JOON HYOUNG LEE

A recent analysis suggests that the sell-off by Bitcoin (BTC) OGs (early investors) may not be aimed at profit-taking. Martin Hiesboeck, head of research at cloud financial services firm Uphold, said on the 9th (local time) via X that "OGs selling bitcoin may be intending to buy it back in the form of an exchange-traded fund (ETF)." Hiesboeck said, "Under the current regulatory framework, especially in the United States, the tax advantages offered by ETFs are very significant," and added, "(ETFs) are also a way to justify long-hidden bitcoin holdings within the institutional framework." He also listed diversification into other cryptocurrency asset classes as one of the reasons for selling. Hiesboeck said, "(OGs) have realized that the true innovation lies not in Bitcoin itself but in blockchain technology," and said, "Blockchain is already being used across all industries, and there are many projects that yield higher returns than Bitcoin." Hiesboeck added, "The investment thesis for Bitcoin is shifting from an asset bought in expectation of explosive returns to an asset for value preservation and hedging systemic risk," and "this is also why many Bitcoin investors are leaving to seek new opportunities." He also mentioned investors' concerns about the selling pressure from OG whales (large investors). Hiesboeck said, "Even if some OGs partially or fully sell the (Bitcoin) amounts they hold, there is no need to worry," and stated, "They are simply moving away from 'Adolescent Maximalism'."

Hardware wallet maker Ledger is reportedly considering pursuing an initial public offering (IPO) in the United States. Pascal Gauthier, Ledger's chief executive officer (CEO), told the Financial Times (FT) in an interview on the 9th (local time) that "we are considering raising funds through a listing on the New York stock exchange or a private investment round." Gauthier said, "We are also expanding the staff of our New York office for this." Gauthier emphasized, "Currently crypto capital is concentrated in New York." Gauthier said, "There is no such capital anywhere in the world, especially in Europe," and called it "the reason I spend more time in New York." Ledger is a hardware wallet maker founded in France in 2014. Ledger is reported to custody bitcoin worth 100 billion dollars (about 145 trillion won). The Financial Times reported that "Ledger's company valuation was 1.5 billion dollars (about 2.2 trillion won) as of 2023."

Wemade has released the source code of 'StableNet', a blockchain dedicated to Korean-won stablecoins. Wemade said on the 10th that it has made the testnet source code of StableNet public. StableNet is a layer-1 blockchain for Korean-won stablecoins that Wemade unveiled at the 'Project Stable One' event last September. StableNet provides various functions necessary for issuing and operating Korean-won stablecoins. Wemade plans to equip the StableNet infrastructure with regulatory and security features such as identity verification (KYC), anti-money laundering (AML), and suspicious transaction detection (FDS). Wemade says that StableNet will enable companies to adopt stablecoin-related technologies more easily and efficiently. A Wemade official said, "The release of the StableNet source code reflects Wemade's commitment to disseminating the technology," and added, "Through global corporate and technology partnerships, we plan to create a new paradigm in the stablecoin market called 'K-financial globalization.'"

Bitcoin (BTC) prices' short-term volatility is increasing, according to analysis. Observers say it could break the resistance if liquidity is maintained. Arab Chain (Arab Chain), a CryptoQuant contributor, said on the 10th through CryptoQuant, "The market is currently showing high short-term volatility, but has entered a subtle transition phase in which medium-term volatility is easing." What Arab Chain focused on was the realized volatility (RV) indicator. Arab Chain analyzed, "The 7-day realized volatility (RV-7d) indicator rose to 0.410 compared with before," adding, "This means the market is showing sharp short-term activity." It continued, "Such movements are often triggered by speculative trading or derivatives position readjustments," and, "Phases in which short-term volatility rises rapidly typically occur when market expectations change or investors react sensitively to news or economic indicators." It also mentioned medium-term volatility. Arab Chain said, "The 30-day realized volatility (RV-30d) indicator is at about 0.360 and remains relatively stable," adding, "This means that even if daily price fluctuations are large, the monthly trend does not show clear instability." It added, "A volatility inversion in which RV-7d exceeds RV-30d is a typical signal that marks entry into a 'liquidity-testing phase,'" and, "a range in which the market hesitates before determining a clear upward or downward direction." The analysis said liquidity is key for Bitcoin prices to maintain an uptrend. Arab Chain said, "If short-term volatility continues to rise but RV-30d does not rise together, it means the market is entering a price-pressure zone," and, "in this case, if liquidity is maintained, it can lead to an upside breakout." It said, "(However) if momentum weakens, movements toward a downward adjustment may appear."

