JOON HYOUNG LEE

Bitcoin (BTC) fell below $87,000. According to CoinMarketCap on the 30th, Bitcoin was trading at $86,369.57 as of 12:05 a.m., down 3.66% from the previous day. That marks a 3.14% decline from a week earlier. The kimchi premium stood in the 2% range. According to CrypPrice, the kimchi premium was tallied at 2.09% as of 12:05 a.m.

The United States and Denmark have begun their first senior-level working-level talks related to Greenland’s annexation. The two countries plan to hold additional talks in the near future. According to Bloomberg, CNBC and other foreign media on the 29th (local time), Danish Foreign Minister Lars Løkke Rasmussen told reporters ahead of a European Union (EU) foreign ministers’ meeting in Brussels, Belgium, that senior-level working-level talks aimed at addressing the Greenland issue began the previous day (28th) in Washington, D.C. Rasmussen said the talks “went very well in a highly constructive atmosphere, and further meetings are scheduled.” He added, “However, the situation has not been resolved,” noting that “after tensions escalated, things have now returned to a normal track.” He added that “today is a little more optimistic than a week ago,” and said, “We share U.S. security concerns about the Arctic region, and this is an issue we want to address through close cooperation.” Meanwhile, Denmark’s King Frederik X plans to visit Greenland on the 16th of next month. In a statement, King Frederik said, “Greenland’s well-being is a very important matter,” adding, “It is of course also important to keep up the morale of the Greenlandic people.”

Paul Atkins, chair of the U.S. Securities and Exchange Commission (SEC), said on the 29th (local time) that it is “time to seriously discuss allowing retirement plans to invest in cryptocurrencies.” In an interview with CNBC that day, Atkins said, “Many Americans are already indirectly exposed to crypto-related assets through pensions or funds.” He added that the current debate is about “whether accessibility to (cryptocurrencies) can be expanded by having regulated investment products such as 401(k)s managed by professional asset managers,” and said that “if the Clarity Act passes, it could open the way (for that approach).” Regarding controversy surrounding U.S. crypto-related legislation such as the Clarity Act, he said, “We are ready to enforce the rules agreed by Congress.” Atkins noted, “Congress always needs a process of negotiation and coordination,” adding, “The SEC is providing technical support to the (U.S. Senate) Agriculture Committee and the Banking Committee, and is helping in practical terms so the bill can cross the finish line.” He said, “What matters is building a crypto market structure that actually works, regardless of party.” Michael Selig, a commissioner at the Commodity Futures Trading Commission (CFTC), mentioned ways to cooperate with the SEC in the interview. Selig said, “In reality, many problems have arisen in the gray areas where the two agencies’ jurisdictions overlap,” adding, “What matters is helping market participants continue innovating under clear rules—whether through (agency) consolidation or cooperation.”

An analysis suggests that Bitcoin (BTC) could face additional correction if instability in the cryptocurrency market persists and concerns about downside pressure continue to spread. In its weekly report released on the 28th (local time), crypto analytics firm Glassnode said that "the environment for (Bitcoin) short-term holders (STH) remains unstable," adding that "if support levels break and investors recently shift into risk-off mode, additional selling pressure could emerge." Glassnode pointed to liquidity as the key variable. It noted that "for (the market) to make a meaningful shift into a sustained uptrend, liquidity indicators such as the 90-day moving-average realized profit/loss ratio need to reflect that objectively," adding that "typically, when transitioning into a strong bull phase, it has been necessary for this indicator to rise above 5 and hold there." On flows into spot Bitcoin exchange-traded funds (ETFs), it assessed that "structural buying has stabilized." Glassnode said that "institutional investors are showing a cautious stance rather than an aggressive risk-on posture," adding that "the fact that Bitcoin prices are holding at elevated levels despite weakening (ETF) inflow momentum suggests the market is relying more on spot investors’ conviction." Glassnode also said that "overall capital flows are showing signs of stabilization." It added that "the key question for the market going forward is whether demand can be sustained across spot and ETFs overall," warning that "if the current fragile structure persists and demand for downside hedges increases, it cannot be ruled out that the market could enter an extended range or a deeper correction phase."

