Son Min

Last week, global virtual asset (cryptocurrency) investment products experienced a net outflow of $1.43 billion (₩1,986.7 billion). On the 25th (local time), CoinShares stated in a report, "Last week, virtual asset investment products saw an outflow of $1.43 billion," adding, "It is the largest outflow since March." In particular, the negative impact was attributed to uncertainty over the Fed's interest rate cuts. The report added, "Early last week, the uncertainty over the Fed's interest rate cuts led to a net outflow of $2 billion," but continued, "However, following Chairman Powell's dovish remarks, $594 million was reinvested, offsetting some of the outflows." It further explained, "Due to the rapid shift in investor sentiment over the week, trading volume for virtual asset ETPs reached $38 billion, which is 50% higher than the yearly average." By asset, Bitcoin (BTC) products topped the list with a net outflow of $1.03 billion. Ethereum (ETH) also saw an outflow of $440 million. The report commented, "Ethereum witnessed a sharp inflow in the middle of the week, which greatly reduced the outflow," adding, "This reflects a shift in investor sentiment toward Bitcoin and Ethereum." Some major altcoins showed strong inflows. Both XRP and Solana (SOL) saw net inflows of $25 million and $12 million, respectively. Cronos (CRO) also attracted $4.4 million. In contrast, Sui (SUI) registered an outflow of $12.9 million. By country, the US showed a significant outflow. US-based virtual asset products alone saw a net outflow of approximately $1.311 billion, while Sweden and Switzerland saw outflows of $135.5 million and $11.8 million, respectively. Conversely, Germany and Canada registered net inflows of $18.4 million and $3.7 million, respectively.

It has been observed that the speed at which Bitcoin (BTC) reaches its all-time high in its cycle has slowed down. On the 25th (local time), Glassnode posted on X (formerly Twitter), stating, "During the bull markets of 2017 and 2021, Bitcoin surpassed its all-time high 2 to 3 months faster than it does now." They added, "While past trends are only useful as reference materials, caution should be exercised as recent profit-taking and speculative activities have increased."

The number of active Ethereum (ETH) addresses has reached 3.8 million. On the 25th (local time), Sentora (formerly IntoTheBlock) stated on X (formerly Twitter) that "last week, the number of active Ethereum addresses reached 3.8 million," adding, "Although there has been a gradual decrease since early August, it still remains above the previous bull market level." As of 10:08 PM, Ethereum is trading at $4,639 on the Binance USDT market, down 2.48% from 24 hours ago.

The e-commerce company 'DDC Enterprise Limited' (listed on the New York Stock Exchange) has reportedly secured an additional 200 Bitcoins (BTC). According to Business Wire on the 25th (local time), DDC announced in a press release, "We have purchased an additional 200 BTC," and added, "The average purchase price was $107,447." DDC currently holds 888 BTC. Norma Chu, founder of DDC, stated, "Despite market volatility, we have doubled our Bitcoin holdings in just a few weeks. This demonstrates our determination to become a leading Bitcoin treasury company."

Nasdaq-listed LM Funding America has acquired an additional 164 Bitcoins (BTC). On the 25th (local time), LM Funding America announced on its website, "We have acquired an additional 164 BTC worth approximately $18.67 million," adding, "The average purchase price per 1 BTC is $113,850." The total amount of Bitcoin held is 311 BTC. Bruce M. Rodgers, CEO of LM Funding America, stated, "Bitcoin is the strongest currency in existence," and added, "By accumulating Bitcoin, we aim to provide long-term value to our shareholders."

Yield Guild Games (YGG) is reported to have conducted a token buyback worth $1 million. On the 25th (local time), AmberCN announced via X (formerly Twitter) that "Yield Guild Games has carried out a YGG buyback" and stated that "the scale is approximately $1 million." Previously, Yield Guild Games deposited 1 million Tether (USDT) into Binance.

BitMine Immersion Technologies, a company that stocks Ethereum (ETH), has acquired an additional 190,000 ETH. According to PR Newswire on the 25th (local time), BitMine announced via a press release, "We made an additional purchase of 190,526 ETH last week," and stated, "The value of our holdings in virtual assets and cash has surpassed $8.82 billion." The amount of Ethereum currently held by BitMine is 1,713,899.

It has been claimed that 93% of individual Bitcoin (BTC) investors have never experienced a bear market. On the 25th (local time), WhaleWire analyst Jacob King stated on X (formerly Twitter), "Currently, 93% of individual Bitcoin investors have never actually experienced a bear market," adding, "This won’t be a simple decline for Bitcoin — it will be an annihilation." He went on to advise, "If you’re still holding Bitcoin, you should quickly realize any profits."

