JOON HYOUNG LEE

The U.S. August consumer price index (CPI) increase was in line with market expectations. The U.S. Department of Labor said on the 11th (local time) that last month's CPI rose 2.9% year on year. This matched market expectations (2.9%). Compared with July this year (2.7%), the increase widened by 0.2 percentage points. Compared with the previous month, it rose 0.4%. That is 0.1 percentage point higher than experts' forecasts (0.3%). Compared with the July rate (0.2%), the increase widened by 0.2 percentage points. The core CPI, excluding the volatile food and energy components, rose 3.1% from a year earlier. That matched experts' forecasts (3.1%). The rate was the same as July's (3.1%). Month-on-month, it rose 0.3%.

Japan's financial group SBI Holdings and Zodia Custody, a cryptocurrency custody firm under global investment bank Standard Chartered (SC), are ending the operations of their joint venture. On the 11th (local time), Bloomberg reported that SBI Holdings and Zodia Custody recently agreed to dissolve their Japan joint venture 'SBI Zodia Custody.' It has been two years since SBI Holdings and Zodia Custody decided on the Japan joint investment. Julian Sawyer (Julian Sawyer), Zodia Custody's Chief Executive Officer (CEO), told Bloomberg, "(The dissolution) is a strategic agreement between SBI and Zodia Custody," adding, "it is a measure resulting from a mutual decision that they have different priorities." SBI Holdings said, "This dissolution of the joint venture does not mean a retreat from SBI's custody business or Asia strategy."

China is restricting its domestic companies' cryptocurrency businesses in Hong Kong. On the 11th, according to Chinese financial media Caixin, the Chinese government is reviewing measures to restrict its state-owned enterprises, financial institutions, and major internet companies from promoting cryptocurrency businesses such as stablecoins in Hong Kong. Caixin said, "Major Chinese internet companies may withdraw from (Hong Kong) cryptocurrency-related businesses," and "state-owned enterprises' Hong Kong subsidiaries could also be excluded from ongoing stablecoin license applications." Earlier, Hong Kong began full-scale adoption of stablecoins last month by enacting a stablecoin ordinance. It was reported that the Industrial and Commercial Bank of China (ICBC), China's largest state-owned bank, also applied to Hong Kong authorities for a stablecoin issuance license through its Hong Kong branch.

It was reported that large-scale accumulation occurred when the price of Ethereum (ETH) was at $4,300~4,400. Crazzyblockk, a CryptoQuant contributor, said on the 11th (local time) via CryptoQuant, "About 1.7 million Ethereum were added to accumulation addresses in the $4,300~4,400 price range," and "the average purchase price of addresses that recently withdrew Ethereum from (crypto) exchanges is also formed in the $4,300 range." Crazzyblockk emphasized that the range is a "potential support." Crazzyblockk analyzed, "(Ethereum's price) is currently showing high sensitivity to maintaining the $4,300~4,400 range," and "the fact that 1.7 million Ethereum were accumulated in that range strengthens market attention and its significance as a potential support zone." He also mentioned the purchase price of Ethereum flowing into Binance, the world's largest cryptocurrency exchange. Crazzyblockk said, "Most Ethereum withdrawals occurred at $4,300~4,400, but Ethereum flowing into Binance showed a different pattern," and "the average purchase price of addresses that deposited Ethereum into Binance is formed in the $3,150 range." He added, "(This) shows the complex market dynamics of Binance." Meanwhile, Ethereum was trading at $4,422.31 on CoinMarketCap as of 7:41 PM that day. It is a 2.1% increase from the previous day.

Bitcoin (BTC) price fell below $114,000. According to cryptocurrency market tracking site CoinMarketCap on the 11th, Bitcoin was trading at $113,963.12 as of 7:18 PM. It is an increase of 1.48% from the previous day. The kimchi premium was in the 0% range. According to Cryprice, as of 7:18 PM, the kimchi premium was 0.03%.

U.S. crypto asset manager Galaxy Digital has withdrawn Solana (SOL) worth $250 million (about 350 billion won) from a cryptocurrency exchange. On-chain analytics firm Solana Floor said on the 11th (local time) via its official X account, "Galaxy Digital withdrew 920,000 Solana from Binance over the past 6 hours." The Solana withdrawn by Galaxy Digital is currently valued at $250 million. Some view Galaxy Digital's withdrawal as a buy signal. Solana Floor said, "Galaxy Digital may be accumulating Solana," and "Galaxy Digital recently led a $1.65 billion Solana stockpile pushed by Forward Industries." Forward Industries is a Nasdaq-listed company that recently announced a Solana stockpile.

