JH Kim

Bitcoin (BTC) briefly recovered to 88,000 dollars. BTC is trading at 88,011.01 dollars, up 0.84% from the previous day on the Binance Tether (USDT) market as of 06:05 on the 31st.

BitMine (BitMine, BMNR), which is strategically accumulating Ethereum (ETH), has been ranked 2nd this year in foreign stocks preferred by Korean investors. On the 30th (local time), Bloomberg reported that this year Korean investors net purchased about $1.4 billion of BitMine shares. This is the second-largest net purchase among foreign stocks listed on U.S. exchanges. According to the outlet, BitMine attracted attention from Korean investors after shifting from a Bitcoin (BTC) mining company to a finance-and-staking strategy company centered on Ethereum. In particular, its building of a corporate Ethereum treasury strategy by holding ETH at scale was cited as an investment attraction. Korean investors expanded their exposure to BitMine not only through individual stock investments but also via leveraged products. Cases were also confirmed where investors increased their positions using a 2x leveraged BitMine ETF launched by T-Rex. The market is noting that, separate from crypto asset price volatility, Korean retail investors' preference for companies that strategically hold ETH is becoming clearer.

World Liberty Financial (WLFI), part of the Trump family, is entering into blockchain-based cooperation with the global mixed martial arts community MMA Group. On the 30th (local time), according to crypto-focused media Crypto Briefing, World Liberty Financial has signed a partnership with MMA Group (Mixed Martial Arts Group Limited, MMA.INC) and is pursuing the construction of a combat sports ecosystem using blockchain technology. The two parties have signed a memorandum of understanding (MOU) for this cooperation and plan to jointly develop a new business structure that combines digital assets and fan engagement models centered on MMA's global network. They say this is to explore the possibility of combining the traditional sports industry and blockchain technology. Key cooperation items include the design and issuance of an MMA-dedicated utility token, a plan to integrate World Liberty Financial's stablecoin USD1 into payment and reward systems, and the establishment of an on-chain governance framework. The structure is intended to simultaneously promote expanded fan engagement and transparent operations. World Liberty Financial expects this partnership to serve as an opportunity to expand blockchain use cases in the sports and entertainment sectors. MMA Group also plans to broaden its touchpoints with the digital asset ecosystem based on its global fan base.

Nasdaq-listed global healthcare company Prenetics has decided to suspend its Bitcoin (BTC) purchase program. On the 30th (local time), according to crypto asset (cryptocurrency) specialist media CryptoBriefing, Prenetics said it would suspend additional Bitcoin purchases to focus managerial resources on its core consumer healthcare brand IM8. However, Prenetics said it does not plan to sell the Bitcoin it currently holds. The company holds about 510 BTC, worth approximately $45 million at market value. Prenetics has been continuously buying Bitcoin since announcing in June that it would incorporate Bitcoin as part of its financial strategy. At the time, the company said it would use Bitcoin as a long-term store of value. This decision is interpreted as Prenetics adjusting its strategy to maintain its Bitcoin holding approach while focusing on core business growth rather than making additional crypto asset purchases.

XRP's exchange-held supply has fallen to its lowest level in eight years, raising the possibility of a medium- to long-term price increase due to supply reduction. On the 30th (local time), according to crypto-focused media Cointelegraph, on-chain analytics firm Glassnode's tally showed that XRP balances on exchanges plunged from about 3.76 billion on October 8 to about 1.6 billion as of the end of December. This is the lowest level since 2018. The outlet explained that the decline in exchange holdings suggests holders' selling pressure is weakening and long-term holding tendencies are strengthening. Generally, when exchange-held supply decreases, the available circulating supply is reduced and price volatility can widen. The market cites around $1.78 as a key support level for XRP. This zone is a price level where buying previously entered, and it could act as a defensive line in the event of further declines. The outlet said that expectations for an XRP spot ETF, combined with the flow of reduced liquidity, mean a structural upward phase next year cannot be ruled out.

