Heecheol Yang

The Layer 2 protocol Arbitrum (ARB) generated $2 million in fee revenue via the transaction order service 'Timeboost' launched last April. According to The Block on the 4th (local time), Timeboost is a system introduced to improve on the block’s previous first-come, first-served (FCFS) model for determining transaction order. Users can bid for priority transaction ranking through a 'fast lane' approach. Arbitrum processed hundreds of thousands of high-frequency DeFi transactions with Timeboost, which has become a major revenue source for the decentralized autonomous organization (DAO).

Virtual asset (cryptocurrency) market expert and economist Alex Krüger stated that an 'explosive upward trend' for Bitcoin (BTC) is imminent, pointing out three reasons. According to The Daily Hodl on the 3rd (local time), Krüger said via X (formerly Twitter), "The 'One Big Beautiful Bill Act' (OBBBA) is one of the catalysts driving the Bitcoin rally," adding, "Companies accumulating virtual assets and the upcoming successor to Jerome Powell, who is scheduled to be appointed as Fed Chair in 2026, will spark bullish momentum for Bitcoin in the short term." Meanwhile, after surpassing the $110,000 mark the previous day, Bitcoin gave back some of its gains and, as of 16:45, is trading at $108,860.01 on the Binance USDT market, down 0.41% from the previous day.

Cryptocurrency investment firm Galaxy Digital has reportedly withdrawn Coinbase Bitcoin Token (CBBTC) worth $43.79 million from Coinbase. On the 3rd (local time), on-chain data platform The Data Nerd reported, "About 7 hours ago, Galaxy Digital withdrew a total of 400 CBBTC (approximately $43.79 million) from Coinbase. Currently, its main wallet holds a total of 2,143 CBBTC (about $234.63 million)." They added, "Galaxy Digital is depositing Bitcoin into decentralized lending protocols such as Aave, Spark, and Morpho. Galaxy Digital holds 805 CBBTC, 420 Binance Bitcoin (BTCB), and 100 Frax Finance Bitcoin (FBTC), totaling 1,325 BTC (worth $145.06 million)."

Chinese microchip producer Nano Labs has revealed a plan to accumulate BNB equivalent to 10% of its total circulation, amounting to a value of $1 billion, and has already purchased $50 million worth of BNB. According to Cointelegraph on the 3rd (local time), Nano Labs stated that this purchase brings the company's Bitcoin (BTC) and BNB holdings to about $160 million in total. Previously, Nano Labs issued $500 million worth of zero-interest convertible bonds to acquire BNB. Following this announcement, Nano Labs’ stock price surged by 106% at the time. However, after purchasing $50 million worth of BNB on the 3rd, the stock price declined by more than 4.7% during the day and closed 2% lower, finishing at $8.21. As of 2:55 PM on this day, according to Investing.com, Nano Labs was trading at $8.38, down 4.77% from the previous day.

Stablecoin issuer Tether (USDT) has issued an additional $1 billion (USD), while major funds transfers to exchanges have also been active. According to on-chain data platform Arkham Intelligence on the 3rd (local time), evidence has emerged that in the past week, two major institutional wallets received large sums of Tether and subsequently deposited them to exchanges. The wallet address '0xf4AE', known to be associated with the cryptocurrency liquidity provider Cumberland, received USDT worth $555 million (about ₩757.4 billion) from Tether and then deposited it to an exchange. Abraxas Capital also received USDT worth $434 million (₩592.5 billion) from Tether before transferring it to an exchange.

Over the past two days, Ethereum (ETH) has risen 9%, breaking above the intraday $2,600 (USD) mark, but analysis suggests further gains may be difficult due to derivatives market indicators and the launch of the Solana (SOL) ETF. According to Cointelegraph on the 3rd (local time), the Ethereum futures premium—which represents the difference between Bitcoin spot and futures prices—remained below a 'neutral' (5%) level, despite the recent price increase. This indicates that demand for leveraged long positions in the derivatives market has not increased significantly. Historically, the indicator has sustained an upward trend from the point it entered the 'bullish' area above 10%. News of the Solana ETF launch and the growth of Solana's decentralized applications (DApps) have also dampened the potential for Ethereum price increases. The launch of the Solana ETF weakened Ethereum’s altcoin leadership, and Solana’s DApps have generated $1.3 billion more revenue than Ethereum’s DApps, making it difficult for Ethereum to maintain its upward momentum in the short term. Meanwhile, at 10:45 a.m. this day, Ethereum is trading at $2,588.60 on the Binance Tether (USDT) market, up 0.33% from the previous day.

