulating despite broader market uncertainty and geopolitical concerns. Many of those wallets remain in profit even after the recent pullback and are now taking gains. The platform also highlighted increased on-chain transaction activity and price compression near the $2,240 level on four-hour charts, suggesting high distribution activity.
Higher transaction volume can lead to larger realized profit totals across the network, even when individual gains remain relatively modest.
Four Straight Days of Withdrawals
At the same time, US spot Ethereum ETFs have continued to see capital leaving the market over the past several days. Data compiled by SoSoValue revealed that these investment vehicles recorded four consecutive days of outflows this week. The funds saw $17 million in outflows on May 11, followed by a sharp $130.6 million withdrawal on May 12, which was the largest daily outflow level since March.
Outflows continued with $36.3 million on May 13 and another $5.65 million on May 14.
Ethereum has been moving sideways in recent weeks, leaving traders questioning why momentum keeps stalling despite multiple upward pushes. According to an analysis shared by an analyst on X, the answer lies in a specific technical level that the asset has repeatedly failed to reclaim.
Ethereum’s $2,450 Barrier
The recent price behavior of Ethereum can be traced to the market’s interaction with a resistance area near $2,450. In early May, the analyst outlined that this level functioned as a decisive confirmation point for bullish continuation. The structure suggested that if Ethereum could move above $2,450, even briefly, it would signal that the breakout from the current range was genuine.
In the chart shared at the time, the region around this price was highlighted as a critical reclaim zone. The analysis argued that once the price clears such a level, it becomes a strong directional signal for traders. Because the level lacked complicated confirmation requirements, even a quick move above it would have been enough to validate bullish momentum.
However, until that threshold was crossed, the analyst maintained a cautious stance. The reasoning was straightforward: markets often approach major breakout levels only to reverse if buying pressure cannot sustain the move. The repeated hesitation around $2,450 suggested that the upward move could still fail if the market could not overcome that barrier.
This framework also tied Ethereum’s behavior closely to that of Bitcoin. The analyst mapped the $2,450 level on Ethereum as roughly equivalent to a key resistance zone around $81,000 on Bitcoin. If Ethereum confirmed a breakout above that point, it would likely strengthen confidence across the broader crypto market.
Rejection Signals Downside Risk
Days later, price action delivered the scenario the analyst had warned about. Ethereum approached the resistance zone but failed to convincingly move above it. Although the market tested the area, it never produced the decisive wick above $2,450 that was required to confirm a reclaim.
Once the rejection occurred, the bearish scenario outlined in the earlier analysis began to unfold. Ethereum started to move lower, reinforcing the idea that the resistance had not been broken. The follow-up chart showed price drifting away, with the projected path pointing toward further downside if the market continued to lose momentum.
The outcome was also linked to Bitcoin’s movement. Because Ethereum failed to confirm strength at the crucial level, it suggested weakness across the broader market structure. That correlation was used to frame a short trade idea on Bitcoin around $82,300, based on the expectation that both assets would move lower together.
Technically, Ethereum remains in a distribution phase below resistance and is struggling to generate enough volume for a breakout. Until it decisively reclaims the $2,450 level, the analyst’s framework suggests the market could remain vulnerable to further pullbacks. In practical terms, the $2,450 level has become the dividing line between a renewed breakout and continued downside risk.
A joint collaboration between Tether, TRON and blockchain analytics firm TRM Labs called the T3 Financial Crime Unit has announced on Wednesday that it has frozen more than $450 million in USDT suspected to be acquired through illicit, criminal means since the initiative launched in September 2024.
The frozen funds by the crime unit involve investigations into various illicit operations including money laundering, crypto exchange hacks, North Korea-linked cyber operations, terrorist cells financing, drug trafficking, and violent crimes including kidnappings and extortion, according to a statement published by Tether.
The T3 FCU has enlisted the help of multiple law enforcement agencies in its fight against illicit activity in the crypto community. These agencies span five different continents, with countries like the U.S., Spain, Germany, the Netherlands and Bulgaria having the highest volume of assets frozen.
Tether’s T3 puts in the work
The T3 FCU reported that it helped in the recovery of 43.9% more illicit proceeds in 2025 compared to the previous year. The unit claimed it can execute asset freezes within 24 hours of a request by law enforcement regarding an investigation, a pace that traditional banks and services find hard to match.
The group pointed to several high-profile cases where it helped with asset freezing and recovery. One involved the freezing of about $26.4 million allegedly connected to a European money-laundering ring that was dismantled alongside Spain’s Guardia Civil in early 2025.
Another case was “Operation Lusocoin”, a Brazilian Federal Police investigation that froze more than 3 billion Brazilian reais in crypto assets, of which 4.3 million USDT linked to a criminal network was a part, according to Tether’s statement. Additional freezes targeted wallets tied to North Korean cyber activity and funds traced to the Bybit hack, with nearly $9 million in crypto funds identified.
In addition, Tether confirmed a $344 million USDT freeze on TRON in April 2026 following intelligence-sharing with U.S. and international law enforcement.
