JOON HYOUNG LEE

Global cryptocurrency exchange Binance is reportedly considering a plan to reduce the equity stake of co-founder Changpeng Zhao (CZ) in its U.S. unit. On the 17th (local time), Bloomberg reported that Binance has recently launched an internal review to reorganize its U.S. arm, Binance US. The reorganization measures include a plan to lower Changpeng Zhao's stake in Binance US. Bloomberg said, "(Binance US's) Changpeng Zhao stake has been a major obstacle to business expansion into key U.S. states," adding, "Current (reorganization) discussions are in a fluid state." Binance has recently been pushing to expand its U.S. business on the back of the resolution of founder Changpeng Zhao's legal risks. Previously, U.S. President Donald Trump pardoned founder Changpeng Zhao in October. Changpeng Zhao was convicted in November 2023 on charges including violating the Bank Secrecy Act. Binance US's share of the U.S. cryptocurrency market is effectively close to 'zero (0)'. The founder Changpeng Zhao recently said that Binance US's U.S. market share once reached 35% but has since fallen to virtually 0%. Bloomberg said, "If Binance were to buy some or all of founder Changpeng Zhao's stake, it could appoint new management and pursue a business strategy for expansion," adding, "(In that case) it could also leverage Washington, D.C.'s political network." There is also time pressure. With next year's U.S. midterm elections potentially increasing the Democratic Party's influence or leading to a change in administration, the regulatory climate favorable to the cryptocurrency industry could rapidly shift.

Global e-commerce company Amazon is reportedly in talks to invest more than US$10 billion (about 15 trillion won) in OpenAI, the developer of ChatGPT. On the 16th (local time), Bloomberg and the Financial Times (FT) reported that Amazon recently entered such talks with OpenAI. Amazon's valuation of OpenAI is said to be at least US$500 billion (about 740 trillion won). One source told Bloomberg, "The deal could include OpenAI using Amazon Web Services (AWS)'s own artificial intelligence (AI) chip 'Trainium'." Another source told the Financial Times, "(The deal) would include the use of Trainium and an expansion of AWS cloud leases." Meanwhile, the investment talks are reported to be at an early stage.

Thanks to the recent rise in gold prices, the market capitalization of 'tokenized gold' has surpassed US$4.2 billion (about 6.2 trillion won). On the 17th (local time), according to CoinGecko, the market cap of tokenized gold exceeded US$4.2 billion that day. The market cap of tokenized gold surged 147% over the past six months. Cointelegraph reported, "About 90% of the current tokenized gold market is occupied by Tether (USDT)'s XAUT and Paxos's PAXG." International gold prices, which had fallen after peaking last October, have recently shown a steep upward trend and are approaching an all-time high. Silver and copper prices have also recently hit record highs, and the prices of 'gold, silver and copper' are continuing a joint rally. Platinum prices also at one point reached US$1935 per troy ounce that day, marking the highest level in 14 years since 2011. Platinum has faced a supply shortage due to production disruptions in major producing countries South Africa and Russia. The surge in gold prices has also significantly increased demand in China and elsewhere to buy relatively cheaper platinum.

Ethereum (ETH) whales (large investors)' unrealized profit has been analyzed as effectively approaching 'zero'. CW8900, a CryptoQuant contributor, said on the 17th (local time) through CryptoQuant, "Ethereum whales' unrealized profit is currently close to zero," and "despite the recent sharp drop in Ethereum's price, whales did not sell and did not stop accumulating." CW8900 said, "The realized price of Ethereum whales is currently almost identical to the current market price." Realized price is the average purchase price of all investors. The analysis is that most Ethereum whales judged that the current cycle has not ended. CW8900 said, "The fact that Ethereum whales effectively have no unrealized profit means they did not realize gains in this cycle and are instead increasing their holdings," and "if the whales thought the cycle was ending, there would be no reason to buy more Ethereum during a downtrend." CW8900 emphasized, "This means the current price level is perceived as an opportunity to buy Ethereum at the lowest possible price range." He added, "The market is being driven by whales," and "those whales are still continuing to accumulate." Meanwhile, as of 9:07 p.m. on the day, Ethereum was trading on CoinMarketCap at 2933.59 dollars, down 0.86% from the previous day. Compared with a week ago, it is down 11.57%.