US initial jobless claims last week came in above market expectations. The US Department of Labor said on the 29th (local time) that initial jobless claims totaled 209,000 last week. That was 3,000 higher than economists’ forecast (206,000). It was 1,000 lower than the prior week’s revised figure (210,000). Continuing jobless claims, filed for two consecutive weeks, totaled 1,827,000. That was 38,000 below the prior week’s revised figure (1,865,000). It was 33,000 lower than the market estimate (1,860,000). Initial jobless claims are an indicator that can help gauge overheating in the US labor market. An increase in claims can be interpreted as a sign that an overheated labor market is cooling. Economists are watching employment indicators such as jobless claims to assess how factors including US President Donald Trump’s aggressive tariff policy are affecting corporate decision-making.

Nasdaq-listed ALT5 Sigma (ALT5 Sigma) is pursuing a $100 million share buyback. ALT5 Sigma also plans to make additional purchases of tokens from World Liberty Financial (WLFI), a cryptocurrency project associated with the family of US President Donald Trump. ALT5 Sigma said it received board approval on the 29th (local time) for a share repurchase program of up to $100 million. The buyback could cover up to 50 million shares. The company explained that “this share buyback reflects the belief that the company’s value is significantly undervalued.” It is also moving ahead with additional purchases of World Liberty Financial. An ALT5 Sigma official said, “We plan to secure operating funds by entering into a $15 million debt financing agreement with World Liberty Financial and to launch the board-approved program,” adding, “The agreement will be finalized soon.” Meanwhile, ALT5 Sigma is said to have accumulated about 7.3 billion World Liberty Financial tokens as of that day. ALT5 Sigma said, “As usage of the stablecoin USD1 continues to rise, demand for tokens within the World Liberty Financial ecosystem is also expected to increase.”

U.S. President Donald Trump said on the 29th (local time) that "the Federal Reserve (Fed) should cut interest rates sharply right away." Trump wrote this on his social media platform Truth Social, saying that "'Too Late' Jerome Powell once again refused to cut rates for no reason." Earlier, the Fed on the previous day (28th) held the benchmark policy rate steady at 3.50–3.75%. Trump stressed that "(Chair Powell) is also harming national security." He said, "Even this fool (Chair Powell) is acknowledging that inflation is no longer a problem and not a threat," adding that "even so, he is saddling the United States with hundreds of billions of dollars a year in entirely unnecessary and unjustifiable interest costs." He also referred to his tariff policy. Trump said, "With enormous funds flowing into the United States thanks to tariffs, we should be getting lower interest rates than any country in the world," adding that "with a single stroke of the pen, billions of dollars can come into the United States."

The UK House of Lords has launched an inquiry into stablecoin regulation. The House of Lords Financial Services Regulation Committee said on the 29th (local time) that it will conduct an inquiry into the growth of stablecoins in the UK and potential regulatory approaches. The House of Lords plans to examine the global state of stablecoin development and the outlook for a pound sterling-based stablecoin industry. The scope also includes the impact stablecoins could have on the UK economy, financial services, and the Bank of England (BoE). Sheila Noakes, a member of the House of Lords and chair of the Financial Services Regulation Committee, said the inquiry aims to assess the opportunities and risks that stablecoins may bring to UK financial services and the economy, and to review whether the regulatory framework proposed by the Bank of England and the Financial Conduct Authority (FCA) can provide an appropriate response to such developments.

Hong Kong-listed OSL Group has raised $200 million in new funding to expand its stablecoin business. OSL Group said on the 29th (local time) that it will raise $200 million through a share issuance. The company explained that “this fundraising is intended to strengthen financial soundness, capture global growth opportunities, and accelerate strategic expansion in stablecoin trading and payments.” OSL Group is the first crypto exchange to receive approval from Hong Kong authorities. It also supports crypto custody and tokenized asset management services. It entered the stablecoin market last year with the launch of the U.S. dollar-backed stablecoin USDGO. OSL Group also raised $300 million in investment in July last year. Evan Wong, CFO of OSL Group, said that “the market has recognized OSL Group’s strategic position in the stablecoin market,” adding that the company “will be able to attract more like-minded strategic and long-term investors.”

