JOON HYOUNG LEE

Bitcoin (BTC) rose above $71,000. According to CoinMarketCap on the 5th, bitcoin was trading at $71,183.04 as of 4:23 p.m. that day, down 6.77% from the previous day. That marks a 19.27% plunge compared with a week earlier. The kimchi premium remained in the 0% range. According to CrypPrice, the kimchi premium was tallied at 0.48% as of 4:23 p.m. that day.

The Coinbase premium indicator, which reflects US demand for Bitcoin (BTC), has recently fallen to its lowest level in the past year. Darkfost, a CryptoQuant contributor, said on X on the 5th (local time), “This is the first time since the beginning of the year that the Coinbase premium has dropped into such deeply negative territory as it has recently.” The Coinbase premium is an indicator showing the price gap for Bitcoin between Coinbase and major global exchanges. Typically, when the indicator is negative, it is interpreted as a phase in which buying demand in the US market is relatively weak or selling pressure is dominant. According to CryptoQuant, the Coinbase premium was tallied at -167.8 as of that day, the lowest level since December 2024. Darkfost analyzed that “this means the Bitcoin price on Coinbase Pro, mainly used by institutions, professional investors, and high-net-worth individuals, was formed lower than on Binance, where retail investors account for a larger share,” adding that “institution-driven selling pressure appears to have pushed it into negative territory.” He also mentioned market uncertainty. Darkfost said, “The market is currently in an environment with very high uncertainty,” adding that “given Bitcoin remains highly volatile and classified as a risk asset, meaningful new investment inflows into Bitcoin are likely to be constrained.”

Bhutan has recently sold bitcoin (BTC) worth $22 million (about 32 billion won), according to reports. Cointelegraph, citing data from blockchain analytics firm Arkham, reported on the 5th (local time) that Bhutan has transferred $22.3 million worth of bitcoin since last week to cryptocurrency market maker (MM) QCP Capital. Cointelegraph added that “in general, transferring assets to a market maker is interpreted as a sell signal aimed at converting the asset into cash.” Bhutan’s decision to sell appears to be driven by the recent price downtrend and deteriorating mining profitability. Arkham said that “after the 2024 bitcoin halving, the cost to mine one bitcoin has roughly doubled,” adding that “as a result, Bhutan’s bitcoin mining output has recently fallen sharply.” Meanwhile, Bhutan has been accumulating bitcoin through its cryptocurrency mining business since 2019. Bhutan’s bitcoin holdings peaked at 13,295 on October 2024, before recently declining to about 5,700. According to Bitcoin Treasuries, Bhutan ranks seventh among countries worldwide in bitcoin holdings.

XRP’s price has hit a 15-month low. According to CoinMarketCap on the 5th, XRP is trading around $1.42, down more than 10% from the previous day as of that day. It is the lowest level since November 2024, when Donald Trump was elected U.S. president. XRP posted gains in the first half of last year, peaking around $3.6 in July. However, it has been in a downtrend since the second half of last year, with losses steepening so far this year. CoinDesk reported that "the initial response to President Trump’s election victory was positive, but (XRP’s) rally quickly lost momentum after pushing above $3.5," adding that "the likelihood of a further drop to $1 is very high." Concerns are also growing about additional selling pressure. CoinDesk said, "On crypto derivatives exchange Deribit, demand for put spreads and strangle trades stood out over the past 24 hours," adding that "this is a strategy betting on greater price volatility, and is interpreted as reflecting broader market sentiment anticipating a sharp rise in volatility."

