Son Min

It has been analyzed that the upward movement of Ethereum (ETH) was led by the Asia market. On the 16th (local time), Matrixport stated in a report, "Ahead of the U.S. 'Crypto Week,' Ethereum's rally continues," while also noting, "Recently, Ethereum's strength has been led by the Asia market." They further explained, "Of Ethereum's 18% gain over the past month, 17% occurred during Asia trading hours," and said, "Asia plays a very important role in the virtual asset (cryptocurrency) market."

BitMEX co-founder and Maelstrom Chief Investment Officer (CIO) Arthur Hayes has announced the start of the Ethereum (ETH) season. On the 16th (local time), Arthur Hayes stated on X (formerly Twitter), "Ethereum season has started," and added, "It's time to make a new profile picture." He changed his X profile picture to a CryptoPunk. CryptoPunk is a famous non-fungible token (NFT) based on Ethereum. He went on to say, "A boom in decentralized finance (DeFi) and NFTs will come," and commented, "The Maelstrom fund will acquire the top assets in each DeFi sector." He further predicted, "If Ethereum continues to rise, all related sectors will surge."

In the past 24 hours, the scale of position liquidations in the cryptocurrency perpetual futures market reached $350.74 million. According to CoinGlass data as of the 16th (local time), a total of $350.74 million worth of futures positions were liquidated across the digital asset market over the past 24 hours. As Ethereum (ETH) surpassed $3,100, there were more short (sell) position liquidations than longs. Specifically, long positions accounted for $163.37 million in liquidations, while short positions reached $187.37 million. Ethereum recorded the largest amount of liquidations. Over 24 hours, $120.21 million in Ethereum positions were liquidated, with $36.48 million coming from long positions and $83.73 million from short positions. Bitcoin (BTC) ranked second, seeing $86.74 million liquidated during the same period. Long and short position liquidations for Bitcoin were $53.75 million and $32.99 million, respectively. As of 4:05 PM, according to Binance USDT market, Bitcoin and Ethereum are trading at $118,283 and $3,162, respectively, up 0.91% and 5.71% from 24 hours ago.

It was revealed that the virtual asset (cryptocurrency) exchange BigONE suffered a hacking incident. On the 16th (local time), Lookonchain announced via X (formerly Twitter), "BigONE exchange was hacked, resulting in losses of over $27 million," adding, "The hacker has exchanged the stolen assets for Bitcoin (BTC), Tron (TRX), and others." BigONE has stated that it plans to fully compensate all losses.

UK-listed company Smarter Web Company has made an additional purchase of 325 Bitcoins (BTC). On the 16th (local time), Smarter Web Company announced on its official website, "As part of our ongoing '10-year plan' to acquire Bitcoin, we have purchased 325 BTC," adding, "Our total Bitcoin holdings have now reached 1,600." Previously, Smarter Web Company stated, "We believe Bitcoin will become the core of the global financial system," and "We will proactively implement our Bitcoin financial strategy."

An analysis has emerged that a panic sell-off of Bitcoin (BTC) has begun. On the 16th (local time), Axel Adler Jr., a contributor to CryptoQuant, stated on X (formerly Twitter) that "over 50,000 Bitcoins were sold at a loss in the past 24 hours," adding, "This is a clear sign of the start of a panic sell-off." As of 3:09 PM, Bitcoin is trading at $117,800 on the Binance USDT market, up 0.63% from 24 hours ago.

NASDAQ-listed online technology company SharpLink Gaming's holdings of Ethereum (ETH) have surpassed those of the foundation. According to Strategic Ether Reserve on the 15th (local time), SharpLink Gaming holds about 280,000 ETH, which is more than the Ethereum Foundation (about 240,000 ETH). Previously, SharpLink Gaming announced that it had purchased 74,656 ETH between the 7th and the 13th. Unfolded evaluated through X (formerly Twitter) that "SharpLink Gaming has become the world's top Ethereum-holding company."

Blockchain company 'BTC Digital', listed on Nasdaq, has announced plans to raise $6 million for the purchase of Ethereum (ETH). According to PR Newswire on the 15th (local time), BTC Digital stated in a press release, "We plan to sell a total of 2 million shares to institutional investors at $3 per share," and added, "With this, we aim to raise $6 million to accumulate Ethereum reserves." As of 11:37 p.m., Ethereum is trading at $3,035, up 0.17% from 24 hours ago, based on Binance's USDT market.

The Canadian listed company Planet Ventures has reportedly acquired an additional 3 Bitcoin (BTC). On the 15th (local time), Planet Ventures announced in a press release that it has completed an additional purchase of approximately 3.02 BTC using its available cash. Currently, Planet Ventures holds 19.71 BTC. This is valued at approximately $2,193,479, with an average purchase price of $111,271.

