JOON HYOUNG LEE

The world's largest Ethereum (ETH) holding company BitMine has purchased an additional US$44 million (about KRW 65 billion) worth of Ethereum. On the 28th (local time), according to LookonChain, BitMine newly bought 14,618 Ethereum that day. At current value, this amounts to US$44 million. The Block said, "The transaction has not yet been officially confirmed by BitMine," and added, "BitMine holds US$10.9 billion (about KRW 16 trillion) worth of Ethereum as of its last official announcement." Ethereum's price fell to the mid-$2,000s earlier this month and then recovered to the $3,000 range. As of 4:45 p.m. that day, Ethereum was trading at $3,010.26 on CoinMarketCap, down 0.63% from the previous day. Compared with one month ago, it has fallen 25.05%. BitMine expects Ethereum's price could rise to US$9,000 early next year. In a recent interview, Tom Lee, chairman of BitMine, forecast that Ethereum's price could rise to at least US$7,000 and at most US$9,000 by the end of January next year. Lee also predicted that Bitcoin (BTC) would surpass US$100,000 by the end of this year.

An analysis said Bitcoin (BTC) must break the short-term resistance in the $93,000 range to secure upward momentum. On-chain analytics company Glassnode said on the 28th (local time) via its official X account, "(Bitcoin's) currently most important short-term resistance range is $93,000–$96,000," and stated, "To regain momentum toward an all-time high (ATH), breaking through the supply cluster of top buyers is the key condition." If Bitcoin breaks $96,000, the next resistance range is $100,000–$108,000. Glassnode analyzed, "That range is an area where the volumes of recently entered buyers are concentrated," and "It is common for a certain level of resistance to occur."

Bitcoin (BTC) has hit its 'worst November' in six years since 2019. On the 28th (local time), according to CoinGlass, the average change in bitcoin prices for this month was -16.75% as of that day. Looking only at average monthly change rates, it is the lowest since 2019 (-17.27%). The record low for average monthly change rates was in 2018 (-36.57%). Typically, November has been a month when Bitcoin shows strength. According to CoinGlass, from 2013 through last year, the average price increase of Bitcoin over about 10 years is approximately 46%. Justin Danetan, head of research at crypto advisory firm Arctic Digital, analyzed, "In the past, a somewhat predictable (Bitcoin) four-year cycle led to rallies through the end of the year, and October through December mostly closed higher," adding, "Earlier this year, spot Bitcoin exchange-traded funds (ETFs) were launched in the U.S., causing this cycle to start earlier." Meanwhile, as of 4:06 PM on that day, Bitcoin was trading on CoinMarketCap at $91,393.15, up 0.22% from the previous day. Compared with a week ago, it is up 6.77%.

Over the past month, whale (large investor) funds flowing into the world's largest cryptocurrency exchange Binance have reached a year-to-date high. Maartunn, a CryptoQuant contributor, said on the 28th (local time) through CryptoQuant, "Whale funds flowing into Binance over the past 30 days totaled $7.5 billion (about 11 trillion won)," adding, "It's the highest level so far this year." Maartunn said, "Binance is the largest exchange and a key liquidity provider," and "whales tend to move funds when the market becomes unstable or when the (Bitcoin) price approaches key levels." Maartunn noted that recent whale fund flows are similar to March this year. He said, "At that time Bitcoin fell from about $102,000 to the low $70,000s," and analyzed, "Whales mainly moved funds to exchanges for profit-taking or to manage bear-market risk." He added, "Even now, the 30-day inflow continues to increase, so it is still difficult to say that selling pressure has stabilized." He also mentioned future volatility. Maartunn said, "(Whale fund flows) mean that the risk zone has not been completely resolved," and stated, "Large sums moving to exchanges act as a 'pressure indicator,' but are not a signal that clearly indicates the timing of a market reversal." He continued, "In previous similar phases, it took about a month for the market to form a local bottom."

Paolo Ardoino, Tether (USDT) chief executive officer (CEO), has pushed back against the rating assessment by international credit rater Standard & Poor's (S&P). Ardoino said on the 27th (local time) via X (X), "We are proud of your (traditional finance's) disdain." Ardoino said, "Traditional credit-rating models were built for existing financial institutions," and added, "Ultimately those firms collapsed and made regulators worldwide question such models and the independence and objectivity of major credit-rating firms." Ardoino emphasized, "The propaganda machine of traditional finance gets anxious when someone tries to escape the gravity of a broken financial system." Ardoino said, "Tether has built the financial industry's first 'overcapitalized' company with no toxic assets at all," and "that is why it is currently maintaining very high profitability." He went on to say, "Tether is living proof of how broken the traditional financial system is." Earlier, S&P downgraded Tether's stablecoin stability rating on the 26th from 'constrained' to the lowest, category 5 'vulnerable.' S&P evaluates each stablecoin on a 1~5 scale based on how stably each stablecoin can be linked to real-world assets. Tether is the largest stablecoin currently in circulation, with an issuance of 184 billion dollars (approximately 270 trillion won).

