Son Min

BlackRock's Bitcoin (BTC) spot exchange-traded fund (ETF), IBIT, has reportedly overtaken the derivatives trading platform Deribit in Bitcoin options market share. According to CoinDesk on the 30th (local time), the open interest of IBIT option contracts approached $38 billion after the expiration on the 27th, surpassing Deribit, which recorded $32 billion. This achievement came less than a year after IBIT option trading began in November of last year. IBIT's growth shows a trend of the traditional financial sector absorbing crypto-related trading even in the derivatives market. Deribit, which was acquired by Coinbase for $2.9 billion in August, still retains support from crypto-native investors, but the market's center of gravity appears to be shifting gradually toward the U.S. regulated market. According to Checkonchain, IBIT's leverage ratio reached 45%, near an all-time high. IBIT currently holds 770,000 BTC, and option open interest amounts to 340,000 BTC, meaning nearly half of the underlying assets are tied to derivatives. While this indicates the scale of speculative positioning via the ETF, some note it may not fully reflect actual market leverage. Globally, IBIT recorded a 45% share of the Bitcoin options market to rank first, while Deribit fell to 41.9%. The Chicago Mercantile Exchange (CME) accounted for only 6%, with the remainder taken by other exchanges. As a result, IBIT and Deribit have solidified a two-horse system controlling about 90% of the total market, revealing that ETF-based options markets are growing while traditional institutional exchanges hold relatively minor positions.

Konbano, a beauty franchise operator listed on the Tokyo Stock Exchange, has reportedly purchased 85 Bitcoin (BTC). On the 30th (local time), BitcoinTreasury said on X (formerly Twitter), "Konbano additionally purchased 85.3 Bitcoin," adding, "As a result, the company's Bitcoin holdings total 605.75." With this purchase, Konbano moved into 57th place in Bitcoin holdings among listed companies.

Stablecoin issuer Tether (Tether) could become the most profitable company in history, surpassing Saudi Aramco, if its growth continues. On the 30th (local time), Matt Hougan, Chief Investment Officer (CIO) of Bitwise, said in a client letter that "Tether's growth trajectory shows the nature of the crypto asset industry targeting a $1 trillion market" and that "investors need to rethink how they view crypto assets." He added, "If Tether's assets increase to $3 trillion, it could generate profits exceeding last year's Saudi Aramco profit of more than $120 billion at current interest rate levels." He specifically noted that Tether is effectively acting as a reserve currency, particularly in emerging markets. Hougan said, "If emerging countries switch from their local currencies to USDT, Tether could manage assets in the trillions of dollars," adding, "Crypto assets are targeting the world's largest markets, and even capturing a portion could produce growth incomparable to traditional industries." He also said that Ethereum (ETH) and Solana (SOL) have the potential to expand their share in global payments and capital markets, which would support corporate valuations of about $500 billion and $100 billion, respectively. Meanwhile, according to Paolo Ardoino, Tether's Chief Executive Officer (CEO), more than 400 million people worldwide are currently using USDT.

A claim has emerged that Bitcoin (BTC)'s correction may continue. On the 30th (local time), Ali Martinez, a cryptoasset (cryptocurrency) analyst, said on X (formerly Twitter), "Over the past two years, Bitcoin correction phases have ended when traders' realized losses reached -12%," adding, "Currently it is only around -3.5%, so the correction may continue." As of 8:35 p.m., Bitcoin was trading at $112,966 on Binance's USDT market, up 0.76% from 24 hours earlier.

The global crypto exchange Binance recorded an all-time high share of 82.3% for altcoin perpetual futures trading. On the 30th (local time), according to Maartunn, a CryptoQuant contributor, the proportion of altcoins in Binance's futures trading exceeded 82% for the first time. This means altcoin trading is more active than Bitcoin (BTC) futures trading. He explained, "Traders are expecting greater opportunities or profit potential in altcoin futures than in Bitcoin," and added, "For example, Astar (ASTR) surged 250% just last week." Recently, Xplore (XPL), Astar (ASTR), Solana (SOL), and PumpDotFun (PUMP) have led the increase in trading volume. This figure is higher than during the 2021 bull market. At that time, the share of altcoin trading rose to 76%, a period referred to in the market as an 'altcoin season.' However, analysts say that this time an even stronger preference for altcoins is emerging.