The total meme coin market capitalization has plunged by nearly 70% over the past year. On the 16th (local time), according to CoinGecko's '2025 Meme Coin Report', the entire meme coin market was measured at 47.2 billion dollars as of last month. Compared with about a year ago in December last year (150.6 billion dollars), it shrank by about 68.7%. CoinGecko said, "The total meme coin market cap reached an all-time high last December thanks to U.S. President Donald Trump's re-election," adding, "However, the meme coin market fell sharply following the controversial launches of OfficialTrump (TRUMP) and Libra (LIBRA) in January." Trading volume also plunged. The average daily trading volume of meme coins was below 5 billion dollars as of the beginning of this month. Compared with the previous year's daily average trading volume (9.7 billion dollars), it was roughly halved. At one point last year, daily meme coin trading volume even surged to as high as 87.4 billion dollars. That was influenced by U.S. crypto exchanges such as Robinhood and Coinbase listing popular meme coins like Pepe (PEPE) and Dogwifhat (WIF).

The U.S. XRP (XRP) spot exchange-traded fund (ETF) has been drawing institutional funds and continuing its streak of net inflows. Meanwhile, the XRP token price has remained weak. On the 17th (local time), cryptocurrency data analytics firm SoSoValue said the U.S. XRP spot ETF recorded 22 consecutive trading days of net inflows as of that date. Since its launch on the 14th of last month, the XRP spot ETF has not experienced any net outflows. Cumulative net inflows have surpassed $1 billion. According to SoSoValue, cumulative net inflows into the XRP spot ETF stood at $1.01 billion (about 1.5 trillion won) as of that date. Total net assets were about $1.16 billion (about 1.7 trillion won), approaching $1.2 billion. Despite the ETF's strong performance, the XRP price has struggled. According to CoinMarketCap, XRP was trading at $1.9 as of that date, down nearly 16% over the past month. The price fell despite the launch of a spot ETF, which usually acts as bullish news for token prices. The short-term outlook is not bright. Cointelegraph reported, "XRP futures buy volume on Binance peaked at over $5.8 billion in July but then plunged to about $250 million, falling by nearly 96%," and added, "This sharp drop shows that buying pressure across the altcoin market has contracted sharply."

Bitcoin (BTC) and other cryptocurrency markets have entered a slowdown phase, according to an analysis. A CryptoQuant contributor for XWIN Research Japan said on the 17th (local time) via CryptoQuant that "the cryptocurrency market has clearly entered a slowdown phase." XWIN Research Japan said "Bitcoin's Fear & Greed Index fell to 11, entering the 'extreme fear' zone," and "investor sentiment has cooled significantly, and most expectations for a short-term bullish move have disappeared." XWIN Research Japan highlighted liquidity indicators. He said, "Stablecoin supply increased rapidly in the second half of this year, but the recent rate of increase has noticeably slowed," noting "in particular, Tether (USDT)'s 60-day market capitalization increase narrowed from $15.38 billion in November to $4.83 billion recently, decreasing by nearly two-thirds." He added, "This suggests that new capital inflows are gradually drying up," and "as year-end approaches, seasonal factors that slow market participation and capital inflows are adding to thinner overall liquidity." He also mentioned on-chain indicators. XWIN Research Japan said, "The number of active Bitcoin wallets has fallen to its lowest level in the past year," meaning "even if price volatility occurs, fewer market participants are actually engaging in transactions." He analyzed, "Short-term speculative demand has largely disappeared, and only participants with a more long-term perspective or clear strategies remain in the market." XWIN Research Japan emphasized that "as liquidity thins, price volatility could rather increase." He said, "(The recent environment) is a phase where market noise decreases and the real supply-demand structure becomes clearer," and "the spread of fear and liquidity contraction may look negative on the surface, but it could be a quiet process of rebalancing before the market moves to the next phase."