Bitcoin (BTC) holding company GameStop appears to be pursuing a reserve approach that differs from Strategy. On the 15th (local time), Ryan Cohen, GameStop CEO, said in an interview with CNBC, "Our purpose for Bitcoin and our purchase strategy are not the same as Strategy," adding, "We intend to use it as a hedge against inflation, not simply for investment purposes." He further stated, "We have our own unique strategy." Currently, GameStop holds 4710BTC.

Canadian listed company FRNT Financial announced its plan to hold Bitcoin (BTC) reserves. On the 15th (local time), FRNT Financial stated on X (formerly Twitter), "We plan to raise up to C$2,000,000 (approximately $1,460,000 USD) through a private placement of shares," adding, "With the funds raised, we plan to purchase spot Bitcoin." As of 11:08 PM, according to the Binance USDT market, Bitcoin is trading at $118,310, down 2.81% compared to 24 hours ago.

NASDAQ-listed OFA Group is expected to use up to $100 million to purchase virtual assets (cryptocurrencies). According to GlobeNewswire on the 15th (local time), OFA Group stated that it "has entered into a common stock purchase agreement with Atsion Opportunity Fund LLC for up to $100 million" and that "with the funds raised, it plans to purchase Bitcoin (BTC), Solana (SOL), Sui (SUI), and others." It was also revealed that the total funding may expand up to $200 million in the future.

The official meme coin of former U.S. President Donald Trump, OfficialTrump (TRUMP), is set for a major token unlock. On the 15th (local time), Messari announced via X (formerly Twitter) that "tomorrow, 40 million TRUMP tokens—equivalent to 20% of OfficialTrump's total supply—will be unlocked," adding that "this represents about $370 million and is the largest amount among the remaining unlock schedules." As of 10:55 PM, OfficialTrump is trading at $9.26 on the Binance USDT market, down 5.03% from 24 hours ago.

Cycurion (Cycurion), a company listed on the Nasdaq in the United States, plans to invest $10 million to purchase Bitcoin (BTC) and Ethereum (ETH). According to crypto news channel NLNico on the 15th (local time), Cycurion stated in a press release, "We have established a wholly-owned subsidiary, Cycurion Crypto, for the purpose of acquiring digital assets," and added, "We plan to invest $10 million for the purchase of Bitcoin and Ethereum." Kevin Kelly, the Chief Executive Officer (CEO) of Cycurion, said, "Bitcoin and Ethereum are key components of the digital economy," adding, "Through this, we will increase shareholder value while also securing new opportunities."

Canadian fintech company LQWD Technologies has announced the purchase of an additional 57 Bitcoins (BTC). On the 15th (local time), LQWD stated on X (formerly Twitter), "Based on our Bitcoin reserve strategy, we have purchased an additional 57.5BTC," and added, "We now hold a total of 238.5BTC." They also noted, "We are holding all Bitcoins 100% debt-free." As of 10:11 PM, Bitcoin is trading at $117,961, down 3.17% over the past 24 hours on the Binance USDT market.

SharpLink Gaming, an online technology company listed on NASDAQ, has reportedly acquired an additional 74,656 Ethereum (ETH). On the 15th (local time), SharpLink Gaming announced on X (formerly Twitter), "From the 7th to the 13th, we purchased 74,656 ETH ($213,000,000)" and added, "The average purchase price was $2,852." The company continued, "We are now the company holding the most Ethereum," and noted, "We currently hold approximately 280,706 ETH." Additionally, further purchases were hinted at. SharpLink Gaming stated, "Through at-the-market (ATM) stock issuances last week, we raised $413,000,000 and purchased $156,000,000 worth of Ethereum," adding, "We also plan to use the remaining $257,000,000 to purchase more Ethereum."

It has been revealed that a subsidiary of asset management firm Fidelity has become the largest shareholder of Metaplanet, which is regarded as a strategic player in Japan. On the 15th (local time), Simon Gerovich, the CEO of Metaplanet, announced on X (formerly Twitter), "National Financial Services (NFS), a subsidiary of Fidelity Investments, has become the largest shareholder of Metaplanet," adding, "NFS holds 84.4 million shares of Metaplanet, equivalent to a 12.9% stake (approximately $820 million)." He continued, "NFS serves as the trustee for individual and institutional investors who purchase shares through Fidelity," and noted that "the shareholder structure is gradually becoming more diverse." Meanwhile, Metaplanet currently holds 16,352 BTC.

