JOON HYOUNG LEE

US Nasdaq-listed company ETHZilla is accelerating the sale of its Ethereum (ETH) holdings. Industry analysts say ETHZilla may have effectively abandoned the digital-asset treasury strategy (DAT) it introduced last July. According to Bloomberg on the 24th (local time), ETHZilla recently sold $74.5 million (about 100 billion won) worth of Ethereum to repay debt, the company disclosed to the U.S. Securities and Exchange Commission (SEC). ETHZilla also sold $40 million (about 60 billion won) worth of Ethereum in October. At that time, the Ethereum sales were for share buybacks. The Ethereum sold this time amounted to about 24,300 coins. With this sale, ETHZilla's Ethereum holdings fell to about 69,800 coins. ETHZilla's large-scale Ethereum sales are due to worsening DAT performance. Ethereum's price has been on a downward trend since last October. As of the 22nd, ETHZilla's mNAV (company value relative to Ethereum holdings) was 0.7. That means ETHZilla's corporate value is below the value of the Ethereum it holds. Some view that ETHZilla is pivoting its business. On the 22nd, ETHZilla said via X (X), "Going forward, the company's value will be determined by the growth in revenue and cash flows generated by the tokenization of real-world assets (RWA)," and "we will also discontinue providing the mNAV dashboard posted on the website." This effectively signals the possible abandonment of DAT. Earlier, ETHZilla announced in July that it would stockpile Ethereum, and changed its name from '180 Life Sciences' to ETHZilla. In August, ETHZilla attracted attention by receiving investment from Founders Fund, led by Peter Thiel, PayPal co-founder and Palantir board chairman.

Next year, U.S. cryptocurrency exchange Kraken's initial public offering (IPO) is expected to bring a large amount of new capital into the cryptocurrency industry. Dan Tapiero (Dan Tapiero), CEO of 50T Fund, said on X on the 23rd (local time), "Privately held digital asset companies with proven track records are beginning to list on the traditional finance (TradFi) market, opening up a whole new world of liquidity." Tapiero said, "Kraken's IPO is imminent, and (cryptocurrency industry) mergers and acquisitions (M&A) are accelerating," and "the bull market for Bitcoin (BTC) and digital assets is still in its middle phase." Earlier, Kraken filed an IPO application with the U.S. Securities and Exchange Commission (SEC) in early last month. The underwriters are Goldman Sachs and Morgan Stanley, and it is expected to list as early as the first quarter of next year. Kraken was valued at US$20 billion (about KRW 29 trillion) in the course of this listing push. However, industry views on next year's Bitcoin price outlook are divided. Global asset manager Fidelity recently predicted that Bitcoin will show a downward trend next year. Fidelity's key support range for Bitcoin next year is US$65,000–75,000.

The Philippines has blocked access within the country to global cryptocurrency exchanges such as Coinbase. On the 24th (local time), according to local media including the Manila Bulletin, the National Telecommunications Commission (NTC) ordered the blocking of access to 50 online trading platforms on the 22nd. The NTC said, "This measure is at the official request of the Bangko Sentral ng Pilipinas (BSP)," adding, "(The access blocks) aim to prevent the continued operation of unregistered platforms that expose the public to financial risk." The list of platforms affected by this measure has not been disclosed. However, it is reported that access to the U.S. cryptocurrency exchanges Gemini and Coinbase is currently blocked in the Philippines. Cointelegraph said, "The Philippines requires obtaining a local license as a decisive factor for entering its cryptocurrency market," adding, "This move shows that (Philippine) regulators are shifting from informal tolerance to enforcement." Previously, in December 2023, the Philippines blocked access to the global cryptocurrency exchange Binance. The NTC said, "(We) will continuously monitor the compliance of cryptocurrency exchanges at the request of the central bank," adding, "More global companies may be affected by tightened regulations."

The trend of open interest (OI) for Bitcoin (BTC) options on the U.S. Chicago Mercantile Exchange (CME) has prompted analysis suggesting the possibility of a price rebound. Contributor CW8900 of CryptoQuant wrote on the 24th (local time) via CryptoQuant, "Bitcoin CME options open interest indicates that buying pressure has entered a bottom range." CW8900 said, "Generally, call option open interest reaches its peak near the top of a price rally," adding, "in this cycle it peaked in December 2024 and then gradually declined." He also mentioned the trend of put option open interest. CW8900 said, "While call option open interest has reached bottom levels, put option open interest is rapidly increasing," and analyzed, "An increase in put options typically means expanding downward pressure, but it can also be interpreted as a signal suggesting the possibility of a market reversal." According to open interest indicators, the likelihood of a Bitcoin price rebound is increasing. CW8900 said, "Currently, whales (large investors) are accumulating Bitcoin on a large scale," and added, "Considering that participants in the options market currently have extremely low rally expectations, it can be interpreted that the likelihood of a market reversal is rather increasing."

