Son Min

Considering on-chain indicators, there is analysis suggesting Bitcoin (BTC) still has potential for further gains. On the 10th (local time), Avocado_onchain, a contributor to CryptoQuant, stated in a report, "This current bull run is taking place in a much calmer atmosphere compared to previous ones," adding, "The current on-chain indicators point to the possibility of further upside for Bitcoin." He continued, "Despite Bitcoin's price rising, the 30-day moving average of Binary CDD is trending downward," stating, "This indicates that long-term investors are still choosing to hold Bitcoin." The Coinbase Premium was also highlighted. According to the report, "Coinbase Premium continues to show an upward trend," adding, "It is at a level similar to when Bitcoin hit all-time highs in March and December last year." He further explained, "This may be a sign of market overheating, but the Kimchi Premium remains at a low level. Retail-driven frenzy might not yet be the case." The report also emphasized, "The MVRV (Market Value to Realized Value) indicator is also rising, but it's not in the overheating phase," reiterating, "Attention should be paid to the potential for further upside in Bitcoin."

The Moscow Exchange (MOEX) in Russia will begin calculating and publishing a Bitcoin (BTC) index starting today. According to Russian state news agency TASS on the 10th (local time), the Moscow Exchange announced, "Starting today, we will calculate and publish the 'MOEX Derivatives Market Bitcoin Index.'" The index code is MOEXBTC, and the index is calculated based on perpetual futures and swap price data for the BTC/USDT pair on major virtual asset (cryptocurrency) exchanges. The media outlet stated, "This index can serve as an underlying asset for future financial products," and added, "Previously, the Moscow Exchange launched futures contracts linked to virtual asset prices for qualified investors."

Analysis suggests that the upward momentum of Ethereum (ETH) is strengthening. On the 10th (local time), QCP Capital stated in a report, "Ethereum is quietly regaining its dominance in the (leading altcoin) narrative," and added, "△ Increase in implied volatility △ Short-term ATM volatility entering the 70% range △ Growth in call options △ Rising perpetual futures funding rate—all have strengthened the upward momentum." It continued, "The flow into the Ethereum spot ETF is also positive," noting, "Institutional investors' interest is rising." According to the data, last week, $281 million flowed into the Ethereum spot ETF. This reflects a trend where institutions are recognizing Ethereum as infrastructure for real-world assets (RWA). Moreover, it was noted that the macro environment is also favorable for Ethereum. The report forecasts, "The US stablecoin bill, called GENIUS, is expected to pass," and added, "The growth of stablecoins further raises the potential upside for Ethereum." As of 7:55 PM, on Binance USDT market, Ethereum was trading at $2,693, up 6.17%.

The web social platform UXLink (UXLink) has announced a virtual asset reserve worth $430,000. On the 10th (local time), UXLink stated via X (formerly Twitter), "As part of the phase 2 virtual asset reserve strategy, we have acquired 187,500 UXLINK and 0.684 Bitcoin (BTC)," adding, "This amounts to approximately $436,645." As of 7:19 PM, UXLink is trading at $0.3990 on Binance USDT market, up 3.46% from the previous day.

Bitcoins (BTC) have been continuously withdrawn from exchanges, leading to analysis predicting a potential upward rally. On the 10th (local time), BaykusCharts, a virtual asset analyst, shared via X (formerly Twitter), "Continuous outflows of Bitcoins are occurring from exchanges," and added, "Investor sentiment for long-term holding of Bitcoin is increasing." According to CryptoQuant data, the number of Bitcoins currently held inside exchanges is 1,010,000, which marks a significant decrease from July last year (1,550,000 BTC). The analyst noted, "In just one year, 550,000 BTC have been withdrawn from exchanges," further adding, "This indicates that Bitcoin is now considered digital gold rather than just a speculative asset." Moreover, "A decrease in supply will eventually drive an upward rally," the analyst continued, "and whale investors have not even properly entered yet." As of 6:06 PM, Bitcoin is trading at $109,090 on the Binance USDT market, up 3.02% from 24 hours ago.