World Liberty Financial (WLFI)’s dollar stablecoin USD1 has surpassed US$5 billion in market capitalization. According to CoinMarketCap on the 29th (local time), USD1’s market cap stood at US$5.02 billion, up 1.22% from the previous day as of that date. That level puts it in the top five by stablecoin market cap. Its 24-hour trading volume rose about 45% from the prior day to US$1.9 billion. USD1 is a dollar stablecoin launched by World Liberty Financial in the first half of last year. World Liberty Financial is a crypto project tied to U.S. President Donald Trump’s family. World Liberty Financial has also recently been pursuing a banking business. Earlier this month, it applied to the U.S. Office of the Comptroller of the Currency (OCC) for a bank charter. In mid-next month, World Liberty Financial will also hold the “World Liberty Forum” at Mar-a-Lago, President Trump’s residence in Florida. Attendees include Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), and David Solomon, CEO of Goldman Sachs.

Metaplanet, dubbed “Japan’s Strategy,” is pursuing additional purchases of Bitcoin (BTC) worth up to $130 million. Metaplanet said on the 29th (local time) that it held a board meeting and approved a plan to issue common shares and stock acquisition rights worth up to ¥20.7 billion (about $130 million). Specifically, Metaplanet plans to raise up to about ¥12.2 billion through the issuance of common shares. Through stock acquisition rights, it intends to raise up to about ¥8.8 billion. Metaplanet is pushing the large-scale fundraising to finance additional Bitcoin purchases. “The funds raised this time will be used, in line with the same policy as our previous fundraising, for additional Bitcoin purchases—our company’s core strategy,” Metaplanet said, adding that “through these measures, we will simultaneously achieve an increase in Bitcoin value and the generation of cash flow, and realize medium- to long-term growth and enhanced shareholder value.” Metaplanet, which started out as a hotel company, transformed in 2024 into a Bitcoin-focused digital asset treasury (DAT) company. Metaplanet’s Bitcoin holdings were tallied at about 35,000 as of the end of last year. “Going forward, we plan to make maximizing Bitcoin per share our top priority, taking into comprehensive account market conditions and shareholder impact,” Metaplanet said.

An analysis suggests that Bitcoin (BTC) is unlikely to be a direct beneficiary of a weaker U.S. dollar. According to CoinDesk on the 29th (local time), global investment bank (IB) JPMorgan said in an investment memo that “it is important to note that the recent dollar weakness is unrelated to changes in expectations for (economic) growth or monetary policy.” JPMorgan added that “short-term flows and investor sentiment are driving dollar selling,” and that “the (dollar) weakness will ultimately prove temporary, as it was last year.” JPMorgan assessed that Bitcoin is unlikely to benefit from dollar weakness. CoinDesk reported that “it has been shown that dollar weakness alone is not sufficient to draw fresh capital into the crypto market unless expectations for monetary policy shift materially,” adding that “JPMorgan pointed out that gold and emerging-market investments, rather than Bitcoin, could be the direct beneficiaries of dollar-diversification trades.” Meanwhile, as of 6:13 p.m. today, Bitcoin is trading at $87,879.68 on CoinMarketCap, down 1.1% from the previous day. That is a 2.32% decline compared with a week ago.

International gold prices have topped $5,500 per ounce for the first time on record. According to Reuters on the 29th (local time), spot gold rose as high as $5,594.82 intraday. This is the first time gold has climbed above $5,500 an ounce. Reuters said that “investors flocked to safe-haven assets amid geopolitical uncertainty,” adding that “gold has been setting fresh record highs for nine consecutive sessions.” Gold has risen more than 10% so far this week alone. Earlier, on the 26th, gold topped $5,000 an ounce for the first time ever. Gold prices gained about 65% in 2025 alone. Silver is also on the rise. After spot silver broke above $110 an ounce on the 26th, it traded above $120 intraday on the day. Silver prices have surged more than 60% so far this year.