HashKey Capital, a Hong Kong-based cryptocurrency asset manager, has raised $250 million to set up a new crypto fund. HashKey Capital said on the 24th (local time) that it completed the first closing of its new cryptocurrency fund 'HashKey Fintech Multi-Strategy Fund IV'. HashKey Capital said, "(At the first closing) we secured total investment commitments of $250 million," and "the final assets under management (AUM) target is $500 million." This fund is HashKey Capital's fourth crypto fund. HashKey Capital said, "This fund seeks a diversified investment strategy to advance the digital asset industry, focusing on infrastructure, scalability, and mass adoption," and "it will also pursue selective private-market investments in innovative industries to enhance returns." Meanwhile, HashKey Capital's first crypto fund achieved a distribution to paid-in (DPI) ratio of more than 10 times. DPI is an indicator showing actual cash recovery performance. Deng Chao, CEO of HashKey Capital, said, "By securing $250 million in new capital, we are in a unique position to capture growth opportunities in emerging markets," and "Fund IV will provide the essential momentum to scale such innovations globally."

Foreign-exchange authorities, high-intensity verbal intervention…exchange rate falls by more than 30 won "Weak won, strong determination" remarks "Different from past interventions" surprises market Seems to have sold more than $5 billion to lower the exchange rate All-in on year-end closing price management "Complete victory over the market…upside expectations broken" "Sustaining management through intervention will be difficult" On alert whether it will fall below 1450 won 'Excessive weakness of the won is undesirable. You will soon see the government's strong determination.' The foreign-exchange authorities' verbal intervention message, announced immediately after the opening of the FX market on the 24th, considerably surprised market participants. The authorities, who had used restrained language such as 'volatility' and 'caution', took issue with the direction of 'weakness' and even revealed an intention for actual intervention. Along with the authorities' 'ultra-strong warning' and an estimated dollar sell-off of more than $5 billion, the exchange rate fell by more than 30 won intraday. 33 won plunge…1440 won range for the first time in 50 days In the Seoul foreign exchange market that day, the won-dollar exchange rate (as of 3:30 p.m.) finished weekly trading at 1449 won 80 jeon, down 33 won 80 jeon from the previous day. The rate opened at 1484 won 90 jeon that day but plunged from the early session under the influence of the authorities' active market intervention. The intraday decline was the largest since November 11, 2022 (59 won 10 jeon), when expectations for the end of U.S. rate hikes spread. Around 9 a.m. that day, the foreign-exchange authorities made an official verbal intervention in the names of Kim Jae-hwan, Director General for International Finance at the Ministry of Economy and Finance, and Yoon Kyung-soo, Director General for International Affairs at the Bank of Korea. The authorities stated, "You will soon see that holding a series of meetings over the past one to two weeks and announcing respective measures by each ministry and institution was a process of organizing the situation to demonstrate the government's strong determination and comprehensive policy implementation capability." It was the first time in a year and eight months since April 16 last year, when the exchange rate touched 1400 won, that a director-level official from the FX authorities directly carried out verbal intervention. The market noted that the verbal intervention was stronger than at any previous time. During last year's verbal intervention, the authorities said they were "watching exchange rate movements and foreign exchange supply and demand with particular caution." This time, however, they mentioned the exchange rate level as a problem, calling it weakness, and strongly revealed the government's willingness to intervene. Alongside the verbal intervention, the market estimates that an actual large-scale dollar sell-off took place. An FX executive at a commercial bank said, "The government showing a strong verbal intervention stance from early morning should be seen as a determination to sell a considerable amount of dollars," adding, "Considering the exchange rate fell to the 1440 won range, more than $5 billion likely came out during the day." Will it fall below 1450 won by year-end? In the FX market, there is a high likelihood that the authorities' market management will continue until year-end. A finance industry source said, "If the exchange rate rises further from here, not only importers but also exporters who purchase intermediate goods overseas to manufacture finished products will face higher cost burdens, and domestic prices and interest rates could rise together," adding, "When the government steps in directly, it appears set to intervene strongly enough that one should not oppose it, and it seems likely to calm the exchange rate." The authorities have not hidden their stance on managing the year-end closing price. Han Jeong-su, Deputy Governor of the Bank of Korea, recently said at a press briefing, "A sharp rise in the exchange rate could burden financial institutions' capital ratios at year-end," and "We are closely monitoring market conditions as volatility has increased." A senior FX authority official said, "National economic report cards, such as GDP per capita, are often linked to year-end exchange rates," and "the government cannot help but be attentive." Park Sang-hyun, a research fellow at iM Securities, said about the day's exchange rate movement, "The forces held on but were pressed by the authorities, resulting in a staircase-like decline in the exchange rate," and "the authorities achieved a complete victory in the market." He added, "I don't think the authorities will create a trend of the exchange rate rising again until year-end," and "I initially expected the year-end closing price to be 1450 won, but it could fall to around 1440 won." Choi Ji-wook, a researcher at Korea Investment & Securities, forecast, "If the year-end exchange rate falls below 1450 won, upside expectations will be dampened and stability may appear." However, there is also the view that sustaining exchange rate management through intervention will be difficult. Lee Yoon-su, a professor of economics at Sogang University, warned, "The authorities can pull the exchange rate down in the short term to manage it for year-end, but it is difficult to dampen expectations for overseas investment," adding, "The exchange rate could revert again in early next year." Kang Jin-kyu/Kim Jin-sung josep@hankyung.com