The US Solana (SOL) spot exchange-traded fund (ETF) recorded its first net outflow since its launch. On the 27th (local time), according to SosoValue, US$8.1 million in funds were net withdrawn from the Solana spot ETF on the previous day (26th). It is the first net outflow since its launch on the 28th of last month. SolanaFloor said, "The Solana ETF had continued net inflows for 22 consecutive days before recording its first net outflow." The net outflow was led by 21Shares' TSOL. Specifically, TSOL alone saw net outflows of US$34 million. Cointelegraph said, "The remaining Solana ETFs showed good performance and absorbed a substantial portion of TSOL's net outflows," adding, "The cumulative net outflows of all Solana ETFs since launch amount to US$26 million." Solana's price showed an uptick that day. As of 11:30 p.m. that day on CoinMarketCap, Solana was trading at US$141.62, up 3.34% from the previous day. Compared with a week earlier, it was up 0.59%.

Global payments company Visa is partnering with crypto service provider AquaNow to expand its stablecoin business to Europe, the Middle East and beyond. Visa announced on the 27th (local time) that it had entered into a partnership with AquaNow. Visa said, "Through the partnership with AquaNow, we will expand stablecoin payment capabilities across Central and Eastern Europe, the Middle East and Africa (CEMEA)." Visa plans to provide stablecoin payment services such as Circle (USDC) in the CEMEA region together with AquaNow. Visa said, "We expect that AquaNow's crypto infrastructure will be able to improve stablecoin payment costs and time, and operational inefficiencies." Godfrey Sullivan, head of Visa's CEMEA products and solutions, said, "The partnership with AquaNow will modernize the payment backend systems and reduce reliance on existing systems with multiple intermediaries," adding, "(The partnership is) another important step to enable financial institutions to prepare for future movements of funds."

The Australian government is pushing to enact a cryptocurrency regulation law. On the 27th (local time), according to foreign media including Cointelegraph, Daniel Mulino (Daniel Mulino), a deputy at the Australian Treasury, introduced the 'Digital Assets Framework Bill 2025' the previous day (the 26th). The core of the bill is to require cryptocurrency companies such as exchanges and custody firms to obtain an Australian Financial Services Licence (AFSL). Mulino said, "Digital assets are reshaping finance around the world," and "Australia must keep pace with this trend." Specifically, the bill amends the Australian Corporations Act to add two new financial product classifications: 'digital asset platforms' and 'tokenised custody platforms'. Companies that fall under those classifications must obtain an Australian Financial Services Licence. Companies that obtain a licence must register with the Australian Securities and Investments Commission (ASIC) and be subject to the authority's management and supervision. The Australian Treasury disclosed a draft of the bill last September and has been collecting industry feedback. Mulino said, "(The bill is) a core element of the 'cryptocurrency roadmap' the government announced in March this year." Cointelegraph reported, "The Australian cryptocurrency industry generally supports the bill," and "(however) many pointed out the need for clearer standards and simplification of the law."

Alt5 Sigma, a Nasdaq-listed company known to be associated with U.S. President Donald Trump's family, dismissed its chief executive officer (CEO) and chief operating officer (COO) at the same time. On the 27th (local time), Bloomberg reported that Alt5 Sigma announced it had dismissed CEO Jonathan Hu and COO Ron Peters on the previous day (26th). Bloomberg said, "(Alt5 Sigma) did not disclose specific reasons for the dismissals," and added, "this change is a sign of recent turmoil within Alt5 Sigma." Alt5 Sigma came to public attention in August when it announced plans to purchase World Liberty Financial (WLFI) tokens worth $1.5 billion (about 2.2 trillion won). The amount of World Liberty Financial tokens Alt5 Sigma said it would buy was equivalent to 7.5% of the total supply. World Liberty Financial is a cryptocurrency company founded by the Trump family at the end of last year.

