JH Kim

On the 11th (local time), the cryptocurrency-focused media outlet Cointelegraph reported that although Bitcoin (BTC) has entered the latter stage of the bull market, selling pressure from long-term holders (LTH) remains low. Citing data from Glassnode, the outlet stated, "Long-term holders who have held BTC for more than 155 days are realizing profits with a daily net gain of up to $930 million," adding, "Nevertheless, their BTC holdings continue to increase." It continued, "While some LTHs are selling, even more BTC is transitioning into long-term holding status, which offsets the selling pressure," and explained, "This trend is mainly driven by institutional investors with a strong tendency to hold long term and by U.S. BTC spot Exchange-Traded Funds (ETFs)." Furthermore, it analyzed, "This differs from the usual pattern in the late bull market, where long-term holders start realizing profits and their holdings decrease."

Bitcoin (BTC) has briefly given up the $109,000 level. Meanwhile, as of 03:04 on the 12th, BTC is trading at $108,796.61 on the Binance Tether (USDT) market, up 0.16% from the previous day.

Bitcoin (BTC) is expected to rally, backed by positive macroeconomic factors. According to The Block, a specialized cryptocurrency media outlet, on the 11th (local time), Coin Bureau founder Nick Puckrin said, "Personally, I anticipate that inflation will continue to decline throughout this year," adding, "In this case, the Fed will cut interest rates, and as a result, BTC will enter the final rally phase of this cycle, with retail investors returning to the market." Matt Mena, an analyst at 21Shares, stated, "The net inflows into BTC spot ETFs, progress in crypto regulation, and Donald Trump’s BTC strategic reserve plan are all attracting new investors," adding, "Accordingly, BTC could surpass $138,000 by this summer." Meanwhile, as of 02:00 on the 12th, BTC was trading at $109,439.38—up 0.66% from the previous day—on the Binance Tether (USDT) market.

According to CryptoPotato, a virtual asset (cryptocurrency) specialist media outlet, Ethereum (ETH) futures open interest exceeded $41 billion in the past 24 hours, setting a new all-time high. According to CoinGlass data, ETH futures open interest reached $41.66 billion, up 6.14% from the previous day. Previously, ETH derivatives trading volume surged 38% over 24 hours, surpassing $110 billion and overtaking Bitcoin (BTC) derivatives trading volume ($84.7 billion). Meanwhile, as of 01:14 on the 12th, ETH was trading at $2,858.60 on the Binance USD (USDT) market, up 4.17% from the previous day.

According to Trinews on the 10th (local time), GameStop (GME) acquired a total of 4,710 Bitcoin (BTC) between May 3rd (local time) and June 10th. Meanwhile, as of 05:16 on the 11th, BTC is trading at $109,328.36 on the Binance Tether (USDT) market, up 0.75% from the previous day.

On the 10th (local time), Blockworks, a media outlet specializing in virtual assets (cryptocurrencies), reported citing multiple sources that the U.S. Securities and Exchange Commission (SEC) may approve a spot Solana (SOL) ETF as early as within 3–5 weeks. According to the outlet, the SEC recently asked spot SOL ETF issuers to submit their revised registration statements (S-1) by next week, and stated that it will provide feedback within 30 days after submission. The outlet added, "The SEC appears to have shown intent to expedite the process through communication with the issuers," and "approval is likely within several months, and some expect trading could begin as early as this summer."

Bitcoin (BTC) briefly recovered the $110,000 level. Meanwhile, as of 04:31 on the 11th, BTC is trading at $110,050.32 on the Binance Tether (USDT) market, up 1.29% from the previous day.

Digital asset management firm Bitwise stated in its weekly report that "Bitcoin (BTC) could reach a fair value of up to $230,000 by the end of this year." On the 10th (local time), crypto-specialized media outlet Cointelegraph reported that Bitwise analysts stated, "Bitcoin's scarcity and resilience may uniquely benefit from the uncertainty in the U.S. economy and instability in market sentiment." They added, "If this trend continues, Bitcoin is likely to see a marked upward trend by the end of the year," and "In this case, the estimated fair value of Bitcoin may reach $230,000, and its actual trading price could reach $200,000 by year-end."

Bitwise, a digital asset (cryptocurrency) asset management firm, CEO Hunter Horsley stated that "if Bitcoin (BTC) breaks through the $130,000–$150,000 range, no one will be willing to sell their Bitcoin." On the 10th (local time), through his X (formerly Twitter) account, he remarked, "Currently, near the $100,000 level, it appears that some individuals who acquired Bitcoin at much lower historical prices are selling off in large amounts," adding, "However, when Bitcoin breaks through to a new price level, such selling pressure should subside." He further explained, "Investors who need liquidity will obtain funds through lenders and continue to invest in Bitcoin," emphasizing, "This will accelerate price increases and may ultimately result in a Bitcoin shortage in the market." Meanwhile, as of 02:50 on the 11th, Bitcoin is trading at $108,726.84 on the Binance Tether (USDT) market, up 0.34% from the previous day.