Bitcoin (BTC) has fallen below $113,000. As of 6:39 PM, on the Binance USDT market, Bitcoin is trading at $112,978, up 0.70% from 24 hours earlier.

It has emerged that Japan-listed Starseeds is raising funds to stockpile Bitcoin (BTC). On the 30th (local time), BitcoinTreasury said on X (formerly Twitter), "Japan-listed company Starseeds is planning to purchase Bitcoin," and "is raising $6.83 million for this." As of 6:07 PM, based on the Binance USDT market, Bitcoin is trading at $113,344, up 1.09% from 24 hours ago.

Stuart Alderoty, Ripple's Chief Legal Officer (CLO), urged the U.S. Congress to promptly establish virtual asset (cryptocurrency) regulations, warning that without clarity the United States' global leadership could be shaken. On the 30th (local time), according to CoinDesk, Alderoty said, "The U.S. Securities and Exchange Commission (SEC) has cited regulatory clarity for virtual assets as one of its top priorities for the first time," and added, "It's time to create a predictable supervisory environment." He emphasized, "Virtual asset regulation is no longer the issue of a small number of investors but the concern of a majority of Americans, and establishing clear regulations is both a political task and a demand of voters." Alderoty cited several survey results. A survey conducted by the National Cryptocurrency Association (NCA), a nonprofit educational group for virtual assets, together with Harris Poll, found that one in five U.S. adults owns virtual assets. A YouGov survey found that those who want stronger regulation outnumber those who want looser regulation. He also cited Chainalysis data, saying that virtual asset trading volume in the United States exceeded $1 trillion in 2024. Alderoty pointed out, "Virtual assets do not disappear just because there are no clear and consistent regulations; rather, activity simply moves to other countries." He added, "Clarity is the foundation not only for consumer protection but also for responsible companies to operate in the United States with confidence." He forecast that the congressional session this fall will be a turning point for establishing virtual asset regulation. He also said, "The opportunity is already at hand, and there is public demand," adding, "Washington must prove that it can provide clarity where needed." He concluded, "Completing regulation is the way to keep innovation in the United States and to preserve U.S. leadership in designing future financial infrastructure."

Domestic crypto exchange operator Upbit's operator Dunamu was reported to have prepared a won stablecoin business with Frax Finance (FXS) and IQ, but this has been confirmed to be untrue. On the 30th, a Dunamu official told BloomingBit, "It is true that Frax Finance and IQ issued a won stablecoin on Dunamu's self-developed blockchain 'Giwa Chain', but Dunamu did not directly participate or cooperate. The issuers simply deployed the stablecoin on the blockchain on their own." Dunamu also emphasized that it has not formed any separate partnership with Frax Finance or IQ. An Upbit official stated, "Although personnel from the two companies met, they did not form a cooperative relationship," and added, "Reports that Frax Finance and IQ are preparing in advance to start a won stablecoin business with Dunamu are not true. Dunamu is not considering any partnership with Frax or IQ regarding Giwa Chain." Meanwhile, Frax and IQ said in response, "We were quite surprised to see the report. We have never mentioned or announced any form of official partnership with Upbit or Dunamu." KRWT, the won stablecoin issued by Frax Finance and IQ based on Giwa Chain, is backed by USDC issued by Circle and is redeemable 1:1 reflecting the exchange rate at issuance. Currently, only certain users who have completed customer identification (KYC) can issue it. Previously, Dunamu announced in July plans to pursue a won stablecoin business through cooperation with Naver Pay.

