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BitMine buys, whales bail on ETH

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Ethereum faces $1.6K risk as whales dump, but BitMine bets big

Key points:
Whales moved over $237M in ETH to exchanges, fueling concerns of a 25% drop toward the $1,600 zone.
BitMine raised $250M to establish an ETH treasury, as ETF outflows and technical breakdowns pressure short-term sentiment.
News - Ethereum (ETH) is once again under pressure, with a combination of whale activity, ETF outflows, and technical resistance keeping traders on edge. Two large whale wallets, 0x14e4 and 0x26Bb, recently unstaked and moved 95,920 ETH (~$237M), with over $150M already deposited to exchanges like HTX and Binance. On-chain analysts suggest the wallets belong to a single entity preparing for more selloffs.
Technically, ETH has slipped below the lower trendline of a symmetrical triangle that held since 2022. With RSI still under a multi-year descending resistance and the $2,545 zone proving too tough to reclaim, ETH may slide another 25% toward $1,600, the level aligned with its 200-week EMA.
ETF sentiment also turned risk-off. Ethereum ETFs saw net outflows of over $11M on June 20, led by BlackRock’s ETHA. This shift follows 8 weeks of net inflows and coincides with Bitcoin’s rising dominance, which hit 64% recently.
BitMine flips bullish on ETH - Bitcoin miner BitMine Immersion Technologies raised $250 million to build an ETH treasury, pivoting away from its BTC-first strategy. Backed by Pantera, Galaxy, Kraken, and others, BitMine also named Fundstrat’s Thomas Lee as Chairman. Its stock tripled premarket following the announcement.
Market split: Bears vs builders - While mid-tier wallets (1K–10K ETH) accumulate and institutions like Galaxy add exposure, the largest whale cohort is shrinking its holdings, suggesting a redistribution trend. Whether ETH drops to $1,600 or rebounds above $2,600 depends on what happens next at the $2,370 support level.
Robinhood goes all-in: Stock tokens, perps, and a layer 2 blockchain

Key points:
Robinhood launched tokenized U.S. stock and ETF trading for EU users, alongside crypto staking in the U.S. and perpetual futures in the EU.
The company is developing its own Arbitrum-based Layer 2 blockchain to support 24/7 tokenized asset trading and self-custody.
News - Robinhood just unveiled a sweeping crypto-forward expansion at its Cannes event, launching a suite of products aimed at merging traditional finance with blockchain rails.
European users can now trade over 200 U.S. stocks and ETFs via Robinhood Stock Tokens—commission-free, dividend-supported, and available 24/5. These tokens are currently issued on Arbitrum, but will migrate to Robinhood’s own Layer 2 blockchain currently in development. The new chain will enable 24/7 trading, seamless bridging, and self-custody for tokenized assets.
Robinhood also confirmed plans to expand the stock token offering to “thousands” of equities by year-end.
Meanwhile, eligible EU traders will soon gain access to crypto perpetual futures with up to 3x leverage, routed through Bitstamp, an exchange Robinhood recently acquired. These products are expected to fully roll out by the end of the summer.
In the U.S., Robinhood launched crypto staking for Ethereum and Solana, alongside other features like advanced charts, tax lot tools, smart order routing, and its AI-powered assistant Cortex.
HOOD stock hits record high - Following the announcements, Robinhood’s stock (HOOD) surged to a new all-time high above $87, pushing its market cap beyond $76 billion. The firm reported $927 million in net revenue for Q1, marking a 50% YoY increase, signaling strong investor confidence in its crypto-centric roadmap.
Blurring the line between TradFi and DeFi - Robinhood’s latest rollout positions it as a serious contender in the tokenized finance race. By integrating crypto-native infrastructure with traditional asset exposure, the platform aims to become an all-in-one global investment app. CEO Vlad Tenev’s vision of replacing legacy finance with crypto rails is closer than ever, and Wall Street is watching.
Bhutan’s crypto vision grows: Sell signal or sovereign strategy?

Key points:
Bhutan moved $14.77M in Bitcoin to Binance, prompting speculation about potential profit-taking amid BTC’s stagnant price.
At the same time, the Himalayan nation is doubling down on crypto payments and tourism, onboarding 1,000+ merchants through Binance Pay.
News - The Royal Government of Bhutan has transferred 137.245 BTC, worth approximately $14.77 million, to Binance, according to Arkham Intelligence. With national holdings now approaching 12,000 BTC, valued near $1.3 billion, the move has stirred market concerns about fresh sell pressure, especially as Bitcoin struggles to reclaim all-time highs despite heavy corporate buying.
But if traders are reading this as a bearish pivot, Bhutan’s broader activity paints a different picture.
From sell pressure to payment power - Rather than exiting the market, Bhutan appears to be deepening its crypto commitment. Binance Pay, recently integrated with DK Bank, now supports crypto-based purchases for travel, hospitality, and retail, even street snacks. Nearly 1,000 merchants in Thimphu and Paro are already onboard, with locals warming up to crypto despite ongoing connectivity challenges.
National crypto infrastructure in the making - At the Digital Bhutan panel, officials emphasized that crypto is central to the nation’s future, not a side experiment. The state-backed system, called the world’s first national crypto payment network by Binance CEO Richard Teng, is designed to fix issues like inaccessible SWIFT payments while attracting high-value tourists. Average crypto visitors already spend three times more than regular tourists, and Binance Pay’s zero-fee model is helping expand digital inclusion across rural Bhutan.
From sovereign mining to retail payments, Bhutan is executing a full-stack crypto strategy, one BTC transfer at a time.
Kazakhstan follows U.S., eyes state crypto reserve