T3 FCU breaks higher ground amid international recognition
The Financial Action Task Force cited T3 FCU earlier this year as an “invaluable resource for law enforcement agencies worldwide.” The FATF highlighted the unit alongside TRM Labs’ Beacon Network as leading examples of public-private partnerships for combating criminal activity in the crypto community.
The recognition comes amid a sharp rise in illicit cryptocurrency activity, with blockchain-related criminal activity reaching a record $158 billion in 2025, according to estimates from TRM Labs. The figures underscore the growing pressure on stablecoin issuers and blockchain platforms to strengthen compliance frameworks as regulators intensify the crypto sector’s scrutiny.
“Compliance is not an option; it is a part of our commitment to protect our users and stop any illicit behaviors,” said Paolo Ardoino in the announcement. “This $450 million milestone is just the beginning of what T3 is capable of,” he added.
Chris Janczewski, who previously served as a special agent with the IRS Criminal Investigation division, said the initiative combines “real-time intelligence and expertise with coordinated public-private action to disrupt illicit activity as it happens.”
The comments reflect an intensified industry effort to ensure stronger oversight and enforcement capabilities.
Is crypto decentralization a myth?
The scale of the recent asset freezes has reignited debate over the level of control centralized stablecoin issuers retain within blockchain ecosystems that are often said to be ‘decentralized’.
Tether includes issuer-level controls that allow Tether to blacklist specific wallet addresses and freeze associated funds, which goes against the intent behind cryptocurrencies like Bitcoin.
According to onchain data compiled by BlockSec, more than $500 million worth of USDT was frozen over a recent 30-day period. This amount extends beyond the activity linked to the T3 Financial Crime Unit in the statement and proves Tether is doing even more blacklisting on multiple blockchains.
Our ENA price prediction expects a maximum of $0.82 in 2026.
In 2032, we expect the ENA price to achieve $7.38.
Ethena is a stablecoin project built on Ethereum that offers USDe, a fully decentralized coin pegged to the US dollar.
Unlike stablecoins such as USDC or USDT, USDe doesn’t depend on banks or centralized companies for reserves. Instead, it uses a cash-and-carry trading strategy to keep its value equal to the dollar.
For investors who prioritize decentralization, USDe could be an appealing choice — especially since it currently offers staking rewards above 9%. However, critics caution that since the project is still new, it’s uncertain whether USDe’s high yields and dollar peg can remain stable during a market downturn.
Based on these developments, we’ve compiled our Ethena price prediction from 2026-2032. In this article, we’ll find out “Will ENA reach $10?” and explore the factors behind ENA price prediction.
Overview
Cryptocurrency
Ethena
Ticker
ENA
Price
$0.13 (-2.3%)
Market cap
$917 million
Trading volume (24-hour)
$50 million
Circulating supply
8.49B ENA
All-time high
$1.52 (11 April, 2024)
All-time low
$0.09428 (24 February, 2026)
ENA technical analysis
Metric
Value
Current Price
$0.13
Price Prediction
$ 0.07926 (-25.13%)
Fear & Greed Index
40 (Fear)
Sentiment
Bearish
Volatility
11.29% (Very High)
Green Days
13/30 (43%)
50-Day SMA
$ 0.09998
200-Day SMA
$ 0.1973
14-Day RSI
45.85 (Neutral)
ENA price analysis
Resistance for ENA is at $0.1389
Support for ENA/USD is at $0.1267
The ENA price analysis for 11 May confirms that ENA witnessed bearish pressure as it dropped toward $0.13. However, the ENA price is preparing for a recovery rally.
Ethena price analysis 1-day chart: ENA price triggers bearish momentum
Analyzing the daily price chart of ENA tokens, ENA witnessed a bearish correction after sellers pushed the price toward support lines. Sellers are now aiming for a hold below the immediate Fib channels around $0.13. The 24-hour volume surged toward $24 million, showing an increase in trading interest today. Ethena’s price is currently trading at $0.13, which has dropped by over 2.3% in the last 24 hours.
The RSI-14 trend line has dropped from its previous level but hovers within the neutral region at 67, showing that bulls are controlling momentum. The SMA-14 level suggests volatility in the next few hours.
ENA/USDT 4-hour price chart: Buyers aim big above EMA levels
The 4-hour ENA price chart suggests that ENA experienced a bullish activity around EMA lines, creating a positive sentiment on the price chart. Currently, buyers aim for a strong rebound above the EMA20 trend line.
The BoP indicator trades in a bearish region at 0.39, suggesting that sellers are trying to build pressure near support levels and trigger downward correction.
Additionally, the MACD trend line has formed red candles below the signal line, and the indicator aims for negative momentum, strengthening selling positions.