The US cryptocurrency exchange Coinbase said Bitcoin (BTC) and other major cryptocurrencies' upward cycle has not ended. On the 9th, industry sources reported that Coinbase Institutional said in a recent report, "The cryptocurrency market found a short-term bottom after last month's large-scale liquidations," and "the market appears to have undergone a rebalancing rather than a collapse." Coinbase Institutional is Coinbase's institutional-only solutions firm. Coinbase said last month's liquidations laid the groundwork for the next upward phase. Coinbase Institutional said, "Last month's selling restored leverage to structurally healthy levels," and "excessive leverage has been cleared out, fundamentals remain strong, and institutional investors are quietly re-entering the market," it analyzed. Coinbase emphasized that the upward cycle has not ended. Coinbase Institutional said, "Last month's selling was more likely a necessary 'reset' rather than the end of the cycle," and "macroeconomic risks remain, but structural demand is strengthening." It added, "Institutional investors, who were largely spared from the leverage crash, are likely to lead the next upswing," and predicted, "(cryptocurrencies) are more likely to show a gradual upward trend in the coming months rather than sharp rallies toward new highs."

<Next week's key economic schedule> ▶︎10th (Mon): ▶︎11th (Tue): △U.S. World Agricultural Supply and Demand Estimates (WASDE) report (Korean time 2:00, U.S. time 12:00) △U.S. 3-year Treasury auction (Korean time 3:00, U.S. time 13:00) △Japan September adjusted current account balance (Korean time 8:50, U.S. time 18:50) △China October new loans (Korean time 17:30, U.S. time 3:30) ▶︎12th (Wed): △South Korea October unemployment rate (Korean time 8:00, U.S. time 18:00) △U.S. OPEC monthly report (Korean time 19:00, U.S. time 5:00) △Speech by John Williams, President of the Federal Reserve Bank of New York (Korean time 23:20, U.S. time 9:20) ▶︎13th (Thu): △Speech by Christopher Waller, Federal Reserve Board Governor (Korean time 00:20, U.S. time 10:20) △EU September industrial production (Korean time 19:00, U.S. time 5:00) △U.S. October Consumer Price Index (Korean time 22:30, U.S. time 8:30) △U.S. initial jobless claims (Korean time 22:30, U.S. time 8:30) ▶︎14th (Fri): △U.S. crude oil inventories (Korean time 2:00, U.S. time 12:00) △U.S. October federal budget balance (Korean time 4:00, U.S. time 14:00) △U.S. Fed balance sheet (Korean time 6:30, U.S. time 16:30) △China October industrial production (Korean time 11:00, U.S. time 21:00) △EU Q3 GDP (Korean time 19:00, U.S. time 5:00) <Next week's key cryptocurrency schedule> ▶︎10th (Mon): △Linea (LINEA) token unlock of 2.88 billion tokens ▶︎11th (Tue): △Slash Vision Lab (SVL) token unlock of 4.81 million tokens △Aptos (APT) token unlock of 11.31 million tokens ▶︎12th (Wed): △Maple Finance (SYRUP) Q4 ecosystem call ▶︎13th (Thu): △Cross (CROSS) Nexus press conference △Chili (CHEEL) token unlock of 20.81 million tokens △Avalanche (AVAX) token unlock of 1.67 million tokens ▶︎14th (Fri):