NASDAQ-listed Sharps Technology is set to accumulate a significant amount of Solana (SOL). According to Investing.com on the 25th (local time), Sharps Technology is pursuing a private investment to accumulate Solana. The amount exceeds $400 million, and the funds raised will be used to purchase Solana on the open market. In addition, through cooperation with the Solana Foundation, the company plans to purchase SOL worth $50 million at a 15% discounted price. Alice Zhang, Chief Investment Officer (CIO) of Sharps Technology, described Solana as "an asset that defines the standard for digital infrastructure." Meanwhile, following this news, Sharps's stock price surged approximately 52% in the pre-market.

MicroStrategy has reportedly acquired an additional 3,081 Bitcoins (BTC). The deal is valued at approximately ₩495.2 billion. On the 25th (local time), Michael Saylor, the founder of MicroStrategy, announced on X (formerly Twitter), “MicroStrategy acquired an additional 3,081 BTC (worth $356.9 million),” adding, “The purchase price per BTC was about $115,829.” He went on to say, “This year, we have achieved a return of 25.4%.” Currently, MicroStrategy holds a total of 632,457 BTC. This represents a value of around $46.5 billion, with the average purchase price at $73,527.

Bitcoin (BTC) has fallen below $111,000. As of 7:56 PM, based on the Binance USDT market, Bitcoin is trading at $110,975, down 3.43% from 24 hours ago.

Grayscale has submitted an S-1 trust application for Avalanche (AVAX). According to the U.S. Securities and Exchange Commission (SEC) on the 25th (local time), Grayscale has filed the S-1 registration statement for the Avalanche trust. As of 7:21 PM, Avalanche is trading at $24.15 on the Binance USDT market, down 4.62% from 24 hours ago.

Despite the decline in Bitcoin (BTC), opinions suggest that institutions are likely to resume buying at lower prices. On the 25th (local time), QCP Capital stated in a report, "After the rebound following the Jackson Hole Meeting, Bitcoin plunged due to the sale of about 24,000 BTC by early holders," adding, "It was difficult for the upward trend to continue because of net outflows from Spot Exchange-Traded Funds (ETFs) and decreased strategic buying." Nevertheless, it was predicted that institutional Bitcoin purchases would resume. QCP said, "Our long-term outlook for Bitcoin remains unchanged," and added, "In July, the market absorbed 80,000 BTC." They further stated, "Institutions will start buying at lower prices again."

The CEO of the world's largest asset management firm, BlackRock, stated that Bitcoin (BTC) can serve as a form of digital gold. On the 25th (local time), Larry Fink, CEO of BlackRock, said in an interview with Citigroup, "In the past, I only considered Bitcoin as a means for money laundering," but added, "I realized the strength of blockchain technology as we went through COVID-19." He continued, "Bitcoin can serve as digital gold that protects assets from inflation." Last year as well, he argued that Bitcoin is a legitimate form of digital gold.

A new Solana (SOL) reserve company is expected to emerge. According to The Block on the 25th (local time), Galaxy Digital, Jump Crypto, and Multicoin Capital plan to jointly establish a 'Solana reserve company.' The approach involves acquiring a listed company and converting it into a reserve company. To this end, they are reportedly preparing to raise investments totaling around $1 billion. The transaction is expected to be finalized in early September. Cantor Fitzgerald LP is serving as the deal advisor. Notably, the Solana Foundation is also reportedly supporting this plan, drawing increased attention. Nick Luck, an analyst at LVRG Research, stated, "Large-scale capital inflows are anticipated, which could place upward pressure on Solana's price," adding, "Investments from reputable institutions will also have a positive impact on ecosystem expansion and increased developer activity."

A large amount of Bitcoin (BTC) and Ethereum (ETH) was found to have been transferred from Binance’s hot wallet. On the 25th (local time), the cryptocurrency analyst Tracer stated on X (formerly Twitter): "Binance and Coinbase transferred a large amount of Bitcoin and Ethereum from their hot wallets." Some have raised suspicions that these transfers might be attempts to artificially sell off assets to liquidate long (buy) positions. Analyst Rekt Fencer claimed, "Binance is dumping Bitcoin and Ethereum in order to liquidate long positions" and asserted, "This is clearly market manipulation."

There is a claim that Ethereum (ETH)'s uptrend could continue in the medium to long term. On the 25th (local time), CryptoMeTooJe, a contributor for CryptoQuant, stated via X (formerly Twitter), "Recently, Ethereum has shown better performance compared to Bitcoin (BTC)," adding, "Ethereum's uptrend could continue in the long term." He particularly emphasized the need to pay attention to the increase in open interest (OI) on the Chicago Mercantile Exchange (CME). CryptoMeTooJe explained, "Ethereum open interest is increasing on CME," and noted, "As retail investor participation is also expected to gradually expand, the likelihood that Ethereum's uptrend will continue is high."