An analysis has found that the characteristics of investors between the spot and futures markets in Bitcoin (BTC) are clearly diverging. On the 30th (local time), Ki Young Ju, CEO of CryptoQuant, said on his X (formerly Twitter) that recently in the Bitcoin spot market whales have been accumulating, whereas in the futures market high-risk speculation centered on individual investors continues. He said this structure increases volatility in the short term but may shift into an upward trend after a certain point. He explained that a phase of overheated trading is forming as spot buying and futures speculation proceed simultaneously. He pointed out that if futures positions using excessive leverage accumulate, there is a high possibility of large-scale liquidations due to price movements. The analysis said that after such a liquidation phase the market can become lighter and prices may rebound. Ki Young Ju said, "The structure in which whales' spot purchases and individual investors' futures speculation are intertwined has been repeatedly observed in the past," and added, "After leverage positions are unwound, a relatively stable upward phase can unfold."

Bitcoin (BTC) showed a performance below expectations this year, but there is a forecast that a rebound may be possible next year. On the 29th (local time), according to crypto asset (cryptocurrency) specialist media U.Today, Mike Novogratz, CEO of Galaxy Digital, said, "The crypto asset market as a whole performed below expectations this year," and "In particular, Bitcoin has a narrative similar to gold, but it did not show price movements like gold." He explained that, structurally, Bitcoin has upward factors but the market has not yet reflected them. Novogratz said, "Personally, there are enough factors for Bitcoin to rise, but it just hasn't moved yet." He then viewed the recent spread of negative public sentiment about crypto assets positively. He said, "The more pessimistic the market is, the more opportunities are created," and predicted, "2026 could be a meaningful year for the crypto asset market." However, Novogratz added that for Bitcoin to enter a full-fledged upward phase, it is important to recover and surpass the 100,000 dollar level. He identified that price level as the key breakpoint for forming upward momentum.

Peter Schiff, a Bitcoin (BTC) skeptic and gold bull, criticized Strategy's Bitcoin investment performance. On the 29th (local time), Peter Schiff said on his X (formerly Twitter) that Strategy's average Bitcoin purchase price was about 75,000 dollars, and that the unrealized return as of now was only about 16%. He noted that Strategy has continuously bought Bitcoin over the past five years, and when converted to an annual average return, he estimated it to be about 3%. He thus pointed out that the long-term investment performance did not meet expectations. Schiff questioned Strategy's asset allocation strategy, saying, "If Michael Saylor had bought other assets instead of Bitcoin, the situation would have been much better." Strategy is the company that holds the most Bitcoin among listed companies worldwide, and has continued purchases by making Bitcoin a core financial strategic asset.

An analysis has emerged that recent Bitcoin (BTC) price movements are not directly related to investor sentiment. It was suggested that short-term supply-demand changes may have stemmed from trades intended to reduce taxes. On the 29th (local time), Bloomberg ETF specialist analyst Eric Balchunas said on his X (formerly Twitter) that the recent Bitcoin price movement was similar to the so-called 'heartbeat trading (Heartbeat trades)' pattern. He described heartbeat trading as "an abnormal form of trading that occurs regardless of actual changes in investor sentiment." It is characterized by price movements that appear short and regular like a heartbeat. Balchunas analyzed that such trades are mainly conducted for tax-saving purposes. In particular, he explained that this can occur when ETF managers carry out large-scale trading during portfolio rebalancing to avoid capital gains tax. In this case, prices can move regardless of changes in market participants' risk preferences or macroeconomic variables. This means that short-term price fluctuations may not necessarily reflect strong buying or selling sentiment. Market observers say that because ETF-related fund flows and tax strategies concentrate around the end of the year, these non-investment factors should also be considered when interpreting Bitcoin price movements for the time being.

There is a view that the virtual asset (cryptocurrency) market could shift into an institutional-led stable phase rather than a sharp collapse as in the past, even if it undergoes price adjustments next year. On the 29th (local time), according to crypto-focused media CoinDesk, financial services firm Cantor Fitzgerald said Bitcoin (BTC) may enter a bear market, but the virtual asset industry as a whole is structurally entering a maturation phase. Cantor Fitzgerald said that while the virtual asset market is at the early stage of a downturn according to the four-year halving cycle theory, the possibility of large-scale forced liquidations or systemic failures like in the past is likely limited in this cycle. It cited the expanding participation of institutional investors as the basis. The report explained that the tokenization of real-world assets (RWA) and the decentralized exchange (DEX) sector are continuously growing, and that this acts as a factor increasing the structural stability of the virtual asset industry. It also emphasized that changes in the regulatory environment, centered on the United States, are driving improvements in the market's fundamentals. As regulatory clarity increases, the basis for participation by institutions and companies is being strengthened, according to the assessment. Cantor Fitzgerald predicted that even if virtual asset prices do not show a clear upward trend next year, it is likely to be a turning point in which infrastructure is solidified and institutional adoption becomes entrenched.