Domestic blockchain infrastructure firm DSRV has attracted an investment from Hyundai Motor Group. DSRV said on the 5th that it secured a strategic investment from Hyundai Motor Group’s ZER01NE Fund. The ZER01NE Fund was established by Hyundai Motor Group to identify and invest in future new businesses and core technologies. Hyundai Motor Group is said to have taken note of DSRV’s expertise in operating public blockchain networks. DSRV’s track record of building blockchain infrastructure with stability and reliability for corporate and institutional clients is also cited as a backdrop to the investment. DSRV plans to review potential avenues for collaboration with Hyundai Motor Group on the back of the investment. A DSRV official said, "We plan to lay the groundwork for future cooperation with Hyundai Motor Group," adding, "We will continue to push ahead with advancing core technologies and expanding global partnerships." An official from the Hyundai Motor Group ZER01NE Fund said, "We will explore the potential applications of DSRV’s blockchain technology," adding, "We hope collaboration will take place across a range of business areas." Kim Jae-hong, vice president at DSRV, said, "Hyundai Motor Group’s investment is an important turning point that will help strengthen DSRV’s accumulated experience in operating blockchain infrastructure and its business capabilities," adding, "We will continue to focus on upgrading our technology so that blockchain can create meaningful value in industrial settings."

Swiss investment bank (IB) UBS is reportedly reviewing ways to allow clients access to crypto investing. According to overseas media outlets including Bitcoin Magazine on the 4th (local time), UBS Group Chief Executive Officer (CEO) Sergio Ermotti said on an earnings call held that day that the bank is "building the core infrastructure required for digital-asset services." Ermotti said, "We are reviewing a range of tailored products, from crypto accessibility for affluent clients to tokenized deposit solutions for corporate clients." He stressed, however, that UBS will not accelerate its rollout of crypto services. Ermotti said, "We have no plan to be a first mover in blockchain technology," adding that UBS will expand the business over the next 3–5 years in parallel with its existing banking operations. Meanwhile, UBS is reportedly seeking partners to launch crypto products aimed at high-net-worth individuals.

Arthur Hayes, co-founder of BitMEX, has purchased additional Hyperliquid (HYPE) worth $1.9 million. According to Lookonchain on the 4th (local time), Hayes bought about 58,000 Hyperliquid tokens over the past 24 hours. At current prices, the purchase is valued at $1.9 million. With this latest buy, Hayes’ Hyperliquid holdings increased to about 132,000 tokens. At current prices, they are worth $4.3 million. Hayes also sold some tokens alongside the additional Hyperliquid purchase. He is known to have offloaded Ethena (ENA) and Lido DAO (LDO), among others.

Ripple, the issuer of XRP, has added Hyperliquid (HYPE) to its institutional services. According to The Block on the 4th (local time), Ripple Prime announced that it will add Hyperliquid to its list of supported platforms. This marks the first time a DeFi platform has been included among Ripple Prime’s supported services. The Block reported that “with this integration, Ripple Prime clients can access Hyperliquid’s on-chain derivatives market,” adding that “clients can also manage investment positions in other assets such as foreign exchange and bonds within the same platform.” Michael Higgins, CEO of Ripple Prime Global, said, “(With this integration) combining DeFi with prime brokerage services will allow us to provide direct support for a wider range of digital assets,” adding, “By strategically expanding services into DeFi, we will be able to improve client access and further strengthen the efficiency required by institutions.”

Citi, a global investment bank (IB), said in a recent analysis that Bitcoin (BTC) is nearing an inflection point that could determine its near-term price direction. According to CoinDesk on the 4th (local time), Citi said in a report released the previous day (the 3rd) that “ETF inflows, a major source of new demand for Bitcoin, have slowed markedly,” adding that “in the futures market, liquidation of long positions is also continuing in part.” Citi noted that “Bitcoin is approaching the roughly $70,000 level that was formed before the U.S. presidential election,” and that “the market is moving toward a decisive price zone that could set the near-term direction.” It also highlighted macroeconomic risks. Citi said that “the U.S. Federal Reserve’s (Fed) balance-sheet reduction has historically reduced bank liquidity and weighed on crypto markets,” adding that “while concerns about a prolonged crypto-market downturn are rising, this is not the base case but rather a ‘tail risk’ (a low-probability event with a large impact if it occurs).” The report also mentioned the legislative status of the Digital Asset Market Structure Act (the Clarity Act). Citi said that “regulation remains the single most important potential catalyst,” but pointed out that progress on the Clarity Act is slow and inconsistent. It added that “U.S. Senate negotiations are ongoing, but delays (in legislation) have dampened market sentiment, and the market-implied probability of passage has also declined.”