An analysis suggested that Bitcoin (BTC) could regain upward momentum soon. On the 9th, Cointelegraph reported that Alex Thorn (Alex Thorn), head of research at Galaxy Digital, said in a recent interview with U.S. CNBC, "Earlier this year, optimism about Bitcoin was dominant," and "(Bitcoin) could regain momentum soon." He said, "Investor attention has shifted to artificial intelligence (AI), nuclear power, quantum technologies, gold, and so on, temporarily reducing attention to Bitcoin," and "(investors') attention will eventually return to Bitcoin." However, Galaxy Digital lowered its year-end target for Bitcoin. In a recent report, Galaxy Digital lowered its Bitcoin year-end target from $185,000 to $120,000, a $65,000 downgrade. Galaxy Digital said, "The expansion of AI infrastructure and the data center investment boom absorbed massive capital," and "With increased geopolitical risk, gold has reemerged as a safe-haven asset, weakening inflows into Bitcoin."

Bitcoin (BTC) prices could fall further to $90,000, according to an analysis. A DarkPost CryptoQuant contributor said on X on the 8th (local time), "Bitcoin has entered a short-term correction phase," and "in such a correction it usually gives back about 50% of the previous gains." DarkPost said, "This corresponds to the $96,800 level," and noted, "momentum is clearly bearish." It identified the main resistance zone as between $107,500 and $110,500. DarkPost said, "Doubts about the end of the cycle and selling pressure from long-term holders are suppressing Bitcoin's ability to recover," and analyzed that "only if the (main resistance zone) is broken will a true bullish reversal be possible." However, it said the chance of a rebound is low. DarkPost said, "In the short term, a rebound still appears difficult," and "Bitcoin may remain in the lower box range around $95,000 or, in some cases, fall into the $90,000s." Meanwhile, as of 3:37 p.m. that day, on CoinMarketCap Bitcoin was trading at $101,819.97, down 0.54% from the previous day. Compared with a week ago, it is down 7.69%.

The world's largest Ethereum (ETH) reserve firm Bitmain has been reported to have purchased as many as 745,000 Ethereum in the past month. According to the Strategic Ethereum Reserve on the 9th, Bitmain added about 744,600 Ethereum from early last month to recently. U.S. crypto media Cointelegraph reported, "(Bitmain's) panic sell was non-existent." Bitmain's Ethereum holdings are estimated at about 3,400,000 as of the day. This represents 2.81% of total Ethereum supply and, when converted at current value, amounts to 11.45 billion dollars (about 16.7 trillion won). However, as the Ethereum price has continued to decline recently, Bitmain's unrealized losses are also steadily increasing. Specifically, Bitmain's average purchase price for Ethereum is 4037 dollars, and the unrealized loss is reported to be 2.4 billion dollars (about 3.5 trillion won). Meanwhile, Ethereum is trading at 3402.92 dollars on CoinMarketCap as of 2:52 p.m., down 0.97% from the previous day. Compared to a week ago, it is down 12.7%.

Investor sentiment for cryptocurrencies has contracted amid a decline in Bitcoin (BTC) prices. There are also views that major cryptocurrency prices could plunge soon. On the 9th, according to cryptocurrency analysis firm Alternative, as of that day the Crypto Fear & Greed Index was recorded at 22, corresponding to the 'Extreme Fear' stage. Compared with one week earlier (37), it fell by 15 points. The Crypto Fear & Greed Index indicates that the closer it is to 0, the more investor sentiment has contracted. A warning about the possibility of a price crash also emerged. Robert Kiyosaki, author of the bestseller 'Rich Dad Poor Dad', said on X (X), "Crash Coming." But Kiyosaki emphasized, "But I won't sell; I buy." Kiyosaki said, "My Bitcoin target for next year is $250,000," and added, "Even during a crash, I will continue to buy gold, silver, Bitcoin, and Ethereum (ETH)."

