JOON HYOUNG LEE

Elon Musk, Tesla CEO, has announced his departure from the U.S. Department of Government Efficiency (DOGE). On the 28th (local time), Musk stated on X, "My term as a special government employee is coming to an end," and expressed gratitude to President Donald Trump for the opportunity to reduce unnecessary (government) spending. He added, "The Department of Government Efficiency has become a way of life across the government and its mission will only grow stronger over time." Following Musk's post, the Associated Press reported, citing sources within the White House, that Musk is completely leaving the Trump administration's second term. Reuters also reported, citing sources, that Musk's term has been decided to end. Musk's announcement came a day after he publicly criticized President Trump's tax cut bill in an interview.

The US Bitcoin (BTC) spot Exchange-Traded Fund (ETF) has recorded net inflows for 10 consecutive trading days. According to Trader T on the 29th (local time), the US Bitcoin spot ETF saw a net inflow of $433.66 million (approximately 600 billion KRW) yesterday (28th). This marks 10 consecutive trading days of net inflows. Specifically, BlackRock IBIT alone saw a net inflow of $482 million. Fidelity FBTC and ARK Investment ARKB recorded net outflows of $14.05 million and $34.29 million, respectively. There were no net inflows or outflows in the other ETFs.

Japanese investment firm Metaplanet has newly raised $21 million (approximately 2.9 billion yen) to purchase additional Bitcoin (BTC). On the 29th, Metaplanet announced on its official X account that it will issue $21 million worth of zero-interest corporate bonds to purchase more Bitcoin. Metaplanet previously purchased 1,004 Bitcoins on the 19th of this month. Currently, Metaplanet holds 7,800 Bitcoins. Meanwhile, Metaplanet earned 88% of its first-quarter profit (approximately 877 million yen) from Bitcoin investments.

The United States Securities and Exchange Commission (SEC) will hold a roundtable on DeFi (Decentralized Finance) next month. On the 28th (local time), the SEC announced on its official website that it will host a 'DeFi and the American Spirit' roundtable on the 9th of next month at the SEC headquarters in Washington, D.C. Hester Peirce, the SEC commissioner who chairs the SEC's Cryptocurrency Task Force (TF), stated, "DeFi showcases the potential of cryptocurrencies," and "I hope the panelists can learn how to create a regulatory environment where DeFi can thrive." The roundtable will be attended by Paul Atkins, the newly appointed SEC commissioner who took office last month. Other attendees from the SEC include Commissioner Peirce, Commissioner Mark Uyeda, and Commissioner Caroline Crenshaw. Panelists will include Michael Jordan, co-founder of DBA, Jill Gunter, co-founder of Espresso Systems, and Gabe Shapiro, founder of MetaLeX.

<Today's Major Economic Schedule> ▶︎29th (Thu): △Federal Open Market Committee Minutes Release (KST 03:00, US Time 28th 14:00) △South Korea May Interest Rate Decision (KST 10:00, US Time 28th 21:00) △US Q1 GDP (KST 21:30, US Time 08:30) △US Initial Jobless Claims (KST 21:30, US Time 08:30) △US Q1 Core Personal Consumption Expenditure Price Index (KST 21:30, US Time 08:30) <Today's Major Cryptocurrency Schedule> ▶︎29th (Thu): △Alchemy Pay (ACH) AMA △Milky Way (MILK) Airdrop

Solana (SOL) open interest (OI) has approached $7.5 billion. Cointelegraph reported on the 28th (local time) citing CoinGlass data that Solana futures open interest was approximately $7.5 billion as of that day. This is about $1 billion less than the all-time high of $8.5 billion recorded on January 19th of this year. Cointelegraph stated, "A large open interest indicates increased speculative interest," and "It suggests that investors are preparing for significant price volatility." The possibility of Solana surpassing $300 is also being raised. Cryptocurrency futures analyst Byzantine General stated on X that "Solana could surpass $300 if momentum builds." As of 9:05 a.m. that day, Solana was trading at $172.03 on CoinMarketCap, down 2.65% from the previous day. Cointelegraph emphasized that "$180 is an important inflection point," and "If this price level is decisively broken, a continued bullish trend can be confirmed."

