Son Min

The African Continental Free Trade Area (AfCFTA) Secretariat is promoting a continent-wide digital trade project centered on stablecoin payments. If the project gets fully underway, it is expected to simplify intra-African trade procedures and reduce costs. On the 17th (local time), CoinDesk reported that the AfCFTA Secretariat and the IOTA Foundation announced the establishment of the 'African Digital Public Trade Infrastructure (ADAPT)' together with the Tony Blair Institute and the World Economic Forum (WEF). This project is a common digital infrastructure for the 55 member countries and includes cross-border payments using the stablecoin USDT as a core element. ADAPT aims to replace the existing complex analog trade system by integrating digital identity, trade document certification, and real-time payment systems. Currently in the region a single import/export procedure can involve up to 30 agencies and more than 240 paper documents are exchanged. In the IOTA-based pilot, initial results have been confirmed, such as a reduction in document tampering and shortened customs clearance times. Dominik Schiener, co-founder of the IOTA Foundation, said, "With document digitization resolved, tokenization of physical assets and USDT-based cross-border payments will expand in earnest," adding, "On-chain financial access for physical assets such as minerals and raw materials will be greatly improved." In Kenya, about 100,000 data entries per day are reportedly being recorded on the IOTA distributed ledger. AfCFTA plans initial implementation in three countries including Kenya and Ghana, then to expand to the entire continent from 2026 and aim to integrate all 55 countries by 2035. The organization projected that digitalization could double intra-African trade volume and create approximately $70 billion in economic value.

The amount of Bitcoin (BTC) held by corporations and institutions has approached 7% of the total supply, but there are claims that decentralization is not at risk. On the 17th (local time), Cointelegraph reported that Alexandre Lezet, a director of the Bitcoin Strategy Board, said at the 'Bitcoin Amsterdam 2025' event, "Demand from corporations and banks is strengthening a distributed holding structure in the market," and "As more banks provide custody services, reliance on any single custodian is decreasing." He argued that despite concerns about concentration from increased corporate accumulation, the expansion of demand actually strengthens Bitcoin's distribution. Holdings of Bitcoin by corporations and ETFs are rising sharply. According to Bitcoin data provider Bitbo (bitbo.io), corporations hold 6.7% of the total supply, of which listed companies account for 4.73% and unlisted companies 2.03%. In addition, spot Bitcoin ETFs secured 7.3% of supply, becoming the largest holder in a short period. There is also analysis that institution-led concentration does not fundamentally damage the structure of the Bitcoin network. Nansen analyst Nikolai Sondergaard said, "Economic ownership is distributed among the many investors behind ETFs and corporations," and "Even if custody concentration increases, the decentralization of the network itself is maintained." However, he pointed out that the increased influence of large custodial institutions is a factor to consider in the future, as "they can exert greater influence on market liquidity and price behavior."

Bitcoin (BTC) fell below 94,000 dollars. As of 10:43 p.m., based on Binance USDT market, Bitcoin is trading at 93,991 dollars, down 1.32% from 24 hours ago.

Singapore Exchange (SGX) said it will launch perpetual futures products based on Bitcoin (BTC) and Ethereum (ETH) to respond to growing demand for virtual assets (cryptocurrencies) centered on institutional investors. On the 18th (local time), according to Cointelegraph, SGX's derivatives division said it will begin trading Bitcoin (BTC) and Ethereum (ETH) perpetual futures from November 24. SGX said the product is "to respond to increased institutional investor demand and the convergence between traditional finance and the cryptoasset ecosystem." The product will be offered to investors approved under regulation by the Monetary Authority of Singapore (MAS). With this launch, Singapore will have a second market for Bitcoin and Ethereum perpetual futures. Earlier, EDXM International introduced a total of 44 derivative products on July 23, including Bitcoin and Ethereum as well as Solana and XRP. Singapore is maintaining a cautious regulatory stance while expanding related institutional arrangements. The Singapore government passed the Financial Services Market Act (FSM) in 2022 to strengthen supervisory authority over Singapore-based virtual asset firms operating overseas.

