Heecheol Yang

Former cryptocurrency hedge fund executives are reportedly considering raising an investment fund of about $100 million (USD) to buy Binance’s native token, BNB, on a large scale. According to investment documents reviewed by Bloomberg on the 23rd (local time), Patrick Horsman, Joshua Kruger, and Jonathan Pash—former executives at Coral Capital—have established a corporate entity called ‘Build and Build Corporation’ for this plan. They intend to complete the fundraising within this month and will begin full-scale BNB purchases. Meanwhile, as of 5:50 PM, BNB was trading at $647.99 on the Binance USDT market, up 0.73% from the previous day.

In the virtual asset (cryptocurrency) market, Bitcoin (BTC) is recording a negative funding rate while Ethereum (ETH) is in the positive, showing a contrasting trend. According to a post on X by the on-chain data analytics firm Santiment on the 26th (local time), traders have increased their short positions as Bitcoin shows signs of recovery. Santiment stated, "Short positions in Bitcoin have risen significantly compared to long positions," adding, "If short positions become overheated, there is a higher possibility of a temporary rebound—what's known as a short squeeze." On the other hand, currently long positions hold a slight edge in Ethereum. Santiment commented, "Although longs are slightly dominant in Ethereum, its potential for a significant independent rise without Bitcoin is limited," suggesting that Ethereum's price remains correlated with that of Bitcoin. Meanwhile, at 13:20 on this day, Bitcoin is trading at $107,781.08, up 1.51% from the previous day in Binance Tether (USDT) market terms. Ethereum is trading at $2,476.90 on the Binance Tether (USDT) market, also up 1.51% from the previous day.

Paolo Ardoino, CEO of Tether (USDT), predicted that "Bitcoin (BTC) and Tether will become the main currencies for AI agents." On the 26th (local time), in an interview on The Block's Big Brain Podcast, Ardoino stated, "Within 15 years, 1 trillion AI agents will settle transactions using blockchain-based assets," adding, "Machine-to-machine commerce will increase explosively, and Tether and Bitcoin will be at the center of it." He said, "Traditional financial service providers such as JPMorgan are unlikely to acquire AI agents as clients," and added, "AI agents are expected to use stablecoins and transact in Bitcoin." According to The Block's data, the total supply of US dollar-pegged stablecoins currently in circulation exceeds $243 billion (USD), with more than half accounted for by Tether. Tether's market capitalization exceeds $155 billion.

The TRUMP meme coin team has been observed withdrawing large amounts of liquidity and transferring them to centralized exchanges (CEX). Following the transfer, the price dropped by more than 6%. According to data from the on-chain data platform Arkham Intelligence on the 26th (local time), the Trump Meme Team removed 4.4 million USDC and 347,438 TRUMP tokens (worth approximately $3.12 million) from the liquidity pool about six hours ago. Subsequently, 4.4 million USDC was transferred to the Ethereum network, and all recovered TRUMP tokens were moved to a new wallet. The on-chain analysis platform Alva commented, "This is interpreted as profit realization by project insiders or movements by related parties," adding, "Currently, within the crypto X community, suspicions of 'insider dumping' are spreading, and warnings about the possibility of a TRUMP 'rug pull' are growing." Meanwhile, as of 10:40 AM on CoinMarketCap, TRUMP is trading at $9.04, down 2.44% compared to the previous day.

Nasdaq-listed online technology company SharpLink Gaming was found to have purchased an additional 5,989 Ethereum (ETH) in the last 24 hours. According to data from the on-chain data platform Arkham Intelligence on the 26th (local time), the address in question acquired an additional 5,989 Ethereum (approximately $14.45 million) through Galaxy Digital over the past 24 hours. Previously, on the 21st, SharpLink Gaming had also purchased 5,095 Ethereum (approximately $12.27 million) via the same route. Meanwhile, as of 10:10 AM this day, Ethereum was trading at $2,423.75 on the Binance Tether (USDT) market, down 1.33% from the previous day.

The stablecoin issuer Tether (USDT) has reportedly frozen 112 cryptocurrency wallet addresses following the recent armed conflict between Israel and Iran. According to Dune Analytics data on the 24th (local time), the frozen addresses are wallets based on the Ethereum (ETH) and Tron (TRX) networks and held about $700 million worth of tokens. Among the frozen wallets, the top 40 by assets were all based on the Tron network. Tether's action is believed to have been taken to block illegal capital flows and as part of international sanctions following the armed conflict between Israel and Iran.

