JOON HYOUNG LEE

Rhee Chang-yong Emphasizes Bank of Korea’s Stablecoin Authority Expresses Negative View on Issuance by Non-Bank Sectors Some See This as a Preemptive Move Ahead of an Early Presidential Election Presence of CBDC ‘Project Han River’ May Diminish The Bank of Korea has been repeatedly emphasizing its supervisory authority over KRW stablecoins. With expectations that the introduction of a KRW stablecoin could accelerate under Lee Jae-myung of the Democratic Party if elected president, analysts say the authorities are taking a preemptive checking stance. At the '2025 BOK International Conference' on the 2nd at the Bank’s annex in Jung-gu, Seoul, Governor Rhee Chang-yong stated, “We need to consider whether to allow non-bank sectors to issue KRW-denominated stablecoins.” He explained, “(Allowing non-bank stablecoins) requires multi-faceted consideration for financial stability,” and added, “Before permitting non-banks to enter the payments business, we must consider whether (KRW stablecoins) would circumvent or weaken capital regulations, among other factors.” Effectively, he expressed a negative stance on issuance of KRW stablecoins by non-banks. This is not the first time Governor Rhee has voiced such concerns. Four days earlier, at a press conference on the 29th of last month, he stated, “KRW stablecoins serve as a substitute for money,” and, “If issued by non-banking institutions, they could significantly impair the effectiveness of monetary policy.” He continued, “If currency substitutes fail or cause accidents, trust in the entire payment and settlement system could collapse at once.” The Bank of Korea as an institution has also expressed concerns regarding KRW stablecoins. In its ‘2024 Payment and Settlement Report’ released in April, the Bank noted, “Unlike ordinary virtual assets, stablecoins are inherently payment instruments,” and, “If their use expands, they could substitute for demand for legal tender, thereby undermining monetary sovereignty and the effectiveness of monetary policy.” The report continued, “In the event of a coin run triggered by external shocks, related risks could spill over into the traditional financial markets, posing threats to both financial stability and the security of payment and settlement systems.” Stablecoin Market Cap Soars by 47% in One Year A key background for the Bank of Korea’s renewed emphasis is the early presidential election slated for the next day. Lee Jae-myung, the leading presidential candidate, has highlighted the necessity of institutionalizing KRW stablecoins multiple times during his campaign. The Democratic Party even established a Digital Asset Committee under its campaign headquarters to promote policies on stablecoins and other virtual assets. Industry sources believe the adoption of KRW stablecoins may progress faster than expected if the Democratic Party takes power. On the world’s largest betting site, Polymarket, Lee’s probability of election as president is 96% as of today. The rapid expansion of the stablecoin market alongside the launch of the second Trump administration further amplifies the Bank of Korea’s sense of urgency. According to blockchain analytics platform RWAxyz, the global stablecoin market cap stands at $235.33 billion as of today, up about 47% from $160.05 billion a year ago. Data submitted by the Bank of Korea to Cho Kuk-hyeoksin Party lawmaker Cha Kyu-geun shows that the amount of stablecoins traded on domestic crypto exchanges surged from about ₩17 trillion in Q3 last year to about ₩60.3 trillion in Q4—more than tripling in just one quarter. The issue is, the Democratic Party’s view on KRW stablecoins contrasts with that of the Bank of Korea. The Democrats argue that nurturing the stablecoin industry is difficult without private sector involvement. On the 30th of last month, the Digital Asset Committee under the campaign headquarters issued a statement directly refuting Governor Rhee’s remarks. The Committee stated, “A central bank-centered approach to licensing and oversight of stablecoins may not align with global regulatory or technological currents,” and added, “If latecomer Korea insists solely on a bank-monopoly model without participation from domestic platform and fintech companies, we will inevitably fall behind in global competition.” US Fed: 'Non-Banks Must Have a Fair Opportunity Too' The US Fed’s stance is similar. At the ‘2025 BOK International Conference’ on the same day, Fed Governor Christopher Waller, in a discussion with Governor Rhee, defined stablecoins as “a payment tool that can be provided by non-bank institutions.” Waller explained, “As a payment tool, stablecoins offer an environment that lowers transaction fees,” and continued, “Banks are unfriendly to stablecoins, but non-bank payment providers should also be given a fair opportunity.” There are projections that a new government’s active push for KRW stablecoins could render the Bank of Korea’s Central Bank Digital Currency (CBDC) pilot, currently called ‘Project Han River’, largely irrelevant. The Bank has been operating a CBDC pilot program under this name since April. An industry insider speaking anonymously said, “Looking at overseas examples such as Tether (USDT) and USD Coin (USDC), private sector participation is unavoidable in the process of adopting stablecoins,” adding, “If a new government pushes for private-sector-led stablecoin policy, the rationale and presence of the Bank of Korea’s CBDC project could diminish substantially.” Given these circumstances, the industry is closely watching whether the new government will allow non-bank sector entry in issuing KRW stablecoins. On this day, Hashed’s think tank, Hashed Open Research (HOR), a global Web3 VC, released a report noting, “Current regulations most relevant to Korea are Europe’s MiCA or Japan’s stablecoin law, both of which limit issuers to banks or bank-equivalent institutions.” The report continued, “If so, compatibility with DeFi or global payment systems will drop sharply, and the tokenomics based on a holder ecosystem will be effectively blocked.”