On the 10th (local time), according to the crypto-focused media Decrypt, Ethereum (ETH)-based DeFi tokens showed a distinct rally. It was analyzed that U.S. Securities and Exchange Commission (SEC) Commissioner Paul Atkins’s remarks on ‘regulatory easing’ served as a key factor. The outlet stated, "The SEC Commissioner’s comments on relaxing the Innovation Exemption regulation drove the upward trend in DeFi governance tokens," and added, "As a result, the trading volumes of tokens such as Uniswap (UNI), Aave (AAVE), and Sky (SKY) surged, and this could ultimately lead to an increase in the ETH price." Previously, Commissioner Paul Atkins stated his intention to relax DeFi regulations at a roundtable themed ‘DeFi and the American Spirit’ held that day. Meanwhile, as of 02:24 on the 11th, ETH is trading at $2,745.69 on the Binance Tether (USDT) market, up 6.92% from the previous day.

According to Binance News on the 10th (local time), the U.S. Securities and Exchange Commission (SEC) announced that it has officially begun the review process for the approval of the launch of Bitwise’s combined Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded fund (ETF) product. Accordingly, legal and policy review procedures for the product are underway, and it was explained that eligibility for launch will be determined based on public comment collection. Previously, NYSE Arca and Bitwise submitted a rule change proposal to the SEC for the listing of the ETF in February, and the SEC had extended the initial review deadline, which was set for April 24.

According to cryptocurrency-focused media outlet CoinDesk on the 10th (local time), the decentralized cryptocurrency lending protocol Aave (AAVE) announced through its official channels that it will join the Soneium ecosystem, the Sony Group’s layer-2 blockchain. Through this collaboration, Aave plans to support its own decentralized stablecoin GHO on the Soneium network as well.

An anonymous whale address, believed to be an institutional investor, has reportedly earned a profit of $30,450,000 from just two Ethereum (ETH) trades over the past two months. On the 10th (local time), on-chain analyst EmberCN explained, "This whale address purchased 30,000 ETH at an average price of $1,830 each using $54,900,000 USDC through Wintermute on April 27, and sold them at an average price of $2,621 on May 22." He further analyzed, "The realized profit from that trade was $23,730,000," adding, "Also, on May 25, the whale once again bought 30,000 ETH at an average price of $2,513 each using $75,390,000 USDC through Wintermute and sold them on June 10, earning an additional $6,720,000 in profit." He added, "With just two swing trades in two months, this whale pocketed $30,450,000." Meanwhile, as of 01:44 on the 11th, ETH was trading at $2,741.49 on the Binance Tether (USDT) market, up 6.78% from the previous day.

According to cryptocurrency-specialized media Bitcoin.com on the 10th (local time), United States Wall Street-based asset management firm Bernstein stated that "the forecast that Bitcoin (BTC) will reach $200,000 this year is also a conservative target." Bernstein added, "The acceleration of institutional investors entering the market and the structural development of the market will drive Bitcoin prices higher," noting, "We are confident it will reach $200,000 within the year, but this is a rather conservative target." Meanwhile, as of 01:34 on the 11th, Bitcoin is trading at $109,022.20 on the Binance Tether (USDT) market, up 0.98% from the previous day.

In the past 9 days, approximately $423 million worth, totaling 2.7 million Solana (SOL), has flowed into major cryptocurrency exchanges, contributing to increased selling pressure according to analysis. On the 10th (local time), crypto-focused media outlet BeInCrypto reported, "SOL has still not managed to escape its downward phase," and added, "Although there were attempts at a short-term rebound, a lack of investor patience led to a large influx of SOL into exchanges. This is creating negative selling pressure on SOL's price." The report continued, "Technically, the $161 level is expected to serve as a major resistance. If SOL maintains its upward momentum and breaks through this resistance, it could potentially rise to $176." It further stated, "Conversely, if the resistance is not broken, SOL could decline to levels such as $152 and $144," adding that "the selling trend may accelerate."

William Mougayar, former special advisor to the Ethereum (ETH) Foundation, stated that the value of virtual assets (cryptocurrencies) should not be assessed solely based on speculation about their price, but should be evaluated in terms of utility and adoption rate, among other criteria. On the 10th (local time), in a column contributed to CoinDesk, he remarked, "The 'worship of price,' which focuses only on the price, obscures substantive technological progress and industrial advancements taking place on blockchains like Ethereum," and explained, "Collaboration between Bitcoin (BTC) and Ethereum can produce a win-win situation by sharing liquidity and utility and is expected to maximize the strengths of both networks through synergy." He continued, "The long-term success of virtual assets depends on overcoming the temporary dopamine effect gained from watching daily charts," stressing that "the most valuable technology ultimately must be usable in real life rather than being just a flashy ticker."

Charu Sethi, CEO of Unique Network, stated in a guest column for Cointelegraph on the 10th (local time), "While some are highlighting the collapse of the NFT market, NFTs are quietly evolving into essential digital infrastructure." She remarked, "NFTs have now moved beyond the limits of being speculative assets and are establishing themselves as infrastructure for games, artificial intelligence (AI), and Web3," and explained, "As the utility of NFTs expands, the trend of replacing their speculative nature is continuing." Furthermore, she added, "In the future, NFTs will serve as a layer for asset ownership, transaction logic, and AI agents within decentralized systems."