It has been revealed that whales have stockpiled 32 million Ethena (ENA). On the 24th (local time), Ali Martinez, a cryptocurrency analyst, revealed through X (formerly Twitter), "In the past 24 hours, whales have purchased 32 million Ethena." This amounts to 20.76 million based on the current XRP price. As of 4:45 p.m., according to Binance USDT market, Ethena is trading at $0.6488, down 8.31% compared to 24 hours ago.

Galaxy Digital, Multicoin Capital, and Jump Trading are working to secure funds for purchasing Solana (SOL). On the 25th (local time), Tree News announced via X (formerly Twitter), "These three companies are seeking to raise $1 billion for the purchase of Solana." As of 4:32 PM, based on the Binance USDT market, Solana is trading at $202, down 2.79% from 24 hours ago.

A strategic Bitcoin (BTC) reserve bill has reportedly been proposed in the Philippines. According to Investing.com on the 25th (local time), Congressman Miguel Luis Villafuerte submitted the 'Strategic Bitcoin Reserve Bill' to the House of Representatives. The proposed bill stipulates that the Central Bank of the Philippines will purchase and store a total of 10,000 BTC over a period of five years. Additionally, the reserved Bitcoin will be locked up for 20 years and, after maturity, can only be sold for the purpose of government debt repayment. The outlet stated, "If the bill ultimately passes, the Philippines is expected to become the first Asian country to officially legislate Bitcoin reserves as law."

Vitalik Buterin, co-founder of Ethereum (ETH), stated that decentralized prediction markets are bad markets. On the 25th (local time), Vitalik said on a podcast, "Decentralized markets are bad markets. They mock state-level gambling regulations," and added, "The world is increasingly falling into decadence." He continued, "If this market becomes large enough, it could even destroy society." Regarding traditional financial markets, he said, "Each investor has different risk preferences, so by transferring unwanted risks among each other, the market operates in a healthy way." Airlines hedge against risk by buying oil futures, while speculators target price volatility in the opposite way. These opposing interests provide active trading and liquidity to the market. However, he argued that prediction market outcomes are implemented in a binary structure of 'Yes' or 'No'. As a result, liquidity provision and risk hedging are significantly restricted. Vitalik emphasized, "Prediction markets lack participant diversity and are structurally difficult to hedge," and "there are fundamental limitations to reaching the efficiency of traditional financial markets in the long run." He also pointed out the absence of interest payments. He added, "Decentralized prediction markets mostly do not pay interest. By holding dollars, you lose the stable 4% annual interest income that is guaranteed."

Bitcoin (BTC) has fallen below $112,000. As of 3:37 PM, according to Binance USDT, Bitcoin is trading at $111,845, down 2.73% from 24 hours ago.

It has been observed that positive mentions of Ethereum (ETH) on social networking services (SNS) have increased. On the 25th (local time), cryptocurrency analyst Ali Martinez stated on X (formerly Twitter), "There has been a significant increase in positive mentions of Ethereum on social media." However, there are also opinions suggesting that positive mentions do not indicate a price increase. Previously, Santiment commented, "Market prices move contrary to the public’s expectations."

Over the past 24 hours, total liquidations in the perpetual cryptocurrency futures market amounted to $682.15 million. According to CoinGlass data on the 25th (local time), the total amount of futures position liquidations in the cryptocurrency market over the past 24 hours reached $682.15 million. Specifically, long positions saw $521.88 million in liquidations, while short positions registered $160.27 million. The largest liquidated asset was Bitcoin (BTC), which saw $241.84 million in positions liquidated over 24 hours. Of this, long positions accounted for $222.96 million, and short positions totaled $11.88 million. Ethereum (ETH) ranked second during the same period, with a total liquidation of $222.23 million—$135.37 million from long positions and $86.87 million from short positions. As of 3:22 PM, on the Binance USDT market, Bitcoin and Ethereum were trading at $112,429 and $4,689 respectively, down 2.14% and 1.76% compared to 24 hours ago.

There is an outlook that Bitcoin (BTC) will rise by an average of 28% per year for the next 10 years. On the 20th (local time), according to The Block, Matt Hougan, Chief Investment Officer (CIO) of Bitwise, stated in a report that "Bitcoin will record the highest returns among major assets over the next 10 years," and added, "It is expected to increase by an average of 28% annually, while volatility is expected to decrease." He also said, "Since the beginning of this year, more than 12 asset management firms have asked us for reports on the long-term outlook for Bitcoin," and noted, "Institutions' perception of Bitcoin is changing significantly." It is known that from 2017 until last year, there were no requests for Bitcoin reports.