The circulating supply of Bitcoin (BTC) has exceeded 95% of the total issuance limit of 21 million coins, increasing interest in future supply reduction. On the 17th (local time), Cointelegraph reported that Bitcoin mining has surpassed 95%. The current circulating supply is about 19.95 million coins. This figure was achieved 17 years after the creation of the genesis block in January 2009. Approximately 2.05 million coins remain to be mined. Thomas Perfumo, Kraken Global economist, said, "The current annual supply growth rate of Bitcoin is about 0.8%, which reaffirms Bitcoin's scarcity and reliability." He emphasized that Bitcoin simultaneously has the function of a payment protocol and a predictable fixed supply structure. However, analyses also say that supply reduction does not lead to immediate price increases. Jake Kennis, a Nansen researcher, explained, "The 95% mining completion is meaningful psychologically, but it is not a factor that will move market prices in the short term," and "the remaining 5% of supply will be released gradually over more than 100 years." He added, "The key is not the number 95% but that the designed issuance schedule is operating as intended," evaluating that the digital gold narrative is gradually being supported. Marcin Kazmierczak, co-founder of Redstone, also analyzed, "The supply structure itself has already been sufficiently reflected in the market and is unlikely to act as a short-term price catalyst." He added that network infrastructure scalability will emerge as a more important issue in preparation for expanded institutional participation in the future.

Bitcoin (BTC) prices have fallen about 25% from last month's record high, but analysts say this is a short-term correction rather than a shift to a long-term bear market. On the 17th (local time), according to The Block, research and brokerage firm Bernstein said in a report that the recent Bitcoin sell-off is a short-term correction driven by concerns about four-year cycle peaks. The report explained that investors' preemptive profit-taking, mindful of the fourth-quarter peak patterns seen in 2013, 2017, and 2021, is a major factor behind this correction. It also assessed that this decline is a "gradual correction phase" rather than a structural bear market like the 60~70% crashes seen in previous cycles. The rationale is that roughly 340,000 BTC sold by holders who had held for more than a year over the past six months has been largely absorbed by ETF and corporate buy-side demand. The report also drew a line under the possibility of Strategy selling Bitcoin, which had been raised by some market participants. It explained that Strategy holds about $61 billion worth of BTC, has about $8 billion in liabilities, carries low leverage burden, and maintains its ability to raise capital. The report assessed that Strategy may continue to add purchases even during the adjustment phase. Bernstein analyzed that structural bullish factors remain valid, including the U.S. government's pro-digital-asset stance, the prospect of the Clarity bill passing this year or in early 2026, and a rate-cutting cycle. Strong third-quarter results from major publicly listed crypto firms such as Coinbase, Robinhood, Figure, and Circle were also interpreted as part of increased institutional participation. The report emphasized that the current market situation "does not appear to be a cycle peak phase," and noted the possibility that Bitcoin could re-form a bottom in the low $80,000 range it reached after the U.S. presidential election. It added that this correction "could provide buying opportunities for crypto assets and related stocks."

It has been suggested that Ethereum (ETH) is entering the same 'supercycle' phase as Bitcoin (BTC)'s long-term upward pattern. According to Cointelegraph on the 17th (local time), Tom Lee, Bitmain chairman, said, "When I first recommended Bitcoin to Fundstrat clients in 2017, the price was around 1000 dollars, and it repeated a 75% decline period but eventually rose 100-fold." He added, "Ethereum is starting the same supercycle." In 2025, Ethereum's rate of increase has slowed compared to Bitcoin. Ethereum reached an all-time high of 4946 dollars in August and then underwent a correction, while Bitcoin continued its upward trend by surpassing 126,000 dollars in October. Currently, Bitcoin is down about 25% and Ethereum about 35% from their highs, and the overall market correction continues. Lee, the chair, explained about this volatility, "Because doubt is excessively discounting future value," and said, "Investors had to endure multiple crisis situations during the 100-fold rise period." On-chain analysts also presented meaningful indicators. Burak Kesmeci, a CryptoQuant contributor, analyzed in a report, "Ethereum's current price range is about 200 dollars different from long-term holders' average purchase price," and "it is approaching the buying range of investors who have been continuously accumulating."

Bitcoin (BTC) slipped below $100,000, with major virtual assets (cryptocurrencies) broadly showing declines. A slowdown in exchange-traded fund (ETF) inflows and increased selling by long-term holders were cited as the main factors for the bearish shift. On the 17th (local time), according to CoinDesk, Bitcoin fell to as low as $96,600 in early Asian trading, marking its lowest level since May. The adjustment in risk assets centered on U.S. technology stocks and weakening institutional demand appeared simultaneously, increasing downward pressure. Ethereum (ETH) was $3,182, down 12% over the week, and XRP (XRP) was $2.25, down 8.8%. Solana (SOL) slid to $140, down 16.5%, the largest drop among major assets. Dogecoin (DOGE) and Cardano (ADA) stood at $0.161 and $0.491, respectively. Market structure deterioration was also observed. 10x Research said, "ETF inflows have slowed for two consecutive weeks and selling by long-term holders has increased, putting the market into a bearish phase." Retail investor flows also remain at limited levels. Technically, key support levels have also been breached. The crypto derivatives platform Bitunics analyzed, "Bitcoin fell below the monthly close price of $100,266, making the $93,000~$95,000 range a short-term support level," and added, "If that range is lost, the market could open down to $89,600." On a rebound, $100,200 and $107,300 were cited as resistance levels. Nick Ruck, an analyst at LVRG Research, forecasted, "For Bitcoin to be supported around $92,000, the FOMC minutes to be released next week must confirm a dovish tone."