A Bitcoin (BTC) fund managed by Swiss-based crypto bank Sygnum delivered a return of about 9% in the fourth quarter of last year. According to Cointelegraph on the 29th (local time), Sygnum said its “Starboard Sygnum BTC Alpha Fund” recorded an 8.9% return in Q4 last year. The Bitcoin Alpha Fund is a market-neutral fund Sygnum launched in October last year. Cointelegraph reported that “(the fund) attracted more than 750 bitcoins’ worth of capital from institutional investors and others in roughly four months after launch,” adding that it “shows rising institutional demand for crypto investment strategies.” Notably, Bitcoin’s price fell about 25% after Sygnum launched the fund. Sygnum said the fund was designed to generate steady returns while maintaining exposure to Bitcoin. Markus Hammerl, head of portfolio management at Sygnum, explained that “the key strategies driving performance were leverage-based carry trades and cross-exchange arbitrage,” adding that “the Q4 results show professional management can deliver meaningful outcomes even when the spot market is flat or falling.”

The number of wallets holding at least 1 million XRP has turned higher for the first time in four months. On-chain analytics firm Santiment said via its official X account that “the number of wallets holding at least 1 million XRP has shifted back to growth for the first time since September last year.” Santiment added that “(these wallets) increased by 42 on a net basis,” calling it “an encouraging sign from a long-term perspective.” U.S. spot XRP exchange-traded funds (ETFs) are also progressing smoothly. According to crypto analytics firm SoSoValue, spot XRP ETFs recorded net inflows of $92 million this month. Spot XRP ETFs previously posted monthly net inflows for two consecutive months from November to December last year. However, the token’s price is declining. According to CoinMarketCap, XRP was trading in the upper $1.80s as of today, down about 1.9% from the previous day. Compared with a week ago, it is down about 3.5%. CoinDesk reported that “while price action is sluggish, the increase in the number of wallets held by large holders and steady ETF inflows suggest that quiet accumulation is underway rather than speculative overheating.”

A dollar stablecoin approved by authorities in the United Arab Emirates (UAE) has been launched. According to The Block on the 29th (local time), Universal Digital International (UDI) announced that it had issued ‘USDU,’ the first dollar stablecoin approved by the UAE Central Bank, on the day. UDI explained that “USDU is the first stablecoin registered under the UAE’s Payment Token Services Regulation (PTSR).” USDU’s value is pegged 1:1 to U.S. dollar reserves held on deposit at UAE state-owned banks including Emirates NBD. To operate the stablecoin, UDI also entered into a partnership with Aquanow, which is regulated by Dubai’s Virtual Assets Regulatory Authority (VARA). Juha Viitala, a senior executive at UDI, said, “USDU is the first foreign payment token registered with the UAE Central Bank,” adding that it “will lay the groundwork for building a more transparent and efficient digital-asset market.”

International credit rating agency Fitch said it does not expect to cut the United States’ credit rating over the next 1–2 years. According to Bloomberg on the 28th (local time), James Longsdon, Fitch’s global head of sovereign ratings, said of the U.S. credit rating, “Of course, pressure clearly exists.” Longsdon added that “the downside risk is greater than the likelihood of an upgrade,” but said he expects “no downgrade over the next 1–2 years.” Earlier this month, Longsdon raised concerns about weakening independence at the U.S. Federal Reserve (Fed). At the time, he said, “A situation in which the central bank becomes fully politicized would be negative for creditworthiness,” adding that what matters for the U.S. credit rating is “strong confidence in the power of the dollar as the world’s reserve currency.” Meanwhile, Fitch cut the U.S. credit rating in 2023 from the top rating (AAA) to AA+. Longsdon said, “We are monitoring the situation closely, but the current rating backdrop is almost identical to when it was downgraded.”