Open interest (OI) in XRP has reportedly approached $5 billion. Typically, an increase in open interest is viewed as a signal of rising speculative demand. Ryan Lee, Chief Research Analyst at Bitget, told BloomingBit on the 29th (local time), "XRP open interest has surged and is nearing $5 billion," adding, "This is an indication that investors are taking large positions and speculative activity is intensifying in the derivatives market." He further stated, "The sharp increase in (open interest) suggests potential for strong momentum." Lee emphasized the possibility of a sharp price increase. He said, "XRP's narrow trading range is often considered a precursor to a 'breakout' (resistance level breach)," and analyzed, "With continued spot buying pressure, the likelihood of an upward breakout is increasing." He went on to add, "In particular, if short position holders are caught off guard, it could lead to a 'short squeeze,' noting that similar technical set-ups have previously resulted in rapid rally events." However, he also mentioned downward pressure. Lee commented, "The direction is not yet decided," and explained, "If there is no clear catalyst, excessively high open interest can intensify volatility on both the upside and downside." He continued, "If upward momentum appears, a short squeeze could occur, but conversely, if profit-taking or macro risk aversion enters the market, it could trigger liquidation pressure and a downtrend."

There is analysis suggesting that stablecoins have the potential to emerge as a real threat to small banks. Bloomberg reported on the 29th (local time) that "banks are facing the possibility of competition with the cryptocurrency industry as the Stablecoin Act passes the U.S. Senate." The report went on, "Banks are considering the risk of deposit outflows," adding, "This is a concern that could have the greatest impact on small banks nationwide." Accordingly, U.S. banks have reportedly been actively lobbying to ban income-generating stablecoins. Wade Peery, Chief Innovation Officer (CIO) of FirstBank, a Tennessee-based bank in Nashville, told Bloomberg, "If it becomes possible to replace U.S. dollars within the banking system with tokenized assets and move the funds outside the banking system, the financial system will face a significant turning point."

Crypto Dan, a contributor to CryptoQuant, analyzed that Bitcoin (BTC) is highly likely to maintain its upward trend for the time being. On the 30th, Crypto Dan, a CryptoQuant contributor, stated through CryptoQuant, "The current (Bitcoin) profit-taking level may induce a short-term correction due to the recent sharp rise," adding, "(However) it is not a critical level significant enough to mark the end of the bull cycle." What Crypto Dan focused on was the Net Realized Profit and Loss (NRPL) data. Crypto Dan analyzed, "The NRPL chart shows the magnitude of profits and losses realized by investors who sold Bitcoin," adding, "Compared to the NRPL spikes seen at past cycle peaks, the current profit-taking is relatively limited." He further added, "Especially when comparing the moves seen at the peaks in March and November last year, the current profit realization magnitude is markedly lower." Crypto Dan emphasized that there is a high likelihood that the bull market will continue for some time. He analyzed, "With the current level of profit-taking, the likelihood of entering a bearish cycle is low," and, "There is a very high probability that the Bitcoin bull cycle will continue for now."

