Son Min

An analysis has indicated that Chainlink (LINK) has been consistently withdrawn from exchanges. On the 30th (local time), Sentora (formerly IntoTheBlock) announced on X (formerly Twitter), "Since June 20 of last year (local time), net outflows of Chainlink from exchanges have been steadily occurring," and added, "A total of 3,860,000 LINK have been withdrawn during this period." Typically, the withdrawal of cryptocurrencies from exchanges is seen as a positive signal for price increase, as it reduces the supply of tradable assets. As of 5:43 PM, according to the Binance USDT market, Chainlink is trading at $13.26, down 1.27% over the last 24 hours.

Over the past year, the perpetual futures trading volume of decentralized futures exchange Hyperliquid (HYPE) has nearly reached $1.571 trillion. According to The Block on the 30th (local time), Hyperliquid's futures trading volume reached $1.571 trillion over the past 12 months. The media outlet stated, "Hyperliquid's trading volume reached $248 billion in May and $208 billion in June," adding, "This overwhelmingly surpasses the trading volume of other on-chain-based exchanges." Hyperliquid's revenue has also soared. In just this month, Hyperliquid earned over $56 million in fee revenue, bringing its cumulative revenue to $310 million.

Last week, global virtual asset (cryptocurrency) investment products saw inflows totaling $2.7 billion, marking an 11th consecutive week of net inflows. On the 30th (local time), CoinShares announced in a report, "Last week, virtual asset investment products saw inflows of $2.671 billion (₩3.6117 trillion), posting an 11th straight week of net inflows," adding, "Just in the first half of this year, inflows have reached $16.9 billion, nearing the $18.3 billion that was recorded by the end of June last year." The report continued, "Rising geopolitical volatility and monetary policy uncertainty have helped sustain robust investor demand." By asset, Bitcoin (BTC) products recorded a net inflow of $2.2 billion, ranking first. The report noted, "This amounts to 83% of last week's global investment product inflows," and added, "Short (sell) Bitcoin products saw an outflow of $2.9 million, further strengthening the positive sentiment toward Bitcoin's rise." Ethereum (ETH) products attracted $429 million, coming in second. The report stated, "Since the beginning of the year, more than $2.9 billion has flowed into Ethereum," and, "Investors continue to anticipate strength for Ethereum." Major altcoins also showed positive trends. XRP and Solana (SOL) products recorded inflows of $10.6 million and $5.3 million, respectively. By country, the United States led with strong inflows. U.S.-based virtual asset investment products alone posted a net inflow of about $2.65 billion, while Switzerland, Germany, and Australia saw inflows of $23 million, $19.8 million, and $8.7 million, respectively. In contrast, Sweden and Canada saw net outflows of $23 million and $13.6 million, respectively.

There is an assertion that Bitcoin (BTC) will ultimately follow the positive momentum of the stock market. On the 30th (local time), Matrixport stated in a report, "Despite strong inflows into spot ETFs and record highs in the US stock market, Bitcoin has not shown a significant rise," but added, "It is highly likely that it will eventually follow the trend of the stock market." Matrixport suggested that the recent weakness could be due to seasonal factors. The report noted, "(The underwhelming) Bitcoin price may be a result of seasonal elements," and explained, "Bitcoin tends to experience corrections and sideways movements during the summer." Additionally, it commented, "As dovish expectations for the Fed have increased and hopes for a rate cut have grown, Bitcoin could see significant gains as well."

There is a claim that the Grayscale Digital Large Cap ETF is highly likely to be approved. On the 30th (local time), Nate Geraci, CEO of The ETF Store, stated on X (formerly Twitter), "The final approval decision date for the Grayscale Digital Large Cap ETF is approaching," adding, "I believe approval is likely." He further mentioned, "After this, individual spot ETF approvals for virtual assets (cryptocurrencies) such as XRP and Solana could also take place." Meanwhile, the Grayscale Digital Large Cap ETF includes virtual assets such as Bitcoin (BTC), Ethereum (ETH), XRP, Solana, and Cardano (ADA).