Donald Trump Jr., the eldest son of former U.S. President Donald Trump, has predicted that the price of Bitcoin (BTC) could exceed $170,000 next year. According to The Block on the 28th (local time), Trump Jr. attended the 'Bitcoin 2025' conference held in Las Vegas, USA, where he stated, "Bitcoin could trade between $150,000 and $175,000 next year." Eric Trump, the second son of former President Trump, also stated at the conference, "Bitcoin's price could exceed $170,000 by the end of next year." Eric Trump mentioned, "Billions of dollars are being invested in Bitcoin daily," and "The demand for Bitcoin, which has a hard cap, is outpacing supply." Trump Jr. and Eric Trump are leading the cryptocurrency business of the Trump family, including World Liberty Financial (WLFI). Trump Jr. said, "Cryptocurrency is at the core of everything we are doing right now," and "We have a very long-term perspective on cryptocurrency."

Pakistan, which announced a strategic reserve of Bitcoin (BTC), is also supporting Bitcoin mining. According to CoinDesk on the 28th (local time), Bilal Bin Saqib, Chairman of the Pakistan Cryptocurrency Committee, attended the 'Bitcoin 2025' conference held in Las Vegas, USA, and stated, "The Pakistani government has allocated 2000 megawatts (MW) of power for Bitcoin mining and artificial intelligence (AI) data centers." Saqib also serves as the Special Advisor to the Prime Minister of Pakistan, Shehbaz Sharif, on Blockchain and Cryptocurrency. Saqib emphasized, "We hope all miners will come to Pakistan." He added, "(The Bitcoin reserve) is just the beginning of embracing the virtual asset industry," and "We hope all (virtual asset) infrastructure operators will come to Pakistan and build with us."

Elon Musk, CEO of Tesla, denied the partnership between xAI and Telegram. On the 28th (local time), Musk stated on X that "no deal has been made yet," denying the partnership between his AI startup xAI and Telegram. Previously, Pavel Durov, CEO of Telegram, announced that Telegram and xAI had entered into a one-year partnership. It was reported that the partnership includes plans to integrate Grok into the Telegram application (app). Meanwhile, Toncoin (TON), associated with Telegram, was trading at $3.32, up 10.67% from the previous day, according to CoinMarketCap as of 7:33 AM.

Pakistan is pushing to reserve Bitcoin (BTC). According to Cointelegraph on the 28th (local time), Bilal Bin Saqib, Chairman of the Pakistan Cryptocurrency Committee, attended the 'Bitcoin 2025' conference held in Las Vegas, USA, and stated, "We are pushing for strategic Bitcoin reserves following the US precedent," and "The reserved Bitcoin will never be sold." Chairman Saqib also serves as the Special Advisor on Blockchain and Cryptocurrency to Pakistan's Prime Minister Shehbaz Sharif. Initially, Pakistan had a negative stance on virtual assets. Previously, the Pakistan Ministry of Finance stated in 2023 that "virtual assets can never be legalized." Pakistan's shift in stance is largely influenced by the second Trump administration. US President Donald Trump signed an executive order for strategic Bitcoin reserves in March this year. Cointelegraph stated, "Pakistan's change in stance reflects the trend of countries adopting crypto-friendly policies."