Global cryptocurrency exchange Binance has announced that it will change the name of the PumpBTC (PUMP) perpetual futures. On the 10th (local time), Binance stated on its official website, "We are changing the name of the PUMP/USDT perpetual futures trading pair to PUMPBTC/USDT." Existing trading pair positions will be closed at 18:00 on the 13th (KST). Trading for PUMPBTC/USDT will be supported from 17:30 on the 13th (KST).

Siebert Financial (Siebert Financial), a comprehensive securities firm listed on NASDAQ, announced its intention to purchase virtual assets (cryptocurrencies) and unveiled a funding plan. According to GlobeNewswire on the 10th (local time), Siebert stated, "The U.S. Securities and Exchange Commission (SEC) has approved the plan to raise $100 million through a securities issuance." It added, "The funds raised will be used to purchase virtual assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), as well as for investments in mergers and acquisitions and technological development." John J. Gebbia, CEO of Siebert, commented, "This capital raise improves our accessibility to enter the virtual asset and Artificial Intelligence (AI) sectors." Andrew Reich, CFO of Siebert, said, "With this fundraising plan, we aim to invest in next-generation technologies and achieve long-term value growth for our shareholders."

Bitcoin (BTC) has broken out of a symmetrical triangle pattern, signaling a continued uptrend, according to analysis. On the 10th (local time), Matrixport stated in a report, "Bitcoin has surpassed the downtrend line of $106,000 and even broken above the symmetrical triangle pattern," adding, "This move suggests the inflow of new capital projecting further upside for Bitcoin." The report continued, "Concerns over tariff uncertainty in the market seem to have eased," while adding, "Although the US May Consumer Price Index (CPI) is expected to be high, it will be difficult to disrupt the current bullish momentum of Bitcoin." Matrixport also noted, "The US economy is showing more resilience than anticipated," and projected, "As long as Bitcoin maintains $105,075, the uptrend is expected to continue." As of 4:18 p.m., on the Binance USDT market, Bitcoin is trading at $109,367, up 3.63% from 24 hours ago.

BlackRock's Bitcoin (BTC) spot Exchange Traded Fund (ETF), IBIT, has surpassed $70 billion in total assets under management (AUM) in just 341 trading days. On the 10th (local time), Nate Geraci, President of The ETF Store, stated on X (formerly Twitter), "IBIT surpassed $70 billion in just 341 trading days," adding, "No other ETF has shown anything like this. Truly a terrifying chart." He continued, "Don't forget, there are 11 more spot Bitcoin ETFs," and further explained, "Their combined size amounts to $125 billion."

Over the past 24 hours, the size of liquidations in the virtual asset (cryptocurrency) perpetual futures market reached $443.75 million. According to data from Coinglass on the 10th (local time), a total of $443.75 million in futures positions were liquidated in the virtual asset market over the past 24 hours. With Bitcoin (BTC) trending upward, the majority of liquidations were for short (sell) positions. Specifically, $56.76 million in long (buy) positions and $386.98 million in short positions were liquidated. The asset with the largest liquidation amount was Bitcoin (BTC). Over the 24-hour period, Bitcoin saw $204.48 million in positions liquidated, with $8.93 million in long positions and $195.55 million in short positions closed. Ethereum (ETH) ranked second, with $109.89 million in liquidations during the same period. The amounts liquidated for long and short positions were $15.75 million and $94.14 million, respectively. As of 3:44 PM, on the Binance USDT market, Bitcoin is trading at $109,570, up 3.73% from 24 hours earlier, while Ethereum has risen 7.63% to $2,677.

The UK-listed company Smarter Web Company has reportedly purchased an additional 45 Bitcoins (BTC). On the 10th (local time), Smarter Web Company announced on its official website, "As part of our 10-year plan to continuously acquire Bitcoin, we have purchased 45.32 BTC," adding, "The amount of Bitcoin currently held is around 168.08." They further stated, "We believe Bitcoin will become the core of the global financial system," and "We will proactively implement our Bitcoin financial strategy." As of 3:30 p.m., Bitcoin was trading at $109,449 on the Binance USDT market, up 3.71% from 24 hours ago.