U.S. Nasdaq-listed Upexi, a company that stockpiles Solana (SOL), saw its stock plunge. The move appears to be due to its announcement that it plans to raise up to $1 billion. According to Cointelegraph on the 24th (local time), Upexi's stock fell about 7.5% on the previous day (23rd). Cointelegraph reported, "The stock fell after Upexi disclosed that it would newly raise up to $1 billion to increase its Solana holdings and seek additional Solana-related business opportunities." Earlier, on the previous day (23rd), Upexi filed with the U.S. Securities and Exchange Commission (SEC) an application to issue securities worth up to $1 billion. In its filing, Upexi said the funds raised through the securities issuance would be used for general corporate purposes such as capital expenditures, research and development (R&D), and acquisitions/investments. Cointelegraph said, "Upexi is focusing on a strategy to maximize its Solana holdings and stake them to receive additional token rewards." According to CoinGecko, Upexi's Solana holdings were estimated at about 2.1 million tokens as of that day. They are valued at $262.3 million (about 380 billion won). By holdings alone, it ranks fourth among companies that stockpile Solana.

Ethereum (ETH) prices have become more sensitive than before to capital flows such as exchange-traded funds (ETFs), an analysis found. Cryptocurrency analytics firm Matrixport said on its official X account on the 24th (local time), "Currently, with 'underlying demand(underlying demand)' contracted, Ethereum and the cryptocurrency market as a whole have become very sensitive to capital flows," and analyzed, "Previous bull markets were driven by narratives such as adoption expansion and network growth," adding, "(In contrast) this cycle's key is where capital moves, how quickly it accelerates, and when it suddenly stops." Matrixport emphasized that capital flows such as ETFs should be closely watched for the time being. Matrixport said, "Ultimately what moves cryptocurrency prices is capital inflows, not adoption or real use cases," noting, "This was clearly seen in the case where Ethereum spot ETFs attracted $10 billion in funds and Ethereum's price surged from $2,600 to $4,500." It added, "Understanding and proactively identifying the dynamics of such capital flows will be at the center of future research," and "(capital flows) are an important analytical point as we move toward next year." Meanwhile, U.S. Ethereum spot ETFs returned to net outflows on the 23rd (local time). After 7 consecutive trading days of net outflows, they briefly returned to net inflows on the 22nd before switching back to net outflows the next day.

Global cryptocurrency exchange Binance is conducting a promotion for the dollar stablecoin USD1. USD1's market capitalization surged immediately after Binance's promotion announcement. Binance said on the 24th (local time) that it will run a promotion for the USD1-based financial product 'USD1 Simple Earn Flexible Product' until the 23rd of next month. Binance explained, "Users who subscribe to the product during the promotion period can receive up to 20% APR benefits, including real-time annual percentage rate (APR) rewards and tiered bonus APRs." Specifically, the product's real-time APR rewards are updated every minute and paid into Binance users' accounts. The tiered bonus APR rewards are paid daily into users' spot accounts. The maximum 20% APR benefit applies to up to $50,000 of USD1. Following the promotion news, USD1's market cap showed an increase. UBlockchain reported, "USD1 supply surged by 45.6 million units within hours after Binance launched the promotion." According to CoinMarketCap, USD1's market cap was $2.84 billion as of 4:17 p.m. that day, up 4.14% from the previous day. Meanwhile, USD1 is a stablecoin issued by World Liberty Financial (WLFI), the cryptocurrency project of the family of U.S. President Donald Trump.