U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) have recorded net outflows of $1.2 billion (about 1.75 trillion won) so far this month. On the 9th, on-chain analytics firm SoSoValue reported that approximately $1.22 billion was net withdrawn from U.S. Bitcoin spot ETFs this week (3–7). Following last week (-$800 million), this marks two consecutive weeks of weekly net outflows. In particular, about $560 million was withdrawn in a single day on the 7th. The Block said, "the largest daily net outflow since August 1 this year," and added that "BlackRock IBIT's market dominance has also somewhat weakened." Meanwhile, U.S. Ethereum spot ETFs recorded about $500 million in net outflows this week. Last week ($16 million) they recorded net inflows, but they returned to net outflows after one week.

A whale (large investor) appears to have begun selling as many as 11,000 bitcoins (BTC). On the 9th (local time), on-chain analytics firm Lookonchain stated on its official X account, "Bitcoin OG (early investor) Owen Gunden (Owen Gunden) appears to be preparing to sell all 11,000 bitcoins he holds." The bitcoins are currently worth $1.12 billion (about 1.6 trillion won). Earlier, the whale moved about 3,600 bitcoins worth $372 million (about 550 billion won) on the previous day (the 8th). Of these, about 600 have already been deposited to the cryptocurrency exchange Kraken. Exchange deposits are typically interpreted as a sell signal. Lookonchain said, "The remaining bitcoins are also likely to move to Kraken within the next few days."

The Ethereum (ETH) network's total value locked (TVL) has fallen by nearly 24% in the past month. According to DeFiLlama on the 9th, the Ethereum network's TVL was about $74 billion as of that day. Compared with one month ago, it decreased by about 24%. Cointelegraph said "(the $74 billion) is the lowest since July" and reported "Ethereum decentralized application (dApp) revenues last month also fell by 18% compared with one month earlier." Institutional inflows also shrank. According to SosoValue, U.S. spot Ethereum exchange-traded funds (ETFs) recorded net outflows of $508 million this week (3~7). Cointelegraph said "weak demand for spot ETFs has dampened Ethereum investor sentiment" and "there was also almost no movement by companies to increase their Ethereum holdings." Meanwhile, as of 11:07 a.m. that day, Ethereum was trading on CoinMarketCap at $3394.11, down 1.17% from the previous day. Compared with one week earlier, it was down 12.27%.

Whales (large investors) have recently been continuously selling Bitcoin (BTC). There are concerns that the Bitcoin price could soon give up the $90,000 level. According to on-chain analytics firm LookOnChain on the 9th, Owen Gunden, known as a Bitcoin OG (early investor), moved approximately 3,600 bitcoins on the previous day (the 8th). That amounts to $372,000,000 (about 550 billion won) at current value. Of the bitcoins Owen Gunden moved, 500 have already been deposited to the cryptocurrency exchange Kraken. Exchange deposits are typically interpreted as a sell signal. LookOnChain said, "The remaining roughly 3,100 bitcoins are likely to be moved to Kraken within the next few days." Other whales have also been steadily selling. On the same day, on-chain analytics firm Glassnode said in a report, "Large wallet addresses holding more than 10,000 bitcoins have maintained selling pressure for three months since August," adding, "Whale addresses are currently continuously placing bitcoins onto the market, leading downward pressure on prices." Charles Edwards, co-founder of Capriole Investment, also stated, "OG Bitcoin whales are selling." Analysts say selling could accelerate if the Bitcoin price falls below $100,000. U.S. crypto media Cointelegraph said, "If Bitcoin's price falls below the $100,650 support level, it could enter the next downturn," and "It could fall to $89,600, about 12% lower from current price levels."