Yi He, co-CEO of Binance, said on the 28th (local time) that “despite FOMO (fear of missing out) for gold and silver, the era of Bitcoin (BTC) will come.” In a post on X on the day, Yi said, “At a historic turning point like this, it’s not strange to see FOMO for gold and silver,” adding that “ultimately, the Bitcoin era will arrive.” International spot gold prices briefly topped $5,300 intraday, setting a fresh all-time high. By contrast, Bitcoin is trading in the upper $89,000 range, down about 13% from a year ago. Yi stressed that “the crypto industry is still at a relatively early stage.” She noted, “Volatility and controversy are hard to avoid,” adding that “when you try to change the world, it typically comes with extensive debate, doubt, and a range of voices.” She went on to say that “this is not unique to any one industry, but a process that every structural transformation in history has repeatedly gone through.”

U.S. asset manager Fidelity will launch a dollar-backed stablecoin next month. According to CoinDesk on the 28th (local time), Fidelity announced that it will launch the dollar stablecoin “FIDD” in early next month. FIDD will be issued by Fidelity’s subsidiary, “Fidelity Digital Assets.” Fidelity Digital Assets is a bank chartered by the U.S. federal government. FIDD will launch on the Ethereum blockchain. Fidelity said it “may consider expanding to other blockchains or Layer 2 networks in the future.” FIDD is also expected to trade on Fidelity’s cryptocurrency exchange, Fidelity Crypto, among other venues. Fidelity said “(FIDD) will also be listed on major cryptocurrency exchanges.” Fidelity plans to disclose FIDD’s outstanding issuance and the size of its reserves daily on its official website. It will also periodically post attestation materials verifying the reserves by third parties. Michael O’Reilly, president of Fidelity Digital Assets, said the GENIUS Act “played a key role” in the stablecoin launch, adding that “a fiat-backed stablecoin launch aligns with customers’ needs related to low-cost payments and settlement.”

International gold prices broke above $5,300 per ounce for the first time on record. According to Reuters on the 28th (local time), spot gold briefly touched $5,311.31 intraday, setting a new all-time high. Gold has gained more than 20% so far this year. The dollar’s recent weakness has been a key backdrop to gold’s surge. Linh Tran, chief analyst at XS, said, “It’s not simply because of market jitters that gold is rising,” adding, “It’s because confidence in the global monetary and fiscal order is shifting in a more cautious direction.” Reuters reported that waning confidence in the U.S. dollar and concerns over the Federal Reserve (Fed)’s independence have lifted demand for gold as a safe-haven asset. Silver prices are also rising. Spot silver has climbed above $117 per ounce this week, rewriting its record high. Silver is up nearly 60% so far this year. Markets broadly expect gold to remain on an upward trajectory for the time being. Deutsche Bank, a major German bank, recently forecast gold could rise to $6,000 per ounce this year.

U.S. asset manager WisdomTree will issue tokenized funds on Solana (SOL). According to overseas media outlets including CoinDesk on the 28th (local time), WisdomTree announced that it would issue all of its tokenized funds on Solana. CoinDesk reported that “the move is part of WisdomTree’s multi-chain strategy,” adding that it is “part of a broader shift in which asset managers are moving traditional finance (TradFi) products on-chain in line with rising demand for tokenized money market funds (MMFs), among others.” As a result, WisdomTree’s institutional clients will be able to issue and manage tokenized fund positions directly on the Solana blockchain. Retail clients using WisdomTree Prime will be able to purchase tokenized funds via Circle (USDC) without going through the traditional banking system. CoinDesk said that “traditional asset managers believe blockchain infrastructure can shorten settlement times and improve access, potentially becoming a new distribution channel for regulated financial products.”