A Cardano (ADA) wallet that had been dormant for five years executed a trade in an almost illiquid stablecoin pool by mistake, resulting in the loss of roughly $6 million. According to CoinDesk on the 17th (local time), the wallet had not moved since September 2020 but on the 16th exchanged about 14.4 million ADA (approximately $6.9 million) for 847,695 units of the small Cardano-based stablecoin 'USDA'. Extreme slippage occurred during the process, causing a loss of about $6.05 million in a single trade. On-chain analyst ZachXBT first spotted the transaction on his Telegram channel. According to the analysis, at the time of the transaction the user paid more than $8 per USDA, which pushed USDA's price up temporarily to $1.26 before it normalized back to around $1.04 as liquidity returned. USDA is a microcap (very small) stablecoin with a market capitalization of about $10.6 million and normally very low trading volume. The wallet had no prior USDA trading history, so it is presumed the user either confused the token ticker or made the mistake of executing a market order without considering liquidity. The industry views this incident as a "typical failure case of executing a large trade on an automated decentralized exchange (DEX) without slippage checks." In small pools, a single trade worth millions of dollars can quickly deplete liquidity and send prices skyrocketing. This case has drawn extra attention because the wallet, which had been inactive for five years, woke up and immediately lost its entire balance. An industry source said, "This incident shows that even dormant assets can be instantly wiped out if they encounter a liquidity trap."

In the past 24 hours, the size of position liquidations in the perpetual futures market for virtual assets (cryptocurrencies) was recorded at $619,630,000. On the 17th (local time), according to CoinGlass data, a total of $619,630,000 worth of futures positions were liquidated in the virtual asset market over the past 24 hours. Specifically, $396,950,000 in long positions were liquidated and $222,680,000 in short positions were liquidated. The largest liquidation was recorded in Bitcoin (BTC). Bitcoin experienced $243,520,000 in position liquidations over 24 hours, of which long and short positions accounted for $136,720,000 and $106,800,000, respectively. Ethereum (ETH) saw $170,150,000 in liquidations during the same period, of which long positions accounted for $128,930,000 and short positions for $41,220,000.

Over the past 24 hours, the size of position liquidations in the virtual asset (cryptocurrency) perpetual futures market was recorded at $316.79 million. According to CoinGlass data on the 11th (local time), $316.79 million worth of futures positions were liquidated in the virtual asset market over the past 24 hours. Specifically, long positions totaling $176.84 million were liquidated, and short positions totaling $139.95 million were liquidated. The largest liquidation was in Bitcoin (BTC). Bitcoin saw $72.71 million in position liquidations over 24 hours, of which long and short positions accounted for $31.93 million and $40.77 million, respectively. Ethereum (ETH) saw $67.22 million in liquidations during the same period, of which long positions were $40.34 million and short positions were $26.88 million.

Coinbase has launched a savings account in the UK with a variable annual interest rate of 3.75%. It is covered by the UK's Financial Services Compensation Scheme (FSCS) and protected up to £85,000. On the 11th (local time), The Block reported that Coinbase is offering the 'Coinbase Savings Account' to some users starting on the 11th. The deposit currency is British pounds and interest is paid daily. There is no minimum deposit or term restriction, and deposits and withdrawals are available immediately. The service is operated in collaboration with ClearBank. Kis Groz, Coinbase's UK chief executive officer (CEO), said, "We will offer financial products tailored to local demand for UK users." Mitesh Sabjani, head of products, said, "We will expand services to support traditional finance and crypto assets on a single platform." Coinbase has designated the UK as a key overseas market after registering as a virtual asset service provider with the UK's Financial Conduct Authority (FCA). However, it was sanctioned by the FCA in 2024 for violating obligations on high-risk customer management, and recently faced regulatory risks such as being fined $24.7 million by the Central Bank of Ireland related to transaction monitoring. Coinbase plans to roll out this savings account to all users in stages over the coming weeks. Coinbase said the product provides traditional bank-level protection and accessibility for exchange users' pound deposits.