Michael Saylor, MicroStrategy chairman, recently mentioned Bitcoin (BTC) price volatility. On the 27th (local time), Saylor said on X, "Volatility is Vitality." It is interpreted as a remark aimed at recent Bitcoin price volatility. That day, the Bitcoin price rebounded nearly 5% from the $86,000 range to the $91,000 range. Compared with 1 month ago, it is about 20% lower. Meanwhile, MicroStrategy reportedly did not buy additional Bitcoin last week. CoinDesk reported, "The six-week buying spree that began in early last month has been halted," adding, "MicroStrategy currently holds 649,870 bitcoins."

The Ethereum (ETH) network's block gas limit has been raised by about 33%. Toni Wahrstätter (Ethereum Foundation researcher) said on the 26th (local time) via X, "Ethereum's gas limit is now operating at 60 million," adding, "this figure has doubled in just the past year." The previous Ethereum block gas limit was 45 million. The raised Ethereum gas limit has been in effect since the 25th. The Block reported, "(The gas limit) adjustment was automatically applied after more than half of the validators — the threshold required by Ethereum's current consensus rules — agreed." Meanwhile, Ethereum is scheduled to undergo a major upgrade in early next month. Specifically, Fusaka will be applied to the Ethereum mainnet on the 3rd of next month. The core of this upgrade is improving the Ethereum network's scalability through the blockchain innovation 'PeerDAS (PeerDAS)'. The Ethereum Foundation said, "(The Fusaka upgrade) is a very important step in Ethereum's scalability roadmap."

An analysis said that the price of Bitcoin (BTC) is in a structurally vulnerable state. On-chain analytics firm Glassnode said in its weekly report on the 26th (local time) that "over the past few weeks Bitcoin's price has been compressed between 81,000 dollars and 89,000 dollars," adding that "this is a structure very similar to the situation after the new all-time high (ATH) in Q1 2022." Glassnode said, "At that time the market showed weakness due to decreased demand," and "the current price range is constrained by limited inflows and vulnerable liquidity as the market is in a downtrend." It also mentioned the realized profit/loss ratio of short-term holders (STH). Glassnode said, "The STH realized profit/loss ratio is currently the clearest indicator of demand momentum," noting that "the ratio fell below the early-October neutral average (4.3x) and has plunged to 0.07x." It added, "This dominance of losses means liquidity has evaporated," and analyzed that "if the ratio remains low, the likelihood increases that Bitcoin will fall below the 'True Market Mean' of 81,000 dollars." Glassnode emphasized, "Bitcoin remains structurally vulnerable after falling below key cost levels." Glassnode said, "Liquidity is continuously decreasing, so unless demand strengthens the risk of re-testing the market mean remains high," and "the market will stay in a defensive sideways phase until prices recover the average 'cost-basis' and new demand increases."

'Money Tree Sister' Cathie Wood-led ARK Invest purchased an additional $16.5 million (about ₩24 billion) worth of Coinbase shares. On the 27th (local time), The Block reported that ARK Invest bought 62,166 Coinbase shares through an exchange-traded fund (ETF) the previous day (26th). At the current stock price, this amounts to $16.47 million. The Block said, "Coinbase is the 5th largest weighting in the 'ARK Innovation ETF (ARKK)'" and "the share of Coinbase in ARK Invest's overall ETF portfolio is 5.2%." ARK Invest has recently been aggressively buying cryptocurrency-related stocks such as Circle (USDC), Coinbase, Bitmain, and Bullish. The Block said, "ARK Invest appears to be trying to take advantage of the notable downturn in cryptocurrency-related stocks." Coinbase's stock price has fallen about 26.7% in the past month. Meanwhile, ARK Invest CEO Cathie Wood said she expects the liquidity squeeze in the cryptocurrency market to ease soon. Wood said on X, "The liquidity squeeze that has hit AI and cryptocurrency will reverse within weeks," adding, "the market is already reflecting this."

Do Kwon, founder of Terraform Labs, who is facing criminal trial in the United States on charges including fraud related to the issuance of the stablecoin TerraUSD (UST), stated that his sentence should not exceed five years. According to Bloomberg on the 27th (local time), Do Kwon's legal team submitted a sentencing memorandum to U.S. authorities on the previous day (the 26th) arguing that the sentence related to the Terra-Luna incident should not exceed five years. Do Kwon's legal team also said the "plea bargain (a sentence reduction or adjustment in exchange for a guilty plea)" agreement under which U.S. prosecutors had planned to seek a maximum 12-year sentence for Do Kwon was "grossly excessive." Do Kwon's legal team emphasized that Do Kwon had already been detained for about three years. The legal team said, "(Of the three years) he spent more than half in harsh conditions in Montenegro," and "(Do Kwon) also agreed, as part of the plea bargain, to the forfeiture of more than $19 million in assets and real estate." The U.S. court plans to issue its final sentence for Do Kwon on the 11th of next month. Bloomberg reported, "The legal team also emphasized that Do Kwon faces trial in South Korea for the same criminal conduct and that South Korean prosecutors are seeking up to 40 years," and "the U.S. government is expected to submit its own sentencing recommendation soon." Meanwhile, in August this year Do Kwon pleaded guilty and agreed with U.S. prosecutors to significantly reduce the maximum sentence. The combined maximum sentence for conspiracy to commit fraud (5 years) and wire fraud (20 years), to which Do Kwon pleaded guilty, is 25 years. However, under the plea bargain agreement, U.S. prosecutors have decided to seek a maximum sentence of 12 years for Do Kwon without additional indictments.