The Canadian-listed investment company 'Belgravia Hartford Capital' has announced its purchase of Bitcoin (BTC). According to Business Wire on the 9th (local time), Belgravia Hartford Capital stated it used $500,000 out of the recently raised $5 million to acquire approximately 4.8 BTC. The average purchase price per BTC amounted to $102,848. Mehdi Azodi, CEO of Belgravia Hartford Capital, said, "We are very pleased to enter the Bitcoin accumulation market at this time" and added, "We will continue to provide updates on our Bitcoin holdings moving forward."

The market capitalization of PayPal’s USD-backed stablecoin, PayPal USD (PYUSD), is reportedly nearing $1 billion. On the 9th (local time), AlphaFold announced via X (formerly Twitter) that "the issuance of PYUSD on both the Ethereum (ETH) and Solana (SOL) networks continues to increase," adding, "the current market cap is close to the $1 billion level." Earlier in April, the U.S. Securities and Exchange Commission (SEC) was reported to have concluded its investigation into PYUSD.

There are claims that the rise in Bitcoin (BTC) is attributable to the liquidation of large-scale short (sell) positions. On the 9th (local time), Glassnode stated on X (formerly Twitter), "Today, Bitcoin surged from $105,000 to $107,000," adding, "This increase is due to the liquidation of large-scale short positions." They further explained, "Last week's negative funding rate indicated an increase in short positions in the market," and added, "With a short squeeze occurring, the amount of short liquidations surged from $105,000 to $359,000 in just four hours." As of 11:10 p.m., Bitcoin is trading at $107,280 on the Binance USDT Market, up 1.46% from 24 hours ago.

In the past 24 hours, the perpetual futures market for crypto assets (cryptocurrencies) recorded a total position liquidation amount of $184.65 million. According to Coinglass data on the 9th (local time), a total of $184.65 million worth of futures positions were liquidated in the crypto asset market during the past 24 hours. With Bitcoin (BTC) on an upward trend, the majority of liquidations were short (sell) positions. Specifically, $69.95 million in long (buy) positions were liquidated, while $114.7 million in short positions were liquidated. The asset with the largest liquidation amount was Bitcoin (BTC). Over the 24-hour period, Bitcoin saw $68.13 million in positions liquidated, including $5.12 million in long positions and $63.01 million in short positions. Ethereum (ETH) ranked second, with $35.48 million liquidated over the same period. The liquidation amounts for long and short positions were $19.36 million and $16.12 million, respectively. As of 11:04 PM, on the Binance USDT market, Bitcoin is trading at $107,274, up 1.58% from 24 hours ago, while Ethereum is trading at $2,521, up 0.64%.

Bitcoin (BTC) has fallen below $107,000. As of 10:55 PM, on the Binance USDT market, Bitcoin is trading at $106,958, up 1.19% from 24 hours ago.

Chainlink (LINK) has reportedly successfully completed an exchange test between central bank digital currencies (CBDCs) and stablecoins. On the 9th (local time), Watcher Guru announced on X (formerly Twitter) that "Chainlink has successfully completed the CBDC-stablecoin exchange pilot test with Visa, Fidelity, ChinaAMC, and others," adding that "the CBDC-stablecoin swap between Hong Kong and Australia was also successful." Following this news, Chainlink rose slightly. As of 10:32 p.m., Chainlink was trading at $13.92, up 1.31% in the Binance USDT market compared to 24 hours earlier.

UK-listed company Anemoi International has invested approximately 30% of its cash reserves in Bitcoin (BTC). According to EQS News on the 9th (local time), Anemoi's board of directors announced that they had invested about 30% of their cash holdings in Bitcoin. They added, "The Bitcoin reserve strategy is complementary to the company’s core business," and stated that "Further guidance on future financial strategies will be announced." As of 10:21 PM, Bitcoin is trading at $107,650 on Binance's USDT market, up 1.91% over the past 24 hours.