US private-sector employment data for last month came in well below market expectations. According to the Automatic Data Processing (ADP) employment report released on the 4th (local time), US nonfarm employment rose by 22,000 from the previous month. The figure was far below the consensus forecast (45,000). It was also 19,000 fewer than the prior month, December 2025 (41,000). By sector, employment increased in finance (14,000) and construction (9,000). By contrast, employment declined in manufacturing (-8,000) and other services (-13,000). ADP said private employment in the US has shown signs of recovery in recent months, but most new jobs were concentrated in the education and health services sector, including hotels and restaurants. Some observers said that without the 74,000 increase in education and health services employment, overall employment could have fallen. ADP analyzed that a low-hiring, low-layoffs environment little changed from late last year is continuing into 2026. The ADP report is typically released two days ahead of the US Bureau of Labor Statistics (BLS) employment report under the Department of Labor and is seen as a kind of “preview.” However, it does not always move in the same direction as the government’s official statistics.

Patrik Witt, executive director of the White House Crypto Advisory Committee, said the “Crypto market structure bill (the CLARITY Act) is more important than the GENIUS Act.” According to CoinDesk on the 3rd (local time), Witt made the remarks while attending the “Ondo Summit 2026” conference held in New York. Earlier, on the 2nd, Witt held an emergency meeting at the White House with the U.S. banking and crypto industries regarding the CLARITY Act. He previously said of the meeting that it was “solution-oriented,” adding that he was “confident this issue can be resolved sufficiently as well.” Meanwhile, Democratic U.S. senators are reportedly planning to hold a closed-door meeting on the CLARITY Act on the 4th (local time). The Senate Banking Committee has delayed consideration of the CLARITY Act, taking into account industry pushback and other factors.

Tom Lee, chairman of BitMine, the world’s largest Ethereum (ETH) treasury holder, said recently that the company’s unrealized losses are "not the core of a digital asset treasury (DAT) company." In a post on X on the 3rd (local time), Lee said, "(Focusing on unrealized losses) misses the point of an Ethereum DAT," publicly addressing BitMine’s surging unrealized losses after Ethereum’s price plunged. Lee stressed that "(a DAT’s) goal is to outperform market returns across the entire cycle." He added, "BitMine is designed to track Ethereum’s price, so unrealized losses can occur when crypto declines," calling it "a feature, not a bug." He went on to ask, "Then should we scrutinize every loss posted by index exchange-traded funds (ETFs) one by one?" and concluded, "Ultimately, Ethereum is the future of finance." Meanwhile, as of 9:30 p.m. today, Ethereum was trading at $2,235.89 on CoinMarketCap, down 2.48% from the previous day. That marks a drop of more than 26% compared with a week earlier. BitMine’s unrealized losses on its Ethereum holdings are said to have exceeded $6.6bn as of today.

Global cryptocurrency exchange Binance was found to hold reserves worth $155.6bn (about KRW 227trn). According to CoinMarketCap on the 4th (local time), Binance’s reserves totaled $155.64bn as of the end of last month, the largest among cryptocurrency exchanges worldwide. OKX ranked second with $31.3bn, followed by Bybit ($14.2bn), Gate.io ($7.9bn) and HTX ($6.9bn). Binance was calculated to hold about 32% of its reserves in Bitcoin (BTC). Roughly 30.5% of the reserves were in stablecoins. Binance’s native token, Binance Coin (BNB), also accounted for about 22% of the reserves. CoinMarketCap said, “What’s interesting is the difference in reserve composition by exchange,” adding, “Even with similar liquidity, the mix of assets and their weightings clearly reflects each exchange’s strategy and risk-management stance.”

