Crypto
crypto
Sage D. Young

Ethereum at a nine-month low after shedding over $100 billion in market cap in a week

Ethereum, the second-largest cryptocurrency, has shed over $100 billion of its market capitalization in the last seven days as the price falls under the $2,200 level, a nearly nine-month low, data from CoinGecko shows. 

Marking a bottom on any market action is difficult, but the price of ethereum still remains weak with more downside risks. Jim Hwang, COO of crypto investment firm Firinne Capital, told Sherwood News, “Looking back to the volatility back in April 2025, we see that there may be support around $1,500.” 

Meanwhile, spot ethereum ETFs have recorded $342 million in outflows so far this year. The token’s price action and ETF outflows are in “stark contradiction” to the network’s fundamentals, namely the increase in the amount of real-world assets tokenized and usage metrics, Hwang argued.

Ethereum’s price slump comes as cofounder Vitalik Buterin said on Tuesday that the “original vision of L2s and their role in Ethereum no longer makes sense,” pointing to how the progress of layer 2 networks has been slower and more difficult than initially expected, while the “L1 is itself scaling” and reducing fees.

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Yaël Bizouati-Kennedy
7h
Bitcoin oscillates around $80,000 as it fights to extend rally

The market is trapped in a pronounced tug-of-war between bullish and bearish positioning in the short term, one analyst said.

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crypto
Sage D. Young

TeraWulf rises after reporting Q1 earnings

TeraWulf, the bitcoin mining company transitioning into data center development, posted Q1 results that were essentially on par with expectations, but investors seemed to like the future transition from volatile bitcoin mining to a “more stable, contracted revenue model” revenue stream driven by “higher-value HPC workloads.”

TeraWulf reported:

  • Revenue of $34 million, just missing analyst expectations of $34.7 million.

  • An adjusted loss per share of $0.09, exactly meeting the consensus estimate from analysts polled by FactSet.

Around 62% of the firm’s Q1 revenue stemmed from high-performance computing lease revenue, “representing the initial ramp of long-term customer agreements,” TeraWulf CFO Patrick Fleury said.

“As we continue to scale, we expect the business to be increasingly driven by recurring, contracted revenue, reducing exposure to the volatility historically associated with bitcoin mining,” Fleury continued.

Fleury noted TeraWulf had $3.1 billion of cash to support its continued transition.

crypto
Sage D. Young

Coinbase sinks after missing on Q1 earnings, revenue

Shares of Coinbase, the largest cryptocurrency exchange in the US, slid in after-hours trading after it missed analysts’ expectations for Q1 earnings.

The company reported:

  • Total revenue of $1.4 billion, below the nearly $1.5 billion analysts polled by FactSet were expecting.

  • Transaction revenue of $755.8 million, well below the consensus estimate of $808.1 million and a 40% decline from nearly $1.3 billion in last year’s period.

  • A surprise loss of $394 million, a $1.47 loss per share for the quarter, compared to net income of $65.6 million in last year’s period.

The firm has 12 products generating over $100 million on an annualized basis, with prediction markets being one of its “fastest growing products ever, on track on become the 13th product,” according to Coinbase’s presentation.

The earnings report comes in the same week CEO Brian Armstrong announced the firm is cutting 14% of its workforce, or about 700 employees, citing artificial intelligence and the need to adjust its cost structure amid a down market.

Yaël Bizouati-Kennedy
5/7/26
Strategy’s STRC “at the center” of one of the “biggest bitcoin buying” months

STRC broke ATM records and saw record daily, weekly, and monthly trading volumes in the billions of dollars.

Bitcoin Conference
crypto
Sage D. Young

Crypto blossoming with green shoots as ethereum and altcoins surge

Crypto markets are warming into a spring rebound as green shoots emerge in the sector.

Ethereum broke above $2,400 Wednesday morning, its highest mark since the end of January, with open interest across Binance, Bybit, OKX, Deribit, and Hyperliquid jumping to almost $12 billion from $10.7 billion on Wednesday morning, a sign new traders are opening positions, data from blockchain analytics firm Velo.xyz shows. 

Coinciding with the price action, institutional flows are positive, with ETFs seeing three straight days of inflows, totaling $260 million in the period, according to SoSoValue. 

“Crypto Spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen,” BitMine Chairman Tom Lee said Monday, while announcing the firm added 101,745 ethereum tokens to its stockpile last week. 

Meanwhile, privacy and meme tokens are rallying, too:

  • Dogecoin, adored by billionaire Elon Musk, has climbed as high as 11.7 cents, a level not seen since January. 

  • DASH has increased 22.8% in the last 24 hours.

  • Zcash, a privacy coin, rallied to a five-month high, breaking past $600 before settling at $574 as of 10:45 a.m. ET, a 33.3% surge in the same period.

Zcash’s upswing comes after Tushar Jain, cofounder and managing partner at investment firm Multicoin Capital, announced that it “built a significant position in $ZEC since February.” 

“We believe that truly private, censorship and seizure resistant assets have clear product-market fit and demand is accelerating… $ZEC is the cleanest way to express this thesis in public markets,” Jain said on X.

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