The altcoin season index reached a yearly high. On the 11th, according to on-chain analysis firm Blockchain Center, the altcoin season index scored 78 out of 100 that day. It was 17 points higher than at the end of last month (61 points), marking the highest level so far this year. Blockchain Center generally considers it an altcoin season when the altcoin season index exceeds 75 points. Altcoin season refers to a bull market in which most altcoins deliver higher returns than Bitcoin (BTC). CoinMarketCap's altcoin season index was 66 on the day. It rose 12 points this month. CoinMarketCap's altcoin season index is also at a yearly high. The total market capitalization of altcoins, excluding Bitcoin (BTC) and stablecoins, stood at $1.63 trillion (about 2,270 trillion won). Cointelegraph said it was "near this year's high" and reported that "the previous high was $1.64 trillion, recorded in November last year."

The KOSPI index, which has been setting record highs day after day, may indicate a Bitcoin (BTC) cycle peak, according to an analysis. Cryptocurrency analytics firm Alphractal said on the 11th (local time) via X, "KOSPI has hit an all-time high for the first time since 2021," adding, "Whenever KOSPI hit an all-time high, Bitcoin traded near the cycle high." Alphractal added, "The last time this flow occurred was in 2021." In fact, KOSPI recorded its previous peak in the second half of 2021. Bitcoin's price surged to $70,000 in November of the same year and then declined for a year. CoinDesk reported, "At the end of 2017, both KOSPI and Bitcoin recorded highs simultaneously, showing a similar pattern." Alphractal emphasized that the rapidly surging KOSPI could suggest a Bitcoin cycle peak. Joao Wedson (Alphractal CEO) said, "KOSPI hitting an all-time high is another signal that the Bitcoin cycle is entering its finishing stage."

An analysis said that XRP's price could surge to $3.60 if it breaks $3.02. CoinDesk reported on the 11th (local time) that "XRP's price broke $3 due to strong institutional interest and high trading volume." CoinDesk said, "Open interest (OI) in futures on the previous day (the 10th) soared to $7.94 billion, showing that not only spot trading but also derivative positions are being strengthened," adding, "the market structure suggests accumulation." They cited short-term resistance at $3.02. CoinDesk said, "(If XRP's price) breaks $3.02, the target price could be revised up to $3.20 to $3.60," adding, "it is also crucial whether it can maintain price levels above $3 and turn resistance into support." Meanwhile, as of 3:55 p.m. that day, XRP was trading at $3.00 on CoinMarketCap. This is about a 1.5% increase from the previous day.

U.S. Nasdaq-listed Sharps Technology (Sharps Technology) is strengthening cooperation with Solana (SOL)-based non-fungible token (NFT) project Fuzzy Penguins. Sharps Technology said on the 10th (local time) that it had signed a strategic partnership with Fuzzy Penguins to strengthen Solana financial strategy. Sharps Technology said, "Through this partnership, Fuzzy Penguins' intellectual property (IP) and Sharps Technology's institutional-grade Solana assets will be integrated." Earlier, Sharps Technology declared a Solana stockpile last month. Sharps Technology had announced earlier this month that it purchased $400 million (about 560 billion won) worth of Solana. Fuzzy Penguins expects that this partnership will accelerate institutional adoption of Fuzzy Penguins. Luca Netz, Fuzzy Penguins' chief executive officer (CEO), said, "Collaborating with a forward-looking company like Sharps Technology that understands the value of culture helps accelerate Fuzzy Penguins' institutional adoption."