Democratic Party 'Digital Asset Field Meeting' Attended by 5 Major Virtual Asset Exchanges "Stablecoins, Significant Economic Change" "Great Impact on Monetary and Foreign Exchange Policies" The Democratic Party of Korea met with the top 5 domestic virtual asset exchanges and stated that "stablecoins must be addressed from the perspective of monetary sovereignty." With the early presidential election about a week away, the Democratic Party is accelerating its pro-virtual asset stance. Democratic Party lawmaker Ahn Do-geol said at the Democratic Party's Economic Growth Committee 'Digital Asset Industry Field Policy Meeting' held at the Upbit Lounge in Gangnam-gu, Seoul on the 27th, "Stablecoins are already functioning as a means of payment and digital currency," and "(Stablecoins) must be addressed from the perspective of monetary sovereignty." The meeting was attended by Lee Seok-woo, CEO of Dunamu, Lee Jae-won, CEO of Bithumb, Oh Se-jin, CEO of Korbit, and all five major domestic virtual asset exchanges. Rep. Ahn stated, "The fact that stablecoins have become a means of payment means they have acquired the meaning of currency," and "(Stablecoins) are a significant and extensive economic change that is intertwined with domestic monetary policy as well as foreign exchange policy." "Many Policy Challenges for Stablecoins" Future challenges were also mentioned. Rep. Ahn said, "Due to convenience, (stablecoins) will continue to spread," and "Advanced countries like the United States are already rushing to legislate and reform systems based on a change in perspective." He added, "The impact of (stablecoins) on domestic monetary and foreign exchange policies is very significant," and "There are many challenges in how to view and control (stablecoins) within the policy framework." There was also a suggestion that the foreign exchange asset status of stablecoins should be specifically defined in the institutionalization process. Hwang Se-woon, a senior research fellow at the Korea Capital Market Institute, said at the meeting, "When designing foreign exchange-related regulations for stablecoins, capital inflow and outflow control, exchange rate stability, monetary sovereignty guarantee, and international standard harmonization should be considered," and "It should be clarified whether stablecoins are regarded as foreign currency-denominated assets under the Foreign Exchange Transactions Act." "Authorities Should Introduce Monitoring System" There was also a call for the government to monitor the impact of dollar-based stablecoins on exchange rates. Researcher Hwang said, "The large inflow and outflow of foreign currency-based stablecoins can affect exchange rate volatility and the composition of foreign exchange reserves," and "It is necessary for foreign exchange authorities to introduce a system to monitor the holdings, circulation, and conversion value of stablecoins." There is also a view that Korea should develop a virtual asset index. Kang Hyung-gu, a professor at Hanyang University and former president of the Korea Financial Management Association, said, "Currently, there are exchange-traded funds (ETFs) targeting single assets like Bitcoin (BTC) in the virtual asset market, but there are hardly any index-based ETFs, which are the most important," and "If Korea develops a K-Crypto index and creates ETFs based on that index, it could become a global standard."

Ando Geol, a member of the Democratic Party of Korea, stated on the 27th that "(Stablecoins) must be addressed from the perspective of monetary sovereignty." At the Democratic Party's Economic Growth Committee 'Digital Asset Industry On-Site Policy Meeting' held at the Upbit Lounge in Gangnam-gu, Seoul, Ando said, "Stablecoins are already functioning as a means of payment and digital currency." Ando emphasized the potential for the expansion of stablecoin adoption. He stated, "Due to convenience, (stablecoins) will continue to spread," and added, "Advanced countries like the United States are already rushing to legislate and reform systems based on a change in perspective." He also expressed his intention to foster the virtual asset industry. Ando said, "(Virtual assets) are one of the important growth engines," and "We must not fall behind in the international trend." He continued, "There is a recognition that we need to open a new path as a financial investment nation," and added, "We must create conditions where we can advance on the global (virtual asset) stage."

