Market Updates: Ethereum Near $2,400 Sparks Diverging Whale Bets; HSBC Pilots Tokenized Deposits on Canton Network; Adam Back Denies Satoshi Claim

Latest Market Updates: As of 14th April 2026.

Ethereum Near $2,400 Triggers Diverging Whale Bets

Ethereum briefly approached the $2,400 mark before pulling back, setting off sharply contrasting moves among large investors.

At the local peak, Billy Luedtke, CEO of Intuition, moved to lock in gains. He sold 3,285 ETH at $2,372.24, securing roughly $7.79 million, according to Arkham Intelligence.

Meanwhile, this sale was part of a broader exit strategy that began on March 8, during which he offloaded 8,771 ETH worth $19.14 million at an average price of $2,182.

At the same time, another large wallet (0x455…A433E) pivoted away from Ethereum, rotating capital into Bitcoin. The holder swapped 2,831 WETH for 90.46 WBTC in a transaction valued at $6.74 million.

This exchange was based on a conversion rate of $74,607 per Bitcoin. Consequently, the move signals a shift in near-term preference toward Bitcoin.

In contrast, whale investor nemorino.eth leaned further into Ethereum. The wallet accumulated 1,347.37 ETH at an average price of $2,226.54, committing approximately $3 million. Notably, this purchase reflects a bullish stance on Ethereum’s potential upside despite recent volatility.

HSBC Tests Tokenized Deposits on Blockchain

Meanwhile, HSBC advanced its blockchain initiatives by completing a pilot for tokenized deposits on the Canton Network.

Specifically, the trial simulated core financial operations, including the issuance, transfer, and settlement of tokenized deposits. It also tested atomic settlement alongside digital assets. HSBC’s Global Payments Solutions division led the initiative.

Notably, this marks the bank’s first use of tokenized deposits on a public blockchain. The pilot aimed to demonstrate interoperability between different settlement systems, an essential requirement for scaling digital financial infrastructure.

Building on this effort, HSBC highlighted its Tokenized Deposit Service, which allows clients to convert fiat currencies into digital assets for instant transfer within the network.

The system supports multiple currencies, including USD, EUR, GBP, SGD, and HKD. It is designed to enable continuous, real-time settlement and programmable payments.

HSBC has completed a pilot of tokenised deposits on Canton.

The simulation included issuance, transfer, and atomic settlement of deposits against digital assets, with interoperability across settlement rails, extending coordinated settlement across cash and asset legs. pic.twitter.com/YPYHP8R1Rv

— Canton Network (@CantonNetwork) April 13, 2026

Adam Back Rejects Satoshi Nakamoto Claims

In a separate development, early Bitcoin contributor Adam Back pushed back against renewed speculation about his identity in an interview with Bloomberg Podcasts, firmly denying claims that he is Satoshi Nakamoto.

Back supported his stance with several technical arguments. He noted that, had he created Bitcoin, he would have used different privacy techniques and avoided certain formatting errors found in early code. He also pointed to IRC chat logs showing him asking others about Bitcoin’s mechanics, behavior inconsistent with that of its creator.

His comments come in response to a report published a week earlier by The New York Times, which suggested he could be behind Bitcoin, reigniting debate within the crypto community.

Bitcoin OG Adam Back: Denies Being Satoshi Nakamoto

On April 10, 2026, in an interview with Bloomberg Podcasts, Bitcoin OG Adam Back @adam3us denied speculations that he is Satoshi Nakamoto. He stated that current discussions lack new evidence.

To prove this, he offered… pic.twitter.com/8F8AjG4D5t

— Wu Blockchain (@WuBlockchain) April 13, 2026

U.S. Lawmakers Revise Crypto Tax Proposal

On the regulatory front, U.S. lawmakers have reintroduced a revised version of the Digital Asset PARITY Act, signaling a shift in how crypto transactions may be taxed.

The updated draft removes the previously proposed $200 exemption for stablecoin transactions. Instead, it introduces a rule under which gains or losses are not recognized unless a stablecoin’s value falls below 99% of its redemption value.

Additionally, the proposal extends wash sale rules to digital assets and clarifies the distinction between passive staking and active trading.