Over the past 24 hours, the size of position liquidations in the virtual assets (cryptocurrencies) perpetual futures market was 310,860,000 dollars. On the 30th (local time), according to CoinGlass data, a total of 310,860,000 dollars worth of futures positions were liquidated in the virtual assets market over the past 24 hours. Specifically, long positions saw 134,060,000 dollars liquidated, and short positions saw 176,800,000 dollars liquidated. The asset with the largest liquidation volume was Ethereum (ETH). Ethereum saw 72,350,000 dollars in position liquidations over 24 hours, of which long positions and short positions accounted for 19,150,000 dollars and 53,200,000 dollars respectively. Bitcoin (BTC) ranked second. During the same period, Bitcoin saw 69,110,000 dollars liquidated, of which long positions were 7,090,000 dollars and short positions were 62,020,000 dollars.

The U.S. Securities and Exchange Commission (SEC) has temporarily suspended trading in shares of crypto-asset hoarding company QMMM Holdings (QMMM Holdings). Trading is suspended until October 13 (local time). According to Cointelegraph on the 29th (local time), the SEC said, "It was confirmed that unidentified individuals encouraged investors to buy for the purpose of artificially inflating the price and trading volume of QMMM stock," and "QMMM trading is temporarily suspended due to potential stock price manipulation." Since announcing plans on September 9 to purchase Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), QMMM's stock price surged more than 1730% in a month. The stock started at about $6.50 and at one point jumped to $207, and on the 27th, just before the trading halt, it closed at $119.40. The company said it recently invested $100 million to acquire crypto-assets and build its own analytics platform. Carl Capolingua, senior editor at Market Index, said, "The SEC's trading suspension is a very rare action and, if connected to company management, could lead to serious penalties such as fines or prison sentences." He added, "QMMM's crypto-asset strategy attracted investor interest, but the SEC's concern is whether there was illegal stock price manipulation. It is not an issue with the hoarding strategy itself." Meanwhile, on Wall Street, more than 200 companies have announced plans to buy and hold crypto-assets, expanding the trend of crypto-asset hoarding. However, some experts warn that there is a risk of widespread collapse if the value of held assets exceeds company value.

Bitcoin(BTC) exceeded $113,000. As of 10:44 PM, on the Binance USDT market, Bitcoin is trading at $113,261, up 3.33% from 24 hours earlier.

Kazakhstan has launched a state-owned virtual asset (cryptocurrency) fund. On the 29th (local time), local media Capital reported that Kazakhstan has begun operating the state-owned virtual asset fund Alem Crypto Fund (Alem Crypto Fund). The first investment target is Binance Coin (BNB). The size of the purchase was not disclosed. The fund aims for long-term investment in virtual assets.

Last week, global cryptoasset (cryptocurrency) investment products saw outflows of $812 million (KRW 1.1386 trillion). On the 29th (local time), CoinShares said in a report, "Last week, cryptoasset investment products saw net outflows of $812 million," adding, "This is the effect of strong macroeconomic data being released one after another, which has lowered expectations for a US interest rate cut." However, it said upward momentum remains. The report added, "Cumulative inflows into investment products are still substantial," and "Year-to-date cumulative inflows total $39.6 billion, so they could easily surpass last year's peak of $48.6 billion." By asset, Bitcoin (BTC) products saw outflows of $719 million. The report said, "While Bitcoin products recorded outflows, short (selling) Bitcoin products also lacked demand," adding, "This indicates that the negative sentiment may be temporary." Ethereum (ETH) saw $409 million flow out. September's total net inflows also plunged to $86.2 million. Meanwhile, major altcoins showed a positive trend. Solana (SOL)-based investment products saw net inflows of $291 million last week. XRP also saw inflows of $93.1 million, showing a good trend. The report analyzed, "Both assets recorded inflows on hopes of an exchange-traded fund (ETF) approval." By country, outflows originating from the US were strong. US-based cryptoasset products alone saw net outflows of about $1.037 billion, and Sweden saw $13.4 million flow out. Conversely, Switzerland, Canada, and Germany saw inflows of $126.8 million, $58.6 million, and $35.5 million, respectively.

Strategy has reportedly purchased an additional 196 Bitcoin (BTC). It is about 31 billion won. On the 29th (local time), Michael Saylor, founder of Strategy, said on X (formerly Twitter), "Strategy bought an additional 196BTC ($22.1 million)" and "the purchase price per BTC is about $113,048." Currently, Strategy holds a total of 640,031 BTC. This is about $47.35 billion in value, and the average purchase price is $73,983.

