Ethereum

On May 26, OKX introduced Exchange OS, an upgrade to its Ethereum-compatible X Layer network that lets developers and institutions launch their own onchain trading venues using OKX's exchange-grade stack. The framework supports spot markets, perpetual futures, and prediction markets, with shared liquidity, settlement, and risk controls across deployments. OKX said the first Exchange OS-based venue is planned for June, and OKB was trading at $94.21 on May 26, up 13% over 24 hours.

On May 26, 2026, Bhutan's government moved about $7 million worth of BTC to a SegWit wallet, according to Arkham. The platform said such transfers can signal preparation for a further transfer or a sale, and noted Bhutan's BTC balance is down 10,000 BTC from a ~13,390 BTC peak in October 2024. Arkham data also lists Bhutan holding $234.33 million in BTC and about $68,000 in ETH at the time of the report.

Ethereum has lagged Bitcoin in 2026, with the ETH/BTC pair down close to 20% year-to-date, a sign the market remains tilted toward BTC. Bitcoin dominance was about 60.6% at the time of writing, while both Bitcoin and Ethereum spot ETFs posted weekly net outflows of roughly $1.26 billion and $216 million, respectively.

Harvard Management Company reported it had fully sold its $86.8 million position in BlackRock’s iShares Ethereum Trust ETF, a stake it first disclosed only one quarter earlier. The Q1 2026 13F shows the holding was zero as of March 31, 2026, while Harvard also reduced iShares Bitcoin Trust by about 2.3 million shares to 3,044,612 shares worth roughly $117 million.

Market expert Sam Daodu says several large-cap tokens—including XRP, Ethereum, Solana and Chainlink—look "undervalued" compared with on-chain activity and infrastructure growth. He notes ETH trades about 57% below its August 2025 high of $4,946 and argues Ethereum's DeFi scale and planned Glamsterdam upgrade (mid-2026) could be catalysts. The report also highlights XRP's $1.30–$1.50 range in 2026, the May 14 CLARITY Act committee vote (15-9), SOL's drop from $295 to $85, and LINK around $9.50 versus $52.99.

Between May 18 and May 22, spot bitcoin ETFs posted net outflows of $1.26 billion, while spot ether ETFs logged $216 million in withdrawals. Over the same period, inflows went to spot XRP ETFs ($22 million), solana ETFs ($15.6 million), and HYPE ETFs ($72.4 million), pointing to a rotation into alternative crypto-themed products.

Iranian officials arrived in Doha on May 25, 2026, to hold high-level discussions with U.S. counterparts on a peace framework that also covers the Strait of Hormuz. Markets reacted with Brent crude down roughly 4%–6% to about $95–$97 per barrel, while bitcoin traded near $77,699 and was up 1.47% over 24 hours.

Ethereum fell from about $2,375 on May 11 to nearly $2,031 as of May 23, a 14.5% drop that puts the $2,000 level in focus. Despite aggressive buying across spot and futures markets, sell orders reportedly absorbed incoming demand while spot volume slipped from 470,770 ETH to 256,963 ETH. Futures participation rose slightly, with open interest up 0.69% from about $15.43 billion to $15.54 billion as funding rates stayed positive.

On May 25, 2026, a wallet tagged as a genesis and dormant Ethereum address moved 2,000 ETH in three transactions, converting an estimated $620 entry into more than $4.2 million. The transfers occurred between about 9 AM and noon UTC and left the address holding $214.7 in remaining digital assets after the move.

An onchain-tracked wallet (0x50b3) opened a 23x leveraged ETH short on Hyperliquid totaling $100.33 million in notional exposure. The position covers 47,604 ETH with an implied entry near $2,109 and would be liquidated if ETH reaches $2,149.84, about $41 higher. The wallet owner's identity has not been established.