Bitcoin (BTC) prices could face strong resistance in the mid-$90,000s if the uptrend continues. According to CoinDesk on the 27th (local time), Singapore-based cryptocurrency trading firm QCP Capital said in a report that "(Bitcoin) supply will limit upside in the mid-$90,000s" and that "the $80,000–$82,000 range remains the key support." QCP Capital analyzed that "the Bitcoin price rebound that began near $80,000 extended to $91,000" and "(however) this was a technical rebound due to reduced liquidity." Bitcoin prices jumped about 5% in a single day from the $86,000 range to the $91,000 range. QCP Capital pointed out that "U.S. Bitcoin spot ETFs have not yet shown strong fund inflows" and "the stock of bitcoin-accumulating firm Strategy has only now approached breakeven." CoinDesk reported that "QCP Capital's analysis is consistent with the views of other analysts." Meanwhile, as of 5:09 p.m. that day, Bitcoin was trading on CoinMarketCap at $91,392.39, up 4.18% from the previous day. Compared with a week ago, it is down 0.95%.

The XRP spot exchange-traded funds (ETFs) launched in the United States sucked up about 80 million XRP tokens in a single day after their launch. On the 27th (local time), according to XRP Insights and others, four new XRP spot ETFs, including Grayscale GXRP and Franklin Templeton XRPZ, absorbed about 80 million XRP within 24 hours after their launch on the 24th. Cointelegraph said, "It's a figure that exceeds the initial inflows recorded when the Solana (SOL) spot ETF was recently launched," and added, "(The rapid absorption is) important because ETF demand directly puts pressure on the token's circulation and supply." The total assets under management (AUM) of XRP spot ETFs were calculated at $778 million (about 1.14 trillion won) as of that day. Grayscale's GXRP and Franklin Templeton's XRPZ raised $67.4 million and $62.6 million, respectively, on their launch day on the 24th alone. Cointelegraph said, "21Shares' TOXR is scheduled to list on the Chicago Board Options Exchange (CBOD) on the 29th," and added, "The XRP ETF craze is expected to continue."

The world's largest cryptocurrency exchange, Binance, has recently seen a sharp decline in its XRP holdings. Darkpost (Darkfost), a CryptoQuant contributor, said on the 27th (local time) via CryptoQuant, "Since last month, Binance's XRP holdings have steadily decreased and have now fallen to around 2.7 billion," adding, "This is one of the lowest levels on record for the platform (Binance)." Darkpost stated, "Specifically, since the 6th of last month, about 300 million XRP have been withdrawn from Binance," and "the downward trend continues daily, which is generally interpreted as a positive sign." Darkpost emphasized that the decrease in XRP holdings means "investors are withdrawing XRP from Binance and moving it to personal wallets." Darkpost analyzed, "When large assets are withdrawn from exchanges, it often reflects an intention to hold long-term," and "when assets leave exchanges, the amount immediately available for sale in the market decreases." He added, "If this is combined with a substantial increase in institutional demand, a very strong environment could be formed," and "if this trend continues, XRP could enter a new market phase based on expanded institutional demand."