Whale (large investor) selling pressure on Bitcoin (BTC) has been weakening, according to the analysis. A CoinCare contributor to CryptoQuant said on the 24th (local time) through CryptoQuant, "Looking at the 30-day trend of whale funds flowing into exchanges, the indicator has fallen to the lower range observed in this cycle." CoinCare said, "(The decline in inflows) means that whale-driven selling pressure is gradually being exhausted," and added, "Historically, technical rebounds have repeatedly occurred soon after reaching this level." Regarding recent market trends, it described them as a "directionless stagnation phase." CoinCare said, "Late December is a period when liquidity decreases due to seasonal factors," and said, "This Friday a large options expiry is scheduled, so active risk-asset betting is constrained." It added, "As a result, both buying and selling have become cautious," and analyzed, "However, periods of low volatility in the Bitcoin market have always acted as a stage that compresses energy." It also offered a forecast for the first quarter of next year. CoinCare said, "On-chain data is effective at interpreting past and present market behavior but does not capture future demand," adding, "In the first quarter of next year, there is a possibility that institutional rebalancing funds will flow in on a large scale." It continued, "The potential demand from institutions and corporations is structurally larger than whale funds," and added, "When such funds enter the market, price reversals tend to unfold not gradually but suddenly."

Kim Chaerin Solana Foundation APAC Growth Joined Solana during university "My conviction grew after the FTX incident" Promoted from DevRel to APAC Growth in one year "The crypto scene never gets boring" 'Meeting good people and having good conversations.' This is the basic intent of Blooming Lunch. We meet the good people of the Crypto Scene (blockchain and virtual asset ecosystem) and share their work and lives. Kim Chaerin, Solana (SOL) Foundation Asia-Pacific (APAC) Growth, dropped out of university last month. It had been four years since she enrolled. Regarding her withdrawal, Kim said, "Basically, there were many business trips, so it was difficult to combine them with studies," adding, "While working, I still had a university registration, so I sometimes felt like I was still a junior." Kim has worked at the Solana Foundation since 2022. The trigger was the blockchain club 'Ewha Chain,' which she joined shortly after entering university. At the time, Kim, who served as president of Ewha Chain, said she had invited Solana Foundation representatives to club events several times. Kim said, "The Solana Foundation offered me a job first," and added, "Since I was attending school, I initially said I would try part-time work, which turned into full-time." I met Kim at 'Restaurant Uovo' in Gangnam-gu, Seoul. It has received a Blue Ribbon every year since 2022. Blue Ribbon described Restaurant Uovo as "an Italian restaurant popular for its fresh pasta" and said, "You can enjoy various starters and steaks in addition to pasta." Kim said she often visits because the restaurant is near her home and she likes fresh pasta. We first ordered the appetizer, flatfish carpaccio. It's a dish of aged flatfish sashimi served with lemon, pomegranate, black olives, and other ingredients. After eating the focaccia served as the pre-meal bread, I tasted the carpaccio. The fruit's freshness and the chewiness of the aged sashimi combined to create umami. Kim said, "(The carpaccio) is a dish I always order when I come to this restaurant," adding, "Its tanginess seems to whet the appetite." Promoted to 'APAC Growth' in just one year We continued our conversation over the meal. When Kim first joined the Solana Foundation, her role was 'DevRel (DevRel·Developer Relations).' DevRel is responsible for managing and supporting developer communities. Kim explained that her major in computer engineering was an asset in communicating with developers. She said, "Originally, I wanted to be a developer who builds blockchain cores," adding, "But while working, I realized I enjoy thinking about how to apply technology to the real world more than just digging into the technology." Shortly after, Kim was promoted to 'APAC Growth.' It was one year after joining the Solana Foundation. Her scope of work expanded from supporting developer communities to managing the Solana ecosystem in the Asia-Pacific region. Kim said, "Working at the foundation strengthened my conviction in both the crypto scene and Solana's potential." The catalyst was Solana's annual conference 'Breakpoint.' Kim said, "I attended Breakpoint around November 2022," and recalled, "I remember the FTX incident happening while I was on my way to the airport after the event." The FTX incident was the bankruptcy of FTX, then the world's third-largest cryptocurrency exchange, due to a liquidity crisis in 2022. Because most Solana-based cryptocurrencies were listed on FTX, the Solana ecosystem also suffered considerable damage at the time. Kim said, "(Right after the FTX incident) Solana's price, which had been around $30–$40, fell to about $8." She added, "(Due to the FTX incident) liquidity in the Solana ecosystem also plummeted," explaining, "This is why many viewed the Solana ecosystem as being in crisis at the time." "FTX incident strengthened my conviction about Solana's future" Our ordered tomato pasta and bottarga pasta arrived while we were talking. The rich flavor of the cheese on the tomato pasta enhanced the umami of the tomato sauce. The bottarga pasta was a squid-ink pasta with a butter sauce blended with roasted garlic and topped with bottarga. The combination of bottarga and butter sauce was