Synaptogenix, a U.S. NASDAQ-listed biopharmaceutical company, has announced the reasons for selecting Bittensor (TAO), a decentralized AI machine learning protocol, as its strategic reserve asset instead of Bitcoin (BTC). According to BeInCrypto's report on the 24th (local time), Synaptogenix previously announced on the 9th that it plans to begin strategic accumulation of Bittensor valued at $100 million using its cash holdings, among other resources. A Synaptogenix spokesperson emphasized in an interview with the media, "Bitcoin has established itself as a leading asset class, and while Ethereum and Solana are focusing on decentralized finance and experiencing growth, Synaptogenix sees even greater opportunities in the convergence of digital assets and AI." They further stated, "The market capitalization of AI companies exceeds $500 billion, but the value of Bittensor, a prominent decentralized AI token, is only $3 billion. Despite the recent growth of the decentralized AI industry, TAO remains undervalued. If demand for TAO surges in the future, institutional investor interest will continue to increase," they added.

After the recent ceasefire between Israel and Iran, the price of Bitcoin (BTC) rebounded to $106,500 (USD), but analysis shows that panic selling by new whale investors is increasing price volatility. On the 24th (local time), BeInCrypto, citing data from CryptoQuant, reported that between the 14th and the 22nd, whale investors recorded approximately $228 million in Bitcoin losses. Notably, on the 17th alone, losses reached $95 million, which was attributed to selling by new whales. During the same period, the 'exchange whale ratio' indicator also remained at a high level. This metric refers to the proportion of whale investors depositing their Bitcoins onto exchanges, which generally rises when selling pressure increases. In fact, whenever Bitcoin attempted to break through $110,000, this ratio surged, limiting further price gains. Meanwhile, as of 12:10 p.m. on this day, Bitcoin was trading at $106,539.49 on the Binance Tether (USDT) market, up 1.51% from the previous day.

Circle has issued a substantial amount of USDC on the Solana (SOL) network. According to Cointelegraph on the 24th (local time), Circle recently issued an additional $250 million (USD) worth of USDC on the Solana network. With this issuance, the circulation of USDC within the Solana network is expected to further expand. The current total circulation of USDC is about $61,733,540,000. Of this amount, $7.46 billion has been issued on the Solana network, accounting for 12.11% of the total.

Mustafa Al-Bassam, the co-founder of Celestia (TIA), addressed the insider dumping allegations and the incident of 95% token withdrawals. According to Cointelegraph on the 24th (local time), Al-Bassam stated on X that “All founders, early employees, and core engineers are fully committed to the project.” He directly refuted the recent claims that Celestia management unlocked their holdings and engaged in large-scale sales. Some have alleged that Mustafa sold approximately $25 million worth of Celestia tokens over the counter (OTC) and fled to Dubai. In response, Mustafa said, “Large-scale token withdrawals are a normal occurrence in the industry,” and added, “Celestia has more than $100 million in operational funds and the financial capacity to sustain business for over six years.” Meanwhile, as of 18:15 on CoinMarketCap, Celestia was trading at $1.58, up 12.26% from the previous day. However, this is still down more than 92% from the all-time high of $20.91 recorded in June last year.

The market capitalization of stablecoin issuer Circle (CRCL) has surpassed the circulating supply of USDC. According to Wu Blockchain on the 23rd (local time), Circle's market cap at the close of trading stood at $63.89 billion. This exceeds the current amount of USDC in circulation by Circle, which is approximately $61.68 billion. Circle's stock price approached $300 at one point during the session. However, after giving back part of its gains, it closed at $263.45. Currently, in over-the-counter trading, Circle is trading at $270.54, up 2.7% from the previous day.

Cryptocurrency investment firm Abraxas Capital has reportedly deposited a large amount of Ethereum (ETH) into Binance. According to data from the on-chain data platform Arkham Intelligence on the 23rd (local time), Abraxas Capital deposited 12,000 Ethereum into Binance that day. This is approximately $28.89 million. Such a movement of crypto assets from an external wallet to an exchange is generally interpreted as a sell signal. Meanwhile, as of 14:20 that day, Ethereum was trading at $2,419.70 on the Binance Tether (USDT) market, up 7.98% from the previous day.