| Kim Seojun, CEO of Hashed In December 2024, a historic milestone was reached in the financial markets. The total assets under management (AUM) of Bitcoin exchange-traded funds (ETFs) surpassed those of traditional gold ETFs for the first time. Achieved in just 11 months, this performance demonstrates astonishing growth speed. As of November 2025, Bitcoin ETF AUM remains at about 110 billion dollars, and competition with gold ETFs continues. However, market perception remains cold. Despite overwhelming quantitative growth, Bitcoin does not receive the same 'safe and substantial' treatment as gold. It swings with every tremor in the Nasdaq and is still classified as a 'risk-on' asset. Where does this 'paradox of digital gold' originate, and when might Bitcoin finally don a true crown? Fundamental gap: 'Scale' has grown but 'trust' and 'constitution' remain immature Gold has accumulated trust as a store of value over 5,000 years of human history. It endured the fall of the Roman Empire, the Great Depression, two world wars, the collapse of the Bretton Woods system, and the 2008 financial crisis. By contrast, Bitcoin's 16 years are but a blink in financial history. Market trust follows the Lindy Effect: the longer something endures, the more likely it is to endure further. Bitcoin has yet to experience a true global financial crisis or a large-scale geopolitical shock. A substantial portion of the 120 billion dollars that has flowed into Bitcoin ETFs currently comes from hedge funds and aggressive institutional investors seeking 'return maximization' and 'volatility bets.' To them, Bitcoin is closer to an extreme version of 'high-risk, high-reward tech stocks' than 'digital gold.' The difference is stark when examining the composition of gold ETF capital. Central banks account for 22%, pension funds 18%, insurers 15%, individual long-term investors 25%, and others 20%. By contrast, Bitcoin ETFs are composed of 35% hedge funds and 25% trading desks — 60% in short-term speculative capital — with venture capital at 15%, individual short-term investors 20%, and others 5%. This difference in capital composition is vividly reflected in responses to market volatility. When markets become unstable, Bitcoin is not held like gold but is among the first assets to be liquidated alongside the Nasdaq. Quantitative growth has been achieved, but qualitative constitution still remains within risk preference. Since 2024, the 60-day correlation coefficient between Bitcoin and the Nasdaq 100 index has averaged 0.65. This implies that Bitcoin is still perceived as an 'extreme version of tech stocks.' By contrast, the correlation between gold and the Nasdaq fluctuates between -0.15 and +0.1, showing independence or negative correlation. A more serious issue is behavior during crises. During the Fed's rate-hike cycle in 2022, when the Nasdaq fell 33%, Bitcoin fell nearly double at 64%. Over the same period, gold fell by only 3%. This is clear evidence that Bitcoin is still treated as the 'king of risk assets.'  Shocking reversal of 2025: the resurgence of gold Although Bitcoin ETFs overtook gold ETFs at the end of 2024, the situation dramatically reversed in 2025. As of August 2025, gold ETFs surged to 325 billion dollars, while Bitcoin ETFs remained at 162 billion dollars. More striking was the performance gap. Gold prices jumped 60% year-to-date to reach a historic high of 4,000 dollars per ounce, while Bitcoin rose only 20% in the same period. This performance gap raised serious questions among Bitcoin investors. Doubts spread within the community asking, 'Can Bitcoin truly become digital gold?' Some long-term investors began reconsidering portfolio allocations. Gold's resurgence was not a mere temporary phenomenon but was driven by structural factors. Chief among them was large-scale buying by central banks. Central bank gold purchases in the first half of 2025 reached record levels. China, India, and Russia sharply increased their gold holdings to reduce dollar dependence. Emerging economies like Turkey and Poland also expanded the share of gold in their foreign-exchange reserves and joined this trend. Intensified geopolitical uncertainty also fueled demand for gold. Continued U.S.-China tensions created a new cold-war-like divide, and instability in the Middle East increased, prompting investors to seek proven safe assets. Added to this were trade tensions arising from global supply-chain realignment, further highlighting gold's appeal. Concerns about inflation and currency depreciation also reinforced gold preference. As fiscal deficits widened in major countries and confidence in fiat currencies declined, demand for gold exploded in many countries with persistently negative real interest rates. Decisively, investors increasingly preferred tangible assets over digital ones. This reality posed deep dilemmas for Bitcoin supporters. The biggest shock was psychological. As the 'digital gold' narrative weakened, the Bitcoin community faced an identity crisis. The reality that institutional investors still choose gold in times of crisis was a painful lesson, and criticism resurfaced that Bitcoin's high volatility undermines its safe-asset status. Investment strategies were also fundamentally reconsidered. Surprisingly, even some Bitcoin maximalists began increasing their gold allocations, and hybrid strategies like 'Bitcoin 60% + Gold 40%' gained attention. There was a renewed reassessment of the importance of long-term value preservation over short-term gains. This reality shows that Bitcoin still has a long way to go: quantitative growth has been achieved, but qualitative transformation remains incomplete.  