Ju Ki-young, CEO of CryptoQuant 'Global Influencer' in the Crypto Scene Encountered Bitcoin at Vitalik's Alma Mater Emphasizes the Importance of 'On-chain Data' 'Meeting good people and having good conversations.' This is the basic purpose of Blooming Lunch. We meet good people in the Crypto Scene (blockchain and virtual asset ecosystem) and share their work and lives. Ju Ki-young, CEO of CryptoQuant. No special modifiers are needed to describe CEO Ju in the crypto scene. This is because he is well-known both domestically and internationally. CEO Ju has about 422,000 followers on X. This is the largest number among figures in the domestic virtual asset industry. This is why his posts on X become a hot topic not only in Korea but also in the overseas crypto scene. A representative example is when CEO Ju posted on X in March this year and again last month that the 'Bitcoin (BTC) bull market is over,' causing a stir in the crypto scene. CEO Ju spends half of the year in Korea and the other half in the United States. This is because CryptoQuant's offices are located in Seoul, Korea, and New York, USA. We met him according to his schedule in Seoul. The place where we met CEO Ju was 'Hansung Samgyetang' near the CryptoQuant Seoul office in Yeongdeungpo-gu, Seoul. It is an old restaurant that opened in 1978 and has been in business for 47 years this year. The menu consists of only two items: samgyetang and ginseng wine. The confidence of a samgyetang specialty restaurant was felt from the menu. CEO Ju, whom we met in front of the restaurant, laughed, saying, "It's a comfortable place, so I often have meetings here." After taking a seat inside the restaurant and ordering two bowls of samgyetang, I asked him about his hobbies before the food arrived. CEO Ju replied, "I try not to have hobbies as much as possible." When asked why, he said, "I have a personality that digs deep into something once I get into it, so I'm worried that having a hobby might reduce my concentration on work," and "Recently, I learned to compose music and stayed up all night on weekends, so I'm refraining (from hobbies)." 'Builder-type Entrepreneur' CEO Ju introduced himself as a "typical builder-type entrepreneur." A builder-type entrepreneur is a type of entrepreneur who directly develops technology or products and grows the company. In fact, he is a developer who majored in industrial management engineering at Pohang University of Science and Technology (POSTECH). CEO Ju said, "I remember writing 'I want to be a CEO who contributes to the commercialization of science and technology' in the first line of my self-introduction during the college entrance exam," and "I think I enjoyed making what I imagined with my hands into reality since childhood." While talking about builder-type entrepreneurs, the samgyetang was served. The clear and rich broth was well-seasoned even without adding salt. The domestic young chicken in the earthenware pot was filled with glutinous rice. The chicken drumstick meat, as well as the chicken breast, was tender without any unpleasant texture. CEO Ju started his meal by adding a glass of ginseng wine, which was served as an aperitif, to the samgyetang. When asked what made him interested in the crypto scene, CEO Ju replied, "When I was an exchange student in Canada." About eight years ago, in 2017, he stayed at the University of Waterloo in Canada as an exchange student for a year and first encountered the 'Bitcoin Whitepaper.' CEO Ju recalled, "I happened to attend an Ethereum (ETH) meetup event held at the school at the time, and after the event, I went home and read the whitepapers of Bitcoin and Ethereum and felt a thrill." The University of Waterloo is also the alma mater of Ethereum founder Vitalik Buterin. Buterin encountered Bitcoin while attending this school, dropped out, and developed Ethereum. "Bitcoin is a Kind of Anarchism" CEO Ju emphasized, "I imagined 2050 after reading the Bitcoin whitepaper." He continued, "The ideological foundation of Bitcoin, 'Cypherpunk,' is a kind of anarchism," and "I felt attracted as I understood the future (Satoshi Nakamoto dreamed of) after reading the whitepaper." Cypherpunk is a movement that started in the early 1990s centered around American developers, pursuing decentralization based on cryptographic technology. CEO Ju said, "After the Ethereum meetup and reading the whitepaper, I returned to Korea and worked at a blockchain startup," and "As I worked in the industry, my affection for the virtual asset industry gradually grew." What he focused on afterward was 'on-chain data.' On-chain data is the record of all activities and transactions that occur on the blockchain network. The trading volume of a specific virtual asset, hash rate, and movements of whales (large investors) are representative on-chain data. CEO Ju said, "When I first entered (the virtual asset industry), I also got interested in investing and was engrossed in trading," and "A few years ago, investing in virtual assets based on data was not common, but I was convinced that the importance of on-chain data would gradually increase." The background of CEO Ju founding the on-chain analysis company CryptoQuant in 2018 lies in this context. He said, "In the early days of the company's establishment in 2019, I went to the virtual asset conference 'Consensus' held in New York to find out the demand for the service," and "At that time, I would run up to institutional officials who were speakers in sessions such as Nasdaq and Fidelity when they came off the stage and ask for their opinions on the (CryptoQuant) service." He added, "If the introduction of stablecoins becomes full-fledged, the value of on-chain data could become much greater than it is now," and "When the stablecoin era opens, it might be possible to predict the demand and supply of virtually all goods in the world (with on-chain data)." After talking about CryptoQuant, we finished our meal and moved to a nearby cafe. The place CEO Ju suggested was 'Roda Coffee' near the CryptoQuant office. It is a cafe using a small two-story building, and the space is so narrow that there are only three tables on the second floor. CEO Ju and I sat in the inner seat on the second floor and ordered two iced Americanos and a tiramisu cake. "I Want to Be a Great Inventor" CEO Ju took a few sips of coffee and continued speaking. He said his dream is to "become a great inventor." CEO Ju said, "There are fewer and fewer people making proper inventions in the Web3 industry," and "I want to be remembered as an inventor who advanced (Web3) technology one step further rather than someone who made a lot of money in the crypto scene in the long run." I also asked about his daily life in the United States. CEO Ju said, "When I rest, I usually take a walk in the park with my wife or go to the beach to read a book," and "My wife is also a 'workaholic' like me, so we don't have any special hobbies." He added, "It seems that there are quite a few things to give up to become a great inventor," and "In 2-3 years, it will be 10 years since I started working in the (virtual asset industry), so I have a growing desire to make a bigger invention beyond CryptoQuant." After the interview, we had a brief chat while drinking the remaining coffee. He said he plans to leave for the United States in mid-next month and stay in New York for about three months. We promised to have a beer before his departure in front of the cafe and parted ways with CEO Ju. Checking the time as I watched him head back to the office, it was already 2 p.m. This interview was not supported or financially compensated by any specific restaurant or brand and was conducted without commercial intent. The purpose of the 'Blooming Lunch' corner is to capture a free interview in a casual atmosphere at the interviewee's favorite regular restaurant.