The realized market capitalization (Realized Cap) of Bitcoin (BTC) has reached its highest level ever. On the 9th (local time), Cointelegraph, citing data from CryptoQuant, reported that "Bitcoin's realized market cap recorded $93.488 billion, reaching an all-time high." The new peak in Bitcoin's realized market cap is attributed to the ongoing wave of Bitcoin acquisitions by companies. Today, Strategy and KULR Technology Group each announced Bitcoin purchases amounting to $110.2 million and $13 million, respectively. In addition, other companies such as Metaplanet and Semler Scientific are also continuing their buying trends. Earlier, Crypto Dan, a CryptoQuant analyst, told BloomingBit that large-scale institutional Bitcoin purchases could drive realized price increases and serve as a springboard for further gains moving forward. Meanwhile, realized market capitalization for Bitcoin measures market cap based on the realized price. The realized price is the average Bitcoin acquisition cost for all investors; as the realized price rises, the resistance to selling among Bitcoin holders increases. As of 10:13 PM, Bitcoin is trading at $107,640 on the Binance USDT market, up 1.81% compared to 24 hours ago.

It was reported that a large amount of Bitcoin (BTC) was deposited into exchanges the day before. On the 9th (local time), Centora (formerly IntoTheBlock) announced on X (formerly Twitter) that “Yesterday, $250 million worth of Bitcoin was deposited to exchanges,” adding, “This is the first time such a large-scale inflow has been seen since May 27.” Typically, large deposits into exchanges can lead to increased selling pressure, which in turn can be a factor driving short-term volatility. As of 9:40 PM, on the Binance USDT market, Bitcoin was trading at $107,826, up 2.14% from 24 hours ago.

Space technology company KULR Technology Group, listed on the New York Stock Exchange (NYSE), has made an additional purchase of Bitcoin (BTC) worth $13 million. On the 9th (local time), Michael Mo, CEO of KULR Technology Group, announced on X (formerly Twitter), "KULR has added 118.6BTC worth $13 million," adding, "The average purchase price is $107,861, and the year-to-date Bitcoin yield has reached 260%." Currently, KULR holds 920BTC ($91 million). The average purchase price per BTC is $98,760.

BitMine Immersion Technologies, a mining company listed on the New York Stock Exchange, has reportedly purchased 100 Bitcoins (BTC). According to GlobeNewswire on the 9th (local time), BitMine announced in a press release that it had acquired 100 BTC. This purchase was made using funds raised through a public offering of common stock on the 6th (local time). Jonathan Bates, CEO of BitMine, stated, "This purchase marks the company’s first Bitcoin acquisition on the open market," adding, "We plan to continue buying Bitcoin going forward."

Strategy has reportedly made an additional purchase of 1,045 Bitcoin (BTC). The deal is worth 149.5 billion KRW. On the 9th (local time), Michael Saylor, the founder of Strategy, stated via X, “Strategy has acquired an additional 1,045 BTC (worth $110.2 million),” adding, “The average purchase price per BTC was about $105,426.” He further added, “As of this year, we achieved a 17.1% rate of return.” Currently, Strategy holds a total of 582,000 BTC. This amounts to approximately $40.79 billion, with an average purchase price of $70,086 per BTC. As of 9:04 PM, Bitcoin on Binance USDT market is trading at $107,727, up 1.97% compared to 24 hours ago.

Exchange-traded fund (ETF) products related to Circle (CRCL), the issuer of USD Coin (USDC) listed on the US Nasdaq, are expected to be launched. On the 9th (local time), Eric Balchunas, a Bloomberg ETF analyst, announced on X (formerly Twitter) that "ProShares plans to launch the 'ProShares Ultra CRCL ETF,' a 2x leveraged ETF tracking Circle's stock price." He added, "Bitwise also plans to launch the 'Bitwise CRCL Option Income Strategy ETF,' utilizing a covered call strategy." The scheduled launch date for these products is August 20 (local time). However, detailed information including tickers is not yet available.