There are observations that Bitcoin (BTC) could plunge sharply if it does not develop resistance to quantum technology by 2028. Charles Edwards, founder of US cryptocurrency investment firm Capriole, said on the 17th (local time) via X, "If countermeasures (to quantum technology) are not deployed by 2028, the price of Bitcoin will fall below $50,000," and "the price may continue to fall until the (quantum technology) problem is solved." Edwards emphasized, "The (quantum technology) issue must be resolved next year," adding, "Otherwise, Bitcoin will face the largest crash in history." Edwards has argued that cryptocurrencies such as Bitcoin could be the first targets of quantum technology attacks. Cryptocurrency expert and macroeconomist Luke Gromen also recently appeared on a podcast, saying, "Quantum computers could threaten the entire cryptocurrency ecosystem," and "in the mid-to-long term, they will act as a burden on Bitcoin's price." However, there are opinions that quantum technology is unlikely to pose a threat to cryptocurrencies like Bitcoin. Michael Saylor, chairman of Strategy, which leads the world's largest Bitcoin reserves, said in June, "(Bitcoin is) one of the most difficult targets in the world to hack," and "(the risk of quantum technology is) a marketing strategy to boost the price of tokens that brand themselves as quantum computers."

There are expectations that the altcoin (cryptocurrencies excluding Bitcoin) market will be weak for the time being. Crypto analysis firm Matrixport said on the 17th (local time) via its official X (X) account, "The recent cryptocurrency market capitalization has again shown a downward trend, and altcoin rebound signals have rapidly disappeared." Matrixport noted, "It is historically unusual that altcoins have remained persistently weak even during a Bitcoin bull market phase." Matrixport said, "The short-term outlook for Bitcoin has even worsened compared to before, raising the likelihood that headwinds around altcoins will persist for the time being," and added, "In such an environment, investors should focus on the highest-quality names and prioritize strict risk management." It also recommended, "There is a need to reduce reliance on simple long-term investing and dollar-cost averaging (DCA·Dollar-Cost Averaging)," and suggested, "The market has shifted to a phase that requires more precise entry timing, active positioning, and a higher emphasis on asset preservation."

Bhutan is allocating 10,000 Bitcoins (BTC) to the development of a special administrative zone. On the 17th (local time), Cointelegraph reported that the Bhutan government recently decided to use 10,000 Bitcoins for the development of 'Gelephu Mindfulness City (GMC·Gelephu Mindfulness City)'. GMC is a special administrative zone that Bhutan plans to establish in its southern region, and development began last year. The Bitcoins that Bhutan is allocating to GMC development amount to 88.6% of Bhutan's total holdings (about 11,286). According to on-chain analytics firm Bitbo, the value of the Bitcoin holdings secured by the Bhutan government is $986,000,000. Cointelegraph reported, "Bhutan is the fifth-largest holder of Bitcoin in the world," and "the holdings were mostly obtained through mining." Meanwhile, the Bhutan government plans to provide regulatory flexibility to fintech and cryptocurrency companies within GMC. Cointelegraph said, "GMC is a new economic hub designed to prevent Bhutan's young talent from leaving the country and to create high-value-added jobs," adding, "It is designed to attract companies in various sectors, including finance, tourism, technology, and healthcare."

So far this month, Bitcoin (BTC) trading volumes on centralized exchanges (CEX) and exchange-traded funds (ETF) have been showing a downward trend. Arab Chain, a CryptoQuant contributor, said on the 17th (local time) via CryptoQuant, "Entering mid-December, Bitcoin trading volumes across centralized exchanges and ETFs are clearly decreasing." Arab Chain noted that "(in particular) ETF trading volume is about $39 billion, showing a clear decline compared with the active flows observed in early November," adding that "this means demand from institutional investors who use ETFs as a primary investment vehicle has slowed." Arab Chain also emphasized the decline in centralized exchange volumes. Arab Chain said, "(In mid-December) the total volume on centralized exchanges is about $191 billion," and "in early November centralized exchange volume reached $263 billion, and ETF volume also exceeded $50 billion." It added, "This shows that November was a period marked by increased risk-asset appetite and notable liquidity inflows." The analysis is that market momentum is weakening due to reduced institutional demand. Arab Chain said, "The gap in trading volumes between November and December means the market is moving from a strong momentum phase to a phase of adjustment and caution," and "preferences for entering new positions have also decreased both on centralized exchanges and ETFs." However, Arab Chain's diagnosis is that the market has not entered a structural bear market. Arab Chain said, "(It is not yet necessary to interpret the December decline in volumes as a signal of structural weakening)," and analyzed that "(the decline in volumes) is reasonably seen as a temporary slowdown following a recent overheated phase." It added, "(In particular) Binance remains one of the most sensitive indicators for judging whether liquidity is recovering," and "Binance remains a key pillar in forming Bitcoin market momentum."