Coupang joins 'Tempo' as an initial partner Prospects for introducing 'stablecoin payments' Annual savings of 'hundreds of billions' possible Domestic regulatory uncertainty is an obstacle South Korea's largest e-commerce company Coupang has stepped up its 'blockchain experiment.' Attention is on whether Coupang will accelerate blockchain technology adoption in line with domestic stablecoin institutionalization. According to industry sources on the 10th, Coupang recently joined the layer-1 blockchain 'Tempo' as an initial partner. Tempo is a blockchain jointly developed by U.S. fintech company Stripe and cryptocurrency venture capital (VC) firm Paradigm. Tempo is reportedly operating a testnet for initial partners including Coupang. Matt Huang, co-founder of Paradigm, said, "Tempo is a blockchain specialized for stablecoins and real-world payments," and added, "it was developed by combining Stripe's global payment service know-how with Paradigm's cryptocurrency expertise." This is the first time Coupang's participation in a blockchain project has been disclosed. Although Coupang has been accelerating the adoption of advanced technologies such as robots and artificial intelligence (AI), little was known about its blockchain technology development. This is why the industry is focusing on Coupang's recent move. What the market is paying attention to is the possibility of Coupang adopting stablecoins. Amazon, the world's largest e-commerce company that Coupang benchmarks, began reviewing issuing its own stablecoin earlier this year. Global e-commerce company Shopify also introduced a stablecoin payment service in June through collaboration with U.S. cryptocurrency exchange Coinbase. An industry source said, "The adoption of stablecoins by e-commerce companies is already a global trend," and added, "(Coupang's) participation as an initial partner of Tempo can be seen as reflecting a certain level of willingness to adopt the technology." Annual 'hundreds of billions' savings possible The reason Coupang has jumped into blockchain experiments through Tempo seems clear. Introducing stablecoins can drastically reduce payment fee burdens. Considering Coupang's last year's sales of about 41 trillion won, even assuming a card payment fee rate of 0.5%, a simple calculation shows annual savings of about 200 billion won. The Wall Street Journal (WSJ) said Amazon could save trillions of won annually in payment fees if it introduced its own stablecoin. Amazon's last year's sales were about 886 trillion won. There is also the advantage of improving payment efficiency. Existing payment systems go through card companies, value-added network (VAN) providers, and payment gateway (PG) providers. This is why it takes 1–3 business days for funds paid by consumers to be delivered to sellers. In contrast, stablecoins enable 24-hour transfers and payments that are instant regardless of business days. Eric Trump, executive vice president of the Trump Organization who leads the Trump family's cryptocurrency business, recently said in an interview, "(The advantage of cryptocurrencies is) being able to send money instantly," and emphasized, "fees are either nonexistent or very low." Reducing exchange rate risk is another attraction. Coupang is also focusing on expansion into overseas markets such as Taiwan and Japan. This means that the costs incurred by currency exchange fees and exchange rate fluctuations between payment and settlement times when settling funds to overseas sellers could increasingly become a burden. Introducing stablecoins can alleviate these burdens. Lee Jong-seop, a professor at Seoul National University's Business School, said, "Because Coupang's headquarters is in the United States, it fundamentally has high demand for foreign exchange (FX) transactions," and added, "improving the cost efficiency of FX transactions is one of the biggest strengths of stablecoins." Bok Jin-sol, lead at Popillus Research, said, "If (Coupang) introduces stablecoins, payment settlement will be faster, allowing merchants to benefit," and explained, "there is also potential to provide services to countries with underdeveloped financial infrastructure." "Access to payment data can also expand" However, the obstacle is regulatory uncertainty. If Coupang, which earns most of its revenue in Korea, considers introducing stablecoins, it cannot help but keep a close eye on the domestic regulatory environment. The problem is that there are currently no related regulations. Earlier, Min Byung-deok of the Democratic Party of Korea proposed the "Digital Asset Basic Act" in June, which centers on the introduction of a won-denominated stablecoin, but it is currently pending in the National Assembly. The industry expects that if domestic stablecoin institutionalization accelerates, Coupang's blockchain technology adoption will also speed up. If the stablecoin-related bills submitted to the National Assembly are processed within the year, a won-denominated stablecoin could be issued as early as the first half of next year. Professor Lee said, "(If stablecoins are introduced) Coupang can also expand access to payment and settlement data," and evaluated, "(blockchain) is a technology that can grow Coupang's own ecosystem, so the incentive to introduce it is clear." Reporters Lee Jun-hyung and Hwang Doo-hyun, Bloomingbit reporters gilson@bloomingbit.io