Payment service company Square, led by Jack Dorsey, officially launched a Bitcoin (BTC) payment feature, allowing about 4 million merchants to accept Bitcoin as a payment method. On the 11th (local time), according to Cointelegraph, Jack Dorsey, co-founder of Square's parent company Block, said, "Square sellers can perform cross-payments between Bitcoin and fiat currency at checkout," and "it supports various forms such as Bitcoin-to-Bitcoin, Bitcoin-to-dollar, and dollar-to-Bitcoin." Square will prioritize supporting Bitcoin payments on offline terminals through this feature, and plans to expand to online payments and billing functions in the future. The company said it will waive fees until 2027 and will charge a payment fee of around 1% thereafter. Currently, credit card payment fees are around 1.5~4%. After introducing in October a feature that automatically converts a portion of daily sales into Bitcoin, Square has brought forward the launch of the 'Square Bitcoin' service, which includes this payment feature. Currently, more than 4 million sellers are using Square in eight countries, including the United States, the United Kingdom, France, and Japan. The industry believes this move will serve as an opportunity to drive the spread of everyday payments centered on small and medium-sized merchants. Katie Ananina, Chief Marketing Officer of CitizenX, said, "In the past, to adopt Bitcoin payments, one had to persuade business owners to become Bitcoiners," and "Square's decision this time is a historic move that lowers the barriers to entry for Bitcoin payments."

Mr. Kim Geo-seok, a private investor in his 70s Has donated a cumulative 1 billion won to Seoul National University Hospital Also supported the Korean Red Cross and the Community Chest of Korea Mr. Kim's remarks: "I want to continue sharing" The story of donating '1 Bitcoin' to Seoul National University Hospital has attracted attention. One Bitcoin is currently worth about 150 million won. On the 11th, according to Seoul National University Hospital, donor Mr. Kim Geo-seok donated 1 Bitcoin to the hospital development fund. This is reported to be the first donation in the form of digital assets received by Seoul National University Hospital. The hospital plans to liquidate this donation and use it for the hospital development fund in accordance with the government's guidelines for converting virtual assets of non-profit corporations into cash. Donor Mr. Kim Geo-seok is known as a private investor in his 70s with a deep interest in future technology investment areas such as virtual assets, artificial intelligence (AI), and quantum computers. Previously, he donated 800 million won to the hospital development fund and 100 million won to a fund supporting low-income patients at Seoul National University Hospital. Adding the one Bitcoin donated this time, valued at about 158 million won, Mr. Kim's cumulative donations far exceed 1.05 billion won. Earlier in August, he also donated 1 Bitcoin each to the Korean Red Cross and the Community Chest of Korea, and has steadily provided each institution with donations amounting to about 1 billion won. At the handover ceremony held at Seoul National University Hospital the day before, Mr. Kim said, "I think Bitcoin is a new donation tool that fits the flow of the times," and "I hope this donation becomes an opportunity to spread a new form of sharing culture, and I want to continue this form of sustained sharing in the future." Meanwhile, Seoul National University Hospital said it plans to establish internal procedures to stably accept digital asset donations in light of this case, and to set up an operational system so that donated funds can be widely used across various fields such as education, research, clinical services, and public health medical projects. Choi Su-jin, Hankyung.com reporter naive@hankyung.com

Australia-based biopharmaceutical Propanc Biopharma (Propanc Biopharma) said it will create a USD 100 million crypto treasury to secure funding for cancer drug development and enhance corporate value. According to Cointelegraph on the 11th (local time), Propanc has entered into an investment agreement for up to USD 100 million with crypto-focused investment firm Hexstone Capital through a convertible preferred shares (private placement) structure. The funds will be used to build the company's crypto treasury and accelerate development of its lead anticancer therapy 'PRP'. The initial investment is USD 1 million, and up to USD 99 million will be added within the next 12 months. James Nathanielsz, Propanc's chief executive officer (CEO), said, "This establishment of a crypto strategic treasury will be a 'turning point' that can simultaneously strengthen the company's financial stability and anticancer platform development," and "We plan to expand indications to treat not only patients with metastatic solid tumors but also patients with various chronic diseases." Hexstone Capital is a family office that has invested in major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Injective (INJ) as well as emerging projects, and a similar portfolio is expected to be applied to Propanc's treasury composition.