According to Token Mindshare—the metric quantifying the influence of particular tokens in the virtual asset market—by the AI-powered web3 search platform Kaito, as of the 30th, the five most-watched virtual assets are Kaito (KAITO), Solana (SOL), OpenSea (SEA), AIXBT (AIXBT), and LayerEdge (EDGEN). Kaito drew attention when Humanity Protocol, a decentralized identity authentication platform, announced the previous day (29th) that it would supply $2.2 million worth of its native tokens to the Kaito AI ecosystem. Humanity Protocol is a major competitor to Worldcoin (WLF), led by Sam Altman, CEO of OpenAI, and about 0.2% of the total token supply will be provided to the Kaito ecosystem in this round. As of the afternoon of the same day, Kaito was trading in the high $2.2 range on CoinMarketCap, up approximately 3.6% from the previous day. Solana drew notice as Canada-based investment firm Sol Strategy made an additional purchase of $4.7 million worth of Solana. Sol Strategy is aggressively acquiring Solana as part of its reserves. The news that Pantera Capital, a virtual asset investment firm, recently invested in DeFi Development—which has adopted Solana as a strategic reserve asset—also appears to have contributed to increased online mentions of Solana. In addition, Cooking City, a Solana-based token issuing platform, attracted a new investment of $7 million on the same day. OpenSea has also seen a surge in online mentions ahead of its Token Generation Event (TGE). OpenSea is the number one marketplace in the NFT sector. Adam Hollander, OpenSea’s Chief Marketing Officer (CMO), said, “Several core features and platform innovations must be achieved prior to the launch of our native token,” and added, “We will proceed with the TGE after ensuring utility and sustainability.” According to Hollander, the TGE schedule for OpenSea’s own token has not yet been finalized. AIXBT has attracted attention recently along with the growing strength of AI agent-based tokens in the virtual asset market. AIXBT is the flagship AI agent for Virtual Protocol (VIRTUAL) and was launched at the end of last year. As of the afternoon, AIXBT was trading at around $0.22 on CoinMarketCap, down approximately 2.9% from the previous day, but up about 6.4% from a week ago. LayerEdge has drawn investors’ attention by being added to Binance Alpha on this day. According to Binance announcements, LayerEdge’s Binance Alpha listing date is set for the 2nd of next month (local time). LayerEdge is a project based on a decentralized network. Binance selects tokens for Binance Alpha among early-stage virtual asset projects, taking into account market trends, etc. A Binance Alpha listing does not automatically lead to a regular Binance listing.

Global virtual asset exchange Binance has added LayerEdge (EDGEN) to Binance Alpha. On the 30th, Binance announced on its official website, "LayerEdge will be listed on Binance Alpha." The listing date is the 2nd of next month (local time). Binance stated, "Detailed information will be disclosed on the listing date." Binance selects tokens for Binance Alpha by considering market trends and other factors among initial virtual asset projects. Listing on Binance Alpha does not necessarily mean it will be listed on Binance.

The US spot Ethereum (ETH) Exchange Traded Fund (ETF) has recorded net capital inflows for nine consecutive trading days. According to Farside Investor on the 30th (local time), a net inflow of $91.9 million (approximately ₩1.3 billion) was recorded in the US spot Ethereum ETF on the previous day (the 29th). This marks the ninth consecutive trading day of net inflows. Specifically, BlackRock ETHA saw a net inflow of $50.4 million. Fidelity FETH and Bitwise ETHW each recorded net capital inflows of $38.3 million and $4.6 million, respectively. Grayscale ETH also saw a net inflow of $3.2 million. Meanwhile, Grayscale ETHE experienced a net outflow of $4.6 million.

Singapore-based blockchain payment company Alchemy Pay (ACH) is now supporting World Liberty Financial's (WLFI) stablecoin. On the 30th, Alchemy Pay announced through its official X account that “Alchemy Pay’s ramp service now supports WLFI’s stablecoin USD1.” WLFI is the cryptocurrency project of the Donald Trump family, and it launched the stablecoin USD1 this past March. Alchemy Pay explained, “(USD1 is) a new fully collateralized stablecoin,” and stated that it was “developed inspired by the DeFi movement led by the Trump family.”