The U.S. Consumer Price Index (CPI) for June rose 2.7% year-on-year. According to the U.S. Department of Labor's announcement on the 15th (local time), the June CPI rose 2.7% compared to the previous year, exceeding Wall Street's expectations (2.6%). On a month-on-month basis, CPI increased by 0.3%, in line with the forecast (2.6%, 0.3%). This is seen as tariffs beginning to be reflected in consumer prices. Core CPI, which excludes food and energy sectors, fell short of Wall Street's expectations. Core CPI rose 2.9% year-on-year, below Wall Street's forecast of 3.0%. Month-on-month, it rose by 0.2%, also below the forecast of 0.3%. The Core CPI is an indicator that excludes the highly volatile energy and food prices and is used to gauge the underlying trend of inflation. Following the CPI release, Bitcoin (BTC) saw a sharp surge, momentarily touching $117,466. As of 9:35 p.m., based on Binance USDT market data, Bitcoin is trading at $117,320, down 3.56% from 24 hours earlier.

Blockchain company BTCS, listed on Nasdaq, has reportedly purchased an additional 2,731 Ethereum (ETH). On the 15th (local time), BTCS announced on X (formerly Twitter), "We bought an additional 2,731 ETH yesterday. The total purchase amount is $8.24 million." It is known that, to finance this, they borrowed $2.36 million worth of Tether (USDT) from the lending protocol Aave (AAVE). BTCS's current Ethereum holdings are close to 31,855.

Fierce competition from latecomers and CBDCs Profitability concerns amid rate cut trends There is growing market attention as analysis emerges that the corporate value of dollar-based stablecoin issuer Circle (CRCL), listed on the US stock market, is overvalued. According to Investing.com on the 15th (local time), Circle closed at $204.70, up 9.27% from the previous day. Since its listing on the New York Stock Exchange on June 4 (local time), it has soared 560.32% compared to its IPO price ($31) in just over a month. The surge in share price is attributed to the passage of the stablecoin regulation 'GENIUS Act' by the US Senate on June 17. US Treasury Secretary Scott Bessent projected, "Based on the GENIUS Act, the stablecoin market will reach $3.7 trillion within the next 5 years." However, despite expectations for stablecoin market growth, there is analysis that Circle's share price is excessively high. on the 8th, Mizuho Securities said in a report, "Circle's current share price is overvalued relative to its long-term profitability outlook," assigning an investment rating of 'Underperform', and set the target price at $85. JPMorgan also set a target price of $80 for Circle, stating, "Despite market growth prospects, there are long-term risks for Circle." Many competitors: late entrants in finance sector and CBDCs The main risks commonly identified by Mizuho Securities and JPMorgan are intensifying competition in the stablecoin market. While former President Trump's pro-crypto policies could have a positive effect on Circle's share price, analysis suggests new market entries by large corporations could hinder the expansion of USDC's market share. A particularly major risk stems from the participation of traditional financial institutions, which have a solid customer base and infrastructure. JPMorgan has already issued its own stablecoin, JPM Coin (JPMD), and large banks such as Bank of America and Citigroup are also said to be preparing for market entry. Leading retailers have joined in as well. According to the Financial Times, major distribution giants such as Walmart and Amazon are considering issuing their own stablecoins. Combined, these two companies recorded first-quarter sales of $321.3 billion this year, so if their own stablecoins are used for payments, this could significantly affect the market landscape. Other major competitors include tokenized deposit accounts and tokenized money market funds (MMF), which are digital financial products. These offer experiences using blockchain-based digital dollars and, unlike stablecoins, provide both interest and legal security to investors. JPMorgan warned, "Stablecoins do not provide investors with returns, whereas tokenized financial products from financial institutions offer both profitability and stability—they could take USDC's market share." Moves towards issuing central bank digital currencies (CBDCs) in other countries are also a long-term threat. On June 28, the European Union (EU) announced a draft bill for the introduction of a digital euro CBDC within the year. In addition, China, Russia, and the United Arab Emirates are also pursuing CBDC adoption. CBDCs, having the same legal status as fiat currency as they are issued by central banks, may replace stablecoins in various areas such as international trade and retail payments. JPMorgan stated, "The trend toward CBDC adoption outside the US will be an obstacle for the global adoption of USDC, and especially if CBDCs are widely introduced in Europe, this could seriously impact Circle's long-term growth and profitability." Trump rate cut pressure... profitability concerns The potential for interest rate cuts by the Federal Reserve (Fed) further supports the negative outlook. Mizuho Securities commented, "Circle's projected 2027 sales of $4.5 billion, as suggested by several securities firms, assumes high interest rates and a high USDC adoption rate, which is unlikely to be achieved in reality." Circle secures most USDC reserves with US Treasuries, and the interest income generated from these is a key revenue source. If rates drop, Treasury yields fall and Circle's revenues decrease. With recent persistent rate cut pressure from former President Trump and dovish remarks from the Fed, the market expects possible cuts as early as September, reinforcing the anticipation of a slowdown in Circle's revenue over the long term. Stagnant USDC adoption and low margins have also been cited as issues. Mizuho Securities explained, "USDC supply has plateaued at about $62 billion since last April, and most of Circle's revenue is distributed to partners such as Coinbase, so the margin rate has plummeted from 61% in 2023 to 39% earlier this year." Accordingly, caution is advised for domestic investors as well. According to the Korea Securities Depository, Circle was the most net purchased stock by domestic investors in the US stock market in the past month (June 12–July 11), with net purchases reaching $639.45 million over the period. Kyu Jin Kim, CEO of Tiger Research, commented, "Circle's long-term growth prospects for USDC are promising, but a considerable amount of optimism might already be priced in. A more cautious and conservative investment stance is recommended."