ENA price predictions: Levels and action
Daily simple moving average (SMA)
Period
Value
Action
SMA 3
$ 0.1018
BUY
SMA 5
$ 0.1024
BUY
SMA 10
$ 0.1051
SELL
SMA 21
$ 0.1076
SELL
SMA 50
$ 0.09998
BUY
SMA 100
$ 0.1108
SELL
SMA 200
$ 0.1973
SELL
Daily exponential moving average (EMA)
Period
Value
Action
EMA 3
$ 0.1017
BUY
EMA 5
$ 0.1026
BUY
EMA 10
$ 0.1043
SELL
EMA 21
$ 0.1042
SELL
EMA 50
$ 0.1057
SELL
EMA 100
$ 0.1304
SELL
EMA 200
$ 0.1917
SELL
What to expect from ENA price analysis next?
The hourly price chart confirms bears are making efforts to prevent the ENA price from an immediate surge. However, if the ENA price successfully breaks above $0.1389, it may surge higher and touch the resistance at $0.1484.
If bulls fail to initiate a surge, ENA price may drop below the immediate support line at $0.1267, resulting in a correction to $0.1155.
Is ENA a good investment?
Whether ENA is a good investment depends on your goals and how much risk you’re comfortable with. Ethena has been ranked among the 100 cryptocurrencies. Still, there are questions about its demand, given its similarity to algorithmic stablecoins — a concept that lost trust after LUNA’s collapse in 2022. Even so, Ethena has shown strong performance during market surges, making it a solid project in the crypto market.
If you believe in the project’s future and don’t mind the ups and downs, it might be worth putting in a small amount.
Why is the ENA price down today?
ENA’s price gained selling pressure around recent highs, resulting in a strong downward push. This created a push toward $0.13.
Will Ethena price recover?
If buyers hold above the $0.15 level, we might see a comeback in buying demand.
Will ENA reach $10?
ENA price might reach the $10 mark in 2035 if buying demand surges and ENA attracts altcoin investors.
Will ENA reach $100?
The $100 mark is a distant dream for ENA. This price level is achievable in the long run if ENA continues to expand its offerings and attract buying demand.
Is Ethena a good long-term investment?
ENA has gained popularity due to strong community support. However, conducting thorough research into their long-term potential is crucial to determine if they represent a viable long-term investment.
Recent news/ Opinion on ENA
BlackRock sent a letter to regulators, defending a proposed rule that would limit tokenized reserve assets to 20%. It said this cap could impact its BUIDL fund, which supports Ethena’s USDe and Jupiter’s JupUSD.
Ethena (ENA) price prediction May 2026
Over the last few days, ENA prices have aimed to surge above crucial Fib levels. If the BTC price aims for a hold above $80K in May, we might see a solid surge in the ENA price.
According to technical analysis, the ENA price might record a maximum level of $0.17 and a minimum of $0.075, with an average value of $0.13 throughout May.
ENA price prediction
Potential low
Potential average
Potential high
ENA Price Prediction May 2026
$0.075
$0.9
$0.12
Ethena Forecast 2026
By the end of 2026, ENA price is expected to attain an average level of $0.64. The Ethena price prediction 2026 expects a minimum price of $0.06 and a maximum price of $0.82.
ENA price prediction
Potential low
Potential average
Potential high
ENA Price Prediction 2026
0.06
0.64
0.82
Ethena Price Predictions 2027-2032
Year
Minimum Price ($)
Average Price ($)
Maximum Price ($)
2027
0.9001
0.9258
1.1
2028
1.3
1.35
1.55
2029
1.98
2.03
2.31
2030
2.85
2.95
3.46
2031
4.26
4.37
5
2032
6.24
6.42
7.38
Ethena Price Prediction 2027
Ethena’s price forecast expects a minimum value of $0.9001 in 2027. The maximum value could be around $1.10, with an average trading price of approximately $0.9258.
Ethena Price Prediction 2028
Ethena’s price in 2028 is expected to reach a minimum level of $1.30 and a maximum level of $1.55, with an average forecast price of about $1.35.
Ethena Price Prediction 2029
The price of Ethena in 2029 is predicted to reach a minimum value of $1.98. It could rise to a maximum of $2.31, with the average trading price estimated at $2.03.
Ethena Price Prediction 2030
According to forecasts and technical analysis, Ethena is expected to reach a minimum price of $2.85 in 2030. The token could achieve a maximum level of $3.46, while the average trading price is projected to be around $2.95.
Ethena Price Prediction 2031
Based on in-depth technical analysis of past data, the price of Ethena in 2031 is expected to reach a minimum of $4.26. The maximum price could be $5.00, with an average value of about $4.37.
Ethena Price Prediction 2032
In 2032, Ethena’s price is forecasted to reach a minimum level of $6.24, a maximum level of $7.38, and an average trading price of approximately $6.42.
Ethena Price Prediction 2026-2032
Ethena market price prediction: Analysts’ ENA price forecast
Firm Name
2026
2027
Coincodex
$0.6829
$0.5555
CoinDCX
$0.8
$1
Cryptopolitan’s Ethena price prediction
At Cryptopolitan, we are bullish on the ENA price movements as the coin is expected to surge to new highs by the end of this year. By the end of 2026, ENA price is expected to attain an average level of $0.64. The Ethena price prediction 2026 expects a minimum price of $0.06 and a maximum price of $0.82.