The United States spot Bitcoin (BTC) Exchange-Traded Fund (ETF) saw a net outflow after 11 consecutive trading days of inflow. According to TraderT on the 30th (local time), US spot Bitcoin ETFs recorded a net outflow of $346.86 million (about ₩480 billion) the previous day (29th). This marks a reversal to net outflows after 11 trading days. Specifically, there was a net outflow of $166.32 million from Fidelity FBTC and $107.53 million from Grayscale GBTC, respectively. ARK Investment ARKB saw an outflow of $89.22 million, Bitwise BITB $70.85 million, and Invesco BTCO recorded a net outflow of $20.05 million. Additionally, VanEck HODL and Franklin Templeton EZBC posted outflows of $11.98 million and $6.13 million, respectively. In contrast, BlackRock IBIT saw a net inflow of $125.22 million.

The Democratic Party of Korea has criticized Lee Chang-yong, Governor of the Bank of Korea, for his remarks related to stablecoins. When Governor Lee expressed the opinion that the Bank of Korea should supervise won-based stablecoins, the Democratic Party directly rebuffed this stance. On the 30th, the Digital Assets Committee under the party’s election committee issued a statement, saying, "Dollar-based stablecoins are rapidly dominating global payment networks and encroaching on the Korean market as well," adding, "In this reality, an approach centered on central bank licensing and supervisory authority may not align with global regulatory and technological trends, which is concerning." Earlier, on the 29th, Governor Lee had emphasized the Bank of Korea's authority over the management and supervision of stablecoins. He stated, "Won-based stablecoins could be used as a means to evade capital regulations," and further said, "For now, issuance should begin with banks that are capable of being supervised." He added, "Since won-based stablecoins are substitutes for currency, if non-bank institutions freely issue them, it could significantly undermine the effectiveness of monetary policy." In contrast, the Democratic Party asserts that private sector participation is essential to foster won-based stablecoins. The Digital Assets Committee said, "Won-based stablecoins have a variety of potential uses, not only as a domestic payment method but also for uses such as purchasing K-Culture products overseas," adding, "Discovering creative uses abroad can be maximized when entrusted to the private sector, not just a handful of domestic banks." The committee also stated, "If the domestic banking industry monopolizes (stablecoins), it could become an ineffective tool due to slow implementation, failure to create a relevant ecosystem resulting from restricted participation by overseas investors and partners, and insufficient discovery of use cases," and continued, "Ultimately, we must also consider the possibility that the market could be overtaken by dollar-based stablecoins." The Democratic Party called for the Bank of Korea to strengthen its relevant capabilities regarding stablecoins. The committee said, "We hope that, even belatedly, the Bank of Korea can develop its capabilities in blockchain and artificial intelligence (AI) so that stablecoins become an opportunity for more efficient, real-time regulation and supervision," adding, "(Such measures) would be a realistic way for Korea to secure leadership in the global payment power struggle while maintaining monetary policy stability."

Amid the decline in Bitcoin (BTC) prices, the major Hyperliquid (HYPE) whale (large investor) James Wynn reportedly suffered significant losses. Onchain analysis platform Onchain Lens announced via its official X account on the 30th, "James Wynn was just forcibly liquidated for $99.3 million (approximately ₩140 billion)." James Wynn faced such large-scale liquidation because Bitcoin’s price at one point during the session fell below $105,000. Onchain Lens also reported, "Over the past week, James Wynn has lost more than $99 million."