impressive. The bottarga pasta is a dish Kim always orders at Restaurant Uovo along with the flatfish carpaccio. After tasting the pastas one after another, Kim continued. She said, "Ironically, that incident made me more confident about Solana's future," explaining, "Because the human fundamentals of the Solana ecosystem did not waver at all despite the FTX incident." She added, "Among the colleagues I worked with at the time, almost none left the foundation or the Solana ecosystem after the FTX incident," and said, "All of them sincerely worked to maintain and rebuild the Solana ecosystem." Kim emphasized, "Being part of the Solana ecosystem is like having friends all over the world." She said, "It's hard to express precisely in words, but there is a unique cohesiveness in the Solana ecosystem," adding, "This cohesiveness enables the solidarity of the Solana ecosystem." Kim said that when her ecosystem colleagues visited Korea, they once rented a large bus and toured together. While talking, we ordered ragu pasta. It's a pasta made with ragu sauce simmered with beef and red wine. While considering an additional order, Kim recommended it, saying, "It's a menu I order often." Thick tagliatelle fresh pasta mixed with olive oil was topped with rich ragu sauce and peas. When asked what sparked her interest in the crypto scene, Kim replied, "When I was in Jeju." Kim spent her school years in Jeju before entering university. A blockchain seminar she accidentally attended in high school led her into the crypto scene. She said, "When I first encountered blockchain technology, I was fascinated by the concept of 'decentralization,'" and explained, "In retrospect, it's a concept that directly questions the conventional systems we usually think of, so it was intriguing." Jeju made efforts in 2019 to attract a blockchain special zone. It was competing with Busan, the current blockchain special zone, to attract the designation. This context also explains why domestic blockchain companies held workshops and seminars in Jeju at the time. Kim said, "After first encountering blockchain, I attended many seminars to study the technology and gradually realized how significant decentralization is," adding, "I usually get bored quickly when starting something new, but I have never felt boredom with blockchain." "Opportunities to be a pioneer remain, but next year may be the last" After finishing the meal, we moved to a nearby cafe, 'Fresca 29 Coffee.' It's a specialty cafe that brews coffee with beans roasted in-house. Kim and I ordered two filter coffees brewed with 'El Salvador El Angel Pacamara' beans. A small note that came with the coffee listed tasting notes for the beans: apple, black tea, pumpkin candy, and dried fruit. Over coffee, we talked about the appeal of the crypto scene. Kim said, "(The crypto scene) changes every day, so you can't structurally repeat the same tasks," explaining, "This means people who quickly get bored with repetitive work have no time to feel bored here." She added, "If you let go of some obsession with stability, there are truly many opportunities to do new things in the crypto scene." She cited 'opportunity' as another attraction. Kim said, "In traditional industries, you generally have to get a degree to prove your qualifications first," and said, "In contrast, the crypto scene offers work opportunities even without proving yourself with a degree, which is the greatest appeal." Kim said, "Because the industry's history is short, there are still many opportunities to become a pioneer in the crypto scene," and added, "(However) I think next year will be the last chance to become a pioneer." Kim predicted, "From next year, the (cryptocurrency) industry will grow in earnest." She said, "Next year will be a time when the performance of the stablecoin industry becomes visible," and added, "Although exact performance cannot be precisely predicted, stablecoins will emerge as an indispensable business across most industries." When asked about hobbies, Kim replied, "I like watching soccer and playing it myself." She said she had a one-on-one soccer lesson scheduled even after the interview. Kim laughed and said, "I tried various hobbies since childhood and settled on soccer." We wrapped up the interview after chatting about small talk. Kim said she is getting married next year. After offering congratulations, we said goodbye in front of the cafe. The snow that had been falling since the morning had stopped by then. This interview did not receive support or monetary compensation from any specific restaurant or brand and was conducted without commercial intent. The 'Blooming Lunch' column aims to capture informal, free conversations in the interviewee's favorite regular restaurant.

Paolo Ardoino, Tether (USDT) chief executive officer (CEO), cited the 'artificial intelligence (AI) bubble' as Bitcoin's (BTC) biggest risk next year. According to Cointelegraph on the 18th (local time), Ardoino appeared on a podcast and said, "Bitcoin still has an excessive correlation with capital markets." Ardoino said, "(Bitcoin) could be affected by an AI bubble or by a stock market bubble expected to form amid the current AI boom," and "aside from next year's AI bubble-related risks, increased adoption by governments and pension funds would leave no major risk factors for Bitcoin's performance." He also offered the view that even if a bear market comes, the decline would not be large. Ardoino said, "A sharp correction of around 80% like the ones seen in 2022 or early 2018 will no longer occur." He also mentioned digital asset treasury (DAT) firms. Ardoino said, "I'm not very optimistic about companies that are simply DAT firms," and "DAT firms must have excellent operational capabilities."