Nasdaq-listed Bitmine Emergen's Ethereum (ETH) holdings were found to be approaching 2,650,000. This represents an increase of about 230,000 compared to a week earlier. On the 29th (local time), according to PR Newswire, Bitmine said in a press release, "Current held Ethereum amounts to 2,650,900," and "the average purchase price per unit is 4,141 dollars." This is an increase of 234,846 from the figure announced on the 22nd (local time), reflecting market purchases and staking income. In addition, Bitmine said it holds 192 Bitcoin (BTC) and 436,000,000 dollars in cash.

The stablecoin market expanded significantly in Q3. In particular, Tether (USDT) and USDC led the inflows. On the 29th (local time), Cointelegraph reported that net inflows of stablecoins in the virtual assets (cryptocurrencies) market for Q3 totaled $45.6 billion. This is a 324% increase compared to Q2's $10.8 billion. USDT ranked first with net inflows of $19.6 billion, followed by USDC with $12.3 billion. USDe attracted $9.0 billion, leaping to third place. By network, Ethereum (ETH) was dominant. During the same period, $171 billion worth of stablecoins were issued on Ethereum. Tron (TRX) followed with $76 billion. The combined scale of Solana (SOL), Arbitrum (ARB), and Binance Chain (BNB) was $29.7 billion. Meanwhile, the total market capitalization of stablecoins reached $290 billion over the past 30 days.

Whale investors were reported to have accumulated 320 million XRP over the past three days. On the 29th (local time), virtual asset (cryptocurrency) analyst Ali Martinez said on X (formerly Twitter), "Over the past 72 hours, whales bought 120 million XRP." This amounts to $344.4 million (about 482.6 billion KRW) at current XRP prices. As of 5:53 PM, XRP is trading at $2.87 on the Binance USDT market, up 3.25% from 24 hours earlier.

Bitcoin (BTC) short-term holders' Net Unrealized Profit/Loss (NUPL) has shifted into the loss zone, leading some to claim that a new accumulation cycle could begin. On the 29th (local time), Glassnode said Bitcoin short-term holders' NUPL entered negative territory. This means short-term buyers are recording an average loss relative to the current Bitcoin price. Glassnode added, "Historically, this has often coincided with periods when the market resets and has formed the foundation for new accumulation cycles," and "short-term stress has increased, but in the medium to long term it may lead to a reaccumulation phase."

Crypto treasury firms (Crypto Treasury Firms) could establish themselves as a long-term growth driver for the blockchain ecosystem. On the 29th (local time), CoinDesk reported that Ryan Watkins, co‑founder of Syncracy Capital, said, "Digital asset treasury (DAT) firms already hold crypto assets totaling $105 billion, including Bitcoin (BTC) and Ethereum (ETH)," and added, "Some firms can grow into long-term economic actors that, beyond simple buying, allocate capital, run businesses, and participate in governance." He further elaborated, "Some DAT firms may influence policy or product direction within the ecosystem." He said that treasury firms holding Ethereum and Solana (SOL) have particular advantages. Watkins said, "Smart-contract-based tokens like Ethereum and Solana can be used in various ways—staking, lending, governance participation—enabling firms to turn their assets into revenue-generating balance sheets." He went on to predict, "Successful DAT firms will resemble a structure that mixes closed-end funds, REITs, banks, and Berkshire Hathaway's compound-growth model." Berkshire Hathaway is a leading U.S. investment holding company led by Warren Buffett. However, he warned, "Not all DAT firms will survive," and added, "First-generation firms that focus on financial engineering and lack real operational capabilities are likely to disappear as the market normalizes." He also predicted that while intensified competition will bring mergers and acquisitions and bold experiments in capital management, the ultimate winners will be firms that can create a virtuous cycle by turning cash flow into token accumulation, product development, and ecosystem expansion. In the long term, only DAT firms with the best operational capabilities can grow into the blockchain's 'Berkshire Hathaway.'