Nigel Farage, the leader of the UK Reform Party often called the 'Trump of Britain', announced, "We will accept political donations in cryptocurrency." According to Cointelegraph on the 29th (local time), Leader Farage attended the 'Bitcoin 2025' conference held in Las Vegas, Nevada, USA, and stated, "The Reform Party has now started accepting political donations in Bitcoin and other cryptocurrencies." Farage added, "Currently, the Reform Party is the first party in the UK able to accept cryptocurrency donations." The Reform Party plans to actively foster the cryptocurrency industry if it takes power. Farage stated, "(If we take power) we will establish a 'Bitcoin Reserve' at the Bank of England." He also expressed opposition regarding the introduction of a Central Bank Digital Currency (CBDC). Additionally, the Reform Party is planning to enact a "Cryptoasset and Digital Finance Act" if it takes power. Meanwhile, in the UK general election last July, the Reform Party won 5 seats in the House of Commons. This is a significant difference compared to the Labour Party (403 seats) and the Conservative Party (120 seats). The next UK general election will be held before August 2029.

Arthur Hayes, former BitMEX CEO, predicted that Ethereum (ETH) could reach up to $5,000 within the year. On the 29th (local time), at the 'Bitcoin 2025' conference held in Las Vegas, Hayes was interviewed by Decrypt and stated, "Ethereum could rise to between $4,000 and $5,000 this year." He added, "Ethereum is the most hated Layer 1 asset," and "that's why I believe Ethereum can perform even better." Meanwhile, Hayes also claimed earlier this month that the price of Bitcoin (BTC) could reach as high as $1 million by 2028. He stated, "Repatriation of foreign capital and the devaluation of US Treasury bonds will be the main catalysts."

Global virtual asset exchange Crypto.com is teaming up with Nexspace (NXPC), the blockchain subsidiary of Korean game company Nexon. On the 30th, Crypto.com announced via its official X (formerly Twitter) account, "We have formed a partnership with Nexspace," and added, "Crypto.com Pay will be integrated into Nexspace's expanded game ecosystem." Meanwhile, on the 15th of this month, Nexon launched MapleStory N, based on Nexspace. This marks Nexon's first blockchain game, directly utilizing the existing MapleStory intellectual property (IP).

The price of Bitcoin (BTC) has dropped below $106,000. According to CoinMarketCap, a cryptocurrency market broadcast site, Bitcoin was trading at $105,622.63 as of 8:57 AM on the 30th. This figure is down 2.0% compared to the previous day. The kimchi premium remained in the high 1% range. According to CryPrice, as of 8:57 AM that day, the kimchi premium was tallied at 1.77%.

The advanced trading platform Coinbase Advanced, under the US virtual asset exchange Coinbase Financial Markets, will support 24-hour Bitcoin (BTC) and Ethereum (ETH) futures trading. On the 29th (local time), Coinbase announced on its official blog: "On Coinbase Advanced, Bitcoin and Ethereum futures contracts can now be traded 24/7," adding, "Previously, futures trading was only available from Sunday to Friday." Coinbase plans to gradually expand the range of assets eligible for 24-hour futures trading. "Within the next few weeks, we will expand full-time trading access to additional futures contracts, starting with Solana (SOL) and XRP," Coinbase said.

The US branch of the global cryptocurrency exchange Binance has launched a United States dollar (USD) service. On the 29th (local time), Binance US announced on its official X account, "We are launching the US dollar service," and stated, "Now, all customers can deposit dollars and purchase cryptocurrencies via bank transfer." Binance's launch of the dollar service comes on the heels of the withdrawal of a lawsuit by the US Securities and Exchange Commission (SEC). On this day, the SEC and Binance submitted a joint agreement to the United States District Court for the District of Columbia to dismiss the lawsuit filed by the SEC. Previously, in 2023, the SEC had indicted Binance and Changpeng Zhao, the founder of Binance, for alleged violations of US securities law. Binance emphasized that this lawsuit dismissal is a "significant milestone." The company stated, "The SEC has fully withdrawn all charges against Binance," and added, "This officially confirms that we have not violated US securities law." It continued, "Now that this case is closed, we can focus entirely on growth," and also said, "We are more optimistic than ever about the future of Binance and cryptocurrencies in the United States."