Companies accumulating Bitcoin (BTC) are actively promoting themselves through a strategy of bringing well-known experts to the forefront. According to Bloomberg on the 2nd (local time), recently, Bitcoin-accumulating companies have been relying on recruitment of renowned professionals from the industry or financial markets to enhance their promotional efforts. This approach is different from how Michael Saylor previously promoted MicroStrategy himself, as companies are now directly hiring prominent figures. The outlet reported, “Bitcoin mining firm Bitmain Technologies announced a $250 million private funding round and, simultaneously, appointed financial analyst Thomas Lee, well-known as a frequent CNBC guest, as chairman of the board,” adding, “Immediately after the announcement, its share price soared 700% in one day, drawing major attention from the market.” Additionally, “SharpLink Gaming, in May, announced an Ethereum financial strategy and appointed Joe Lubin, Ethereum’s co-founder, as chairman of the board,” it noted. Meanwhile, some remain skeptical of this strategy. Omid Malekan, a professor at Columbia University, criticized, “Most of these Bitcoin-accumulating companies are difficult to tell apart,” adding, “The recent trend is reminiscent of the SPAC announcements by celebrities during the COVID-19 era.”

Fidelity Investments' Ethereum (ETH) spot ETF has accumulated 10,730 Ethereum. This is equivalent to approximately ₩35 billion. According to Cointelegraph on the 2nd (local time), Fidelity's spot ETF (FETH) accumulated 10,730 Ethereum (USD 25.8 million) on this day. As of the 1st, FETH holds 494,639.03 Ethereum (approximately USD 1,194 million).

UK-listed venture capital firm Coinsilium has raised $3.8 million (about ₩5.1 billion), hinting at the possibility of additional Bitcoin (BTC) purchases. On the 3rd (local time), crypto-specialized media Blockbit reported that "Coinsilium's subsidiary Forza Gibraltar Limited raised $3.8 million and plans to purchase additional Bitcoin." This funding was carried out via an Accelerated Bookbuild, in which new shares are quickly allocated; 15,486,111 new shares were issued at £0.18 per share. Previously, Coinsilium’s wholly owned subsidiary, Forza Gibraltar Limited, had purchased 10.21 BTC last month and currently holds a total of 43.1 BTC. Following this funding, the possibility of further Bitcoin acquisition is being discussed.

It is estimated that Matrixport, a Hong Kong-based crypto asset services company, has withdrawn a large amount of Ethereum (ETH) from exchanges Binance and OKX. On the 2nd (local time), on-chain data media outlet Lookonchain stated, "A wallet presumed to belong to Matrixport withdrew 30,734 Ethereum (ETH) (approximately $78 million) from Binance and OKX in the past 24 hours." Typically, such large withdrawals can be for the purpose of self-custody or used for decentralized finance (DeFi). Meanwhile, as of 16:00, Ethereum is trading at $2,596.32 on the Binance Tether (USDT) market, up 5.96% from the previous day.

Hyperliquid, a decentralized derivatives exchange (DEX), is pursuing the Silhouette project to introduce the private trading system Dark Pool functionality. According to The Block on the 2nd (local time), Hyperliquid stated it plans to implement the concept of dark pools in the DeFi environment to supplement the overly transparent trading structure of existing decentralized finance (DeFi). A dark pool is a private trading system designed to allow large investors to handle significant orders without impacting the market. With the introduction of a dark pool to Hyperliquid, institutions and whale investors will be able to build large positions without disclosing their transaction history. Chandler De Kock, founder of Silhouette, indicated the necessity of the dark pool feature on The Block's podcast, saying, "When most traditional financial institutions want to come on-chain, they require such privacy features," and added, "We believe this feature is extremely important."

The price of Bitcoin (BTC) recently surged past the $109,000 (USD) mark, but analysis suggests that derivatives traders are still exhibiting caution. On the 2nd (local time), according to Cointelegraph, Bitcoin broke through the $105,200 support level on this day and soared to $109,688. This is interpreted as being influenced by the recent increase in the Eurozone's money supply (M2) and the weaker-than-expected US ADP employment data released the previous day. Typically, an increase in M2 boosts liquidity within the financial system, increases available investment funds, and tends to stimulate demand for risk assets such as Bitcoin. In addition, the US ADP private employment index for June, released the day before, decreased by 33,000 compared to the previous month, somewhat easing inflation concerns. On the other hand, the Bitcoin futures premium remains below the 5% 'neutral' range, indicating that investors are still taking a cautious stance. The Bitcoin futures premium refers to the difference between the spot price of Bitcoin and the futures price of Bitcoin; historically, a continued uptrend has been seen when this indicator entered the 'bullish' zone of above 10%. In addition, the 1-month Bitcoin option put-call delta skew is currently at 0%. Skew refers to the difference in implied volatility between call and put options. A positive skew means call options are favored over put options, while a neutral or near-zero skew indicates a balanced demand for both bullish and bearish bets. Meanwhile, as of 14:36 on this day, Bitcoin is trading at $109,248 on the Binance Tether (USDT) market, up 2.56% from the previous day.