CEO Kim Seojun meets with Tether executives Exploring cooperation measures such as collaboration with portfolio companies "Highly values the potential of the Asian market" It was confirmed that Kim Seojun, CEO of global web3 venture capital (VC) Hashed, met with executives of Tether, the world's number one stablecoin issuer, to discuss partnership measures. According to industry sources on the 8th, Kim held a private meeting the previous day (7th) at a location in Seoul with Marco Dal Lago, Tether's vice president who recently visited Korea. The meeting was also attended by Quynh Le, Tether's head of the Asia-Pacific region. On the agenda at this meeting was an investment partnership between Tether and Hashed. Specifically, the two sides explored strategies for expanding business in Asia and ways to collaborate with Hashed's portfolio companies. In particular, Tether reportedly showed interest in the possibility of technical collaboration with blockchain startups that Hashed has invested in. A Hashed official said, "(Tether) highly values the potential of the Asian blockchain market," and "specific cooperation measures will be announced later." During this visit, Tether executives also held consecutive meetings with major domestic financial institutions such as Shinhan Financial Group and KB Financial Group. An industry source explained, "Tether is showing serious interest in expanding its stablecoin business in the Korean market," and "it is a sign that as the domestic digital asset market becomes regulated more quickly, global stablecoin operators are accelerating their entry into the Korean market." Meanwhile, Kim is one of the leading figures in the domestic blockchain industry. He discovered global blockchain projects early on, such as Ethereum (ETH), Aptos (APT), and Story (IP), growing Hashed into the country's largest web3 investor. In addition, Hashed's think tank Hashed Open Research has consistently raised the need to introduce a won-denominated stablecoin.

Hovering in the $4,200–4,300 range ETFs post record net outflows Buying by reserve-holding firms also slows "Additional upside momentum absent" Ethereum (ETH) prices, which had surged last month, have been stuck in a range this month. Outflows of institutional money, including spot exchange-traded funds (ETFs), have been notable. Market opinions are divided on the short-term outlook. According to crypto market tracker CoinMarketCap, Ethereum's price has been hovering in the $4,200–4,300 range for about a week from the 1st through the date in question. The price briefly surpassed $4,400 on the 5th, when the U.S. August jobs report was released, but soon gave back all gains. As of the day in question, Ethereum was trading around $4,290, down about 0.2% from the previous day. Outflows have continued from spot ETFs, which reflect institutional investor flows. According to SosoValue, U.S. Ethereum spot ETFs recorded net outflows for five consecutive trading days as of the prior trading day (the 5th). Last week alone, $790 million (about 1.1 trillion won) vanished from Ethereum spot ETFs — the largest weekly net outflow on record. Crypto analytics firm 10x Research said, "Last week Ethereum trading volume was $34.3 billion, about a 25% decrease from the weekly average." Network profitability also deteriorates Buying by firms that have adopted Ethereum treasury strategies has also slowed. Bitmain, which holds the most Ethereum among listed companies worldwide, announced an Ethereum reserve in June and bought about $7.7 billion (about 10.7 trillion won) worth of Ethereum over roughly two months from July to August. According to Strategic Ethereum Reserve, Bitmain's Ethereum holdings stood at about $8.02 billion (about 11.1 trillion won) as of the day in question, an increase of only about 4% compared with the end of last month. Analysts say fatigue from the recent rally combined with the "September Effect" has weakened upward momentum. The September Effect refers to the tendency for asset markets to notably decline in September. Kim Minseung of the Korbit Research Center said, "Due to the seasonal characteristics of September, it appears investors are maintaining a wait-and-see stance," adding, "The absence of additional upside momentum for Ethereum this month is also a cause of the sideways movement." Deteriorating Ethereum network profitability is also cited as a factor encouraging investor outflows. According to on-chain analytics firm Token Terminal, Ethereum network revenue last month totaled $14.1 million, a sharp drop of about 45% from the prior month ($25.6 million). Typically, a decline in a blockchain network's profitability leads to reduced staking rewards, which can weaken investor sentiment. Crypto analytics firm Messari even warned that "Ethereum's fundamentals are deteriorating." "On-chain indicators suggest bullishness" Despite hopes for a U.S. rate cut, the outlook for the month is not bright. On betting site Polymarket, the probability that Ethereum's price will fall below $4,200 by the end of the month stood at 89% as of that day, up 9 percentage points from a week earlier (80%). Kim said, "News that the U.S. Nasdaq plans to tighten regulation on listed companies adopting crypto asset treasury strategies (DAT) may have acted as a negative for investor sentiment." However, some on-chain indicators point to bullish momentum. A CryptoOnChain contributor to CryptoQuant wrote on the 8th, "From the end of June through early this month, total Ethereum holdings on all crypto exchanges decreased by more than 2.6 million," adding, "During that period, exchange holdings and Ethereum price showed an inverse correlation." He went on, "Simultaneous declines in holdings on major exchanges Binance and Coinbase indicate strong accumulation by investors," saying, "It means the supply of tradable Ethereum is rapidly shrinking."

