06 June 2025

The signs of a decline in June are getting stronger – Bitcoin just revisited the early $100,000s while altcoins have bled for most part this week. Macro uncertainties as well as delayed interest rate cuts in the US have gripped the markets. Market sentiment is now in neutral territory. Meanwhile, precious metals like Silver have surged in a confirmation of a risk-off bias currently.

We do know that end of Q2 and starting of Q3 haven’t been kind seasonally to crypto. Let us get through this before we can enjoy the fruits later this year.

Today we continue our focus on Ethereum – it seems like the money rotation from Bitcoin to Ethereum is beginning this cycle. Let’s find out in our Hot Take today.

Top-3 stories of the week:

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The newsletter is put together by Giottus Crypto Platform. You can read all the previous issues of Cryptogram here.

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WEEKLY MACROS

• Total crypto market cap - $3.23 trillion - DOWN 2.7%    

• Bitcoin price - $103,493 - DOWN 1.8%

• The dollar index (DXY) - 98.92 - DOWN 0.6%

• Bitcoin Dominance - 64.64% -  UP 1.1%

• Crypto Fear and Greed Index - 45 - Market is in Fear

THE HOT TAKE

Ethereum showcasing strength 💪

While most eyes have been on Bitcoin’s explosive run this year, Ethereum has been building strength across fundamentals—with little noise but a lot of intent. Weekly user engagement just hit an all-time high, exchange-held supply has dropped below 5% for the first time ever, and institutional players are making their presence known.

In today’s issue, we take a closer look at these trends, some recent metrics and what they could mean for Ethereum’s next chapter.

Weekly engagement surges to record highs

Ethereum’s weekly unique addresses surged past 17.4 million, 17% jump week-over-week, reaching an all-time high as users flock to layer-2 rollups for faster, cheaper transactions. Layer-2 networks now process over seven times the transaction volume of Ethereum’s mainnet, fueling robust DeFi protocols and NFT marketplace activity. Addresses active across multiple chains fell by about four percent, indicating consolidation onto Ethereum’s scaling solutions rather than diversification.

Ethereum exchange balances reach new lows

For the first time in its ten-year history, Ethereum’s total supply is held on centralized exchanges has dipped (4.8%) below 5%. Over the past five years, exchange wallets have offloaded 15.3 million ETH, reflecting a clear shift toward staking, DeFi participation, and long-term self-custody. With so few tokens parked on trading platforms, potential selling pressure is diminished and confidence in Ethereum’s fundamentals is growing.

BlackRock’s Ethereum acquisition signals a new wave of confidence

BlackRock’s purchase of roughly 19,000 ETH (around $48–50 million) through Coinbase Prime marks one of the largest moves by a traditional asset manager into Ethereum. Arkham data shows a steady build-up in BlackRock’s on-chain balances, suggesting a long-term accumulation strategy rather than a quick trade.

Vitalik’s ETH moves and whale buys hint at rally

Vitalik Buterin recently bought 296.4 ETH (about $783,000) and moved $1.83 million worth of ETH plus 341,000 USDC into Railgun’s privacy protocol, highlighting his ongoing support for Ethereum and user confidentiality.

Meanwhile, on-chain data shows another large buyer, possibly a whale or institution - quietly acquired over 108,000 ETH (roughly $283 million) through OTC trades. At the same time, Galaxy Digital withdrew 89,000 ETH (about $233 million) from exchanges to a single whale address, which now holds a total of 139,476 ETH (approximately $365 million).

SharpLink’s $425M stock raise to fuel ETH treasury

SharpLink Gaming (NASDAQ: SBET) has filed with the SEC to issue up to 72.05 million shares of common stock, including roughly 12.6 million shares priced at $79.21 each. The company will use all proceeds from this offering - expected to raise $425 million - to purchase Ethereum and establish its first corporate ETH treasury.

Key Takeaway: Quiet Moves, Loud Intentions

Ethereum’s next chapter is taking shape through a combination of strong fundamentals and growing institutional alignment. Record-high weekly engagement signals that user activity is accelerating, not just on Ethereum mainnet but across its scaling ecosystem. At the same time, exchange balances are diminishing, pointing to long-term conviction among holders and reduced selling pressure. Add to that BlackRock’s $50 million ETH purchase, Vitalik’s quiet movements into privacy protocols, and SharpLink’s pivot into a $425 million Ethereum treasury—and it’s clear the network is no longer just being used, it’s being accumulated and structured around. These aren’t isolated events; they’re early signs of Ethereum transitioning from infrastructure to asset class.

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If you have any questions or feedback for us, write to us at [email protected]. You can check out the previous issues here.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.