There are views that the bearish phase of major cryptocurrencies, such as Bitcoin (BTC), could be prolonged. On the 14th, industry sources reported that crypto analytics firm Matrixport said in a recent report, "Bitcoin's price has fallen below a major long-term trend indicator for the first time since the start of the bull market," and "the correction phase or bear market that was forecast at the end of last October is likely to continue." What Matrixport highlighted was the liquidity of the cryptocurrency market. Matrixport analyzed that "despite the U.S. Federal Reserve (Fed)'s 'balance sheet expansion,' the liquidity conditions of the cryptocurrency market remain limited due to weak retail trading," and that "political constraints may have a greater impact on market flows than investors' perceptions." It also pointed to macroeconomic uncertainty. Matrixport said, "At the recently held Federal Open Market Committee (FOMC) meeting, interest rate cuts were implemented as the market expected, but the Fed's future guidance suggested a much more uncertain path," noting, "this situation has not yet been fully reflected in the market." It added, "With mixed messages from Fed Chair Jerome Powell and early signs of weakening in the labor market appearing, the macroeconomic environment is shifting to a phase clearly different from earlier this year," adding, "the market is moving into a more complex environment where the importance of tactical positioning and risk management is increasing."

Crypto Now Cumulative inflows near $1 billion Ecosystem weakness, down 16% in one month↓ Funds continue to flow into XRP exchange-traded funds (ETFs), but XRP's price continues to underperform. However, some observers say that sustained institutional inflows could lead to a belated rally. On the 14th, crypto asset data analytics firm SosoValue said the U.S. XRP spot ETF recorded net inflows for 18 consecutive trading days as of that date. The XRP spot ETF has not recorded net outflows since its mid‑last‑month launch. Cumulative net inflows amounted to $950 million (about 1.4 trillion won), approaching $1 billion. However, XRP's price has struggled. According to CoinMarketCap, XRP's price has fallen nearly 16% in the past month and is trading around $2. Despite the spot ETF launch, which typically acts as a positive for token prices, the price has instead declined. On the 12th, XRP briefly ceded the fourth spot in cryptocurrency market capitalization to Binance Coin. Analysts say recent selling pressure in the spot market has limited XRP's upside. The downward trend has multiple causes, but the weakness of the XRP ecosystem is cited as one of the main reasons. According to DeFiLlama, the total value locked (TVL) of the XRP-based blockchain 'XRP Ledger' stood at $68.7 million as of that date, nearing this year's low. U.S. crypto media Cointelegraph said, "(The TVL decline) means usage of decentralized apps on the XRP Ledger is decreasing," adding, "XRP is being pressured as competing blockchains like Solana strengthen their positions in the dApp ecosystem." XRP is not the only crypto that weakened immediately after ETF launches. Bitcoin also did not see a full-fledged rally until about three weeks after the spot ETF launch in early last year. Ethereum hit a record high 13 months after its ETF launch. Some analysts argue that ETF inflows may be reflected in XRP's price with a time lag.

<Next week's major economic schedule> ▶︎15 (Mon): △Korea trade balance (Korea time 11:00, US time 21:00) △EU October industrial production (Korea time 19:00, US time 05:00) ▶︎16 (Tue): △EU October trade balance (Korea time 19:00, US time 05:00) △US November unemployment rate (Korea time 22:30, US time 8:30) △US November nonfarm payrolls (Korea time 22:30, US time 8:30) △US October retail sales (Korea time 22:30, US time 8:30) △US December manufacturing PMI (Korea time 23:45, US time 9:45) ▶︎17 (Wed): △Japan November trade balance (Korea time 8:50, US time 18:50) △EU November consumer price index (Korea time 19:00, US time 05:00) ▶︎18 (Thu): △US crude oil inventories (Korea time 00:30, US time 10:30) △Atlanta Fed Q4 GDPNow (Korea time 02:00, US time 12:00) △EU December interest rate decision (Korea time 22:15, US time 8:15) △US November consumer price index (Korea time 22:30, US time 8:30) △US initial jobless claims (Korea time 22:30, US time 8:30) △Philadelphia Fed December manufacturing index (Korea time 22:30, US time 8:30) ▶︎19 (Fri): △Japan interest rate decision (Korea time 12:00, US time 22:00) △US October personal consumption expenditures price index (Korea time 22:30, US time 8:30) <Next week's major cryptocurrency schedule> ▶︎15 (Mon): △Sei (SEI) token 55,560,000 unlocked △StarkNet (STRK) token 127,000,000 unlocked △Conex (CONX) token 1,320,000 unlocked ▶︎16 (Tue): △Slash Vision Labs (SVL) token 4,810,000 unlocked △Arbitrum (ARB) token 92,650,000 unlocked ▶︎17 (Wed): △Solv Protocol (SOLV) token 40,140,000 unlocked ▶︎18 (Thu): △Vision (VSN) quarterly token burn △Toncoin (TON) Web3 standup ▶︎19 (Fri): △EasyMoney (YZY) token 12,500,000 unlocked