U.S. fintech firm SoFi (SOFI) has launched a dollar stablecoin. On the 18th (local time), CoinDesk reported that SoFi launched the dollar stablecoin 'SoFiUSD'. SoFiUSD is issued by SoFi Bank, a U.S. national bank. This is the first time a U.S. national bank has issued a stablecoin. A feature of SoFiUSD is that its value is pegged 1:1 to cash deposited at the U.S. Federal Reserve (Fed). CoinDesk said, "Users can redeem (the stablecoin) immediately without credit or liquidity risk," and "It operates on a public blockchain, allowing funds to be transferred 24 hours a day with near-instant speed and low cost." Anthony Noto, SoFi's chief executive officer (CEO), said, "Companies are struggling with slow payments, distributed service providers, and unverified reserve models," and "We will use the infrastructure built over the past 10 years to solve problems in financial services."

North Korea reportedly hacked US$2 billion (about 3 trillion won) worth of cryptocurrency this year. On the 18th (local time), Bloomberg reported that blockchain analysis firm Chainalysis released a report with these findings. According to the report, the cryptocurrency stolen by North Korean hackers this year (US$2 billion) has increased by more than 50% over the past year. Bloomberg said, "North Korea's cryptocurrency hacks account for a substantial portion of the industry's US$3.4 billion in losses this year." North Korea's cumulative cryptocurrency thefts have been calculated at at least US$6.75 billion. Andrew Peerman, Chainalysis's head of national security intelligence, told Bloomberg, "Cryptocurrency hacks have become a profitable means of funding for North Korea," adding, "As a result, (cryptocurrency) hacking proceeds are used to support the North Korean regime and to strengthen their weapons of mass destruction programs."

Last week, U.S. initial jobless claims matched market forecasts. The U.S. Department of Labor said on the 18th (local time) that last week's initial jobless claims totaled 224,000. This figure matches experts' forecast (224,000). It is 13,000 fewer than the previous week's revised figure (237,000). Continuing claims, those filing for unemployment benefits for two consecutive weeks, totaled 1,897,000. This is 67,000 more than the previous week's revised figure (1,830,000). Compared with the market forecast (1,930,000), it is 33,000 fewer. Initial jobless claims are an indicator that can gauge whether the U.S. labor market is overheated. If jobless claims increase, it can be interpreted as meaning that an overheated labor market is cooling. Experts are watching employment indicators such as jobless claims. This is to assess the impact of Donald Trump's aggressive tariff policies on corporate decision-making.

The United States' November consumer price index (CPI) rise came in below market expectations. The U.S. Bureau of Labor Statistics (BLS) under the U.S. Department of Labor said on the 18th (local time) that last month's CPI rose 2.7% year-on-year. This was 0.4% percentage points below experts' expectations (3.1%). Core CPI, which excludes volatile food and energy, rose 2.6% from a year earlier. This figure was 0.4% percentage points below experts' expectations (3.0%). Energy and food CPI rose 4.2% and 2.6% year-on-year, respectively. Because inflation rose less than expected and employment slowed at the same time, the likelihood of future rate cuts increased. Earlier, data released on the 16th showed U.S. nonfarm payroll employment increased by 64,000 last month. This is a sharp decline compared with the September increase (119,000). The unemployment rate also rose to 4.6% from 4.4% in September, marking the highest level since the COVID-19 pandemic and reflecting a weakened U.S. labor market. Meanwhile, the BLS did not publish the monthly rate in its announcement because it was unable to collect October price data due to the recent U.S. federal government shutdown. It determined that it was impossible to collect price data retroactively, so October CPI statistics were not compiled.

Tokenized stock platform XStocks (XStocks) is launching tokenized stock trading services based on the Toncoin (TON) blockchain. XStocks said on the 18th (local time) via its official X (X) account that it will support tokenized stock services on Toncoin. Toncoin is a blockchain based on the global messenger application (app) Telegram. This is the third blockchain that XStocks supports for tokenized stock services, after Solana (SOL) and Ethereum (ETH). XStocks explained, "(The tokenized stock) service is supported through integration with the non-custodial wallet 'Toncoin Wallet' built into Telegram," and "(Telegram) users can trade tokenized stocks directly within the messenger app." XStocks is a tokenized stock and exchange-traded fund (ETF) trading platform launched by U.S. cryptocurrency exchange Kraken in the first half of this year. XStocks said, "Through this expansion, it will establish tokenized stocks as the standard for all consumer apps beyond crypto apps."