The U.S. Securities and Exchange Commission (SEC) has withdrawn its lawsuit against the global cryptocurrency exchange Binance. According to Cointelegraph on the 29th (local time), the SEC and Binance jointly submitted a stipulation of dismissal to the United States District Court for the District of Columbia in order to drop the lawsuit filed by the SEC. Eleanor Terrett, host of Crypto in America, reported through X that "(the stipulation) indicates the possibility that the SEC's legal proceedings against Binance may come to an end," and "it also suggests that both parties may have found common ground for settlement or compromise." Previously, in 2023, the SEC indicted Binance and Binance founder Changpeng Zhao for alleged violations of U.S. securities laws. In the stipulation, the SEC stated, "The Commission has determined that dismissal of this action is appropriate, based on the exercise of discretion and policy considerations." Meanwhile, since the launch of the second Trump administration, the SEC has continued to close a series of legal disputes targeting the cryptocurrency industry.

The U.S. Securities and Exchange Commission (SEC) has stated that certain staking activities are 'not considered securities.' On the 29th (local time), the SEC’s Division of Corporation Finance announced in a statement, "We believe that protocol staking activities do not involve the offering or sale of securities under the Securities Act and the Exchange Act." This means protocol staking activities are effectively not regarded as securities. The SEC also commented, "Participants in protocol staking activities do not need to register transactions with the SEC as securities, nor do such activities qualify for one of the securities law registration exemptions." The clarification of the regulatory position on protocol staking is something the cryptocurrency industry has continuously advocated for. Previously, the U.S. Blockchain Association conveyed this view to the SEC’s cryptocurrency task force (TF) in February. At that time, the Blockchain Association requested the SEC to "provide clear guidance so that protocol staking would not be classified as a security."

The United States House Republicans have officially introduced an amendment to the 'Cryptocurrency Market Structure Act.' According to CoinDesk on the 29th (local time), the House Republicans proposed an amendment to the '21st Century Financial Innovation and Technology Act (FIT21 · Cryptocurrency Market Structure Act)' on this day. Previously, the House first introduced the Cryptocurrency Market Structure Act last year. Dusty Johnson, the Republican Representative for South Dakota in the House, explained the background of the bill’s introduction, stating, "America must become a global leader in the digital asset market," adding, "We cannot do that without establishing a clear regulatory framework." This 236-page bill more clearly defines the scope of oversight and regulatory jurisdiction for the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). First, the Cryptocurrency Market Structure Act newly grants the CFTC exclusive regulatory authority over the digital commodity spot market. The bill also covers a framework allowing cryptocurrency platforms to register separately with the SEC and the CFTC. CoinDesk explained, "The registering authority depends on whether the platform trades digital asset commodities, securities like Bitcoin, or both." The bill exempts DeFi operation and wallet service providers from the SEC’s oversight authority. In addition, cryptocurrency platforms are defined as financial institutions per the Bank Secrecy Act. The bill also stipulates that the CFTC will regulate digital asset custodians. CoinDesk noted, "(The bill) is likely to become a starting point for prolonged negotiations between Republicans and Democrats in the House," adding, "There is still discussion in Congress as to whether to integrate the Stablecoin Act and the Market Structure Act into a single bill."

Over the past five weeks, more than $9 billion has flowed into United States of America spot Bitcoin (BTC) ETFs. Recent analysis suggests that as global trade tensions ease, funds that were concentrated in gold are moving into Bitcoin. Bloomberg reported on the 28th (local time), "In the past five weeks, over $9 billion has flowed into United States of America Bitcoin ETFs," stating, "Notably, BlackRock IBIT played a major role." Bloomberg also shared, "(Meanwhile) more than $2.8 billion have exited gold-based funds during the same period." The inflow trend toward Bitcoin ETFs has strengthened due to the recent easing of trade tensions. Bloomberg explained, "With the easing of trade tensions, demand for traditional safe assets like gold has decreased," adding, "As concerns over United States of America fiscal soundness grow, there is a stronger tendency to view Bitcoin as an alternative store of value (SoV)." There are even views that Bitcoin could establish itself in the long term as a more popular hedge than gold. Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered (SC), told Bloomberg, "Thanks to its decentralized nature, Bitcoin is more effective (than gold) against financial system risks," adding, "Bitcoin can simultaneously serve as a hedge against both private-sector risks such as the 2023 Silicon Valley Bank (SVB) collapse and risks to government institutions like those associated with the United States Department of the Treasury."