Last month, Ethereum (ETH) spot trading volume exceeded Bitcoin (BTC) spot trading volume for the first time in seven years. On the 4th (local time), The Block reported that in August, Ethereum spot trading volume on centralized exchanges (CEX) was about $480 billion. It was about $80 billion more than Bitcoin's spot trading volume ($401 billion). The Block said, "It's the first time in seven years that Ethereum's spot trading volume has surpassed Bitcoin's." ETF fund flows diverged. U.S. Ethereum spot ETFs recorded net inflows of $3.95 billion last month. Meanwhile, U.S. Bitcoin spot ETFs saw net outflows of $310 million last month. The Block said, "Ethereum's price has surged more than 105% since the beginning of the year, but Bitcoin's price rose about 18% over the same period."

There is speculation that Strategy, which holds the most bitcoin (BTC) among publicly listed companies worldwide, could be included in the U.S. S&P 500 index. Bloomberg News reported on the 4th (local time) that "Strategy has, in theory, secured profitability that meets the current (S&P 500) rules for index inclusion." Bloomberg News said, "The S&P Dow Jones Indices committee judges liquidity, profitability, trading history as well as sector balance," and "Strategy met or exceeded all criteria." Strategy was already included on the list of 26 candidates for the S&P regular rebalancing recently selected by U.S. financial services firm Stephens. Bloomberg News said, "(The S&P) committee's recent inclusion of Coinbase, the largest cryptocurrency exchange in the U.S., in the index is a sign that the influence of the cryptocurrency industry is growing." Meanwhile, the S&P Dow Jones Indices committee plans to announce the results of the S&P regular rebalancing on the 5th. The changed constituents will be applied to the S&P 500 index from the 19th of this month.

U.S. Nasdaq is tightening scrutiny of listed companies that have adopted cryptocurrency financial strategies such as Bitcoin (BTC). According to U.S. IT outlet The Information on the 4th (local time), Nasdaq has recently been strengthening oversight of listed companies that hold large amounts of cryptocurrencies. Specifically, companies that have adopted cryptocurrency financial strategies that hold Bitcoin, Ethereum, etc. have come under enhanced review. Nasdaq is reported to have required some companies to obtain shareholder approval before undertaking large investments in cryptocurrencies through capital increases and the like. Nasdaq is also considering delisting companies under review if they fail to comply with regulations. The Information said, "(Nasdaq's measures) could slow the pace at which altcoins enter mainstream markets."

Bitcoin (BTC) price has fallen below $110,000. On the 4th, according to crypto market tracker CoinMarketCap, Bitcoin is trading at $109,949.1 as of 11:20 p.m. It is down 1.36% from the previous day. The kimchi premium recorded a 0% range. According to Cryprice, as of 11:20 p.m., the kimchi premium was 0.33%.

The U.S. Securities and Exchange Commission (SEC) is moving forward with a regulatory overhaul of cryptocurrencies. The SEC on the 4th (local time) unveiled plans for regulatory reform over the coming months. One of the core elements of the plan is cryptocurrencies. SEC Commissioner Paul Atkins said in a statement that, "the agenda includes potential rule proposals related to the issuance and sale of cryptocurrencies" and that this is "to clarify the cryptocurrency regulatory framework and provide greater certainty to the market." Atkins emphasized "resolving regulatory uncertainty." Atkins said, "As a commissioner, the key priority is to establish clear rules for the issuance, custody (custody), and trading of cryptocurrencies" and added, "the agenda also includes many proposals for regulatory easing." He added that this is "to reduce regulatory burdens and promote capital formation," and "also addresses revising existing rules to improve and modernize them and to ease disclosure burdens." Expectations in the cryptocurrency industry are also growing. Reuters reported, "The cryptocurrency industry has long demanded tailored regulation that would allow cryptocurrencies to be closely connected with traditional finance," and "if such a policy is enacted, it would be a major victory for the cryptocurrency industry."