Litecoin (LTC) is trading below $90, and analysis suggests that the likelihood of a rebound has increased. On the 3rd (local time), Cointelegraph reported, "Despite the recent price decline, the probability of a Litecoin rebound is rising," and added, "Litecoin’s 90-day spot Cumulative Volume Delta (CVD) indicator has turned positive." The CVD is an indicator that measures the balance of market buying and selling pressure; when it turns positive, it signals strong buying activity. In addition, expectations are rising regarding the potential approval of a Litecoin spot Exchange-Traded Fund (ETF). According to Bloomberg, the probability of a Litecoin spot ETF being approved by October 2 (local time) reaches 95%. The outlet said, "ETF approval would be a historic milestone for Litecoin" and projected, "It could lead to greater inflows from institutions and investors." Meanwhile, as of 14:33, Litecoin is trading at $89.10 on CoinMarketCap, up 5.87% from 24 hours ago.

Bitcoin (BTC) surpassed $109,000, with the Crypto Fear & Greed Index rising by 10 points compared to the previous day. On the 3rd (KST), according to cryptocurrency data provider Alternative.me, the Crypto Fear & Greed Index recorded 73 points—an increase of 10 points from the previous day—maintaining the 'Greed' stage. In particular, Bitcoin surged up to $109,600, positively influencing investor sentiment. As of 9:50 a.m., Bitcoin is trading at $109,032, up 3.38% compared to 24 hours ago on Binance Tether (USDT) market. Major altcoins also saw increases. At the same time, Ethereum (ETH) jumped 6.77%, while Solana (SOL) and XRP were up 3.16% and 2.23%, respectively. TRON (TRX) and Binance Coin (BNB) each recorded gains in the 2% range. The Fear & Greed Index is an indicator representing market sentiment: the closer to 0, the more extreme the fear; the closer to 100, the more extreme the greed. This index is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin dominance (10%), and Google search volume (10%).

Hyperliquid (HYPE), a decentralized futures exchange (DEX), is demonstrating rapid growth in the derivatives market. Increased trading volume and accumulation by whale investors have emerged as main drivers of its growth. Hyperliquid has attracted more users by securing trading speeds comparable to centralized exchanges (CEX) while maintaining the transparency typical of DEXs. Its native token ‘HYPE’ has also seen a significant price increase. However, concerns about its future value are being raised due to recent news that competing exchanges are entering the derivatives market. According to the on-chain data analytics firm Dune Analytics, Hyperliquid’s cumulative perpetual futures trading volume over the past year reached $1,571 billion (USD). In particular, trading volume in June reached about $216 billion, representing an increase of approximately 734% compared to June last year ($25.9 billion). The increase in Hyperliquid’s trading volume has also impacted the overall increase in DEX futures trading. According to The Block, the ratio of futures trading volume between DEXs and CEXs rose from 6.84% in May to 8% in June, recording an all-time high. The outlet explained, “The growth of Hyperliquid, which dominates about 75.95% of the derivatives DEX market trading volume, has driven this trend.” With the platform’s growth, the value of ‘HYPE’ has also surged. In fact, HYPE skyrocketed by 300% from its April low ($10.21) to its peak last month ($42.38). As of 22:45, HYPE is trading at $38.34, down 1.27% from the previous day based on CoinMarketCap. Some believe that HYPE’s price increase is due to whale investors accumulating tokens. As of the 1st, LionGroupHolding held 79,775 HYPE tokens (about $3 million), while Eyenovia, a Nasdaq-listed pharmaceutical company, announced on May 23rd that it would purchase approximately 1 million HYPE tokens. Additionally, the industry interprets that Hyperliquid has seen a significant inflow of capital in recent months, having proven its trading stability and market responsiveness. Cryptocurrency analyst Ansem stated on X, “Hyperliquid has demonstrated abundant liquidity by processing large positions like James Wynn’s $1 billion Bitcoin long position,” and “it was also the fastest to list new coins, such as the official meme coin of U.S. President Donald Trump, ‘Official Trump (TRUMP).’” Some analyses point out that strong fundamentals have fueled the capital inflows. Min Jung, an analyst from Presto Research, said, “Hyperliquid offers a buyback program to increase token value by reducing circulating supply, the fast and secure HyperEVM ecosystem, and clear on-chain audit functions,” adding, “this allows it to maintain resilience and transparency equivalent to CEXs.” There are also predictions that major U.S. exchanges such as Coinbase and Robinhood entering the derivatives market could lead to a drop in Hyperliquid’s user base. Arthur Hayes, founder of BitMEX, projected, “If U.S. exchanges launch perpetual futures products, it will be a big negative for Hyperliquid, which has targeted users who previously couldn’t trade futures in the U.S.” On the other hand, according to Decrypt, an anonymous exchange insider assessed that Hyperliquid is unlikely to lose users easily. He explained, “The perpetual futures products of U.S. exchanges approved by the CFTC offer limited margin and leverage for users,” adding, “products with leverage ratios like 50:1 offered by Hyperliquid are unlikely to emerge.”