Adam Back, an early Bitcoin (BTC) developer and CEO of Blockstream, said the risk that quantum technology poses to Bitcoin is "virtually 'zero (0)'". On the 18th (local time), via X, CEO Back said, "Bitcoin does not use 'encryption'" and that "in the short term, the (quantum technology) risk is virtually zero." CEO Back said "(the threat from quantum technology) will take decades" and added that "to verify whether (quantum technology) is feasible on a practically meaningful scale, there are massive research and development (R&D) problems across applied physics." CEO Back's remarks appear aimed at the Bitcoin hacking risks that have been steadily raised in the cryptocurrency industry recently. Charles Edwards, founder of U.S. crypto investment firm Capriole, said the previous day (17th) that "if countermeasures for (quantum technology) are not deployed by 2028, the price of Bitcoin will fall below $50,000." He emphasized, "the (quantum technology) issue must be resolved next year," adding, "otherwise Bitcoin will face the largest bear market in its history." Cryptocurrency expert and macroeconomist Luke Gromen also appeared on a recent podcast and said, "Quantum computers could threaten the entire cryptocurrency ecosystem," and that "in the medium to long term, they will weigh on Bitcoin's price."

The Bank of England (BoE), the UK central bank, cut the base rate by 0.25% percentage points. The Bank of England said on the 18th (local time) after a Monetary Policy Committee (MPC) meeting that it would cut the base rate to 3.75% from 4.0% by 0.25% percentage points. This is the sixth rate cut since August last year. Five MPC members voted in favor of the cut, and four supported holding rates steady. The base rate of 3.75% is the lowest level in 2 years and 10 months since early 2023. The Bank of England raised rates from 3.5% to 4.0% at the MPC in February 2023. The 0.25% percentage point rate cut aligns with market experts' forecasts. According to a Reuters survey last week, experts expected the Bank of England to cut rates by a 5-to-4 vote at this MPC. Earlier, the Bank of England held rates steady at last month's MPC. At that time, five MPC members supported holding rates, and four supported a 0.25% percentage point cut.

Trump Media & Technology Group is seeking a merger with U.S. nuclear fusion technology startup TAE Technologies. On the 18th (local time), according to Fox Business, Trump Media announced that it had signed a merger agreement with TAE Technologies. Trump Media is the operator of U.S. President Donald Trump's social media platform Truth Social. The merger will be carried out as an all-stock exchange valued at $6 billion. Trump Media plans, after merging with TAE Technologies, to select the site for the world's first large-scale fusion power plant next year and then begin construction. Trump Media said, "Fusion power plants provide abundant electricity economically and reliably," and "will help the United States win the artificial intelligence (AI) revolution and maintain dominance over the global economy."

An analysis says retail investor demand for Ethereum (ETH) has substantially weakened recently. A CryptoOnchain contributor to CryptoQuant said, "(Ethereum's) number of active sending addresses recently fell to 170,000," adding, "This means retail investors have already exited the market or currently have almost no willingness to trade." CryptoOnchain said, "Historically, retail investor activity tends to shrink significantly after prolonged volatility and adjustment phases," and "This reflects weakened short-term confidence and market participation." CryptoOnchain noted, "(Retail investor) activity contraction often coincides with phases where selling pressure is exhausted." It added, "Selling pressure is gradually weakening, but new demand has not yet begun to flow in earnest," and analyzed, "Because retail funds mainly form momentum in the early rebound phase, the absence of retail investor participation can limit upside potential in the short term." It added, "However, periods of reduced (retail investor) activity have often coincided in the past with times when large, long-term investors begin accumulating." The analysis suggests that the number of active sending addresses could become a key indicator of a future Ethereum price rebound. CryptoOnchain said, "The current situation clearly shows short-term weakness and retail investor exit," adding, "Such an environment has historically often been observed near structural bottoms." It continued, "A genuine recovery signal will be captured when prices stabilize and the number of active sending addresses gradually rebounds," adding, "Conversely, if address activity declines further or remains stagnant for a long time, Ethereum may enter a deeper sideways phase."

U.S. cryptocurrency exchange Coinbase has appointed former UK Chancellor George Osborne as chair of its internal advisory board. According to Reuters on the 18th (local time), Coinbase announced that it had appointed former Chancellor Osborne as chair of the advisory board. Earlier, Coinbase had hired Osborne as an adviser in January 2024. Osborne plans to serve as advisory board chair in the UK rather than the United States. Faryar Shirzad (Faryar Shirzad), Coinbase's Chief Policy Officer, told Reuters, "Coinbase now seeks to expand its influence on policy decisions outside the United States, particularly in the UK and the European Union (EU)," adding, "(Osborne) will play a more active role in working with policymakers around the world." Meanwhile, Osborne served as the UK Chancellor of the Exchequer from 2010 to 2016. OpenAI, the developer of ChatGPT, recently hired Osborne as part of its overseas data center expansion strategy. Osborne said, "As (Coinbase) advisory board chair, I will have the opportunity to learn more about the revolution that blockchain, stablecoins, and tokenization will bring to the financial system."