It has been revealed that James Wynn, known as a whale on the decentralized derivatives exchange Hyperliquid (HYPE), has established a 40x long position in Bitcoin (BTC). On the 15th (local time), OnchainLens disclosed on X (formerly Twitter), "James Wynn deposited $467,999 into Hyperliquid and then established a 40x long position in Bitcoin, looking as if he has returned to the battlefield." The position size is $18,430,000, with an entry price of $117,069 and a liquidation price of $115,554. Previously, James Wynn had changed his X profile to 'Bankrupt' and deactivated his account, but today he announced his return by opening a 10x long position in PEPE with $10,000 as collateral.

An analysis has suggested that the $100,000 level could serve as a major support for Bitcoin (BTC). On the 15th (local time), Cointelegraph stated, "The average purchase price of short-term Bitcoin holders has surpassed $100,000," and added, "$100,000 will act as a strong support level going forward." As of 6:51 PM, Bitcoin is trading at $116,871 on the Binance USDT market, down 4.28% from 24 hours earlier.

The decentralized perpetual futures exchange (DEX) Hyperliquid (HYPE) has once again renewed its all-time high for open interest (OI) in perpetual futures. On the 15th (local time), Hyperliquid announced on its official X (formerly Twitter), "Hyperliquid’s open interest has reached $12.1 billion," adding, "This marks the fourth consecutive day of record-high open interest." The exchange also assessed that the recent performance was meaningfully driven by the listing of Pump.fun (PUMP). Hyperliquid stated, "We were the first major exchange to support pre-market trading for PUMP," and shared, "PUMP pre-market futures open interest and 24-hour trading volume have approached $400 million and $600 million, respectively." They concluded, "This means Hyperliquid is actively supporting on-chain capital formation."

Hilbert Group, a cryptocurrency investment firm listed on Nasdaq, has reportedly secured 233 Bitcoin (BTC). According to NLNico, a digital asset news channel, on the 15th (local time), Hilbert announced in a press release that it had acquired 233 BTC from the investment company Deus Ex Capital, bringing its total holdings to 430 BTC. Meanwhile, Hilbert previously raised $20.9 million to build up its Bitcoin reserves.

Analysis shows that Bitcoin (BTC) investors have realized $3.5 billion in profits over the past 24 hours. On the 15th (local time), Glassnode posted on X (formerly Twitter), stating, "Over the past 24 hours, Bitcoin investors have realized $3.5 billion in profits," adding, "This is the largest profit-taking movement so far this year, with a particularly high ratio of long-term holders selling." According to the data, long-term Bitcoin holders realized $1.96 billion in profits, while short-term holders realized $1.54 billion.

There is growing analysis that the surge in Bitcoin (BTC) inflows to exchanges is increasing the likelihood of a short-term decline. On the 15th (local time), Enigma Trader, a contributor to CryptoQuant, stated in a report, "Over the past 48 hours, more than 14,400 BTC have flowed into cryptocurrency exchanges," adding, "This represents the largest inflow seen in recent weeks." The report continued, "Traders are transferring their Bitcoins to exchanges in order to realize profits. This means that spot selling pressure is rising," and further added, "If this trend continues, the short-term downside risk for Bitcoin will become even greater." Meanwhile, the previous day, Bitcoin hit an all-time high (ATH) of $123,218 on Binance. As of 5 PM, Bitcoin was trading at $116,770 on the Binance USDT market, a 4.82% drop compared to 24 hours ago.

Standard Chartered (SC) plans to provide spot trading services for Bitcoin (BTC) and Ethereum (ETH) to institutional investors. According to CoinDesk on the 15th (local time), Standard Chartered will offer spot trading services for Bitcoin and Ethereum to institutional investors. This marks the first case of a major global bank providing spot trading services for virtual assets (cryptocurrencies). The service will first launch at the United Kingdom branch and will be available during the trading hours of Asia and Europe. Depending on client demand, it will later be expanded to offer 24/5 trading services. René Michau, Global Head of Virtual Assets at Standard Chartered, said, "We are the first among global banks to provide virtual asset trading," adding, "The main clients of the service will be global enterprises such as asset management firms and investment companies."