Bitcoin (BTC) perpetual futures open interest (OI) has reached an all-time high. Cointelegraph reported on the 23rd (local time), citing Coinglass data, that Bitcoin perpetual futures open interest surpassed $80 billion on this day. This is an increase of about 30% compared to the beginning of the month. Cointelegraph stated, "The Bitcoin futures open interest has reached a record high," and "This is the result of derivatives investors expanding leverage in anticipation of a rise in Bitcoin prices." There is also a suggestion to pay attention to the inflow of funds into Bitcoin spot ETFs. Cointelegraph noted, "Analysts say that with more than $2.5 billion flowing into Bitcoin ETFs this week alone, the surge in ETF funds could partially offset the excessive leverage impact."

According to the top gainers of Token Mindshare (a metric quantifying the influence of specific tokens in the virtual asset market) by the AI-based Web3 search platform Kaito, the top five virtual assets currently attracting the most attention as of the 23rd are Sui (SUI), Solana (SOL), HyperLiquid (HYPE), Cetus Protocol (CETUS), and Avalanche (AVAX). Sui drew attention yesterday (22nd) as the Sui-based decentralized exchange (DEX) Cetus Protocol suffered a large-scale hacking incident. Cetus Protocol is estimated to have suffered damages amounting to $220 million (approximately 300 billion KRW) from the hacking yesterday. Binance founder Changpeng Zhao expressed his willingness to support Sui by stating on X (formerly Twitter) on the same day (22nd), "We are doing everything we can to help Sui." As of the afternoon, Sui is trading at around $3.8, down approximately 4.3% from the previous day on CoinMarketCap. Solana gained attention as the cryptocurrency project Wormhole (W) announced the integration of $35 billion worth of Dogecoin (DOGE) into the Solana ecosystem today. Through this chain, Dogecoin has been reborn as a Solana-based token. The announcement by the Real World Asset (RWA)-based decentralized lending protocol Centrifuge (CFG) to expand its Solana-based services today also seems to have contributed to the increase in online mentions of Solana. HyperLiquid recently caught attention as a whale (large investor) named James Wynn, active in HyperLiquid, made significant unrealized profits. As of yesterday (22nd), James Wynn is known to hold a long position in Bitcoin worth $1 billion, with unrealized profits amounting to $24.1 million. James Wynn predicted on X (formerly Twitter) today, "Bitcoin is eager to rise further," and forecasted that it could rise to between $115,000 and $118,000 by next weekend. HyperLiquid is trading at around $34.5, up approximately 13.4% from the previous day on CoinMarketCap as of the afternoon. Cetus Protocol seems to have increased online mentions due to the large-scale hacking incident. Adeniyi Abiodun, Chief Product Officer (CPO) of Sui developer Mysten Labs, announced today that $160 million of the funds stolen in the Cetus Protocol hacking have been frozen. Cetus Protocol reportedly contacted the Ethereum (ETH) wallet address managed by the hacker to negotiate the return of the stolen funds. Cetus Protocol is trading at around $0.17, down approximately 23.8% from the previous day on CoinMarketCap as of the afternoon. Avalanche gained attention yesterday as it was revealed that the International Federation of Association Football (FIFA) is collaborating with Avalanche to build its own Layer 1 blockchain. FIFA had previously launched Algorand (ALGO)-based non-fungible tokens (NFTs) ahead of the 2022 Qatar World Cup. Avalanche is trading at around $25.5, up approximately 6.7% from the previous day on CoinMarketCap as of the afternoon.