U.S. cryptocurrency company Fireblocks is expanding its stablecoin business. Michael Shaulov (Michael Shaulov), Fireblocks chief executive officer (CEO), said in an interview with U.S. Fortune on the 4th (local time) that it will launch the stablecoin payments network 'Fireblocks Network'. The Fireblocks Network is reported to include about 40 companies, including dollar stablecoin issuer Circle, ZeroHash, Yellow Card, and Bridge. Fireblocks appears likely to expand its stablecoin business in earnest with the launch of this payment network. Fortune reported, "Fireblocks already handles billions of dollars worth of stablecoins every day," and "In July, on a monthly basis, it handled a record high of $212 billion in stablecoins."

Last week, U.S. initial jobless claims exceeded market expectations. The U.S. Department of Labor said on the 4th (local time) that initial jobless claims last week totaled 237,000. This is 7,000 more than experts' projection (230,000). Compared with the prior week's revised figure (229,000), it is 8,000 more. Continuing unemployment claims for those who filed for benefits for two consecutive weeks were reported at 1,940,000. This is 4,000 fewer than the prior week's revised figure (1,944,000). Compared with market expectations (1,960,000), it is 20,000 fewer. Initial jobless claims are an indicator to gauge overheating in the U.S. labor market. If unemployment claims increase, it can be interpreted as the overheated labor market cooling off. Experts are watching employment indicators such as unemployment claims closely. This is to assess the impact of U.S. President Donald Trump's aggressive tariff policies and other factors on corporate decision-making.

Bitcoin (BTC) price exceeded $111,000. According to crypto market tracking site CoinMarketCap on the 4th, Bitcoin was trading at $111,105.92 as of 9:17 p.m. that day. It is a 0.38% increase from the previous day. The kimchi premium remained in the 0% range. According to CryPrice, the kimchi premium was 0.10% as of 9:17 p.m. that day.

Last month, the U.S. private employment indicator came in well below market expectations. According to the Automatic Data Processing (ADP) employment report on the 4th (local time), the number of nonfarm employees in the U.S. last month increased by 54,000 from the previous month. This figure is 19,000 below the experts' forecast (73,000). Compared with the revised July figure (106,000), it is 52,000 fewer. The ADP employment report is typically released about two days ahead of the U.S. Department of Labor's Bureau of Labor Statistics (BLS) employment report and is regarded as a kind of 'preview'. However, it does not always move in the same direction as the government's official statistics.

Global investment bank (IB) Goldman Sachs said gold prices would surge if the U.S. Federal Reserve's (Fed) independence is undermined. On the 3rd (local time), according to Bloomberg, Goldman Sachs said in a report that "if the Fed's independence is undermined, the dollar's status as the key currency is likely to weaken," and "conversely, gold is a store of value (SoV) that does not rely on institutional trust." Goldman Sachs said, "If 1% of privately held U.S. Treasuries flows into gold, the gold price would rise to 5000 dollars per ounce," adding that "gold is the top long (buy) recommended asset in the commodities sector." Specifically, Goldman Sachs said gold prices could exceed 4500 dollars within the year if President Donald Trump's 'shaking of the Fed' continues and the central bank's independence weakens. However, Goldman Sachs said that if the Fed's independence is not greatly undermined, gold prices are expected to rise to 4000 dollars per ounce by around mid-next year. Meanwhile, gold prices have repeatedly hit record highs this week. Gold futures prices briefly exceeded 3600 dollars for the first time ever during trading on the 2nd (local time).