Four key triggers for Bitcoin's qualitative leap The first gateway for Bitcoin to be recognized as true digital gold is strategic adoption by long-term institutional investors. What is needed now is not simple investment but formal declaration. If the world's top 10 sovereign wealth funds officially announce allocation of 2–5% of their portfolios to Bitcoin, and major U.S. pension funds grant Bitcoin 'strategic asset' status, that would be pivotal. In particular, codifying long-term investment policies such as 'hold for more than 10 years' to recognize Bitcoin as a 'core asset class' rather than a mere investment is important. Recent moves: In 2025, several institutional investors have been increasing Bitcoin exposure. BlackRock's IBIT has grown to 97 billion dollars and is leading institutional demand, and some U.S. state pension funds are considering Bitcoin ETF investments. The Abu Dhabi Investment Committee (ADIC) has also started investing in Bitcoin ETFs, though it is still early and represents a small portion of its overall portfolio. Second, official national-level adoption can fundamentally change Bitcoin's status. The most powerful catalyst would be if major G7 central banks allocated more than 1% of their foreign-exchange reserves to Bitcoin, or if the International Monetary Fund (IMF) included Bitcoin in the Special Drawing Rights (SDR) basket — that would completely change the rules of the game. If Basel III regulations were revised to recognize Bitcoin as Tier 1 capital, banks worldwide could hold Bitcoin without capital burden. So far, El Salvador and the Central African Republic's legal-tender adoptions are symbolic. Real change begins when major economic powers move. Recent moves: In November 2025, a proposal was submitted to the U.S. House of Representatives to add Bitcoin as a national strategic asset. This suggests the U.S. is beginning to seriously consider official adoption of Bitcoin. Third, practice matters more than theory. For Bitcoin to be recognized as a true safe asset, it must exhibit gold-like behavior in real crises. Bitcoin should spike during a banking crisis, or rise alongside gold during geopolitical shocks in the Taiwan Strait or the Middle East. It must also demonstrate that it can function as an alternative currency when major currencies collapse. Recent moves: When Silicon Valley Bank (SVB) collapsed in March 2023, Bitcoin surged more than 20% in one instance. However, this was a single event and has not yet become a consistent pattern. For Bitcoin to be recognized as a true safe asset, such cases must be observed repeatedly. Fourth, technical evolution and infrastructure improvements are essential. Layer-2 solutions like the Lightning Network must become widespread for everyday payments, and major banks must mainstream direct custody services. The share of renewable energy used in Bitcoin mining must exceed 90% to fully allay ESG concerns, and resistance to quantum computing must be ensured to guarantee long-term security. Recent moves: As of 2025, the number of Lightning Network channels has surpassed 150,000, and major banks are scaling up Bitcoin custody services. In particular, the share of renewable energy in Bitcoin mining has exceeded 50%, alleviating some ESG concerns.  Forecast timeline: 2026–2030, an era of paradigm shift First phase (2026~2027): ETF inflows stabilize and Bitcoin's daily volatility settles below 5%. Institutional investor share surpasses 60%, increasing market maturity, and the first major G20 country begins official review of Bitcoin as a reserve asset. Also, one or two major pension funds will declare Bitcoin a 'strategic asset.' Second phase (2028~2029): Formal institutional integration advances. Two to three major sovereign wealth funds officially expand Bitcoin investments, Basel regulatory reforms pass making it easier for banks to hold Bitcoin, and the correlation between Bitcoin and the Nasdaq falls below 0.3, strengthening Bitcoin's character as an independent asset. Bitcoin will be partially proven as a safe asset in its first major financial crisis. Final phase (2030): Bitcoin finally establishes the status of 'digital gold.' The first G7 central bank allocates Bitcoin into foreign-exchange reserves, and Bitcoin fully demonstrates safe-asset roles across multiple crisis scenarios. Volatility falls to the 20–25% range, reaching levels similar to gold, and Bitcoin becomes an essential element of global asset allocation.  Beyond the threshold of time Bitcoin has already achieved 'quantitative growth.' Surpassing gold ETFs in December 2024 is evidence. However, as gold's resurgence in 2025 shows, to become true 'digital gold' Bitcoin needs the test of time, qualitative transformation in the nature of capital, and verification in practice. Major change will begin from 2026. As the first G20 country starts official review, major pension funds declare strategic asset status, and partial verification occurs in real crises, Bitcoin will gradually shed the 'risk asset' label and is expected to wear the 'digital gold' crown around 2030. We stand at the dawn of a massive paradigm shift. The 16-year journey of Bitcoin challenging 5,000 years of gold history has only just begun. ■ Kim Seojun, CEO of Hashed — Biography △ Early graduate of Seoul Science High School △ Graduated from the Department of Computer Engineering, Pohang University of Science and Technology △ Chief Product Officer (CPO) and Co-founder of Nori △ CEO of Hashed △ Venture Partner at SoftBank Ventures △ Advisory member of the National Assembly's Special Committee on the Fourth Industrial Revolution △ Member of the Ministry of Education's Future Education Committee The views expressed by external contributors may differ from the editorial stance of this publication.

