Ethereum Battles $2,800 Hurdle as Blockchain Group Eyes Bitcoin, Dubai Real Estate

Ethereum Faces Resistance Above $2,700 Due to Investor Cost Basis Clusters

According to a recent analysis by Glassnode, as reported by Bitcoinist.com, Ethereum's price has struggled to maintain levels above $2,700 despite recent bullish momentum. The key resistance is attributed to a significant cluster of investor cost-basis distribution around the $2,800 mark. This means a large number of investors acquired their ETH at or near this price, leading to increased sell-side pressure as the price approaches this level. Glassnode's cost basis distribution (CBD) metric, visualized as a heatmap, highlights this cluster and suggests that many previously underwater investors are likely to sell as they near breakeven.

For Ethereum to break through this resistance, demand must outweigh the selling pressure at the $2,800 CBD cluster. The report further notes that nearly 60% of Ethereum holders are currently in profit, and the path to $3,000 will depend on ETH's ability to hold above key resistance levels.

"Ethereum price may witness significant sell-side pressure as it approaches the CBD cluster around $2,800. This phenomenon is based on the propensity of several previously underwater investors to look to offload their assets near breakeven." — Glassnode via Bitcoinist.com

Key resistance: $2,800
Nearly 60% of holders in profit
Sell pressure increases as price nears $2,800

Summary: Ethereum's price is repeatedly pushed back from the $2,700–$2,800 range due to concentrated investor cost bases, requiring strong demand to break through this resistance. (Source: Bitcoinist.com)

France’s Blockchain Group Expands Bitcoin Holdings After €63.3 Million Bond Sale

The Paris-based Blockchain Group is set to purchase an additional 590 Bitcoin (BTC) following a successful €63.3 million ($72 million) bond sale, as reported by Cointelegraph and Crypto Briefing. This move will increase the company’s total Bitcoin holdings to 1,437 BTC. The company stated that 95% of the bond proceeds will be used for Bitcoin acquisition, with the remainder allocated for operational expenses and management fees.

Venture capital firm Fulgur Ventures contributed €55.3 million ($62.9 million), while Moonlight Capital invested €5 million ($5.7 million) in the bond sale. The bonds are convertible into shares of the Blockchain Group at €3.809 ($4.34) per share. The company, listed on Euronext Paris, has seen its stock price surge by over 765% year-to-date, with a 225% spike after it began buying Bitcoin in November.

Metric	Value
Bond Sale Proceeds	€63.3 million ($72 million)
Bitcoin to be Purchased	590 BTC
Total BTC Holdings (post-purchase)	1,437 BTC
Stock Price YTD Increase	+765%
2024 Revenue	€13,864,000 ($15.8 million)
2023 Revenue	€20,408,000 ($23.2 million)
Yield from BTC Holdings	709%

The Blockchain Group’s long-term strategy is to acquire 1% of the total Bitcoin supply by 2032, targeting over 170,000 BTC. The company’s stock closed at €2.77 ($3.16) on May 26, down 5.5% for the day.

Summary: The Blockchain Group is aggressively expanding its Bitcoin treasury, aiming for 1% of total supply by 2032, and has seen a dramatic stock price increase since adopting this strategy. (Sources: Cointelegraph, Crypto Briefing)

Pakistan Appoints Bilal Bin Saqib as Special Assistant on Blockchain and Crypto

Prime Minister Shehbaz Sharif of Pakistan has appointed Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC), as his special assistant on blockchain and cryptocurrency, with the status of a minister of state, according to Dawn. Saqib will be responsible for developing a comprehensive, FATF-compliant regulatory framework for digital assets, launching Bitcoin mining initiatives, and overseeing blockchain integration in governance, finance, and land records.

His role also includes facilitating the licensing and oversight of virtual asset service providers (VASPs) and promoting investor protection and Web3 ecosystem growth. Pakistan currently ranks in the top 10 globally for crypto adoption, with 40 million crypto users and an annual trading volume exceeding $300 billion. The country produces around 40,000 IT graduates annually and has the fourth-largest freelancer market worldwide.

40 million crypto users in Pakistan
Annual crypto trading volume: $300 billion+
40,000 IT graduates per year
4th largest freelancer market globally

Saqib, a Forbes '30 under 30' honoree and recipient of an MBE in 2023, is expected to help Pakistan align with global digital trends and drive economic growth through blockchain and crypto innovation.

Summary: Pakistan is taking significant steps to regulate and promote blockchain and crypto, appointing a high-profile advisor and targeting robust ecosystem growth. (Source: Dawn)

XRP Blockchain Powers Dubai’s Real Estate Tokenization Platform

The Dubai Land Department has launched a government-backed, XRP Ledger-based platform for tokenized real estate, as reported by Benzinga. Developed in partnership with fintech firm Prypco, the “Prypco Mint” platform enables investors to acquire fractional ownership in Dubai properties starting at AED 2,000 (approximately $545). Currently, the platform supports transactions in dirham and is available exclusively to UAE ID cardholders, with plans to expand globally.

Ctrl Alt Solutions is the technological partner, and the XRP Ledger (XRPL) serves as the underlying blockchain. The real estate tokenization market was valued at $3.8 billion in 2024 and is projected to reach $26 billion by 2034, with a compound annual growth rate of 2.90%. At the time of reporting, XRP was trading at $2.29, down 2.21% in the last 24 hours.

Platform	Minimum Investment	Market Value (2024)	Projected Value (2034)	CAGR
Prypco Mint (Dubai)	AED 2,000 (~$545)	$3.8 billion	$26 billion	2.90%

This initiative is part of Dubai’s broader strategy to become a global hub for blockchain and digital asset services, with Ripple Labs playing a key role in the ecosystem.

Summary: Dubai is pioneering real estate tokenization using the XRP Ledger, with a rapidly growing market and plans for global expansion. (Source: Benzinga)

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