'Privacy coins' strength Amid major cryptocurrencies' downturn Zcash hits a 7-year high Up 26% this month alone "Plenty of room for further gains" Privacy coins such as Zcash (ZEC) have recently shown a 'solo strength' amid the cryptocurrency downturn. Analysts say that, supported by demand to avoid blockchain regulation, there is significant room for further price gains. On the 4th, according to crypto market aggregation site CoinGecko, the market capitalization of privacy coins was recorded at 25.8 billion dollars (about 37 trillion won), up 3.6% from the previous day. This contrasts with the overall cryptocurrency market cap falling about 3.2% over the same period. U.S. crypto asset media Cointelegraph reported, "While the overall cryptocurrency market is showing a downturn, a rally in privacy coins has occurred." Privacy coins' market cap rise was led by Zcash. According to CoinMarketCap, Zcash is trading around 455 dollars as of this afternoon. That is about 16% up from the previous day. Compared with a month ago, it surged about 188%. The price of Zcash exceeding 450 dollars is the first time in seven years since 2018. Dash, 50% surge in a single day Zcash's price surge accelerated from last month. Zcash was trading in the 50-dollar range as late as September this year, but in October it rose about 365%, soaring to the 350-dollar range by the end of last month. Zcash's price continued to rise in November, recording about a 26% increase this month alone. It's not only Zcash. Another privacy coin, Dash (DASH), recorded about a 50% surge to the 129-dollar range as of this afternoon. It has shown a steep rise this month, gaining nearly 167% in the past week. Zcash was trading in the 40-dollar range as recently as the end of last month. Cointelegraph said, "(Dash) is showing a flow similar to Zcash's recent surge" and "it could reproduce the explosive rise that pushed Zcash to a record high." The reasons privacy coins are moving opposite to major cryptocurrencies like Bitcoin (BTC) are complex. First, the growing demand for anonymity in financial transactions is cited as a key factor. Privacy coins emerged to complement the transparency of blockchains, making transaction data practically impossible to trace. On-chain analytics firm Nansen said, "Privacy is increasingly recognized as more than a simple feature," adding, "This evokes ideological demand for private and self-sovereign transactions." "Surpassing 500 dollars within the year" forecast too Another background for the privacy coin rise is that U.S.-China trade tensions have not been fully resolved. Markets view that although the U.S. and China agreed to a temporary truce in the 'trade war' at their leaders' summit late last month, sparks of conflict remain. The privacy coin sector has historically strengthened whenever geopolitical conflicts, such as the first U.S.-China trade war in 2018, flared up. Analysts say the looming record-breaking U.S. federal government shutdown has also added fuel to the privacy coin rally. Regulatory risk remains a variable. The European Union (EU) is strengthening privacy coin regulation, including adopting anti-money laundering (AML) rules in May that will fully ban cryptocurrencies with enhanced anonymity from 2027. Privacy coins have already been effectively delisted from domestic exchanges such as Upbit and Bithumb. This context also explains why the world's largest crypto exchange Binance considered delisting Zcash in the first half of this year. However, some say there is still ample room for further gains this year. In particular, Zcash developer Electric Coin Company (ECC)'s recently announced Q4 roadmap could increase upward momentum. The roadmap focuses on strengthening Zcash's privacy features. On U.S. betting site Polymarket, the probability that Zcash's price will surpass 500 dollars by the end of this year stood at 84% as of this day, up 39% percentage points from the previous day.

Crypto Now Powell draws a line on a December rate cut Reduced preference for risky assets such as crypto Falls to $106,000 in two weeks Jerome Powell, chair of the U.S. central bank (Fed), made 'hawkish' (preference for tighter monetary policy) remarks, and Bitcoin ceded the $110,000 level. Analysts say uncertainty over monetary policy has dampened risk-asset investor sentiment, increasing Bitcoin price volatility. According to CoinMarketCap on the 2nd, Bitcoin's price fell about 1.5% over the past week. Compared with a month ago, it fell about 4.2%. On the 27th of last month it rose above $115,000, but the downtrend intensified from the 29th, two days later. It was Powell's remarks that pulled down Bitcoin's price. At last month's Federal Open Market Committee (FOMC) meeting, Powell made unexpectedly hawkish comments, drawing a line under expectations of a December rate cut. As a result, the probability of a rate hold in December on the Chicago Mercantile Exchange (CME) FedWatch briefly jumped from the 9% range to the 70% range. Cryptocurrency analytics firm SwissBlock said, "Powell's remarks have dampened risk-asset preference sentiment," and "if downward pressure accelerates, a 'risk-off' (preference for safe assets) signal could ignite, triggering another round of selling." The U.S.-China summit also failed to spark a rebound. Rather, Bitcoin's price fell after the summit, sinking to around $106,000 in about two weeks. On-chain analytics firm Glassnode explained, "(Bitcoin) long-term investors' profit-taking has continued, leaving the market in an unstable state." There are also views that Bitcoin's price could be pushed down to the $80,000 range. Glassnode presented $88,000 as the realized price of major Bitcoin investors if Bitcoin fails to secure upward momentum. The realized price refers to the average purchase price of all investors. U.S. crypto-focused media outlet CoinDesk said, "The panic phase has passed, but market recovery depends on the restoration of investor confidence." Lee Jun-hyung, BloomingBit reporter gilson@bloomingbit.io