Analysis has emerged that Bitcoin (BTC) prices are trapped in a structurally fragile trading range. It is pointed out that breaking above the 101,000 dollars range is necessary to secure sustained upward momentum. On-chain analytics firm Glassnode said in its weekly report on the 17th (local time), "Bitcoin is trapped in a structurally fragile trading range," and "the fact that it gradually fell to 85,600 dollars after encountering resistance near 93,000 dollars recently shows that there is still heavy selling pressure at the top." Glassnode said, "The supply zone of 93,000–120,000 dollars, where past high-price buyers are concentrated, is still suppressing rallies," and "if Bitcoin's price stays below the 0.75 quantile of 95,000 dollars and fails to recover the short-term holders' (STH) 'average purchase price (cost basis)' of 101,500 dollars, upward momentum is likely to be limited." It cited the 81,000 dollars range as a support level. Glassnode analyzed, "Currently, buying demand around the 'True Market Mean' of 81,300 dollars is stepping in to defend and prevent a deeper (price) collapse," and "over time, accumulating stress from increasing unrealized and realized losses will heighten investors' psychological pressure." It also analyzed that spot and futures market indicators remain constrained. Glassnode noted, "Spot demand is still selective and short-term," and pointed out, "Buy-ups of Bitcoin by digital asset treasury (DAT) firms occur intermittently, increasing volatility but failing to provide structural support." It added, "In the futures market, de-risking (risk diversification) strategies are spreading," and "open interest (OI) is declining and funding rates remain at neutral levels, indicating a lack of speculative conviction." Meanwhile, Bitcoin's price briefly surpassed 90,000 dollars that day. However, in just one day it fell more than 5% and tumbled to the 85,000 dollars range. As of 4:36 PM that day, Bitcoin was trading on CoinMarketCap at 86,770.35 dollars, down 0.34% from the previous day.

An analysis said that Bitcoin (BTC) prices could fall further due to liquidity stagnation. Mignolet, a CryptoQuant contributor, said on the 18th (local time) via CryptoQuant, "The supply imbalance between Bitcoin and Ethereum (ETH) is deepening again," and "The current market situation is very similar to the period when Bitcoin traded at the upper $100,000 range." Mignolet emphasized that "liquidity is stagnant." He noted, "Buy-side liquidity is rapidly being depleted, and the remaining liquidity is merely circulating within the market rather than flowing in from outside," and added, "Unless new capital inflows occur, it will be difficult to resolve the supply imbalance." He also pointed out the possibility of further declines. Mignolet said, "Historically, such supply imbalances have only been adjusted through price declines," and "the same phenomenon occurred when Bitcoin traded in the upper $100,000 range, and the same pattern is forming again now." He continued, "If new liquidity does not flow into the market, a short-term rebound or a long-term sideways phase may follow," and added, "However, such movements are likely to be rebounds without structural significance and are likely to lead to further declines afterward."

Christopher Waller, a member of the U.S. Federal Reserve (Fed), has come out in support of additional cuts to the policy rate. Waller said at a CNBC forum on the 17th (local time), "The current policy rate is up to 1 percentage point higher than the neutral rate," and added, "The policy rate can be gradually lowered to a neutral level." The neutral rate is the real interest rate the Fed ideally regards as not increasing inflation while maximizing employment. Waller's remarks can be read as a message that further rate cuts are effectively necessary. However, Waller stressed, "There is no need to rush." Waller said, "Because inflation is still high, we can take time rather than rushing a cut." Meanwhile, Waller is one of the people mentioned as a candidate for the next Fed chair. Waller is scheduled to be interviewed by U.S. President Donald Trump that day. In response to questions about the Fed's independence, he said, "I have studied the independence and importance of central banks for 20 years," expressing his intention to maintain independence.

The price of Bitcoin (BTC) has surpassed 90,000 dollars. On the 18th, according to CoinMarketCap, as of 00:07 a.m. Bitcoin was trading at 90,170.65 dollars, up 3.34% from the previous day. Compared with a week ago, this is 2.12% lower. The Kimchi premium was in the 0% range. According to CryPrice, as of 00:07 a.m. the Kimchi premium was calculated at 0.65%.

The price of Bitcoin (BTC) exceeded $89,000. On the 17th, according to CoinMarketCap, Bitcoin was trading at $89,338.3 as of 11:56 p.m., up 2.45% from the previous day. Compared with a week earlier, it was down 2.59%. The kimchi premium recorded 0%. According to Cryprice, as of 11:56 p.m., the kimchi premium was 0.74%.