An analysis has indicated that Bitcoin (BTC) is currently trading in a neutral zone. On the 30th (local time), CryptoQuant analyst Axel Adler Jr stated on X (formerly Twitter), "The Realized Supply Distribution ratio of Bitcoin is slightly above the annual average," and added, "It is being traded in a neutral range, meaning neither overbought nor oversold." He further commented, "This is similar to the level seen in November last year, when the price of Bitcoin sharply surged from $74,000 to $107,000." As of 3:39 PM, on the Binance USDT market, Bitcoin is trading at $108,037, up 0.76% from 24 hours ago.

The French publicly traded blockchain group 'The Blockchain Group (ALTBG)' announced that it has acquired an additional 60 Bitcoins. On the 30th (local time), The Blockchain Group stated in a press release, "We invested about €5.5 million ($6.45 million) to purchase an additional 60 BTC," adding, "Bitcoin’s return has reached 1270% compared to the beginning of the year." Currently, The Blockchain Group holds 1,788 BTC.

UK-listed company Vaultz Capital Plc reportedly purchased an additional 40 Bitcoin (BTC). On the 30th (local time), Vaultz Capital Plc announced via X (formerly Twitter) that it had acquired 40BTC. The transaction is valued at approximately $4.43 million. Vaultz Capital Plc now holds a total of 50BTC.

Ethereum Loses Almost Half Its Value from All-Time High Strong Bullish Bets from Options Traders Potential for Rebound on Fundamentals and Traditional Finance Backing Investor sentiment toward the leading altcoin 'Ethereum (ETH)' remains strongly bullish. Last week, after the ceasefire between Israel and Iran was announced, Bitcoin quickly recovered most of its recent losses and is challenging its all-time high again, whereas Ethereum is showing relatively sluggish performance. Although Ethereum also rebounded on easing Middle East tensions, it is still trading at $2,500, about 39% below its local high. That's a significant 49% lower than its all-time high (ATH) of $4,868 recorded in 2021. Despite this, options traders dealing in long-term prediction products continue to forecast further gains for Ethereum. According to Deribit, a crypto options trading platform, as of the 30th, the strike prices for Ethereum options expiring in December of this year and June of next year are $2,563 and $2,630 respectively—levels above the current spot price. The heavy concentration of call option demand is adding weight to the bullish outlook. According to CoinGlass data, on Deribit, the put-call ratio for open interests (OI) at each strike price is 0.33, meaning call option demand is about three times higher than put options. The put-call ratio represents the ratio of investors betting on price declines (put options) versus those betting on price gains (call options); a figure below 1 indicates that call option demand exceeds that of put options. In particular, the $3,200 and $3,000 call options have open interest sizes of $346 million and $283 million respectively, attracting the most attention from investors. This reflects investors' strong confidence that Ethereum will recover to the $3,200 level in the long term. Investors on the blockchain-based prediction market platform Polymarket showed even more aggressive bullish sentiment. According to Polymarket on the 30th, 31% predicted that Ethereum would reach $4,000 within six months, and 21% and 14% bet on breakouts above $5,000 and $6,000 respectively. Strengthened Fundamentals and Inflows from Traditional Finance Are Positive Signs The main reasons for improved expectations for Ethereum are its strengthened chain fundamentals (intrinsic value) and ongoing inflows from traditional finance. 'Onchain School', a contributor to CryptoQuant, stated, "The amount of Ethereum staked increased by more than 500,000 ETH in the first half of June, surpassing 35 million ETH in total." He added, "Ethereum is one of the digital assets expected to perform positively as investor confidence in the network grows and circulating supply decreases." According to CryptoQuant data, the current staking amount of Ethereum has reached a record high of 35.48 million ETH. This is about 30% of the total Ethereum supply. Unlike Bitcoin, which uses proof-of-work (PoW), Ethereum's network operates on proof-of-stake (PoS), allowing users to participate in network operations such as block creation and transaction validation through staking (depositing). The higher the staked amount, the more stable contract processing becomes, and the possibility of transaction manipulation by external attackers is reduced. Inflows into exchange-traded funds (ETFs) and increased buying from traditional financial markets have also grown. According to CoinShares data, global Ethereum investment products recorded a net inflow of $120 million last week, marking ten consecutive weeks of inflows. This is the longest such streak since 2021 and suggests a significant increase in global investor interest in Ethereum. More publicly traded companies are storing Ethereum. On the 24th (local time), Nasdaq-listed marketing company Sharplink Gaming announced it had purchased 12,207 ETH. With this latest purchase, Sharplink's total Ethereum holdings grew to 188,477 ETH (about $471 million). Among other companies, Bit Digital (27,623 ETH) and BTCS (14,600 ETH) are also accumulating Ethereum reserves. Prominent on-chain analyst Crypto Dan commented, "The record-high amount of staked ETH and global accumulation are reinforcing Ethereum's network fundamentals." He added, "The recent surge in global capital inflows is due to pre-emptive purchases by institutional, corporate, and whale investors anticipating a strong altcoin market in the second half of the year. If a full-fledged bull run begins, there could be an even stronger price surge centered around Ethereum."