ENA historical price sentiment
ENA Price History: Coinmarketcap
Ethena’s price history from mid-2024 to late 2025 shows a period of intense volatility marked by sharp fluctuations in both price and market capitalization. In early 2024, Ethena traded strongly, reaching highs around $1.20 in April, supported by high trading volumes exceeding $8 billion.
However, by mid-2024, the token began to decline steadily, closing near $0.38 by July as investor sentiment weakened and market activity cooled.
The latter half of 2024 saw further instability. Ethena’s price dropped as low as $0.20 in September, reflecting a major correction phase in the broader crypto market.
Despite these setbacks, the token demonstrated resilience, climbing back above $1.00 by December 2024. This late-year rally suggested renewed interest from traders and potential ecosystem developments.
In 2025, Ethena continued to experience wide swings. The token opened the year near $1.25 but faced sustained downward pressure through the spring, dipping below $0.30 by June.
A strong recovery followed in the third quarter, with prices surpassing $0.70 in August and stabilizing near $0.50 by October. Throughout this period, Ethena’s market cap ranged from $1 billion to over $5 billion.
In early November, the price of ENA declined toward $0.3. By the end of November, ENA declined below $0.23.
ENA ended December on a bearish note by trading around $0.2. By January 2026, the price of ENA dropped toward $0.13.
In February, the price of ENA dropped toward $0.1. ENA price declined further in March and touched a low around $0.08 in early April.
Tom Lee has projected that Ethereum could climb to $12,000 by the end of 2026, delivering one of the most bullish forecasts unveiled during the Consensus 2026 conference in Miami.
Speaking during a keynote session, the Bitmine Immersion Technologies chairman outlined an optimistic outlook for the broader digital asset market, while mentioning the firm’s ambitious strategy to accumulate 5% of Ethereum’s total circulating supply.
The company currently holds more than 5.18 million ETH, despite the position reportedly being associated with billions of dollars in unrealized losses.
The Ethereum prediction
Lee set year-end targets for both major cryptocurrencies at the conference. He projected Bitcoin (BTC) could trade between $150,000 and $200,000, while Ethereum could reach new all-time highs in the $9,000 to $12,000 range.
Lee based the outlook on his view that the prolonged downturn in crypto markets has ended. “Crypto Spring, in our view, has commenced, and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen,” he said at the Miami event.
He pointed to the capitulation among retail traders earlier this year as a contrarian signal. In March 2026, Lee argued that widespread “rage quitting” by retail traders was a classic indicator of a market bottom. “You know you’re at the end when people give up on Bitcoin,” he said.
He continues to believe the market would see an upturn in its fortunes in the very near future.
Bitmine’s ETH position
Lee’s forecast is closely tied to his role at Bitmine Immersion Technologies, where he serves as chairman. The company has increasingly drawn comparisons to Strategy because of its aggressive cryptocurrency accumulation strategy, though Bitmine’s focus remains firmly on Ethereum rather than Bitcoin.
Bitmine’s average acquisition price is estimated at approximately $2,206 per token. With Ethereum trading near $2,328 on May 9, the company’s holdings were hovering only slightly above breakeven levels.
Despite the recent stabilization in prices, the investment has come with significant volatility. In its latest quarterly filing, Bitmine disclosed roughly $3.78 billion in unrealized losses tied to its Ethereum position.
The company’s financial exposure has also drawn attention across the crypto community. Kalshi Crypto highlighted the gap between Lee’s bullish outlook and Bitmine’s balance sheet, noting that the firm’s Ethereum portfolio remained down by an estimated $6.3 billion at one stage.
JUST IN: Tom Lee says Ethereum will hit $12,000 this year
Lee’s track record of perpetual optimism has drawn criticism. Canadian billionaire and mining executive Frank Giustra, a long-time advocate for gold over crypto, called Lee’s forecasts “embarrassing to watch” on social media.
For ETH to reach Lee’s $12,000 target, it would need to rally more than 400% from its current price near $2,300. His $200,000 Bitcoin target would require BTC to roughly double from its level around $80,700.
The gap between Lee’s predictions and Bitmine’s current financial position remains a cause for central tension. If Ethereum continues to range or declines even further, Bitmine’s unrealized losses would deepen, and Lee’s credibility as both an analyst and company executive may drop. If the opposite happens, Bitmine’s early accumulation strategy would end up a stroke of brilliance.
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Binance will list MegaETH’s MEGA token on April 30, 2026, with spot trading set to open at 11:00 UTC. The exchange received no allocation or listing fee, drawing wide praise from analysts and founders.
Binance applied its Seed Tag to MEGA. Every major centralized exchange has now added MEGA without taking project tokens, a rare outcome for a Layer 2 (L2) launch.
Binance Joins MEGA Exchange Spread Without Tokens
Spot pairs including MEGA/USDC and MEGA/USDT went live shortly after the Binance announcement. Deposits and trading remain restricted in the United States, Canada, the Netherlands, and other jurisdictions for regulatory reasons.
MegaETH publicly committed earlier in 2026 to a no-pay listing policy. The team refused to send tokens for fees, liquidity rewards, or promotional airdrops.