Bitcoin (BTC) price fell below $91,000. On the 20th, according to CoinMarketCap, Bitcoin was trading at $90,774.82 at 11:09 p.m., down 0.47% from the previous day. Compared with a week ago, it was down 11.43%. The kimchi premium was in the 1% range. According to CrypPrice, as of 11:09 p.m. the kimchi premium was 1.42%.

Tether (USDT), the dollar stablecoin issuer, is investing in Latin America–based web3 infrastructure firm Parfin (Parfin). Tether said on the 20th (local time) that it had decided to invest in Parfin. The specific investment amount was not disclosed. Tether explained, "(Through the Parfin investment) it plans to accelerate institutional adoption of Tether and improve access to efficient blockchain payments in the Latin American region." Tether's investment in Parfin is to expand its Latin American operations. According to Chainalysis, Latin America recorded cumulative cryptocurrency trading volume of US$1.5 trillion from July 2022 to June this year. Monthly volume rose from US$34 billion in November 2022 to US$87.7 billion in December last year, jumping nearly 160% in the past two years. Tether said, "The upward trend (in cryptocurrency trading volume) shows the potential of Latin America," adding, "Institutional use of cryptocurrencies is a major driver of this growth."

Last month, U.S. employment figures greatly exceeded market expectations. The U.S. Department of Labor said on the 20th (local time) that nonfarm payroll employment increased by 119,000 in September from the previous month. This figure is more than double the market forecast (53,000). Compared with the revised August figure (-4,000), it is 123,000 higher. The September unemployment rate was 4.4%, 0.1% percentage point above experts' expectations (4.3%). Compared with the August unemployment rate (4.3%), it rose by 0.1% percentage point. Average hourly earnings in September increased 3.8% year-on-year. It exceeded the forecast (3.7%) by 0.2% percentage point. Month-on-month, it rose 0.2%, falling 0.1% percentage point short of the forecast (0.3%). Average hourly earnings are an indicator to glimpse wage inflation.

There are views that if the U.S. Federal Reserve (Fed) holds interest rates next month, the price of Bitcoin (BTC) could fall to the $60,000 range. A CryptoQuant contributor from XWIN Research Japan told CryptoQuant on the 20th (local time), "If the Fed does not cut rates in December, Bitcoin is likely to trade in the $60,000–$80,000 range by the end of this year." XWIN Japan said, "The lower bound reflects a weakening preference for risk assets and tightened liquidity," and "the upper bound will be limited until (monetary) policy uncertainty is resolved." XWIN Research referred to early this month when expectations of a rate cut had diminished. XWIN Research said, "When rate-cut expectations fell earlier this month, risk assets were collectively adjusted and Bitcoin plunged," and "If the Fed maintains a cautious stance in December, similar downward pressure will persist." It added, "In a tightening policy phase, investors reduce leverage," and "Bitcoin may react more sensitively to negative flows and become more volatile."

U.S. asset manager Grayscale has launched a new investment product based on Sui (SUI). Grayscale said on the 20th (local time) that trading of its 'Sui Trust (GSUI)' began on OTCQX, the U.S. over-the-counter (OTC) market. Grayscale explained, "GSUI provides investment exposure to Sui, a layer-1 blockchain," adding, "Sui's emphasis on speed, scalability, and user experience (UX) is central to the innovation Grayscale pursues." Sui also expressed optimism about GSUI. Adeniyi Abiodun, Chief Product Officer (CPO) of Mysten Labs, the developer of Sui, said, "Through Grayscale, more institutions and investors can join Sui's vision," and added, "This will support the continued growth of Sui's technology and ecosystem."

'Money-tree sister' Cathie Wood-led ARK Invest bought an additional $40 million (about 60 billion won) worth of cryptocurrency-related stocks. On the 20th (local time), The Block reported that ARK Invest disclosed it had bought an additional $17.7 million of Circle (USDC) stock on the previous day (19th). On the same day, ARK Invest also bought $16.9 million worth of shares in the cryptocurrency exchange Bullish and $7.6 million worth in the world's largest Ethereum (ETH) holding company. The Block said "(the purchase) was made amid a sharp drop in stock prices." Cryptocurrency-related stocks such as Circle and Bullish have been struggling recently amid the decline in Bitcoin (BTC) prices. CoinDesk said "Bitcoin plunged to the $89,000 range this week, dealing a blow to the stocks of cryptocurrency companies," and added, "ARK Invest often looks for undervalued stocks when prices fall."