Despite Growing Expectations for Bitcoin Price Hikes Fears of 'Large-Scale Dumping' in Bear Markets Emerge Possible Negative Impact on Government Adoption Global publicly listed companies are aggressively accumulating Bitcoin (BTC), fueling expectations of further price increases. However, some warn that corporate-led hoarding could destabilize the market. On the 26th (local time), Metaplanet, dubbed the 'Strategy' of Japan, announced via disclosure that “We have purchased an additional 1,234 Bitcoins, bringing our total holdings to 12,345 BTC.” It has secured a volume equivalent to No. 1 in Asia and No. 7 globally within just 1 year and 2 months since it unveiled its Bitcoin accumulation strategy in April of last year. Investors cheered Metaplanet’s aggressive Bitcoin accumulation, and as bullish expectations for Bitcoin price grew, its stock price soared approximately 2,400% over the past year, and the premium for its Bitcoin holdings has surged to $550,000, five times the current market price. Strategy, a pioneer in institutional Bitcoin accumulation, is also continuing aggressive purchasing. In the past month alone, it accumulated a staggering 12,095 BTC, bringing its total holdings to 592,345 BTC (about 2.82% of total supply). The company also revealed plans to raise funds to purchase an additional $21 billion worth of Bitcoin in its Q1 earnings announcement. Other companies such as ProCapBTC and Green Minerals have also announced plans to accumulate more than $1 billion worth of Bitcoin, joining the wave of accumulation. According to BitcoinTreasury, listed companies’ Bitcoin holdings, which stood at around 600,000 earlier this year, have increased by over 250,000 in just six months, reaching 840,884 at present. Prominent Bitcoin maximalist Brad Mills asserted, “We are at the beginning of the SaylorCycle. Driven by corporate demand, Bitcoin could rise 100-fold within the next 20 years.” Nevertheless, concerns about these corporate accumulation trends have been raised. Max Keiser, Bitcoin advisor to the El Salvador government, said, “The companies participating in Bitcoin accumulation this cycle have never experienced a bear market. You can't assume they won’t sell Bitcoin in a downturn like Strategy did.” Back in the 2022 bear market, even though Strategy posted over $1 billion in losses due to the drop in Bitcoin price, it continued to steadily buy Bitcoin by raising additional funds. Saifedean Ammous, author of 'The Bitcoin Standard,' also warned, “Despite growing waves of corporate buying, Bitcoin can still drop as much as 80% from previous highs. If a company’s business model cannot withstand an 80% drop, now is the time to restructure their financials.” Large-Scale Dumping Possible If Bear Market Persists Experts expressing concerns point out that most companies accumulating Bitcoin are buying with debt rather than cash. Strategy, the No. 1 corporate Bitcoin holder, has used large convertible bond and preferred stock programs to amass its holdings. Metaplanet and 21Capital, which have started accumulating more recently, use similar methods. Thus, should these companies come under financial pressure during a downturn, a large-scale sell-off to repay obligations could occur. Cryptocurrency exchange Coinbase evaluated in a report, "Corporate Bitcoin accumulation is a short-term bullish driver but in the long run could pose significant risks to the overall digital asset ecosystem." It continued, “If Bitcoin price falls, companies will have no choice but to sell Bitcoin to pay back debt. If multiple companies sell simultaneously, it could trigger massive liquidations on futures markets and a broader wave of selling across digital assets.” Standard Chartered (SC) also voiced concerns in its report. The report stated, “Considering past cases like mining company Core Scientific, there is a high likelihood of dumping if Bitcoin falls more than 22% below corporate average purchase prices.” In fact, during the 2022 bear market, Core Scientific, under severe financial strain, sold its 7,202 Bitcoin holdings for $167 million. Although the price then was 22% below mining costs, once losses were realized, all creditors halted additional funding and forced a dump. Over the following month, Bitcoin fell about 44%. The report added, “If Bitcoin drops below $90,000, over half of the companies currently holding Bitcoin would enter loss territory, significantly raising the likelihood of further sell-offs.” Growing Corporate Holdings Could Hamper National-Level Bitcoin Adoption Concerns have also been raised that if corporate Bitcoin holdings keep increasing, governments and central banks may become hesitant to adopt Bitcoin as a reserve asset. Swiss bank Sygnum warned in a report, “If any asset becomes concentrated in the hands of certain entities, its profile as a safe haven is undermined. Excessive hoarding by private companies could negatively influence governments’ willingness to adopt Bitcoin as a reserve asset.” Although listed companies collectively hold about 4% of the total Bitcoin supply, their share of actively circulating coins is much higher, potentially intensifying perceived risks for governments. It further stated, “Governments and central banks assess low volatility and high liquidity as key prerequisites for reserve assets. If companies use excessive leverage to accumulate Bitcoin, circulating supply shrinks and liquidity decreases while volatility increases, detracting from Bitcoin’s appeal as a reserve asset.”