Bing Gordon(Bing Gordon) EA co-founder is joining the SUI(SUI) Foundation. On the 30th (local time), according to SolidIntel, the SUI Foundation recently recruited Gordon as an advisor. Previously, Gordon served as EA's Chief Creative Officer (CCO) from 1998 to 2008. He is widely known for creating hits at EA such as The Sims and The Lord of the Rings. Gordon also served on the board of the global e-commerce company Amazon from 2003 to 2017.

An analysis said the stock of US Nasdaq-listed Sharplink Gaming, which holds Ethereum (ETH), could rise more than 75%. According to CoinDesk on the 30th (local time), US investment bank (IB) Bernstein set a price target for Sharplink at $24. Sharplink's stock was trading around $13.6 on that day. Bernstein pointed to institutional demand. "Sharplink is a leading Ethereum reserve company holding about 0.7% of the total supply of Ethereum," and "(Sharplink) is an institutional investment vehicle that can be exposed to Ethereum yields while complying with regulations," it analyzed. It added, "Sharplink would benefit from a shift toward rate cuts," and "demand for the Ethereum staking yield, currently about 2.5%, may increase." Bernstein emphasized, "Sharplink's stock deserves a 15% premium relative to its Ethereum holdings." Bernstein said, "This figure reflects Sharplink's annual yield of 3.4% and strategic on-chain leverage." It also mentioned the Ethereum price outlook. Bernstein forecasted, "Ethereum-based assets will grow from the current $172 billion to $5 trillion by 2035," and "Ethereum's price could surpass $15,000 by 2030."

The European Central Bank (ECB) left its policy interest rates unchanged on the 30th (local time). The ECB held a monetary policy meeting in Florence, Italy, and decided to keep the deposit rate (2.00％), the main refinancing rate (2.15％), and the marginal lending rate (2.40％) all unchanged. The ECB said, "Inflation remains close to the medium-term target of 2％, and the Governing Council's inflation projections are broadly unchanged," adding, "The economy continues to grow despite a difficult global environment." With the rate hold, the gap between the Eurozone (20 countries using the euro) deposit rate, which is the Eurozone's monetary policy benchmark, and South Korea's policy rate (2.50％) remained at 0.50 percentage points. The U.S. Federal Reserve (Fed) lowered its policy rate to 3.75∼4.00％ the previous day, narrowing the interest rate gap between the Eurozone and the United States to 1.75∼2.00 percentage points. The ECB cut policy rates by a total of 2.00 percentage points over eight moves from June last year through June this year, and has kept rates unchanged at each of the three meetings since then. Eurozone consumer price inflation fell to 1.9％ in May this year and has since remained around 2.0％. Last month it was 2.2％. The ECB forecasts inflation of 2.1％ this year and 1.7％ next year. Experts say that with the third-quarter Eurozone economic growth rate announced that day coming in at 0.2％, above expectations, downside risks have eased and the ECB is likely to adopt a wait-and-see stance for the time being.

Bitcoin (BTC) price has plunged below $108,000. According to the virtual asset market coverage site CoinMarketCap on the 30th, Bitcoin was trading at $107,940.98 as of 10:52 p.m. that day, down 4.44% from the previous day. Compared with a week ago, it fell about 1.45%. The kimchi premium recorded was in the 5% range. According to Cryprice, as of 10:52 p.m. that day, the kimchi premium was calculated at 5.29%.