It has been observed that initial public offerings (IPOs) of cryptocurrency companies, such as exchanges, will face a 'real test' next year. Laura Katherine Mann, a partner at global law firm White & Case, told CoinDesk on the 14th (local time), "This year was a 'test-case' for cryptocurrency IPOs, and next year will be the real turning point." Partner Mann said, "Next year will be the year to determine whether digital asset IPOs are a sustainable asset class or a temporary trade that only works when cryptocurrency prices surge." Major cryptocurrency companies are already preparing IPOs for next year. The U.S. cryptocurrency exchange Kraken and crypto asset manager Grayscale are representative examples. Blockchain analytics firm Chainalysis is also being mentioned as a potential listing candidate next year. Partner Mann explained, "Those most likely to be listed are exchanges or securities firms operating under a regulatory regime comparable to banks," adding, "Because to investors in the public offering market and to regulators, these businesses may already appear as vetted operators." There was also a point that Bitcoin (BTC) price volatility should be closely watched next year. Partner Mann analyzed, "Bitcoin volatility will be a key factor that investors consider when evaluating next year's IPO candidates," adding, "(Volatility) directly affects not only investor sentiment but also revenue sustainability, customer activity, and valuations across the sector."

Bitcoin (BTC)'s 'market average price (True Market Mean)' was shown to be in the $81,000 range. On the 14th (local time), on-chain analytics firm Glassnode said the Bitcoin market average price was calculated at $81,400 as of that day. It is nearly 10% lower than the Bitcoin price, which is currently in the low $90,000s. The market average price is one of the key indicators showing investors' average purchase price. It is estimated based on capital flows in the cryptocurrency market and is close to the average purchase price that current market participants actually feel. The average purchase price of short-term holders (STH) was calculated at $102,200. Bitcoin's realized price was $56,400. The realized price is the median of all Bitcoin purchase prices. Glassnode said, "Spot Bitcoin is trading around $90,200," and added, "There has not yet been any meaningful change in major on-chain price models."

The U.S. XRP spot exchange-traded fund (ETF) recorded net inflows for 19 consecutive trading days. On the 14th (local time), according to cryptocurrency data analytics firm SoSoValue, the U.S. XRP spot ETF recorded net inflows for 19 consecutive trading days as of the 12th. The XRP spot ETF has not experienced net outflows since its launch on the 14th of last month. Cumulative net inflows were $975 million (about 1.45 trillion won). Total net assets stood at $1.18 billion (about 1.75 trillion won), approaching $1.2 billion. Giannis Andreou, chief executive officer (CEO) of cryptocurrency mining firm Bitmern Mining, recently said via X that "Wall Street's (XRP) buying pressure has not stopped," and that "(the XRP ETF's) recent flow is closer to an accumulation pattern that appears before a market narrative shift." Market sentiment is also said to be predominantly bullish. On-chain analytics firm Santiment said, "XRP continues to see clashes between buying and selling forces," adding, "bullish sentiment predominates across social media." Meanwhile, XRP was trading at $2.01 on CoinMarketCap as of 3:15 p.m. (Korean time), down 0.98% from the previous day. That is about 1.8% lower compared with a week ago.

