Lookonchain
Strategy added 24,869 BTC — worth roughly $2.01 billion at an average of $80,985 — last week, anchoring a stretch in which eight companies collectively raised their holdings by 25,302 BTC, according to Lookonchain's weekly report covering May 11–May 17, 2026. Tom Lee's Bitmine bought 71,672 ETH ($153.66 million) on top of that.
Why it matters
Stablecoin market cap grew just $549 million — a slow week after last week's rebound — and DEX spot and perp volumes both pulled back. The contrast is the story: secondary-market activity cooled, but the institutional bid on the underlying assets did not. Saylor's eighth consecutive weekly purchase keeps the corporate-treasury accumulation thesis intact, while Bitmine's ETH add layers a second institutional name into the bid.
Market impact
The pattern that matters is divergence. Last week's rebound had been broad — stablecoins, DEXs, spot. This week's pullback is narrow, concentrated in on-chain trading venues, while corporate treasuries continue to add at scale. That keeps BTC and ETH's floor supported by direct accumulation rather than flow-through from the trading complex, and it means the next leg depends on whether DEX volumes re-engage or whether treasuries end up carrying the bid on their own.
Frequently asked questions
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How much Bitcoin did Strategy buy last week?
Strategy added 24,869 BTC worth roughly $2.01 billion at an average price of $80,985, according to Lookonchain's weekly report for May 11–May 17, 2026.
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Did Bitmine buy ETH last week?
Yes — Tom Lee's Bitmine purchased 71,672 ETH valued at $153.66 million during the same week, layering a second institutional buyer into the ETH bid.
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How did stablecoin supply change during the week?
Total stablecoin market cap grew by $549 million, a slow week that followed a stronger rebound the prior week.
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Did DEX trading volumes recover?
No — both DEX spot and perpetual volumes pulled back after the previous week's rebound, even as institutional accumulation on the underlying assets stayed strong.
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Why is the divergence between flows and volumes significant?
Secondary-market activity on DEXs cooled while corporate treasuries continued to add BTC and ETH at scale, meaning the floor is being supported by direct accumulation rather than trading-driven flow-through.
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