The recent crypto market has been quite active. It all started with news that Bitcoin Depot had $3.7 million worth of BTC stolen in March, and now concerns about security are coming to the forefront. It appears to be due to unauthorized access to internal systems.

Against that backdrop, it’s especially noticeable that the Ethereum Foundation is selling ETH to raise research funding. Of the 5,000 ETH, 3,750 ETH (approximately $8.3 million) has already been sold. The price of ETH dipped temporarily, but it’s now trading around $2.32K. Over the past week, it’s been surprisingly steady, moving in a positive direction.

What’s particularly interesting is the sharp increase in activity around WETH (Wrapped Ethereum). Just on Wednesday alone, more than 32,000 new wallets were created—at a level 16 times higher than usual. This is apparently the highest level in a year. It may indicate strong underlying demand for the eth network.

On the other hand, regarding meme coins, Canary Capital is moving ahead with its application for a PEPE ETF. It has already submitted the documents to the SEC. However, PEPE is highly concentrated: the top 10 wallets account for 41% of the supply, so it’s being flagged as a risk factor. The current price is at the $0.00 level, down more than 85% from its peak.

Also, the Satoshi debate about Bitcoin’s origin has flared up again. Michael Saylor is disputing reports claiming that Adam Back is Satoshi, and Adam Back himself is also denying it. The point is that stylistic analysis alone isn’t enough to be considered evidence.