Key points:
Kazakhstan’s central bank plans to launch a national cryptocurrency reserve, pooling seized digital assets and state-mined coins under a single custodian.
The move aligns Kazakhstan with countries like the U.S. and Pakistan, which are establishing sovereign Bitcoin reserves amid rising institutional adoption.
News - Kazakhstan is taking a major step into state-backed crypto adoption. The country’s central bank, led by Governor Timur Suleimenov, confirmed that it will pool confiscated digital assets and crypto mined through state-affiliated operations into a national reserve. The project will be managed by a specialized subsidiary of the National Bank, with a framework modeled on sovereign wealth best practices.
The goal is to protect national crypto holdings against market volatility and hacks by centralizing control under a single audited and transparent entity. Although no launch date has been set, officials emphasized that legislation is being drafted in collaboration with law enforcement and finance ministries.
Kazakhstan already accounts for 13% of the global Bitcoin hash rate and recently cracked down on illegal mining operations, seizing nearly $200 million worth of rigs. The reserve plan marks a broader bid to diversify the country’s financial strategy away from traditional currencies, while also preparing for institutional-grade crypto adoption.
Balancing innovation and enforcement - This move follows other digital asset initiatives by the Kazakh government. In May, President Kassym-Jomart Tokayev unveiled “CryptoCity,” a pilot zone enabling cryptocurrency-based payments for goods and services. Meanwhile, the Ministry of Digital Development is positioning Kazakhstan as a Central Asian crypto hub, even as enforcement actions, like shutting down 36 illegal exchanges, continue.
Global trend: Bitcoin as a strategic asset - Kazakhstan’s strategy mirrors growing international interest in sovereign crypto reserves. The U.S. has proposed a Strategic Bitcoin Reserve, with Texas already authorizing one. Pakistan recently revealed similar plans, while military divisions in the U.S. reportedly back such efforts as economic security tools. Kazakhstan’s entry into this trend strengthens its global crypto credibility.
More stories from the crypto ecosystem
Did you know?
David Chaum pioneered the blockchain concept in 1982: Computer scientist David Chaum, in his 1982 dissertation, outlined a “blockchain-like” protocol featuring cryptographic chaining, peer-to-peer consensus, and timestamping—laying early groundwork decades before Bitcoin.
Bitcoin surpassed $100K after Trump’s 2024 campaign shockwaves: In December 2024, Bitcoin logged its first-ever $100,000+ price, sparking a surge in adoption following renewed optimism from Trump’s pro-crypto campaign pledges.
Trump ordered U.S. crypto working group: In January 2025, President Trump issued an executive order mandating the formation of a U.S. cryptocurrency working group to propose new regulations, explore a national crypto reserve, and lift restrictions (e.g. against CBDC development).
Top 3 coins of the day
Hyperliquid (HYPE)

Key points:
At press time, HYPE was trading at $39.94, reflecting a 0.52% increase over the last 24 hours.
The Supertrend continued to flash bullish while the MACD histogram showed easing bearish momentum.
What you should know:
HYPE extended its recovery after bouncing off the $33.50 support zone. The Supertrend held its bullish signal, while the MACD histogram moved closer to neutral, suggesting waning selling pressure and a possible bullish crossover ahead. A whale’s $82.5M leveraged long on June 30 drove a sharp volume spike, reflecting high-conviction bets. Eyenovia, meanwhile, became the first U.S.-listed company to build a HYPE treasury, integrating validator operations to deepen its ecosystem play. Lion Group Holdings also joined the action, adding HYPE to its multi-chain treasury strategy alongside SOL and SUI. With over $208B in monthly DEX volume, $1.8B in TVL, and protocol fees fueling steady buybacks, HYPE’s fundamentals continue to impress. Bulls now look to challenge the $42–$45 resistance zone.
PancakeSwap (CAKE)

Key points:
At press time, CAKE was trading at $2.30, reflecting a modest 0.09% increase over the last 24 hours.
It remained near the midline of its Bollinger Bands, while the CMF dipped to -0.08, indicating slight capital outflows.
What you should know:
CAKE maintained its slow climb from the $2.00 support zone, as prices hovered near the midline of the Bollinger Bands. The lack of directional volatility suggested a consolidation phase, with no decisive breakout toward either band. Meanwhile, the Chaikin Money Flow (CMF) flipped just below zero, pointing to a marginal increase in selling pressure. On the fundamentals side, the June 30 Maxwell upgrade on BNB Chain, which reduced block times to 0.75s, has bolstered CAKE sentiment, given PancakeSwap’s status as the chain’s top DEX. However, trading volume still showed no major spikes. If CAKE closes above the upper band resistance near $2.53 with stronger volume, a potential rally could be triggered.
Arbitrum (ARB)

Key points:
At press time, ARB was trading at $0.35, reflecting a 2.6% drop over the last 24 hours.
The Squeeze Momentum Indicator remained red, while the Bollinger Bands suggested increasing volatility.
What you should know:
ARB initially broke above the midline of its Bollinger Bands after a two-day rally, peaking near the $0.38 resistance. However, The Squeeze Momentum Indicator continued to print red bars, indicating that bearish momentum remained dominant despite the brief price surge. The rally coincided with rumors of a potential Robinhood–Arbitrum partnership, fueling a 460% volume spike and pushing ARB to briefly become the market’s top gainer. Social buzz also surged around the YAPYO presale, which required ARB participation, further boosting short-term demand. Despite this, the hype-driven rally lacked follow-through, and volume quickly cooled off. The price now hovers just above the midline but risks dipping back into the $0.30–$0.32 zone if bulls fail to reclaim $0.38 on strong volume. ARB’s volatility remains elevated, and unless official confirmation from the Cannes event materializes, traders may continue to take profits.
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