Binance's EU License Bid Fails Amidst Ethereum's Market Struggles

Binance's EU license bid has been revealed to be unsuccessful by CEO Changpeng Zhao. Meanwhile, Ethereum (ETH) continues to struggle in the market, with a decline of approximately 50% year-to-date and approaching the possibility of recording three consecutive quarterly losses for the first time in its history.

According to data from Lookonchain, BitMine acquired 27,084 ETH in the past week, pushing total reserves to 5.7 million ETH. This is one of the company's smallest weekly acquisitions this year, with Chairman Thomas Lee attributing it to end-of-quarter 'window dressing' activities.

US-based spot Ethereum ETFs experienced their seventh consecutive week of net redemptions, shedding $273.3 million in the steepest weekly decline since January. BlackRock's iShares Ethereum Trust was among the largest contributors to this trend, with retail and institutional fund investors reducing allocations while corporate treasuries continued adding ETH exposure.

Derivatives markets reveal a prevailing bearish sentiment among traders, with $4.09 billion in short positions compared to $1.31 billion in long positions on CW. Ethereum has been unable to successfully recapture previous support zones, with market analyst Daan Crypto Trades indicating that a recovery above $1,750 would represent the initial indication of bullish strength on extended timeframes.