On the Ethereum (ETH) network, staking pending volume has again surpassed unstaking pending volume. Staking demand is exceeding redemption demand, bringing a change in network participation flows. On the 29th (local time), according to Cointelegraph, a crypto asset (cryptocurrency) specialized media, staking pending volume was about 745,619 ETH. Meanwhile, unstaking pending volume stood at around 360,528 ETH. It is the first time in about six months that staking pending volume has exceeded unstaking pending volume. This means new demand to participate as Ethereum validators is increasing faster than pending withdrawals. Since Ethereum's transition to proof-of-stake (PoS), staking participation volume and pending withdrawal volume have been used as indicators of market sentiment. An increase in staking pending volume suggests that long-term holding and willingness to participate in the network are strengthening. There have been past cases where Ethereum's price showed an upward trend after a similar flow appeared. However, some in the market say further observation is needed to determine whether increased staking demand directly leads to short-term price movements. Currently, validator participation and withdrawal demand are being maintained simultaneously on the Ethereum network, and staking-related indicators are being noted as key elements for gauging future supply-demand conditions.

Next year’s virtual asset (cryptocurrency) exchange-traded fund (ETF) market could grow rapidly with large capital inflows, analysts say. Changes in the interest rate environment and expanded institutional demand are identified as the key background factors. On the 26th (local time), crypto-focused media Cointelegraph reported that Bloomberg ETF analyst Eric Balchunas expects about $15 billion of new capital to flow into the virtual asset ETF market next year. He said that if market conditions unfold favorably, inflows could expand to up to $40 billion. He cited the Federal Reserve’s potential policy rate cuts as a major variable. Balchunas explained, "If expectations for rate cuts continue next year, investors’ interest in virtual asset ETFs will rise again." He analyzed that ETF capital flows have been relatively stable even during the recent correction. He said, "Bitcoin (BTC) has fallen about 35% from its peak, but ETF capital outflows accounted for only 4% of the total," and added, "In some weeks net inflows even appeared, with ETF supply and demand playing a medium- to long-term price defense role." He also emphasized expanded participation by large institutions such as pension funds, sovereign wealth funds, and investment advisory firms. Balchunas added, "These institutional funds will become a major source of capital exerting real influence in the virtual asset ETF market."

BNB Chain will apply the Fermi(Fermi) upgrade in January next year to improve mainnet performance. On the 26th (local time), according to Cointelegraph, a media specialized in virtual assets (cryptocurrencies), BNB Chain plans to activate the Fermi hard fork on the mainnet on January 14 (local time). The core of the Fermi upgrade is shortening the block production interval from the current 750 milliseconds to 250 milliseconds. This will increase the number of transactions that can be processed per second and improve network response speed. A new indexing mechanism will also be introduced that allows querying only the necessary data without downloading the entire block history. This feature focuses on reducing the storage space and computing resources required when operating nodes. BNB Chain plans to simultaneously increase network scalability and operational efficiency through this upgrade.

It was pointed out that crypto assets that rely on strong community loyalty, like XRP and ADA, could be left behind in the next market cycle if they fail to demonstrate tangible utility. On the 26th (local time), according to crypto-focused media Crypto Briefing, Mike Novogratz, CEO of crypto financial services firm Galaxy Digital, said the current crypto market is being reorganized around business-backed projects with substance. Novogratz said, "The crypto market is increasingly moving around projects with clear business models and revenue structures," adding, "In a situation where many competing projects emerge each cycle, relying solely on the community has low long-term sustainability." He directly mentioned XRP and ADA, explaining, "A strong community is an important factor, but it alone is not enough," and, "If they fail to clearly demonstrate real use cases and economic value, it will be difficult to be evaluated by the market." He added, "Going forward, only projects that prove clear utility and tangible revenue models are likely to survive," and, "The crypto asset ecosystem as a whole is gradually entering a maturation phase."