U.S. asset manager 21Shares has set a $2.45 target price for XRP this year. According to the industry on the 28th (local time), 21Shares recently set a $2.45 target for XRP this year in its report titled “XRP Outlook for 2026.” In a bullish scenario, it said XRP could rise to $2.69 this year if factors such as a decline in supply and an expansion of the institutional, real-world asset (RWA) market align. 21Shares highlighted institutions and regulation. First, 21Shares said the U.S. spot XRP exchange-traded fund (ETF), launched in November last year, fundamentally changed demand for XRP. 21Shares said, “(The XRP ETF) set a historic record with 55 consecutive days of net inflows,” adding that this “suggests that pent-up demand is shifting into a trend of entering the market, meaning capital is flowing into the market regardless of short-term price volatility.” It added that “a multi-year lawsuit with the Securities and Exchange Commission (SEC) concluded with a final settlement in August last year, removing the legal uncertainty that had weighed on XRP.” 21Shares said, “With legal constraints lifted, XRP has entered a market-driven price-discovery phase,” while adding that “if measurable, tangible utility and large-scale adoption by the banking sector fail to materialize, XRP also faces the risk of being revalued based on actual use cases.” It also mentioned growth in Ripple’s stablecoin RLUSD. 21Shares said, “RLUSD has established itself as an institutional liquidity tool, securing more than 37,000 holders, and its market capitalization surged by more than 1,800% in just one year,” adding, “Even Circle’s (USDC) growth looks modest compared with RLUSD’s first-year growth rate, clearly demonstrating RLUSD’s strong distribution network.” It continued, “(However, if RLUSD) fails to attract interest from institutional investors, it could create serious disruptions in securing high-quality collateral assets.”

Tether, the issuer of the dollar-pegged stablecoin USDT, has generated profits of $5 billion (about 7.2 trillion won) over the past four months from gold it has stockpiled as part of its reserves. According to the Financial Times (FT) on 28 (local time), Tether had secured $13.4 billion worth of gold as of the end of the third quarter last year as part of its reserves. Based on the then price ($3,858 per troy ounce), this corresponds to about 108 tonnes of gold. Gold prices have climbed sharply since the fourth quarter, recently surging to a record high of $5,264. The value of the 108 tonnes of gold held by Tether at that time now stands at about $18.2 billion. Riding the rise in gold prices, it has earned $4.8 billion over the past four months. The increase in the value of gold is effectively profit that Tether pockets in full, since if stablecoin holders request redemption, the issuer only needs to repay them in dollars. That is not all. Tether also purchased an additional 27 tonnes of gold in the fourth quarter last year. BlockBeats reported that “the value of the newly added gold holdings (in Q4) has risen by at least $700 million or more so far this year.” The value of Tether’s gold stockpile is estimated at around $24 billion. By holdings alone, that is more than the Bank of Korea and roughly on par with the Qatar Central Bank. Meanwhile, Tether CEO Paolo Ardoino has said recently that the company is buying 1–2 tonnes of gold every week. Ardoino said he expects the purchases to continue for the coming months.

Bitcoin’s (BTC) 'Supply in Loss' has recently turned back to an upward trend. Woominkyu, a CryptoQuant contributor, said via CryptoQuant on the 28th (local time) that "Bitcoin’s supply in loss has shifted back to an uptrend," calling it "a signal that was repeatedly observed in the early stages of bear markets in past cycles." He added that "this indicates a phase in which losses begin to spread beyond short-term holders (STH) to long-term holders (LTH)." Supply in Loss is an indicator that shows the share of Bitcoin in total supply that was purchased at prices higher than the current price. Woominkyu stressed that "the implications of a shift in direction are significant." He noted that "in past cycles such as 2014, 2018, and 2022, this indicator turned upward before the actual market bottom formed," adding that "prices continued to weaken thereafter, and the true bottom was formed only after Supply in Loss expanded much more sharply." He analyzed that "while Supply in Loss remains quite low compared with past capitulation levels," this latest upward turn "suggests the possibility that the market is entering a bear-market phase rather than undergoing a temporary pullback within a bull market."

BitMine, the world’s largest corporate holder of Ethereum (ETH), has staked an additional roughly 62,000 Ether. According to Onchain Lens on the 28th (local time), BitMine staked an additional 62,304 Ether that day, worth $186 million at current prices. BitMine’s total staked amount rose to 2,328,288 Ether, valued at about $6.96 billion at current prices. BitMine’s Ether holdings stand at around 4.24 million Ether as of that day. Tom Lee, chairman of BitMine, recently projected that if the company stakes all of the Ether it has stockpiled, annual revenue could reach $374 million. Cointelegraph, factoring in BitMine’s recent staking volume, estimated current annual staking revenue at about $160 million. Meanwhile, BitMine plans to build a U.S.-based validator infrastructure within the year and run staking in-house.