Stablecoin issuers are emerging as a key source of demand for U.S. short-term Treasury bills (T-Bills), resulting in a downward effect on interest rates. Major stablecoins such as Tether (USDT) and USDC place reserves matching their issuance in safe assets, and this structure is said to alter market liquidity and actually influence interest rate levels. According to Reuters on the 25th (local time), at the 'Money Fund Symposium' held in Boston, it was predicted that stablecoins will become a main source of demand for U.S. short-term Treasury bills. Mark Cabana, Head of U.S. Rate Strategy at Bank of America, stated, "Stablecoin issuers tend to purchase short-term Treasuries and short-term Treasury coupons," and added, "We expect this to be a source of growing demand for Treasuries over the next 3 to 5 years, and at least for the next 10 years." As of May, the two leading stablecoins by market capitalization, Tether and USDC, each held about $98.52 billion and about $28.34 billion in short-term Treasury bills. These short-term Treasury purchases have the effect of lowering the interest rates on short-term Treasuries. According to a report published in May by the Bank for International Settlements (BIS), "If there is a large net inflow into the stablecoin market over five days, the 3-month Treasury bill yield tends to fall by an average of 2–2.5bp." The report adds, "This effect is similar to one rate cut by the Fed, and stablecoin inflows serve as a temporary rate adjustment mechanism." In this way, stablecoin issuance has evolved beyond merely circulating virtual assets (cryptocurrencies), functioning as a structural factor that influences liquidity policy and interest rate formation. Scott Bessent, U.S. Secretary of the Treasury, emphasized the ripple effect on financial markets, saying, "If the Genius Act is passed, stablecoin issuers will help reduce the federal government's interest cost on Treasuries through their purchases."

While the selling pressure on Ethereum (ETH) continues, retail investors are actively buying Bitcoin (BTC). With political variables such as Donald Trump's tax cuts added to the mix, there is an analysis suggesting that uncertainty is increasing regarding the direction of the virtual asset market. On the 30th (local time), Amr Taha, an analyst at CryptoQuant, stated, "Ethereum inflows into Binance have continued for five consecutive days," and "this signals temporary selling pressure." In contrast, the Bitcoin market is experiencing active buying by retail investors. Analyst Taha explained, "The realized market capitalization of short-term Bitcoin holders (STH) surged from -$4.9 billion (USD) to over $5 billion," adding, "Aggressive buying centered on retail investors continues." He noted, "Typically, the buying trend among short-term holders intensifies near the market's peak," and stated, "Because of 'FOMO,' retail investors flock to periods of rapid price increases." He also added, "Political and geopolitical factors can significantly affect investor sentiment," and "it is possible that investors may shift toward bonds or safe-haven assets."

A large batch of Bitcoin (BTC) and Ethereum (ETH) options contracts have expired, settling about 30% of the total open interest (OI). On the 27th (local time), on-chain data analytics platform Greeks.live announced via X (formerly Twitter) that “Today marks the settlement date for Bitcoin and Ethereum first-half options, with over 30% of the total OI expiring.” A total of 139,000 Bitcoin options expired on this day, representing a notional value of about $15 billion (approx. ₩20.35 trillion). The put-call ratio stood at 0.75, indicating more call option contracts, and the maximum pain point for the options buyers (call/put) was calculated at $102,000. On the same day, 939,000 Ethereum options expired, with a notional value of about $2.29 billion (approx. ₩3.1 trillion). The put-call ratio was 0.52, again showing dominance of call options, and the maximum pain point was $2,200. Generally, coin prices have a tendency to move toward the “maximum pain” price, where the most options contracts are settled. Meanwhile, the short- and mid-term implied volatility (IV) of Bitcoin remains generally below 35%, while Ethereum’s IV, though slightly decreased, is still close to a high level of 65%. This reflects the market’s expectation that Ethereum price volatility will remain higher than that of Bitcoin.

Cathie Wood's ARK Invest has reportedly sold Coinbase shares worth $12.5 million. According to The Block on the 26th (local time), ARK Invest sold 33,363 Coinbase shares through its ETF, ARK Innovation, on this day. Meanwhile, Coinbase stock closed at $375.07 on the same day, up 5.54%. Over the past 5 trading days, it has risen 27.02%, and compared to the beginning of the year, it is up 51.06%.