Taiko (TAIKO), the first Based Rollup project in the Ethereum (ETH) ecosystem, will hold its second Based Rollup Summit. On the 26th, Taiko announced that it will host the Based Rollup Summit in Cannes, France on July 1 (local time). This comes about four months after the first summit was successfully held in San Francisco on March 10 (local time). This event will feature speakers such as Justin Drake, Ethereum researcher; Tomasz Stańczak, co-director at the Ethereum Foundation; and Marek Olszewski, co-founder of Celo Labs, who will share their insights on Ethereum's scalability and its future potential. Investment firms such as Hashed and SNZ Holdings as well as projects like Avail, ZeroBase, Boundless, and SSV Network are also scheduled to present. Notably, many major projects in the Ethereum ecosystem will participate and discuss Based Sequencing design, Based Preconfirmations, and the future direction for Ethereum and Layer2 (L2). The latest trends in the Based Rollup ecosystem will also be shared. Joaquin Mendes, COO of Taiko, said, "This summit takes place at a pivotal moment for the 'Ethereum rollup-centric roadmap'," adding, "There is an urgent need for robust and decentralized infrastructure." As a result, it is expected that over 600 developers, researchers, and protocol designers from across the Ethereum ecosystem will attend. Taiko stated, "Rollups have evolved beyond simple Layer2 scaling solutions into autonomous infrastructure layers," and added, "The Based Rollup Summit will mark an important milestone in the development of Ethereum." Furthermore, they said, "We aim to realize ideas, foster collaboration, and design the future," noting that "this will be an opportunity to deeply explore the trajectory of Ethereum's growth."