The team argued that listings should follow merit and demand, not supply transfers.
“MegaETH has not, and will not, give away MEGA tokens as “fees or airdrops” to any centralized or decentralized exchange for a listing. If an exchange chooses to list the MEGA token, it is because they believe it is a strong project,” the team articulated.
By launch day, Coinbase, Bybit, Upbit, Bithumb, and Binance had each added MEGA without taking project tokens.
Smaller venues including OKX, Bitget, and MEXC also enabled trading. Community members called the spread a “royal flush” and a first for an organic Layer 2 listing run.
2x+ for ICO buyers 2.2x paper gains for those who locked for 12 months
Looks like @megaeth was able to pull the rabbit out of the hat with the royal flush of listing spreads: Coinbase, Bybit, Upbit, Bitthumb, and now even Binance.
Industry Figures Frame Listing as a Shift in Exchange Practice
Simon Dedic, chief executive at Blockhead Capital, said Binance “bent the knee” by listing without compensation. He framed the outcome as a positive signal for token founders weighing exchange demands during launches.
“Honestly, I wouldn’t have expected them to bend the knee and list it for free, so kudos to Binance here. Imagine being such a sought-after project that every major CEX lists you without receiving a single token,” wrote Dedic.
Analyst DeFi Ignas pointed out that Binance had previously committed to supporting builders with large communities. He argued that skipping MEGA would have contradicted that stance.
The general sentiment is that the launch is “substantive and principled,” given MegaETH’s avoidance of KOL payments, point-farming campaigns, and supply allocations to exchanges.
The project’s mUSD stablecoin and proximity market design are potential routes for the token to capture network value.
“It’s a rare sight in a space that rewards crime. Good to see good teams win. Hopefully an inspiration playbook for other quality projects to follow,” stated Grail.eth, a popular user on X.
MEGA Trades Near $2 Billion Fully Diluted Valuation
MEGA traded around $0.16 in the hours after the Binance listing announcement. The price placed circulating market cap near $190 million and fully diluted valuation around $1.7 billion. Total supply is 10 billion tokens.
— IAm⭕️hJay | Σ:(CTNG HOUSE) (@OhJay_001) April 30, 2026
Community responses pointed to compromised approvals or phishing rather than a protocol fault. Users urged claimants to revoke unused permissions before interacting with new contracts.
The MEGA listing run sets a precedent for other Layer 2 teams to point to. Whether future launches replicate the playbook may depend on whether their tokens see comparable demand.
Supply concessions have long shaped exchange decisions, and few projects have refused them.
Earlier this month, it seemed like Ethereum (ETH) was on its way to reclaim $2,500, but the bears intercepted the move.
Currently, the asset trades at around $2,300, and some analysts believe a more substantial correction could be knocking on the door. On the other hand, certain on-chain indicators suggest that the bulls might regain control in the near future.
Plunge on the Way?
According to X user Ted, the asset is “looking weak” right now. He claimed that Bitcoin has reclaimed its key level, while the second-largest cryptocurrency keeps getting rejected from the $2,400 resistance zone.
The analyst added that the major support zone for ETH is around $2,200-$2,250 and claimed that a drop to that range won’t be a surprise before a rebound forms.
Prior to that, Ted has been paying attention to the asset’s sideways movement lately. He predicted that this week would be “very crucial” for the market, citing uncertainty surrounding the ongoing peace talks between the USA and Iran.
“If Ethereum manages to reclaim the $2,400 level, it’ll tap the $2,470-$2,500 liquidity. And if it loses the $2,300 zone, a retest of the $2,150-$2,200 support level will happen quickly,” he stated.
Crypto Tony – a popular trader with almost 600,000 followers on X – also weighed in, saying they await a plunge to the support level of around $2,290, which could offer the opportunity for opening a possible long position.
The Indicators Point in a Different Direction
Contrary to the aforementioned skepticism, several metrics suggest that ETH could be on the verge of a price rally. First on the list is the Relative Strength Index (RSI), which has dropped to 30. This means that the asset has entered oversold territory and could be due for an upward move.
ETH RSI, Source: RSI Hunter
Next is the declining amount of ETH stored on exchanges. CryptoQuant’s data shows that the figure recently tumbled to a nearly 10-year low of approximately 14.47 million. This development is seen as bullish since it reduces the immediate selling pressure.
ETH Exchange Supply, Source: CryptoQuant
Last but not least, there is renewed interest from institutional investors. According to SoSoValue, spot ETH ETFs have seen significant inflows lately, indicating that pension funds, hedge funds, and other big players are ramping up their exposure to the asset, forcing the issuers of these products to back the purchased shares with actual Ethereum.
Arbitrum’s Security Council Seizes $71M in Stolen ETH After KelpDAO Bridge Hack
BREAKING · APRIL 21, 2026 · ARBITRUM · DEFI ANALYSIS
Arbitrum’s Security Council Seizes $71M in Stolen ETH After KelpDAO Bridge Hack
Arbitrum’s Security Council just immobilized $71 million in stolen ETH. One emergency vote.