'Japan's version of "Strategy",' MetaPlanet is pushing to issue preferred shares worth 21 billion yen (about 200 billion won) to stockpile Bitcoin (BTC). MetaPlanet disclosed on the 20th (local time) that it will issue 23.61 million preferred shares. The issuance price per share is 900 yen, and the total issuance amount is 21.249 billion yen. The payment date is the 29th of next month. MetaPlanet specified "Bitcoin purchase" as the purpose of issuing the preferred shares. MetaPlanet said, "While government bonds, which were considered safe assets, tend to decline in price due to rising interest rates, gold is being reevaluated as an inflation hedge and a means to avoid currency risk," and "we are convinced that the strategic importance of Bitcoin as a new store of value (SoV) is rapidly increasing in this changing environment." MetaPlanet also said, "To minimize dilution from issuing common shares and to continuously expand Bitcoin holdings, actively utilizing preferred shares is necessary as a capital strategy," and "we believe that allocating (the funds raised) to additional Bitcoin purchases and investments in Bitcoin revenue businesses is essential for the company's mid- to long-term growth and enhancement of shareholder value." Meanwhile, MetaPlanet started as a hotel company in 2010 but transformed into a Bitcoin-holding company in April last year. MetaPlanet's Bitcoin holdings are approximately 30,800, the largest among Asian companies.

A digital asset pegged 1-to-1 to the rupee is set to be launched in India as early as the first quarter of next year. According to CoinDesk on the 20th (local time), Indian fintech firm Anq said it plans to launch the digital asset 'ARC' next year in the first quarter, which it jointly developed with Ethereum (ETH) scaling solution Polygon (POL). ARC is a type of stablecoin whose value is pegged 1-to-1 to India’s legal tender, the rupee. CoinDesk reported, "The issuer can only issue ARC if it has secured cash, government bonds, time deposits, etc.," and added, "ARC is designed to prevent capital outflows to dollar-based stablecoins and to keep liquidity within the Indian economy." ARC appears set to operate as a complement to the central bank digital currency (CBDC) issued by the Reserve Bank of India (RBI). CoinDesk said, "(ARC) will function as a privately developed interaction layer that complements the RBI's CBDC," and added, "The CBDC maintains (India's) monetary sovereignty and security, while the private sector develops payment innovations, remittance systems, etc., within a regulatory framework."

U.S. asset manager Bitwise's XRP spot exchange-traded fund (ETF) is launching today. Bitwise said on the 20th (local time) that its new XRP spot ETF, 'XRP', will be listed on the New York Stock Exchange (NYSE) that day. Bitwise said "ETF management fee is 0.34%" and said "(after launch) fees will be waived for the first $500 million in assets under management (AUM) for one month." This is the second time an XRP spot ETF has been launched in the U.S. Earlier, Canary Capital's first-ever U.S. XRP spot ETF was launched on the 13th of this month. Meanwhile, Grayscale's and Franklin Templeton's XRP spot ETFs are expected to be listed in succession as early as the 24th.

Recently, amid the cryptocurrency bear market, analysis has estimated that Bitmine, the world's largest Ethereum (ETH) reserves company, has valuation losses of $3.7 billion (about 5.4 trillion won). Cryptocurrency analytics firm 10x Research said on the 20th (local time) via its official X account, "(Compared to Bitmine's average purchase price) the Ethereum price has fallen by more than $1,000," adding, "This means a valuation loss of $3.7 billion occurred even before considering the high net asset value (NAV) premium that investors paid." 10x Research pointed out the risks of companies that adopt a Digital Asset Treasury (DAT) strategy. 10x Research said, "(When a DAT company's) net asset value rises, 'existing' shareholders benefit, but if NAV falls, losses have a structural characteristic of accumulating like compound interest," noting, "This is a risk that DAT company investors often underestimate." 10x Research emphasized, "Unlike exchange-traded funds (ETFs), DAT companies have a very large divergence from NAV." 10x Research said, "(A DAT company's) returns are more complex and opaque than the underlying asset price of cryptocurrencies, and a hedge-fund-style fee structure is layered on top, which can erode returns in the long term," adding, "If the premium eventually converges to zero, investors will structurally fall into a 'glamorous but inescapable trap (Hotel California).'"

Bitcoin (BTC) price fell below $92,000. On the 20th, according to CoinMarketCap, Bitcoin was trading at $91,774.72 as of 4:05 p.m., up 0.81% from the previous day. Compared with a week earlier, it was down 11.41%. The kimchi premium was in the 1% range. According to Cryprice, as of 4:05 p.m. that day the kimchi premium was 1.35%.