The decentralized lending protocol zkLend (ZEND) based on Starknet (STRK) has announced the suspension of its operations. On the 25th (local time), zkLend stated on its official X (formerly Twitter), "User trust has been severely damaged due to the hack, and token liquidity has decreased as a result of major exchanges delisting our token." It added, "Given these circumstances, we believe the current funds ($200,000) should be used to compensate victims rather than for operating expenses." The company further explained, "Accordingly, we plan to cease operations." Nevertheless, they emphasized that efforts to recover the stolen funds will continue. Previously, zkLend suffered losses of approximately $10 million due to an exploit (vulnerability exposure).

It has been revealed that GameStop has issued additional convertible bonds worth $450 million. According to the U.S. Securities and Exchange Commission (SEC) on the 25th (local time), GameStop issued an additional $450 million in convertible bonds. As a result, a total of $2.7 billion will be raised through convertible bond issuances in June. The funds raised are expected to be used for operating expenses, investments, and Bitcoin (BTC) purchases. Currently, GameStop holds 4,710 BTC.

It has been revealed that 'H100 Group', a Sweden-based health tech company that adopted a Bitcoin (BTC) reserve strategy, has secured approximately 19 BTC. On the 25th (local time), 'H100 Group' announced via X (formerly Twitter), "Today, as part of our Bitcoin reserve strategy, we have acquired an additional 19.38 BTC," adding, "Our current total Bitcoin holdings have reached 200.21 units." 'H100 Group' had previously announced that it had signed a convertible bond investment agreement worth 150 million krona (about 15.87 million dollars) for the purpose of Bitcoin reserves.

Real World Asset (RWA) tokenization company Unitronix announced that it will reserve up to $2 million worth of Bitcoin (BTC). On the 25th (local time), Unitronix stated in an official press release, "We plan to reserve up to $2 million worth of Bitcoin," adding, "The process of acquiring Bitcoin is currently underway." They continued, "Depending on market conditions and capital procurement, the amount of Bitcoin held may be expanded in the future." Additionally, they are seeking DeFi-based revenue generation strategies. A portion of the profits obtained through these strategies is planned to be reinvested in Bitcoin. Kenneth J. Williams, CEO of Unitronix, said, "Through this Bitcoin purchase, we aim to strengthen our leading position in a digital-centric economy and protect shareholder value."

It has been claimed that the inflow of Bitcoin (BTC) to the global cryptocurrency exchange Binance has reached its lowest level. On the 25th (local time), Cointelegraph reported via X (formerly Twitter) that "the amount of Bitcoin flowing into Binance has plummeted to 5,700," adding, "This is the lowest level since the last bear market." The report continued, "This means the selling pressure for Bitcoin has disappeared. Holders are keeping their coins." As of 10:43 PM, Bitcoin is trading at $107,979 on the Binance USDT market, up 2.81% from 24 hours ago.

Over the past 24 hours, the size of position liquidations in the perpetual cryptocurrency futures market reached $177.38 million. According to CoinGlass data on the 25th (local time), a total of $177.38 million worth of futures positions were liquidated in the crypto market over the past 24 hours. As Bitcoin (BTC) surpassed $107,000, there were more short (sell) position liquidations than longs. Specifically, $68.05 million of long (buy) positions were liquidated, while $109.33 million worth of short positions were liquidated. The largest single liquidation occurred for Bitcoin. Bitcoin saw $54.14 million in positions liquidated over 24 hours, with $2.96 million in long positions and $51.18 million in short positions liquidated, respectively. Ethereum (ETH) ranked second in the same period, with $51.89 million eliminated. Long and short position liquidations amounted to $28.72 million and $23.17 million, respectively. As of 10:18 PM, on the Binance USDT Market, Bitcoin and Ethereum are trading at $107,658 and $2,436, respectively, up 2.26% and 0.80%.