Trump, "Fed chair should consult the president before rate decisions" Prediction market reacted immediately… Warsh up, Hassett down U.S. President Donald Trump said on the 12th (local time) that former Fed governor Kevin Warsh is at the top among candidates for the next chair of the U.S. central bank (Fed). The Wall Street Journal (WSJ) reported, however, that other candidates such as Kevin Hassett, chairman of the National Economic Council (NEC), are still being considered. Trump said, "There is Kevin (Warsh) and Kevin (Hassett). Both are great," giving a positive assessment of both Warsh and Hassett. It is reported that his favorable view of Warsh grew after an interview with Warsh on the 10th. Hassett, once considered a leading candidate in a Bloomberg report, has publicly maintained a general stance of "I would be willing to serve if nominated." Senator Elizabeth Warren of the Democrats expressed concern in an interview with CNBC, saying, "President Trump could appoint a 'puppet chair' who moves at his will." Trump reiterated that the Fed chair should consult the president before making rate decisions. He said, "It used to be common to consult with the president, but now it is not," adding, "It should be that way. I am a smart voice and it is right to listen." Trump has continued conflicts with Jerome Powell, whom he nominated in 2017, throughout his term, repeatedly pressing that rate cuts have been too slow. The Fed cut its policy rate by 0.25 percentage points to a range of 3.5–3.75% as of the 10th, but Trump has argued this is still "not enough." Trump also said Warsh's views on monetary policy are not very different from his own. He said, "Warsh agrees with my view that rates should be lowered," adding, "Others I have mentioned are the same." After the WSJ report, the candidate landscape shook even in prediction markets. Hassett's chance of being nominated fell from 71% to 62%, while Warsh rose to 36%. Trump said, "I have a candidate I like but I want to be careful," and added, "When I nominated Powell I received a bad recommendation," criticizing former Treasury Secretary Steven Mnuchin, who had recommended Powell, several times. Currently, Treasury Secretary Scott Bessent is leading the vetting of the next chair candidates. Trump has repeatedly signaled he would like to appoint Bessent as the next Fed chair, but Bessent has consistently expressed no interest in the position. Other candidates currently mentioned include current Fed governors Christopher Waller and Michelle Bowman, and Rick Rieder, BlackRock's head of fixed-income. They are among the last remaining figures from the 11 final review candidates. Chair Powell's term ends in May next year. He was reappointed by President Biden. New York=Correspondent Park Shin-young nyusos@hankyung.com

The number of active addresses on the Ethereum (ETH) network has hit its lowest level in 7 months. CryptoOnchain, a contributor to CryptoQuant, said on the 14th (local time) via CryptoQuant, "The active address count (of the Ethereum network) recently fell to as low as 327,000," adding that it was "the lowest since May 2025." CryptoOnchain said, "This is a sharp decline compared to the peak of about 483,000 reached last August." It also noted the correlation between Ethereum's price and the network's active address count. CryptoOnchain said, "The decline in network participation shows a high correlation with Ethereum's price trend," pointing out that "Ethereum's price adjusted from a high of 4800 dollars to 3100 dollars from August to recently." It added, "The simultaneous occurrence of price decline and a decrease in active addresses means demand for block space is falling," suggesting "it may indicate that retail or short-term investors are exiting the market." CryptoOnchain emphasized, "Generally, in a solid bullish structure, increasing network activity supports price rises." It added, "However, the current trend shows that the Ethereum ecosystem as a whole is temporarily cooling down," and "a rebound in the active address count will be the key signal to confirm recovery in network demand."

The possibility of a rate hike by the Bank of Japan has already been priced into Bitcoin (BTC) prices, according to an analysis. An XWIN Research Japan CryptoQuant contributor said on the 14th (local time) via CryptoQuant, "Ahead of the additional rate hike by the Bank of Japan scheduled for the 19th, the current market environment suggests that a downward adjustment may already be underway." XWIN Research Japan said, "This interpretation is confirmed not only by Bitcoin price movements but also by on-chain data." XWIN Research Japan focused on 'exchange net inflows (netflow)'. He said, "In past Bank of Japan rate-hike phases, exchange Bitcoin inflows surged before and after the (rate) announcement, concentrating selling pressure at certain times," and, "By contrast, recently exchange inflows have already been increasing ahead of the event (rate hike)." He added, "This means the supply-demand deterioration is already progressing preemptively before the (rate) announcement," and, "Investors are preemptively reducing spot exposure and risk (in crypto) even before the Bank of Japan's rate decision." He also mentioned the funding rate. XWIN Research Japan noted, "In past rate-hike periods, long (buy) positions were massively liquidated before and after the announcement, causing funding rates to plunge and the structure to shift to short (sell) position dominance," and, "Currently, however, the funding rate is already showing a downtrend before the event, indicating an unstable flow." He said, "This means leverage positions are being cleared in advance," and, "It is closer to reflecting preemptive caution rather than post-event panic." XWIN Research Japan emphasized, "What is different in this cycle is that the Bank of Japan's 'hawkish shift' has been widely discussed for months." He said, "The unwinding of the 'yen carry trade' and global liquidity tightening were also anticipated variables," and, "As a result, the market shock was brought forward in timing, and signals that adjustments have already begun are appearing both in price movements and on-chain indicators."