U.S. Treasury Secretary Scott Bessent said on the 30th (local time) that the U.S.-China trade talks, which included the issue of China's export controls on rare earths, have been concluded and that signing could be possible next week. Secretary Bessent said in an interview with Fox Business after the U.S.-China leaders' summit, "The negotiations in (Malaysia) Kuala Lumpur were concluded last night," and "I expect the two sides will exchange signatures as early as next week." The U.S.-China high-level trade talks were held in Kuala Lumpur on the 25th–26th as part of preparations for the leaders' summit. At the talks, the U.S. agreed to defer for one year measures that block the acquisition of sensitive technologies through subsidiaries of Chinese companies on the blacklist, and China also agreed to defer for one year the strengthening of export controls on rare earths, equipment, and technology. In the interview, Secretary Bessent explained that China agreed to import 12 million tons of U.S. soybeans by January next year, and thereafter to purchase 25 million tons each year for three years. On the sale of TikTok's U.S. operations, he said, "The TikTok negotiation is concluded in the sense that it will receive approval from the Chinese government," and "the (sale) process will proceed within weeks or months."

This month, Bitcoin (BTC) spot trading volume has surpassed 300 billion dollars (about KRW 429 trillion). Darkpost, a contributor to CryptoQuant, said on the 30th (local time) via CryptoQuant, "This month's spot trading volume on major cryptocurrency exchanges has exceeded 300 billion dollars," adding, "Of this, 174 billion dollars occurred on Binance, recording the second-highest monthly trading volume this year." Darkpost emphasized that recent large-scale liquidation events have increased demand for Bitcoin spot. Darkpost analyzed, "This trend shows that both retail and institutional investors are actively participating in the spot market," and added, "(Due to the large-scale liquidation events) investors appear to have moved from the derivatives market to the spot market, strengthening preferences for conservative positions and direct ownership." The increase in spot trading volume is analyzed to act positively on the market. Darkpost said, "(The increase in spot trading volume is) a very positive signal," adding, "Markets that move toward spot trading rather than derivatives are generally healthier and more stable." It added, "(The increase in spot trading volume) shows that the market's 'organic demand' is strengthening and the overall market resilience is increasing."

Bitcoin (BTC) price has fallen below 110,000 dollars. According to the virtual asset market tracking site CoinMarketCap on the 30th, as of 7:15 p.m. that day Bitcoin was trading at 109,887.86 dollars, down 2.73% from the previous day. Compared with a week ago, it is about 0.27% higher. The Kimchi premium recorded in the 4% range. According to Cryprice, as of 7:15 p.m. that day the Kimchi premium was calculated at 4.66%.

The issuer of U.S. President Donald Trump's meme coin, OfficialTrump (TRUMP), is pursuing the acquisition of a U.S. crowdfunding firm. Bloomberg reported on the 30th (local time) that "'Fight Fight Fight' is in negotiations to acquire the U.S. business unit of the crowdfunding platform Republic.com." Fight Fight Fight is the issuer of OfficialTrump. If the acquisition is completed, Fight Fight Fight is likely to use Trump-related cryptocurrencies as Republic.com's utility token. Bloomberg said, "If the deal is completed, Fight Fight Fight could support capital raising for cryptocurrency startups," and added, "Republic.com is in discussions with several potential partners (about the acquisition)."

Changpeng Zhao (CZ), founder of Binance, rebutted rumors about selling Binance Coin (BNB). Changpeng Zhao said on the 30th (local time) via X, "(The Binance Coin I hold) has not been sold except when used for payments." He also said, "The Binance Coin I hold was not received as distributions but was directly purchased initially." Recently, some communities raised suspicions about Changpeng Zhao selling Binance Coin.

Bitcoin (BTC) price surpassed $111,000. According to crypto market status tracker CoinMarketCap on the 30th, Bitcoin was trading at $111,284.27 at 4:14 p.m., down 1.76% from the previous day. Compared with a week earlier, it was up 1.21%. The kimchi premium was in the 4% range. According to CrypPrice, the kimchi premium was 4.29% at 4:14 p.m. that day.