Outflows from U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have accelerated, pushing net assets under management (AUM) below $100 billion. As of the 4th (local time), data from SoSoValue showed spot Bitcoin ETF AUM at roughly $97 billion. It is the first time since April last year—about 10 months—that spot Bitcoin ETF AUM has fallen below $97 billion. A net outflow of $270 million on the previous day (the 3rd) delivered a direct hit. Spot Bitcoin ETFs posted net monthly outflows for three consecutive months from November last year through last month. It is the first time since their 2024 launch that spot Bitcoin ETFs have recorded three straight months of net outflows on a monthly basis. The outflow trend in spot Bitcoin ETFs has coincided with the recent downturn in the crypto market. According to CoinGecko, total crypto market capitalization has shed $470 billion (about KRW 680 trillion) over the past week. Cointelegraph reported that “the decline (in spot Bitcoin ETF AUM) occurred amid broad-based selling across the crypto market.” Still, analysts say it is unlikely that ETF outflows will translate into large-scale selling pressure. Nate Geraci, CEO of U.S. asset manager NovaDius Wealth Management, wrote on X that “a significant share of current Bitcoin ETF holders has moved into unrealized loss territory,” adding that “because most ETF investors are medium- to long-term holders, the likelihood of immediate large-scale redemptions or selling pressure is limited.”

Global cryptocurrency exchange Binance has purchased additional Bitcoin (BTC) worth $100 million (about 150 billion won) through 'SAFU,' a user protection fund it recently set up. Through its official X account, Binance said on the 4th (local time), "We have completed the second Bitcoin conversion for the SAFU fund," adding that "this conversion involved $100 million worth of stablecoins." Binance said it is "continuing to buy Bitcoin for the SAFU fund" and that it "plans to share further updates with the community." Previously, on the 2nd, Binance bought $100 million worth of Bitcoin through the SAFU fund. Cointelegraph reported that "the Bitcoin (Binance) purchased over the past two days totals 2,630," and that "at current prices it amounts to $211 million."

Nearly 60,000 Bitcoin (BTC) have been deposited into the global cryptocurrency exchange Binance over the past two days, data show. Darkfost, a CryptoQuant contributor, said on X that “over the past 2–3 days, between 56,000 and 59,000 Bitcoin have flowed into Binance,” adding on the 4th (local time) that “this is the largest amount so far this year.” Darkfost said the influx is significant because it occurred while Bitcoin was trading near a key support level of $74,000, noting that “if (the Bitcoin price) continues to break below the support level, the long-term trend itself could come into question.” He also cited trends among short-term holders (STH). Darkfost noted that “short-term holders, who are particularly sensitive to price swings and quick to react, also joined the (Binance deposit) flow,” adding that “on the 2nd alone, about 54,000 Bitcoin in a loss position flowed into exchanges.” He added that “such inflows of Bitcoin into Binance imply tangible selling pressure in the spot market,” while noting that “however, this selling pressure is not at an abnormal level given the scale of the observed inflows.”

An analysis suggests the current Bitcoin (BTC) market is showing a pattern similar to 2022, when it was in a bear market. A CoinDream contributor to CryptoQuant said on the 4th (local time) via CryptoQuant that “a stress pattern similar to May 2022 is emerging in the current market.” CoinDream said “the share of ‘unspent transaction outputs (UTXO)’ that are in loss has entered the 27–30% range,” adding that this “means a substantial portion of market participants has moved from being in profit to being in unrealized loss.” UTXO refers to cryptocurrency created in a previous transaction but not yet spent. CoinDream analyzed that “historically, this range has served as a ‘decision zone’ where market pressure determines direction.” CoinDream said that “when the indicator rose above 30% and then held at that level, loss-held supply tended to accumulate, often leading into a further downturn.” It added that “by contrast, when the indicator stalled or declined within the 27–30% band, selling pressure was gradually exhausted and a move toward trend recovery was repeatedly observed.” The assessment is that the Bitcoin market has reached a critical point. CoinDream said, “In this context, the 27–30% range can be interpreted not as a zone that predicts the future, but as a structural threshold that reveals whether the market can absorb the current stress, or whether fear has already been largely priced in.” It added, “The current phase is closer to a stage testing how much fear has already been reflected in prices, rather than the beginning of fear.”