Nine signatures. And a question that won’t go away: can a “decentralized” network
really freeze your funds?
ETH Frozen30,766 ETH ≈ $71M
Original Exploit$292M rsETH
Council Vote9 of 12 in favor
Suspected ActorLazarus Group (DPRK)
$292MTotal Exploit Value
$71METH Frozen by Arbitrum
18%rsETH Supply Drained
$230MPotential Aave Bad Debt
§ 01 — The Attack
How 116,500 rsETH Materialized Out of Thin Air
On Saturday, April 18, 2026, at precisely 17:35 UTC, someone
did something extraordinary: they minted 116,500 rsETH tokens on Ethereum mainnet
with zero legitimate backing behind them. Worth roughly $292 million
at the time, this wasn’t a flash loan attack or a smart contract reentrancy bug.
The contracts ran exactly as written. The verification layer was the weapon.
KelpDAO is a liquid restaking protocol built on EigenLayer. Users deposit ETH,
which earns compounding yield across EigenLayer’s Actively Validated Services,
and receive rsETH — a tradeable liquid restaking token representing
their position. To enable rsETH to move across the multi-chain ecosystem, KelpDAO
deployed a LayerZero-based bridge architecture using the OFT
(Omnichain Fungible Token) standard. As of the exploit, that bridge held the
backing reserve for rsETH deployed across more than 20 networks — Arbitrum, Base,
Linea, Blast, Mantle, Scroll, and more. The protocol had roughly $1.07 billion
in total value locked, making it the second-largest participant in EigenLayer’s
ecosystem. This was the reserve that was drained.
// Forged origin packet → EID 30320 (Unichain)
→ 116,500 rsETH released from escrow
→ Single Transfer · One OFTReceived · One PacketDelivered
→ ~$292,000,000 exited the protocol
The Technical Root Cause: A 1-of-1 DVN
LayerZero’s security model is built on Decentralized Verifier Networks
(DVNs) — independent entities that verify and attest to the authenticity
of cross-chain messages. When a message travels from Chain A to Chain B, one or
more DVNs must observe the packet on the source chain and deliver a signed
attestation to the destination. The critical configuration choice is how many
DVNs must agree.
KelpDAO’s rsETH bridge was configured with a 1-of-1 DVN setup —
LayerZero Labs itself as the sole verifier. A single signature was all that stood
between the bridge’s escrow and the open internet. The attackers, preliminarily
attributed to North Korea’s Lazarus Group (TraderTraitor unit),
exploited this exactly.
April 18 · 10:20 AM PT
RPC Node Compromise Begins
Attackers compromise two of LayerZero’s downstream RPC nodes, swapping out
op-geth binaries with malicious versions engineered to selectively lie to the DVN
while reporting accurate data to all other querying IP addresses.
April 18 · ~11:30 AM PT
DDoS Triggers Failover
Attackers DDoS the uncompromised RPC nodes, forcing LayerZero’s DVN to failover
to the poisoned endpoints. The malicious nodes confirm fraudulent cross-chain
transactions that never occurred on the source chain.
April 18 · 17:35 UTC
The Drain — 116,500 rsETH Released
A forged LayerZero packet claiming origin from KelpDAO’s Unichain deployment
passes the single compromised DVN. The OFT Adapter releases 116,500 rsETH
from escrow to the attacker’s address. ~$292M exits in a single transaction.
April 18 · 18:21 UTC
KelpDAO Emergency Pause (46 Minutes Later)
Kelp’s emergency multisig freezes core contracts. Two subsequent follow-up
attacks at 18:26 and 18:28 UTC — each attempting another 40,000 rsETH (~$100M)
— both revert. The pause held.
April 18–19
DeFi Contagion Spreads
Attackers weaponize stolen rsETH as Aave v3 collateral, borrowing $196M in WETH.
Aave WETH markets hit 100% utilization. Aave, SparkLend, and Fluid freeze rsETH
markets. $6.6B in TVL collapses within 48 hours across affected protocols.
§
§ 02 — The Intervention
Arbitrum’s Security Council Acts: A Race Against the Bridge
As stolen funds began moving through the ecosystem, blockchain security firm
PeckShield flagged a critical development: the exploiter had
already initiated a native bridge withdrawal from Arbitrum back to Ethereum
mainnet. The clock was ticking. If the 30,766 ETH that had been consolidated
on Arbitrum One completed the withdrawal, it would enter Ethereum’s base layer —
far harder to intercept.
The Arbitrum Security Council — a 12-member body elected by
the Arbitrum DAO through semi-annual elections — convened an emergency session.
According to council member Griff Green, the deliberation involved
“countless hours of debates, technical, practical, ethical and political.”
Nine of the twelve members voted to act. The council coordinated with law enforcement,
who provided input on the exploiter’s identity. Security researchers later linked
the operation to North Korea’s Lazarus Group.
“The Security Council identified and executed a technical approach to move
funds to safety without affecting any other chain state or Arbitrum users.”