The US Commodity Futures Trading Commission (CFTC) has stated that "cryptocurrency perpetual futures contracts will be approved soon." Summer Mersinger, a CFTC Commissioner, said in an interview with Bloomberg TV on the 22nd (local time), "Several applications for (cryptocurrency perpetual futures contracts) have been received, and we will soon see them being traded," she said. Commissioner Mersinger stated, "(Allowing cryptocurrency derivatives trading) will have a very positive impact on the entire market and will be a great benefit to the industry overall." Cryptocurrency perpetual futures contracts are derivatives that allow trading based on price predictions without holding the cryptocurrency. Unlike traditional futures contracts, they have no expiration date and allow high-leverage trading. Cointelegraph reported, "Currently, such perpetual futures trading is not allowed in the US," and "it is only traded on overseas centralized exchanges (CEX) like Binance, OKX, and Bybit." Meanwhile, Commissioner Mersinger will retire from the CFTC at the end of this month. Cointelegraph stated, "(Commissioner Mersinger) plans to move to the position of CEO of the US cryptocurrency industry lobbying group, the 'Blockchain Association'."

The US Ethereum (ETH) spot Exchange Traded Fund (ETF) has recorded its largest daily inflow in about three months. According to TraderT on the 23rd (local time), the US Ethereum ETF saw a net inflow of $110.55 million (approximately 152 billion KRW) on the previous day (22nd). This marks the fifth consecutive trading day of net inflows. In terms of daily inflow size, it is the largest since February this year. Specifically, Grayscale ETHE saw a net inflow of $43.75 million. Fidelity FETH also recorded a net inflow of $42.45 million. Additionally, Bitwise ETHW saw a net inflow of $5.69 million, and Grayscale Mini ETH saw a net inflow of $18.86 million. There were no net inflows or outflows in the remaining ETFs.

The US Bitcoin (BTC) spot Exchange Traded Fund (ETF) has recorded its largest daily inflow in four months. According to TraderT on the 23rd (local time), the US Bitcoin ETF saw a net inflow of $934.21 million (approximately 1.3 trillion KRW) on the previous day (22nd). This marks the seventh consecutive trading day of net inflows, and it is the largest daily inflow since January this year. Specifically, BlackRock IBIT saw a net inflow of $876.65 million. Fidelity FBTC and Ark Investment ARKB recorded net inflows of $48.66 million and $8.9 million, respectively. There were no net inflows or outflows in the other ETFs.

Global investment banks (IB) such as JPMorgan and Citigroup are reportedly considering the joint issuance of stablecoins. The Wall Street Journal (WSJ) reported on the 22nd (local time) that "major U.S. banks are considering issuing joint stablecoins to compete with the cryptocurrency industry." WSJ stated, "Currently, participants in the (stablecoin) discussions include JPMorgan, Bank of America (BoA), Citigroup, and Wells Fargo," adding that "the bank consortium's discussions are still in the early stages." Large U.S. banks see stablecoins as a way to enhance the efficiency of financial transactions. Utilizing stablecoins can significantly increase the speed of transactions such as cross-border remittances and reduce costs such as fees. WSJ noted, "Stablecoins are an efficient means of moving funds," and "this move by the banking sector is the latest example of traditional finance and cryptocurrency finance getting closer." The biggest variable is the Genius Act (Stablecoin Act), which recently passed the first hurdle in the U.S. Senate. The U.S. Democratic Party intends to add anti-corruption provisions to the Genius Act, targeting the cryptocurrency business of former President Donald Trump and his family. WSJ reported, "(The bank consortium) could develop differently depending on future legislative procedures and market demand," and "how bills related to stablecoin issuance, such as the Genius Act, are passed will be an important variable."