Bitcoin (BTC) briefly recovered to the $87,000 level. BTC is trading at $87,006.29, down 1.17% from the previous day on the Binance Tether (USDT) market as of 02:14 on the 27th.

The U.S. virtual asset (cryptocurrency) regulatory environment is being reshaped ahead of 2026 around two pillars: the Securities and Exchange Commission (SEC) pursuing an active policy push and the Commodity Futures Trading Commission (CFTC) strengthening its stature. According to crypto-focused media The Block on the 26th (local time), in the second year of the Trump administration the SEC and CFTC are moving away from past jurisdictional conflicts and strengthening a cooperative stance while reorganizing the virtual asset regulatory framework. During the Biden administration the two agencies fought so-called "turf wars" over virtual asset jurisdiction, but recently they have formalized cooperation by issuing joint guidelines one after another. Howard Fisher, a partner at Moses & Singer, said, "For as long as I can remember, the SEC and CFTC are substantively cooperating," and "this change in the relationship will drive the regulatory agenda in 2026." The SEC is advancing a vast policy agenda ahead of 2026. SEC Chair Paul Atkins is promoting the introduction of a "token taxonomy" that distinguishes securities from non-securities and "Project Crypto," which restructures digital asset rules across the board. It also announced plans to simplify the procedures for launching virtual asset products through an innovation exemption regime. This year the SEC approved listing standards for exchange-traded funds (ETFs) tracking virtual assets such as Dogecoin (DOGE), Solana (SOL), and XRP (XRP), and offered the interpretation that liquid staking and proof-of-stake (PoS) staking do not constitute securities trading. Recently, it also issued guidance on broker-dealers' custody methods for virtual asset securities. The tokenization of real-world assets has also emerged as a major SEC focus. Fisher commented, "Continuous 24-hour trading itself is attractive, but the regulatory implications are complex," and "tokenization regulation is an area that will require time." The CFTC is likewise expanding its regulatory influence. Through a "Crypto Sprint," the CFTC has been clarifying regulations, withdrew prior guidance related to "actual delivery" of spot virtual assets, and created a framework allowing exchanges to list spot virtual asset products that are subject to regulatory approval. After a process led by Acting Chair Caroline Pham, Michael Selig will lead the CFTC as the new chair. Selig, a former senior counsel to the SEC's crypto task force, is taking office at a time when Congress is considering giving the CFTC leadership of virtual asset regulation. Rebecca Liao, CEO of Saga, said, "The CFTC could become the most powerful agency in virtual asset regulation," adding, "In particular, Bitcoin (BTC) is already classified as a commodity, so if the CFTC focuses on it, it could affect the broader market." However, both agencies face the challenge of an insufficient number of commissioners. The SEC currently has only three commissioners in office, including the chair, and the CFTC is also being led by a lone chair. Industry participants say future appointments will determine the enforcement effectiveness of regulation.

Bitcoin (BTC) has entered a risk zone for forming a death cross pattern on the weekly chart, raising the possibility of further declines. On the 26th (local time), according to crypto asset (cryptocurrency) media U.Today, crypto asset analyst Gamza Khanzadaev said, "If Bitcoin does not recover to $90,000 before the weekly close this week, the death cross pattern on the weekly chart could be maintained." He explained, "In the worst-case scenario, we cannot rule out the possibility of Bitcoin's price falling to $67,000." Khanzadaev analyzed that Bitcoin is currently trading around $87,000 and has technically entered a risk zone where the 50-week moving average could cross below the 200-week moving average. He added, "If the key support at $86,000 breaks, the next major support area could be $74,111 rather than $80,000." He assessed, "Although a weekly death cross has not yet been confirmed, if meaningful buying does not come in this week, it is highly likely to shift into a medium-to-long-term downtrend."

Bitcoin (BTC) temporarily gave up 87,000 dollars. BTC is trading at 86,954.77 dollars on the Binance Tether (USDT) market at 00:06 on the 27th, down 0.89% from the previous day.