— Arbitrum Security Council · April 21, 2026
Using the 0x0000000000000000000000000000000000000DA0 precompile
— a standard native ETH transfer mechanism — the council moved 30,766 ETH
to a protocol-controlled intermediary address. The freeze was confirmed by
Lookonchain approximately 20 minutes after execution. The
funds were intercepted before the bridge withdrawal completed.
Represents ~24% of the total $292M stolen PARTIAL RECOVERY
Remaining ~$220M moved via other chains UNRECOVERED
Lazarus Group suspected to be routing remainder LAUNDERING
For observers watching the situation unfold in real time, the move carried a weight
that went beyond the mechanics of a single freeze. Dylan Dewdney, Founder of Kuvi AI,
was among those who felt the historical echo immediately.
“It’s a fascinating moment for crypto governance — reminds me actually of the same
gravitas as TheDAO, in a way. On one hand, decentralization purists will hate it.
On the other, a DAO effectively looked at a state-sponsored hacking group and said:
not this time. Arbitrum just demonstrated that onchain systems can defend themselves
in real time. In a strange way, they out-coordinated one of the most sophisticated
adversaries in the world. Legitimately onchain gangster moves.”
— Dylan Dewdney, Founder, Kuvi AI
§
§ 03 — The Blame Game
LayerZero vs. KelpDAO: Who Owns a $292M Default?
Even as funds were being frozen, a parallel battle erupted between the two parties
at the center of the exploit. LayerZero moved first with a post-mortem attributing
responsibility squarely to KelpDAO’s configuration choices. Kelp fired back with
documentation. The dispute cuts to the heart of modular DeFi architecture.
LayerZero’s Position
LayerZero stated that KelpDAO “chose to utilize a 1/1 DVN configuration”
despite the protocol’s consistent recommendation of multi-DVN redundancy.
The firm argued that a properly hardened setup would have required consensus
across multiple independent verifiers, making the attack ineffective even with
a single node compromised. LayerZero announced it would stop signing
messages for any application using a single-validator setup going forward,
forcing a broad migration across its ecosystem.
KelpDAO’s Counter
Kelp pushed back hard. The team argued the 1-of-1 DVN was not a rogue customization
but LayerZero’s own documented default. The protocol’s
V2 OApp Quickstart — including the sample layerzero.config.ts — wires
every pathway with one required DVN and no optional DVNs. Kelp added that approximately
40% of protocols currently on LayerZero use the same configuration,
and that in the direct communications channel with LayerZero open since July 2024,
there was no specific recommendation to change the rsETH DVN setup.
@cryptogoblin · April 19, 2026
“The KelpDAO exploit (~$290M) is NOT a LayerZero protocol bug. It’s a configuration
issue and a case study every project with a cross-chain token needs to look at today.
The smart contracts weren’t broken. The verification layer was.”
@FishyCatfish · April 19, 2026
“There is no security floor. A configuration can be a 1/1 DVN and the DVN you chose
can be a single node ran by a single entity. This is a design flaw.”
Independent analysis from Blockaid confirmed: “The KelpDAO exploit will be studied
as the definitive case study in bridge DVN configuration risk. It did not require a
zero-day. It exploited a weak governance policy and limited controls.” Chainalysis
put it more bluntly: the attack proves that detecting malicious code isn’t
enough — protocols must detect when a system enters an impossible state.
§
§ 04 — DeFi Implications
The Contagion Map: From rsETH to Aave to the Whole Ecosystem
The KelpDAO exploit did not stay contained. Within 46 minutes of the drain, the
attackers began weaponizing the stolen rsETH across DeFi’s interconnected lending
infrastructure. The mechanics were straightforward and devastating.
Attackers deposited the minted rsETH on Aave v3 as collateral and
borrowed $196 million in WETH against it. Aave’s WETH market hit
100% utilization, rendering deposits inaccessible
and triggering a $5.4 billion liquidity withdrawal cascade. Total DeFi TVL collapsed
by $6.6 billion within 48 hours. Aave, SparkLend, and Fluid all froze
their rsETH markets. Lido disclosed approximately $21.6 million in rsETH exposure
through its EarnETH product and signaled it may deploy a $3 million loss buffer.
Scenario A: Losses socialized across all rsETH holders across chains
$123.7M bad debt · ~15% depeg
Scenario B: Losses isolated to L2 markets (Arbitrum, Mantle)
Up to $230.1M impact
Aave treasury backstop available $181M treasury
Umbrella model available in certain cases Active
April 2026 has become the worst month for crypto hacks since February 2025,
with over $606 million lost in just 18 days.
The KelpDAO incident came on the heels of the Drift Protocol breach
($285M, April 1) — also linked to Lazarus Group — suggesting a sustained,
coordinated campaign targeting DeFi infrastructure rather than isolated opportunistic
attacks.
The structural lesson is uncomfortable: liquid restaking tokens (LRTs)
as collateral on money markets create systemic amplification. When an
LRT loses peg or backing, lending protocols don’t just feel the impact of the
token — they absorb the entire downstream leverage built atop it. This is the
second time in 2026 that an LRT collateral accepted on Aave has produced a
nine-figure incident downstream of a non-Aave failure.