U.S. asset manager Bitwise is acquiring staking services provider Chorus One. According to Bloomberg on the 3rd (local time), Bitwise announced the acquisition of Chorus One that day. The purchase price was not disclosed. Chorus provides staking services exclusively for institutions. About $2.2 billion in assets are currently staked. Staking is a system in which cryptocurrency investors deposit tokens into a blockchain network, contribute to transaction validation and improved network security, and receive rewards. Hunter Horsley, CEO of Bitwise, said, "For the thousands of clients who hold spot crypto assets, staking is one of the most attractive opportunities." Brian Fabian Crain, CEO of Chorus One, said, "Staking is most effective when integrated into a larger platform," adding, "An inevitable phase of consolidation has arrived across a significant part of the crypto industry."

Ahead of the rollout of virtual-asset taxation next year Authorities consider adopting a ‘comprehensive approach’ “Airdrops and staking also taxable” Likely to be announced in July… to take effect from January next year The government is pushing a plan to bring income related to virtual assets (cryptocurrencies)—such as rewards from airdrops (free token distributions) and staking (token deposits)—into the tax framework. With the virtual-asset market expanding rapidly, the authorities aim to codify the legal basis for taxing special types of transactions. According to relevant ministries on the 2nd, the National Tax Service (NTS) internally reviewed applying a “comprehensive approach” to the virtual-asset taxation system after contacting local tax authorities in Tokyo, Japan, late last year. Under this approach, even items not explicitly listed in law are treated as taxable if they constitute an economic benefit. An NTS official said, “We need to introduce a comprehensive concept for virtual-asset income to secure flexibility in determining taxability across various transaction types.” The authorities’ consideration of a comprehensive approach reflects a view that the current virtual-asset tax system has blind spots. South Korea’s Income Tax Act follows a “positive-list” approach, meaning taxation is generally limited to income explicitly specified in statute. Under that framework, virtual-asset income arising from new blockchain technologies—such as airdrops and staking—would need to be enumerated one by one to clearly establish a legal basis for taxation. The NTS believes that applying a positive-list approach to virtual-asset taxation would increase administrative inefficiency. A government official explained, “(Under current law) when it is unclear whether a new transaction type constitutes income generated from transfers or lending that are listed as taxable, it becomes difficult and requires tax guidelines or authoritative interpretations.” In other words, the taxability would have to be assessed case by case each time. Possible inclusion in the tax framework as early as next year Major countries such as the United States and Japan have already systematized virtual-asset taxation. Japan, in particular, drew the NTS’s attention. Japan effectively applies a comprehensive approach under its Income Tax Act and taxes airdrops and staking based on the “time of receipt” of rewards. The United States has also codified virtual assets acquired through airdrops and the like as “ordinary income” under its tax framework. The South Korean government has previously offered an interpretation that airdrops could be taxable. According to the National Tax Law Information System, in 2022 the Ministry of Economy and Finance interpreted that “the act of transferring virtual assets free of charge to another person constitutes a ‘gift’ under the Inheritance and Gift Tax Act,” and that “gift tax is levied on the recipient who receives virtual assets free of charge.” There is growing speculation that airdrop and staking rewards could be incorporated into the tax framework as early as next year. Ahead of the planned rollout of virtual-asset taxation in January next year, the NTS commissioned a related research project late last year. The goal of the study is to prepare detailed guidelines for virtual-asset taxation. The NTS plans to complete the research project in the first half of this year. A government official said, “We are reviewing whether there are issues that require legislative amendments,” adding, “Once the research is completed, we will begin discussions among relevant ministries.” Possible announcement in July If legislative amendments are required, the overhaul could be announced in July this year. This is because, with domestic virtual-asset taxation scheduled to be fully implemented from January next year, legal and regulatory revisions must be completed within this year. The government announces annual tax law amendment proposals every July and applies them from the following year. The authorities’ push to refine the tax framework also coincides with the rising number of virtual-asset investors. According to data the Financial Supervisory Service recently submitted to the office of Rep. Lee Heon-seung of the People Power Party, the number of participants at South Korea’s top five virtual-asset exchanges, including Bithumb and Upbit, rose by about 70% over the past two years—from roughly 5.82 million in 2023 to about 9.91 million last year. Experts also say the tax framework needs urgent refinement. Kim Gap-rae, a senior research fellow at the Korea Capital Market Institute, noted in a recent report: “The ambiguity of South Korea’s tax system regarding airdrops—an idiosyncratic taxation issue for virtual assets—is extremely large,” adding, “If the system is not put in place, uncertainty in taxation could cause confusion among market participants.” Oh Moon-sung, a professor in the Department of Tax Accounting at Hanyang Women’s University, said, “Under the current virtual-asset tax framework, issues of tax equity could emerge,” adding, “The authorities need to carefully classify income related to virtual assets.”