The U.S. Securities and Exchange Commission (SEC) has issued a guide related to cryptocurrency wallets and custody. On the 14th, industry sources said the SEC on the 12th published an investor bulletin that defines and introduces cryptocurrency wallets and custody services. The SEC said, "(The bulletin) is intended to help individual investors understand the various ways to hold cryptocurrency assets," and explained that "it presents tips and questions to help determine the optimal (cryptocurrency) holding method." Through the bulletin, the SEC introduced the advantages and disadvantages of cryptocurrency wallets and custody. Cointelegraph reported, "This SEC guide shows that it is moving away from the hostile stance toward the cryptocurrency and digital asset industry that prevailed during former chair Gary Gensler's tenure." The SEC recently also stated that "the U.S. financial market is ready to move on-chain." SEC Commissioner Paul Atkins said on the 11th, "The on-chain market will provide investors with greater predictability, transparency, and efficiency," adding, "If the transfer and settlement of securities occur on a blockchain, the very structure of capital markets could change."

Tether (USDT), the issuer of dollar stablecoin, has had its plan to acquire Italian football club Juventus fall through. Exor said on the 13th (local time) that the board unanimously rejected Tether's proposal to acquire all the Juventus shares it owned. Exor is the major shareholder holding 65.4% of Juventus. Exor explained, "We reaffirm our previous position that we have absolutely no intention of selling Juventus shares to any third party, including Tether, which is headquartered in El Salvador." Earlier, on the 12th Tether officially announced its intention to acquire Juventus. Tether also announced plans to invest about $1 billion (about 1.5 trillion won) in the club's development if the acquisition were to be completed. Tether is already the second-largest shareholder of Juventus. Tether invested in Juventus earlier this year and secured an 11.53% stake. Meanwhile, Juventus has reportedly been experiencing financial difficulties. CoinDesk reported, "Juventus has recently recorded repeated losses and has needed capital increases exceeding €1 billion (about 1.7 trillion won) over the past seven years."

Digital asset treasury (DAT) firms that declared Bitcoin (BTC) reserves in Q4 this year have sharply decreased. According to CryptoQuant on the 11th (local time), the number of new DAT firms that began Bitcoin reserves in Q4 stood at nine as of the 9th. Compared with Q3 this year (53), that's about an 83% contraction. CryptoQuant said, "As the year-end approaches, corporate (Bitcoin) adoption is slowing down." Some Bitcoin-reserve firms even stopped buying Bitcoin in Q4. Japan's version of Strategy, MetaPlanet, is a representative example. MetaPlanet has not purchased any Bitcoin since September. Cointelegraph reported, "Some companies, such as the UK’s Satsuma Technology, are selling the Bitcoin they held." Meanwhile, the world's largest Bitcoin-holding firm, Strategy, has been steadily buying Bitcoin. Strategy made an additional Bitcoin purchase worth $960 million (about 1.4 trillion won) on the 8th. It was the largest Bitcoin purchase since July this year. Meanwhile, 117 new DAT firms started Bitcoin reserves this year. Compared with one year ago (40), that is nearly a threefold increase. Cointelegraph said, "Listed companies currently hold $90.2 billion worth of Bitcoin," adding that "this amounts to 4.7% of the total Bitcoin supply."