ProCapBTC, a Bitcoin (BTC)-based financial services company founded by Anthony Pompliano, the founder of Pomp Investments, made an additional purchase of 1,208 BTC. According to GlobeNewswire on the 25th (local time), ProCapBTC announced in a press release that "1,208 Bitcoins were purchased at $105,977 each," adding that "the company currently holds 4,932 Bitcoins." They continued, "We will continue to purchase more Bitcoin," stating, "Once the corporate merger is completed, the company is expected to hold up to $1 billion worth of Bitcoin." ProCapBTC, which is about to merge with NASDAQ-listed Columbus Circle Capital, also purchased 3,274 BTC the previous day.

Paolo Ardoino, the Chief Executive Officer (CEO) of Tether, the issuer of the dollar-based stablecoin Tether (USDT), claimed that Tether could become the world's largest Bitcoin (BTC) mining company by the end of this year. On the 25th (local time), Paolo Ardoino, Tether CEO, stated on The Block podcast, "By the end of this year, Tether could be the world’s largest Bitcoin mining company." He added, "Directly buying Bitcoin can yield better returns," but also explained, "Since Tether holds 100,000 BTC, there is a need to participate in mining to help secure the network." Meanwhile, since 2023, Tether has invested over $2 billion in 15 mining sites, including in Uruguay, Paraguay, and El Salvador.

Over the past 30 days, stablecoin market capitalization has increased by $5,671,000,000. According to DeFiLlama data on the 25th (local time), stablecoin market capitalization increased by about $5,671,000,000 in the last 30 days. Of this, $3,366,000,000 was issued on Ethereum (ETH). Meanwhile, the current total stablecoin market cap is nearing $252,000,000,000. Tether (USDT) accounts for approximately 62% of the entire market share.

Recently, it was revealed that YES24, which suffered a hacking incident, transferred a large amount of Bitcoin to the hackers in exchange for server decryption. According to industry sources on the 25th (local time), YES24 sent Bitcoin worth billions of won to the hackers and asked them to unlock the server encryption. It is assessed that YES24 resorted to this last-ditch measure because they did not properly back up and store crucial data servers, such as payment records and order information. Previously, YES24 experienced a 'ransomware attack,' where hackers used malicious software to encrypt server and computer information and demanded payment.

MetaPlanet, regarded as a Japanese strategy, has reportedly raised 749 billion yen (approximately $515 million) to stockpile Bitcoin (BTC). On the 25th (local time), MetaPlanet announced via press release, "In line with our plan to hold 1% of the Bitcoin supply, we raised 749 billion yen through the issuance of new shares," stating that the funds raised will be used for purchasing Bitcoin. Meanwhile, MetaPlanet previously announced its plan to reserve 210,000 BTC by 2027. The current Bitcoin holdings amount to 11,111.

There have been claims that the increase in Bitcoin (BTC) reserve companies has relatively little impact on the market. According to The Block on the 25th (local time), K33 Research stated in a report that "the increase in companies adopting Bitcoin reserve strategies does not significantly affect the Bitcoin price," adding, "this is because many new reserve companies are acquiring Bitcoin by exchanging shares with large Bitcoin holders." Companies such as Strategina and Metaplanet continue to buy Bitcoin directly from the market using debt, affecting demand, but recent entrants are said to be accumulating Bitcoin through 'share swap methods.' Previously, even the Bitcoin reserve company Twenty One secured 37,230 BTC via share exchange with entities such as Tether and Bitfinex. On the other hand, the report stated that spot Bitcoin ETFs have a direct correlation with price. The report added that "over the past month, spot Bitcoin ETFs have purchased 13,000 BTC," noting that "this was the weakest net inflow since April 23 and aligned with the Bitcoin price movement."