The transaction highlights growing pressure on crypto treasury companies to 
prioritize debt reduction as token prices remain volatile.

ETHZilla liquidates $74.5M in Ether to redeem convertible debt

Ethereum is attempting to reclaim the $3,000 level after showing pockets of 
bullish strength over the weekend. Buyers briefly managed to push the price 
higher, but momentum has struggled to build, and ETH remains vulnerable below 
a key psychological threshold. As volatility compresses, market conviction 
appears fragile. Many analysts are increasingly calling for lower prices, 
arguing that recent rebounds lack the follow-through required to shift the 
broader structure back into a sustained uptrend. Related Reading: Bitcoin 
Price Lags Network Utility: A Valuation Reset Is Underway On-chain data helps 
explain this hesitation. According to a recent CryptoQuant report, Ethereum’s 
Net Unrealized Profit/Loss (NUPL) indicator remains in positive territory, 
with the latest reading hovering around 0.22. This suggests that the average 
ETH holder is still sitting on unrealized gains, but those profits are 
relatively modest. Historically, this zone is associated with a “belief” or 
cautious optimism phase, rather than euphoria. In other words, the market is 
neither in panic nor in an overheated state. This positioning places Ethereum 
at an inflection point. Investors are no longer capitulating, but they are 
also not aggressively chasing upside. With profits still on the table and 
sentiment mixed, ETH’s next move will likely depend on whether buyers can 
regain confidence and absorb lingering sell pressure. Until then, the market 
remains caught between hope and hesitation. Exchange Outflows Signal Strategic 
Repositioning According to the Arab Chain report, combining Ethereum’s NUPL 
data with exchange netflow metrics on Binance provides a clearer picture of 
current market dynamics. Recent data shows that Ethereum exchange netflows 
have consistently leaned toward net outflows, with frequent negative readings 
indicating that more ETH is being withdrawn from Binance than deposited. This 
behavior is typically associated with reduced immediate selling pressure, 
particularly when it occurs alongside a stable, positive NUPL reading. What 
makes this setup notable is the absence of a sharp increase in NUPL despite 
these outflows. In past cycles, strong withdrawals during periods of rising 
unrealized profits often coincided with aggressive profit-taking and euphoric 
sentiment. That pattern is not present today. Instead, the data suggests that 
holders are choosing to retain exposure rather than exit positions. ETH 
appears to be moving off exchanges for purposes such as long-term storage, 
staking, or participation within the broader Ethereum ecosystem, rather than 
for imminent liquidation. This divergence between sustained exchange outflows 
and restrained NUPL levels points to a structurally healthier market 
environment. Profits exist, but they are not excessive, and selling pressure 
on Binance remains limited. As a result, the probability of abrupt, sell- 
driven corrections is reduced. The medium-term outlook becomes more dependent 
on structural and fundamental developments, rather than short-term speculative 
behavior or emotional market swings. Related Reading: Ethereum Traders Chase 
Upside With Historic Leverage – Breakout Fuel Or Fragile Setup? Ethereum 
Consolidates Near a Critical Inflection Zone Ethereum’s weekly chart shows 
price attempting to stabilize around the $3,000–$3,100 region after a volatile 
multi-month decline from the 2025 highs near $4,800. This area has emerged as 
a key technical pivot, aligning closely with the rising 200-week moving 
average, which historically acts as a long-term trend gauge. ETH is currently 
trading just above this level, suggesting that bulls are defending structural 
support, but without strong momentum confirmation. The 50-week and 100-week 
moving averages are beginning to flatten and converge near current price, 
reflecting a broader transition from a strong uptrend into a consolidation 
phase. This compression often precedes a larger directional move. Notably, 
Ethereum has reclaimed the 100-week average but remains capped below the 
50-week average, highlighting the ongoing struggle to re-establish a sustained 
bullish structure. Related Reading: Bitcoin Faces Elevated Downside Risk: Loss 
Selling Takes Hold As STH SOPR Falls Below 1 Volume has moderated compared to 
the distribution phase seen during the sell-off, indicating reduced forced 
selling rather than aggressive accumulation. This supports the view that the 
market is digesting prior gains rather than entering a new impulsive trend. 
From a structural perspective, holding above the $2,900–$3,000 zone keeps the 
long-term uptrend intact. However, failure to reclaim the $3,300–$3,500 
resistance range would leave ETH vulnerable to extended consolidation. For 
now, price action suggests balance, not resolution. Featured image from 
ChatGPT, chart from TradingView.com

Ethereum Market Structure Strengthens: Binance Netflows Point to Long-Term Conviction

Strategy broke its BTC accumulation streak and uppsed its USD reserve to $2.19 
billion.

Strategy ups cash reserves to $2.19b, puts Bitcoin buying on hold

The digital asset climbed to $90K on Monday morning following Strategy’s share 
offering, which raised $748 million in cash proceeds. Bitcoin Gains Even As 
Strategy’s ATM Dilutes Millions Bitcoin’s quirky price movements have largely 
defied logic over the past couple of months, and today’s market action was no 
different. BTC treasury firm Strategy (Nasdaq: MSTR) […]

Saylor Sells 4.5 Million Shares, Yet Bitcoin Hits $90K: Why?

Two bills and one resolution proposed by state lawmaker Wendy Rogers could 
allow Arizona voters to change the state&#8217;s taxation laws applied to digital 
assets and blockchain.

Cryptocurrency price in LKR