Michael Saylor, chairman of Strategy, hinted at additional purchases of Bitcoin (BTC). On the 1st (local time), Saylor posted the so-called “Saylor Tracker chart” on X (formerly Twitter), saying, “More Orange.” Also known as “Orange Dots,” the Saylor Tracker is a chart Saylor repeatedly posted on social media just before buying Bitcoin. When he posts the chart, it has often been followed by actual Bitcoin purchases by Strategy, leading the market to interpret it as a signal of further Bitcoin accumulation. Previously, Strategy bought around 2,900 bitcoins at the end of last month, deploying $260 million in funds. Strategy now holds a total of 712,647 bitcoins, with an average purchase price of about $76,000. Meanwhile, Bitcoin plunged nearly 6% on the day, sliding to the $78,000 range. It was the first time since April last year that Bitcoin fell below $80,000.

Iran’s Supreme Leader Ayatollah Seyyed Ali Khamenei issued a warning message to the United States. In a post on X, Khamenei said on the 1st (local time) that “if the United States starts a war, it will escalate into a regional conflict.” The remarks are seen as reflecting heightened military tensions amid growing speculation about a possible U.S. strike on Iran. The United States says it will seek talks with Iran first. In an interview with Fox News the previous day (31st), U.S. President Donald Trump said, “The plan is (for Iran) to talk to us,” adding, “Let’s see if we can do something.” He also hinted at the possibility of armed intervention. Trump said, “We have a fleet bigger than we had for Venezuela,” adding, “We’ll see what happens.” The comments signaled the possibility of launching a military operation if negotiations with Iran collapse.

CryptoNow Gold holdings also surge to 130 tonnes Diversification of reserve assets becomes more evident Tether, a stablecoin pegged 1-to-1 to the U.S. dollar, has seen its holdings of U.S. Treasuries surpass $120 billion (about 174 trillion won). With gold holdings also rising rapidly, observers say diversification of its reserve assets is becoming increasingly evident. According to the industry on the 1st, Tether’s direct investment in U.S. Treasuries totaled about $122 billion as of the end of last year, marking an all-time high. Including indirect exposure such as repurchase agreements (RP), its total exposure to U.S. Treasuries exceeds $140 billion (about 203 trillion won). U.S. crypto news outlet CoinDesk said, “Tether has established itself as one of the world’s largest corporate holders of U.S. Treasuries.” The expansion in Treasury holdings coincides with growth in stablecoin issuance. Stablecoin issuers including Tether are adding U.S. Treasuries, gold and Bitcoin to their reserve assets. Tether’s circulating supply stood at $186 billion as of end-2024, up about $50 billion over the past year. In particular, $30 billion worth of Tether was newly issued in the second half of last year alone. Gold holdings are also rising quickly. The value of Tether’s gold holdings reached $17.4 billion as of end-2024, setting a new record. Tether is buying roughly 1–2 tonnes of gold each week and purchased 27 tonnes in the fourth quarter alone. Tether’s current gold holdings are estimated at about 130 tonnes, reported to be more than 25 tonnes above the Bank of Korea’s holdings (about 104 tonnes). Paolo Ardoino, Tether’s chief executive officer (CEO), recently said, “The amount of capital we deploy each month to buy gold could soon exceed $1 billion.” Investment beyond reserves is also expanding rapidly. Tether is using excess profits to invest across a range of sectors including agriculture, energy, media and artificial intelligence (AI). Such investments have surpassed $20 billion. Ardoino said, “Tether’s growth is driven by global demand for dollars moving outside the traditional banking system,” adding that “demand for digital dollars and inflation hedges will continue to accelerate.”