A US teenager who stole Bitcoin (BTC) worth $245 million (USD) last year has pleaded guilty to charges of fraud and money laundering. According to BeInCrypto on the 24th (local time), Veer Chetal, a teenager from Connecticut, United States, was indicted last year along with two accomplices for stealing $245 million worth of Bitcoin. Chetal recently pleaded guilty in court and agreed to testify against his accomplices. It was revealed that Chetal was involved in about 50 similar crimes in addition to this case. He was also taken back into custody for attempting further fraud after being released on bail. The court is expected to sentence Chetal to 19 to 24 years in prison, and reports indicate that his parents, who are from India, may be deported from the United States. This case was classified as a 'high-level social engineering attack' by the well-known on-chain investigator ZachXBT, who reportedly provided crucial leads to the investigation.

The United States Ethereum (ETH) spot ETF recorded a net inflow of $107.3 million (USD) in just one day on the 23rd. According to on-chain data analyst Trader T X on the 24th (local time), BlackRock's Ethereum ETHA had a net inflow of $25.79 million, Fidelity's FETH saw $60.48 million, Grayscale's ETHE had $9.01 million, and Grayscale Mini ETF (ETH) logged $5.45 million, respectively.

Bitcoin (BTC) rebounded to the $106,000 (USD) level, backed by news of a ceasefire in the Middle East and expectations of a rate cut by the Fed. According to Cointelegraph on the 24th (local time), Bitcoin quickly bounced back to $106,000 after dropping to $98,500 the previous day. The news of a ceasefire agreement between Israel and Iran and increased market expectations for an early rate cut by the Fed contributed to this rebound. Despite market volatility, the Bitcoin derivatives market remained relatively stable. During this price rebound, $193 million in Bitcoin long positions were liquidated, but this accounted for only 0.3% of total open interest (OI) in futures. The current leverage position volume stands at $68 billion, showing little change from last weekend. Investors are increasingly betting on a short-term rate cut by the Fed. According to FedWatch, a rate forecasting tool provided by the Chicago Mercantile Exchange (CME), the probability of the Fed keeping the current 4.25% rate through November dropped sharply to 8.4% from 17.1% a week earlier, while the chance of the rate being cut to 3.75% or lower surged to 53% from 38% over the same period. The market commented, "It is too soon to conclude that Bitcoin will reach $110,000 solely due to easing tensions in the Middle East," but also analyzed that "the recovery to the $100,000 level demonstrates robust institutional investor demand despite global uncertainty." Meanwhile, as of 09:30 AM, BTC is trading at $105,178.99 on the Binance Tether (USDT) market, up 4.45% from the previous day.

The number of Bitcoin (BTC) exchange deposit addresses has been steadily decreasing. This shows that investors' confidence in long-term holding has increased. On the 24th (local time), Darkfost, an analyst at CryptoQuant, assessed, "In the long term, these changes could further strengthen BTC's role as a 'store of value.'" The change in the number of BTC exchange deposit addresses began in earnest after the 2021 cycle. From 2015 to 2021, the number of addresses depositing Bitcoin to exchanges steadily increased, recording an annual average of 180,000, but this trend was completely reversed afterwards and has not recovered since. Over the past ten years, the average number of deposit addresses was about 90,000, the 30-day moving average was 48,000, and on a daily basis, it has decreased to 37,000. There are three main reasons for this change. First, with the launch of ETFs, it has become possible to invest in price increases without directly holding BTC. In addition, in this bull market, individual investor participation was relatively low, so the number of deposit addresses naturally decreased. The growing tendency for more investors and companies to choose long-term holding strategies for savings or financial reserves over short-term trading also had an impact. The analyst noted, "These changes have occurred gradually over time and show that Bitcoin's identity and role in the market are evolving."

The share price of stablecoin issuer Circle (CRCL) jumped 9.26% in the pre-market session. According to Yahoo Finance on the 23rd (local time), as of 18:05 today, Circle is trading at $263.20, up $22.31 (USD).