There is speculation that the price of Bitcoin (BTC) could reach a new all-time high this week. On-chain analysis platform Santiment stated on its official X account on the 23rd (local time), "Bitcoin's new all-time high (ATH) is approximately $111,900," adding, "There is a high possibility that this record will be broken during the remaining days of this week." Santiment cited the 'average holding period' as the basis for this outlook. Santiment analyzed, "Historically, one of the strong indicators that a cryptocurrency has entered a bull market is the shortening of Bitcoin's average holding period," and noted, "Since the 16th of last month, the average holding period on the Bitcoin network has decreased from 441 days to 429 days." Santiment stated, "If the whales (large investors) who have been holding still so far start circulating Bitcoin back into the market, the network's average holding period will continue to decline, providing evidence that the unprecedented bull market remains valid."

The cryptocurrency Fear & Greed Index has entered the 'Extreme Greed' stage. According to the cryptocurrency data analysis firm Alternative on the 23rd, the Fear & Greed Index, estimated by Alternative, recorded 78 as of this day. This is a 6-point increase from the previous day (72). Typically, a Fear & Greed Index of 75 or above is classified as the extreme greed stage. This indicates that investor sentiment is overheated, suggesting a high possibility of future adjustments. Meanwhile, the cryptocurrency Fear & Greed Index entered the 'Greed' stage on the 23rd of last month.

It has been observed that more investors are betting on the rise of Bitcoin (BTC) prices in the cryptocurrency derivatives market. A contributor to CryptoQuant, a crypto on-chain analysis platform, stated on the 23rd through CryptoQuant that "the open interest (OI) indicator in the derivatives market shows that the positions held by investors are increasing," and "particularly, long positions are on the rise." CryptoQuant analyzed that "this trend has emerged after Bitcoin recently broke through a major resistance level," and "it can be interpreted as a signal indicating traders' expectations for a price increase in the coming days."

The US Democratic Party is adding anti-corruption provisions to the Genius Act (Stablecoin Act), which recently passed the first hurdle in the US Senate. According to Cointelegraph on the 22nd (local time), the Democrats plan to introduce an amendment to the Genius Act soon. The core of the amendment is to prohibit the US President from generating revenue through stablecoins. US Senator Jeff Merkley stated on X, "Passing the Genius Act without anti-corruption provisions is like Congress approving President Trump selling access to himself to the highest bidder." The Democrats have consistently pointed out potential conflicts of interest in the cryptocurrency business of the Trump family, World Liberty Financial (WLFI). The Democrats also insist that the guest list for private dinners held for top holders of Official Trump (TRUMP) should be disclosed. Senator Merkley noted, "Attendees of the Official Trump dinner could buy a meeting with the US President and request national security-related matters favorable to their country."

An analysis has emerged suggesting that the macroeconomic environment is favorable for the potential rise in Bitcoin (BTC) prices. Ryan Lee, Chief Analyst at Bitget, stated to Bloomingbit on the 23rd that "Bitcoin surpassing its new all-time high of $110,000 is a result of increased demand from institutional investors and expanded regulatory clarity." He added, "In particular, the continuous surge in demand for Bitcoin spot ETFs and the post-halving supply shortage are tightening the market, driving up prices." He also mentioned the possibility of further price increases. Analyst Lee analyzed, "The macroeconomic environment is also favorable for Bitcoin," noting that "expectations of interest rate cuts and ongoing inflation make Bitcoin more attractive as a hedge." He continued, "Many investors see $113,000 as a realistic short-term target for Bitcoin prices by June this year." He also emphasized risk factors. Analyst Lee stated, "In Bitcoin's history, sharp rises have often been accompanied by sharp declines," and warned that "a strong US dollar or new geopolitical tensions could easily break the upward momentum." He added, "Regulatory changes, such as the progress of the Genius Act (Stablecoin Act), will be key factors in determining investor confidence going forward."