<Key Economic Calendar for Next Week> ▶︎2 (Mon): △US January Manufacturing Purchasing Managers’ Index (KST 23:45, US time 9:45) ▶︎3 (Tue): △Atlanta Fed GDPNow (KST 1:30, US time 11:30), △South Korea January Consumer Price Index (KST 8:00, US time 18:00) ▶︎4 (Wed): △US Labor Department December Job Openings and Labor Turnover Survey (JOLTS) report (KST 0:00, US time 10:00), △US January ADP private-sector employment change (KST 22:15, US time 8:15), △US Services Purchasing Managers’ Index (KST 23:45, US time 9:45) ▶︎5 (Thu): △US January ISM Non-Manufacturing PMI (KST 0:00, US time 10:00) △US crude oil inventories (KST 0:30, US time 10:30) △UK rate decision (KST 21:00, US time 7:00) △US initial jobless claims (KST 22:30, US time 8:30) ▶︎6 (Fri): △Federal Reserve balance sheet (KST 6:30, US time 16:30) △US January unemployment rate (KST 22:30, US time 8:30) △US January average hourly earnings (KST 22:30, US time 8:30) △US January nonfarm payrolls (KST 22:30, US time 8:30) <Key Crypto Calendar for Next Week> ▶︎2 (Mon): △Ethena (ENA) token unlock of 40.63 million ▶︎3 (Tue): △Ondo Finance (ONDO) roadmap update ▶︎4 (Wed): ▶︎5 (Thu): △XDC Network (XDC) token unlock of 841.18 million ▶︎6 (Fri): △Berachain (BERA) token unlock of 63.75 million △Hyperliquid (HYPE) token unlock of 9.92 million

As major cryptocurrencies plunged, $2.6 billion (about 3.8 trillion won) in positions were liquidated across the market over the past 24 hours. According to Coinglass on the 1st (local time), the total value of positions liquidated in the crypto market over the past 24 hours came to $2.58 billion. Of that, long (buy) positions accounted for about $2.42 billion. Short (sell) positions liquidated over the past 24 hours totaled about $170 million. Bitcoin (BTC) sank more than 6% on the day. According to CoinMarketCap, Bitcoin at one point slid into the $75,000 range. That is below the average purchase price (about $76,000) of Strategy, the world’s largest corporate holder of Bitcoin reserves. Ethereum (ETH) fell nearly 10%. According to CoinMarketCap, Ethereum at one point dropped into the $2,300 range before edging back up to the $2,400 range.

Trend Research, an affiliate of crypto investment firm LD Capital, has transferred a large amount of Ethereum to global cryptocurrency exchange Binance. According to Onchain Lens on the 1st (local time), Trend Research recently deposited 10,000 Ethereum into Binance. At current prices, it is worth $24 million (about KRW 35 billion). Onchain Lens said, "Trend Research may sell (the Ethereum) to repay loans." Earlier, LD Capital began stepping up its Ethereum stockpiling in November last year via Trend Research. Over the past three months, Trend Research has purchased more than 600,000 Ethereum. The issue is the debt Trend Research raised to build its Ethereum reserves. BlockBeats reported, "Trend Research borrowed about 274 million Tether on Aave (AAVE)," adding, "liquidation of the loan position may be triggered only if Ethereum falls to $1,558." LD Capital has still left room for additional Ethereum purchases. Jack Yi, founder of LD Capital, recently wrote on X that "our trading principle is to accumulate more Ethereum through various strategies when prices fall," adding that "funds have recently moved into gold and silver as safe-haven assets, but there will clearly be profit-taking and a return of funds."