Trading volume in the cryptocurrency market has plunged 20% in the past month. Total cryptocurrency market capitalization also fell by nearly 17%. On the 11th (local time), CoinDesk reported that global investment bank JPMorgan said in a report on the 9th, "Due to the broad downturn in the cryptocurrency market last month, cryptocurrency trading volume plunged nearly 20% month-on-month." JPMorgan said, "(In particular) stablecoin trading volume slowed sharply, with average daily volume down 26% from one month earlier," and "DeFi and NFT trading volumes also fell substantially." Exchange-traded funds (ETFs) also struggled. According to JPMorgan, the U.S. spot Bitcoin (BTC) ETF recorded net outflows of $3.4 billion (about 5 trillion won) last month. Last month, the U.S. spot Ethereum (ETH) ETF's net outflows were $1.4 billion (about 2 trillion won). CoinDesk reported, "(The Ethereum ETF) recorded its worst monthly performance ever." Last month, total cryptocurrency market capitalization was $3.04 trillion, shrinking about 17% from the previous month. Bitcoin and Ethereum market caps plunged 17% and 22% month-on-month, respectively. Over the same period, the stock prices of all listed cryptocurrency-related companies fell 21%. CoinDesk said, "Cryptocurrencies delivered markedly poor performance compared with traditional stock markets such as the S&P 500, which was flat last month, and the Nasdaq 100, which fell about 2%."

Cryptocurrency exchange-traded funds (ETFs) awaiting listing approval from U.S. authorities number 124. Eric Balchunas (Eric Balchunas), Bloomberg ETF analyst, said on the 11th (local time) via X, "(currently) 124 cryptocurrency ETFs are awaiting registration (with U.S. authorities)," and "'a tidal wave(tidal wave)' is coming." The cryptocurrency with the most ETFs awaiting approval was Bitcoin (21). Next were XRP (10), Solana (9), Ethereum (7), and Litecoin (5). ETFs for Avalanche (4), Sui (4), and Binance Coin (3) have also applied for listing approval with U.S. authorities.

The final sentencing of Do Kwon, the founder of Terraform Labs who is facing criminal trial in the United States on charges including fraud related to the issuance of the stablecoin TerraUSD (UST), is imminent. According to Reuters on the 11th (local time), Do Kwon will be sentenced that day at the U.S. federal court in New York on charges of fraud and conspiracy to commit money laundering. Earlier, U.S. prosecutors sought up to 12 years in prison for Do Kwon, saying losses of billions of dollars from the "Terra-Luna" incident triggered a cascading crisis across the cryptocurrency market. Do Kwon's defense attorneys have said the prosecutors' plea bargain (a sentence reduction or adjustment conditioned on admitting guilt) is "unduly excessive." Earlier, in August, Do Kwon pleaded guilty to some of the charges brought by U.S. prosecutors and agreed to significantly reduce the maximum sentence. However, Do Kwon's side recently submitted a sentencing memorandum to U.S. authorities arguing that the sentence related to the Terra-Luna incident should not exceed 5 years. Whether Do Kwon will be transferred to South Korea is also drawing attention. Reuters reported, "Do Kwon also faces criminal charges in South Korea," and said, "Under the plea bargain, U.S. prosecutors would not oppose a request to transfer Do Kwon abroad after he serves half of his sentence."

Last week, U.S. new unemployment claims significantly exceeded market expectations. The U.S. Labor Department said on the 11th (local time) that last week's new unemployment claims were 236,000. That figure exceeded experts' forecast (220,000) by 16,000. Compared with the previous week's revised figure (192,000), it is 44,000 higher. Continuing claims, which count people claiming unemployment benefits for two consecutive weeks, totaled 1,838,000. That is 99,000 fewer than the previous week's revised figure (1,937,000). It is 112,000 fewer than the market forecast (1,950,000). New unemployment claims are an indicator for gauging overheating in the U.S. labor market. An increase in unemployment claims can be interpreted as the overheated labor market cooling. Experts are watching employment indicators such as unemployment claims to assess how U.S. President Donald Trump's aggressive tariff policies are affecting corporate decision-making.

The meme coin Pepe (PEPE) has been accused of dumping. The blockchain data platform BubbleMaps said on the 11th (local time), "about 30% of the supply of Pepe tokens was locked at launch," and said "(Pepe investors) were deceived." Previously, Pepe tokens were launched in April 2023. Cointelegraph reported, "At that time, Pepe was launched 'secretly' without a separate presale." Dumping allegations were also raised. According to BubbleMaps, the wallet cluster that held about 30% of Pepe's initial supply sold about $2 million worth of tokens the day after Pepe's launch, increasing selling pressure. Cointelegraph said, "This was one of the factors that prevented Pepe's market capitalization from surpassing $12 billion." Meanwhile, according to CoinMarketCap, as of 10:13 p.m. (KST) that day, Pepe's price fell 5.1% compared with the previous day. Compared with one month ago, it is about 26% lower.