The Japanese Financial Services Agency (FSA) said cryptocurrencies such as Bitcoin (BTC) should be classified as financial products. On the 4th (local time), according to Cointelegraph, the FSA recently drafted an internal report stating that cryptocurrencies should be regulated under the Financial Instruments and Exchange Act (FIEA) rather than the existing Payment Services Act. The FSA said in the report, "It is appropriate to resolve cryptocurrency-related issues through the mechanisms and enforcement of the Financial Instruments and Exchange Act." The report is said to have no legal binding force. The FSA believes that applying the Financial Instruments and Exchange Act to cryptocurrencies could close the information gap between issuers and investors. Cointelegraph reported, "If the Financial Instruments and Exchange Act is applied, issuers of cryptocurrencies would be subject to disclosure obligations related to public offerings and secondary distribution," adding "(the application of the Financial Instruments and Exchange Act) is a measure to strengthen investor protection and link crypto management and supervision with securities regulation." The FSA said balances held at cryptocurrency exchanges in Japan exceed 5 trillion yen (about 47 trillion won). According to the report, the number of accounts opened at cryptocurrency exchanges in Japan was about 12 million. Also, 7.3% of Japanese people with investment experience were found to hold cryptocurrencies.

An analysis said Bitcoin (BTC) price must break above $114,000 to recover momentum. On-chain analytics firm Glassnode said in its weekly report on the 4th (local time), "(Bitcoin) currently more than 60% of short-term investors are in profit," and "the price must rise to the $114,000 to $116,000 range where more than 75% of short-term investors would be in profit to secure momentum for the next rise." Glassnode focused on off-chain indicators such as ETF inflows. Glassnode said, "Demand across the futures market is generally decreasing," and "demand for spot Bitcoin ETFs, which reflects institutional investor demand, is also in decline." Glassnode added, "Overall, in conjunction with the recent weeks' price drops, TradFi buying has noticeably contracted." It also mentioned the possibility of a decline. Glassnode said, "If (Bitcoin price) falls below $104,000 there is a risk of a repeat of the 'exhaustion phase (Exhaustion Phase)' that occurred after past all-time highs," and "(in that case) there is the possibility of a further drop to $93,000 to $95,000."

This year, the rate of increase in gold prices was found to be twice that of Bitcoin (BTC). On the 4th (local time), CoinDesk reported that gold prices have risen about 33% year-to-date. CoinDesk said, "This is three times the Nasdaq 100's gain and twice Bitcoin's price gain." The Bitcoin·gold ratio recorded 31.2. That means it takes 31.2 ounces of gold to buy one Bitcoin. Compared with last December (40), it has decreased by about 27%.

The world's largest cryptocurrency exchange Binance's futures trading volume last month was reported to have reached the highest level this year. Arab Chain, a CryptoQuant contributor, said on the 4th (local time) via CryptoQuant, "Binance's August futures trading volume was counted at 2.626 trillion dollars (about 3,660 trillion won)," adding, "It is the highest monthly trading volume so far this year." Last month's futures trading volume was about 74 billion dollars (about 103 trillion won) more than July this year (2.552 trillion dollars). Arab Chain cited the return of institutional investors and the expansion of open interest (OI) as the reasons for the surge in volume. Arab Chain analyzed, "ETF flows have stabilized somewhat, and institutional investors have begun to participate in the futures market again," and "open interest has also increased sharply along with volume, showing that many new positions have entered." Last month's Bitcoin (BTC) price volatility is also analyzed as a factor behind the surge in volume. Arab Chain said, "Bitcoin showed a sharp rise in early last month and then experienced a rapid correction, providing an ideal environment for short-term speculators," and "the slowdown in spot trading on some exchanges, which led investors to turn to futures products, is also a cause." Arab Chain emphasized, "Overheated flows often appear ahead of a correction." Arab Chain said, "For the futures market's bullish trend to continue, inflows of stablecoins and cash supporting the spot market are essential."

Decentralized exchange (DEX) Uniswap (UNI) is holding a community vote to establish a new corporation in the U.S. state of Wyoming. The Block reported on the 4th (local time) that "the Uniswap community is holding a vote on a proposal to establish a new corporation in Wyoming." The proposal posted to the community stated that the establishment of a new Wyoming corporation would not affect Uniswap's on-chain governance or the Uniswap token. The final vote on establishing the new Wyoming corporation will take place on the 8th (local time). The proposal posted to the community said "(the new corporation is) a significant step forward in preparing for the future of Uniswap governance." Meanwhile, Wyoming last month became the first U.S. state government to issue a stablecoin. The stablecoin was issued across seven blockchains, including Ethereum (ETH), Solana (SOL), and Arbitrum (ARB).