Eric Trump, the second son of former U.S. President Donald Trump, stated that he hopes some major banks go 'extinct'. According to Bloomberg on the 28th (local time), Eric Trump attended the 'Bitcoin 2025' conference held in Las Vegas, USA, and said, "I really want to see some major banks go extinct." Bloomberg reported that "(Eric Trump) reiterated the Trump family's dissatisfaction with the traditional financial system." Meanwhile, U.S. Vice President J.D. Vance and Donald Trump Jr., the eldest son of former President Trump, also attended the conference. Trump Jr. said at the conference, "You don't have to buy Bitcoin worth exactly $100,000," and advised, "Just buy as much as you can afford."

According to the top gainers on the Token Mindshare (a metric quantifying the influence of specific tokens in the virtual asset market) of the AI-based Web3 search platform Kaito, the top 5 virtual assets that people are most interested in as of the 29th are Sophon (SOPH), GameStop (GME), Toncoin (TON), Xai (XAI), and Coqoin (COQ). Sophon attracted investors' attention as it was listed on the global virtual asset exchange Binance the previous day (28th). On the same day, Sophon was also listed on the domestic virtual asset exchange Upbit. Sophon is the native token recently launched by the modular blockchain Sophon. After its listing, Sophon plummeted and is trading at around $0.06 on CoinMarketCap, down approximately 21.3% from the previous day as of the afternoon. GameStop drew attention the previous day (28th) as the US video game company GameStop purchased 4,710 Bitcoins. The Bitcoins purchased by GameStop this time are worth $510 million (approximately 705 billion KRW). Previously, the GameStop board unanimously approved the plan to add Bitcoin to the balance sheet in March this year. As a result, GameStop recently issued convertible bonds worth $1.3 billion to purchase Bitcoin. Toncoin seems to have seen a surge in online mentions as Pavel Durov, CEO of Telegram, announced a major business partnership with the AI startup xAI the previous day (28th). However, Elon Musk, CEO of Tesla, who leads xAI, refuted Durov's partnership announcement, saying, "No deal has been signed." In response, Durov stated, "Musk is right," adding, "We agreed in principle, but the formalities are yet to be completed." The partnership disclosed by Durov includes integrating xAI's 'Grok' into Telegram for a year. Toncoin, linked with Telegram, has experienced fluctuations due to this news. Toncoin is trading at around $3.3 on CoinMarketCap, up approximately 10% from the previous day as of the afternoon. Xai is speculated to have gained attention as the online mentions of xAI increased on this day. However, Xai is the native token of the Arbitrum (ARB)-based gaming platform Xai and is unrelated to xAI led by CEO Musk. Xai is trading at around $0.08 on CoinMarketCap, down approximately 0.2% from the previous day as of today. Coqoin drew attention as its price plummeted by over 16% from the previous day. Coqoin is the utility token of the Hong Kong-based virtual asset exchange Coqoin. Previously, the Financial Intelligence Unit (FIU) of the Financial Services Commission blocked domestic access to 17 overseas virtual asset exchanges, including Coqoin, in March.

The US Ethereum (ETH) spot Exchange-Traded Fund (ETF) has recorded net inflows for 8 consecutive trading days. According to Farside Investor on the 29th (local time), the US Ethereum spot ETF saw a net inflow of $84.9 million (approximately 120 billion KRW) the previous day (28th). This marks 8 consecutive trading days of net inflows. Specifically, BlackRock's ETH saw a net inflow of $52.7 million. Fidelity's FETH and Grayscale's ETH recorded net inflows of $25.7 million and $4.9 million, respectively. Invesco's QETH also saw a net inflow of $1.6 million. There were no net inflows or outflows in the other ETFs.

HyperLiquid (HYPE) whale (large investor) James Wynn has significantly expanded his Bitcoin long position. On-chain analysis platform OnChainLens announced on its official X account on the 29th, "James Wynn has increased his Bitcoin long position from $200 million to over $529 million." OnChainLens stated, "James Wynn has recorded a loss of $20.77 million in this trade so far," and added, "The current unrealized loss is around $2.5 million."