§
§ 05 — The Core Tension
The Decentralization Paradox: Safety Valve or Fatal Contradiction?
Arbitrum’s intervention was precise, effective, and — for many in the crypto
community — deeply troubling. In a single emergency session, a 12-person council
immobilized 30,766 ETH that an external party held in their address.
The funds were moved without a DAO vote, without the standard governance delay,
and without consulting the broader community before execution. The legality, the
ethics, and the precedent are all contested.
“A 12-person committee — elected by ARB token holders, sure — just demonstrated
it can immobilize any funds on the network given sufficient justification. For a
technology built on the promise of permissionless transactions, that’s either a
necessary safety valve or a fundamental contradiction.”
— Blockchain.news analysis · April 21, 2026
The Arbitrum Security Council is defined in the Constitution of the
Arbitrum DAO as a 12-member body divided into two cohorts, with members
elected in semi-annual elections by ARB token holders. The council is bound by
the Constitution to use its emergency powers only when necessary for
declared security emergencies, and must issue a transparency report when those
powers are invoked. The frozen ETH can only move through further governance action —
ARB holders will ultimately vote on its fate.
The Community Splits
For the Freeze
$71M recovered, likely from state-sponsored thieves
Zero impact on legitimate users or applications
Law enforcement coordination adds legitimacy
Funds remain under governance — not taken
DPRK laundering would have made recovery impossible
Security Council acted within its constitutional mandate
Against the Freeze
Permissionless transactions is the core value proposition
Council can theoretically freeze any funds on the network
Sets precedent for future, potentially non-consensual freezes
“Decentralized” becomes a marketing term, not a guarantee
Who decides what justification is “sufficient”?
Ethereum community has concerns about L2 centralization
@Leonidas (DOG creator) · April 21, 2026
“Decentralized has become a marketing term. Only Bitcoin is actually decentralized.”
@baeyeee · April 21, 2026
“WLFI is accused of wrongfully freezing user assets, while ARB froze stolen funds
linked to DPRK hackers. One is ethically accepted, the other is criticized — but both
prove the same point. When it matters most, governance overrides decentralization.”
@JoelKatz (Ripple CTO David Schwartz) · April 21, 2026
“They can make the chain claim that they did whatever they want to all of the funds
on the chain. But they cannot compel anyone to listen to those claims. Everyone else
can make different claims and choose which set of claims to honor.”
The Stage 2 Problem
The Arbitrum DAO’s own governance documentation asks the question directly:
“Can the governance process be further decentralized? How and when can the
Security Council’s power be further minimized, or eliminated entirely?”
These don’t have easy answers. Arbitrum achieved Stage 1 decentralization
with permissionless fraud proofs via the BoLD upgrade. But Stage 2
— which would limit the Security Council to adjudicating only demonstrable bugs —
remains a future aspiration, not a current reality.
The irony is sharp: the same emergency power that just recovered $71M in stolen funds
is precisely the mechanism that prevents Arbitrum from claiming Stage 2 decentralization.
Security and trustlessness are in direct tension, and today’s events demonstrated
that tension is not theoretical.
§
§ 06 — What Comes Next
Open Questions & The Road Forward
As of April 21, 2026, the 30,766 ETH remain locked in the protocol-controlled
address at 0x000...0DA0. No timeline has been
set for final disposition. The ARB community will vote on what happens to the funds
— options range from returning them to affected KelpDAO users to holding them pending
law enforcement proceedings. KelpDAO’s rsETH contracts remain paused. Founders
Amitej G and Dheeraj B have not announced a recovery timeline.
Open Questions as of Publication
How will ARB governance vote to allocate the frozen $71M? PENDING VOTE
Will other chains with similar emergency powers freeze their portions? UNCERTAIN
Who bears legal liability — KelpDAO, LayerZero, or both? DISPUTED
Will Aave deploy its Umbrella backstop for rsETH bad debt? MONITORING
Will LayerZero’s forced DVN migration affect other protocols? IN PROGRESS
Can the remaining $220M be traced before laundering completes? UNLIKELY
The KelpDAO exploit has accelerated three structural conversations that DeFi has
been deferring: bridge configuration standards (who sets them, who
enforces them, and who is liable when defaults cause catastrophic losses);
LRT collateral risk in money markets (the second $100M+ incident
in 2026 with restaked ETH tokens as the vector); and Layer 2 emergency
powers (the legitimate tension between user protection and permissionless
guarantees).
Chainalysis’s recommendation cuts through the noise: protocols must build systems
capable of detecting when they have entered an “impossible state” —
where issued tokens exceed locked collateral. For a cross-chain bridge, that means
real-time consistency monitoring across every deployed chain. For DeFi as a whole,
it means acknowledging that the “code is law” principle has never been fully true —
and deciding what replaces it.
“The Lazarus Group, if indeed responsible, has already moved the remaining $220 million
through various chains. Arbitrum caught what it could. The rest is likely gone.”
