Son Min

An analysis has emerged that option traders are expecting Ethereum (ETH) to outperform Bitcoin (BTC). On the 28th (local time), CoinDesk cited data from the cryptocurrency options exchange Deribit, stating, "Most option market traders are forecasting a rise in Ethereum," and "In the short term, bullish sentiment towards Ethereum could grow even stronger." It was particularly noted that the bullish sentiment towards Ethereum is stronger than that for Bitcoin. Currently, the Deribit 25 Delta Risk Reversal for both Bitcoin and Ethereum is recording positive values. This indicates that the demand for call options, which predict a rise, is higher than for put options for both assets. However, for Ethereum, this figure surpasses Bitcoin, indicating a stronger upward outlook. Additionally, the increasing trend in open interest (OI) for futures on the Chicago Mercantile Exchange (CME) supports this. Since April, Bitcoin futures open interest has risen by about 70% to reach $17 billion, but has shown stagnation over the past 7 days. In contrast, Ethereum's open interest has risen by 186% over the same period, reaching $3.15 billion. Furthermore, the pace of increase in open interest is accelerating, according to the analysis. The media evaluated, "This shows that institutional investors' interest is increasingly shifting towards Ethereum." Furthermore, attention was drawn to the Ethereum futures premium and perpetual futures funding rate. The media noted, "The annualized premium for 1-month Ethereum futures is at 10.5%, the highest since January," while "the Bitcoin futures premium was only 8.74%." It added, "The annualized funding rate for Ethereum perpetual futures is at 8%, whereas Bitcoin is below 5%." As of 9:54 PM, Ethereum is trading at $2,666 on the Binance USDT market, up 0.90% from 24 hours ago.

Telegram and Elon Musk's AI startup xAI have entered into a one-year partnership. On the 28th (local time), according to Walter Bloomberg, Pavel Durov, CEO of Telegram, stated, "We have entered into a one-year partnership with AI startup xAI," and "We plan to integrate Grok into the Telegram app." As a result, the price of The Open Network (TON) based on Telegram blockchain surged. As of 9:27 PM, TON is trading at $3.573 on the Binance USDT market, up 19.54% from 24 hours ago.

A global commodities analyst at the investment bank Goldman Sachs has stated that gold is a better hedge asset than Bitcoin (BTC). According to The Daily Hodl on the 28th (local time), Daan Struyven, a global commodities analyst at Goldman Sachs, said, "Bitcoin, with its limited supply, can provide investors with confidence as an inflation hedge asset similar to gold," but argued that "gold is a more effective hedge asset than Bitcoin." He particularly mentioned the volatility of Bitcoin and its correlation with the stock market. Struyven noted, "Bitcoin has recorded higher returns than gold in recent years, but it is highly volatile and vulnerable to price declines," adding, "Its correlation with U.S. tech stocks is greater than that of gold." He further explained, "Both Bitcoin and stocks are assets that rise when risk appetite increases," and "gold will be a more effective means to hedge against stock market decline risks." Meanwhile, he predicted that gold will trade at $4,000 per ounce by mid-2026. Currently, the price of gold is around $3,310 per ounce.

An analysis has emerged indicating that Bitcoin (BTC) options traders are expecting a decline. On the 28th (local time), Adam from Greeks.live analyzed on X (formerly Twitter) that "most options traders are anticipating a drop in Bitcoin," adding, "especially after the Bitcoin conference, the market is expected to fall significantly." He particularly noted the increasing trend in put options in the market. He stated, "Although Bitcoin's price has steadily risen, traders are holding large put option positions," and "most share a common outlook that if Bitcoin's buying pressure weakens even slightly, a significant drop will occur." He continued, "Algorithm trading reports also predict a bearish trend," adding, "Algorithm trading bots are also focusing on investments prepared for a decline."

The Open Network (TON) Foundation has appointed a former Visa executive as the global Vice President of Payments. According to The Block on the 28th (local time), the TON Foundation announced that "former Visa executive Nikola Plecas has been hired as Vice President of Payments." He will lead the management of partnerships with Telegram-based applications and the establishment of the foundation's compliance strategy. Plecas stated, "In the early stages of my tenure, I will focus on concretizing the payment vision for the TON ecosystem," and added, "I will make it easier for users to convert between fiat currencies and virtual assets (cryptocurrencies) within the ecosystem."

An analysis has emerged indicating that short (sell) positions are increasing among the top 10 cryptocurrencies by market capitalization. On the 28th (local time), Glassnode stated on X (formerly Twitter) that "Bitcoin (BTC)'s funding rate has just turned negative," and "short positions are increasing across the top 10 cryptocurrencies." Additionally, it was noted that selling pressure is growing for Binance Coin (BNB) and Cardano (ADA)." As of 8:36 PM, Bitcoin is trading at $108,768, down 0.66% from 24 hours ago on the Binance USDT market.

GameStop has acquired 4,710 Bitcoins (BTC). According to GlobeNewswire on the 28th (local time), GameStop announced in a press release that it had purchased 4,710 BTC. Previously, GameStop had announced a $1.3 billion convertible bond for Bitcoin reserves.

As the pace of Strategy's Bitcoin (BTC) purchases has slowed, it has been analyzed that this is due to the increase in companies hoarding Bitcoin. According to The Block on the 28th (local time), K33 Research stated in a report, "Strategy is still accumulating Bitcoin, but the pace has significantly slowed," and "This is due to the increase in companies participating in strategic Bitcoin hoarding." The report stated, "Companies such as Trump Media, Twenty-One Capital, and Nakamoto that follow Strategy's strategy are being announced weekly," adding, "Investors no longer need to buy Strategy's stock to indirectly invest in Bitcoin." The increase in Bitcoin hoarding companies is reducing demand for Strategy's stock, making it difficult to raise funds smoothly. According to the data, Strategy raised an average of $2.13 billion per week for Bitcoin purchases from November 4 to December 16. In contrast, the average amount raised in the past three weeks is only $788 million. Furthermore, "As the value of Bitcoin held by Strategy increases, it is becoming difficult to maintain a 2x premium over the value of Bitcoin," it reported. It also noted that the dilution of stock for Bitcoin purchases has affected the premium reduction. The report stated, "Last week, Strategy's premium over Bitcoin plummeted to 163%, the lowest level since April 8 (local time)," and "Aggressive stock dilution is accelerating the premium reduction."

An analysis suggests that if Bitcoin (BTC) undergoes a correction, a support level will form at $94,000. According to Cointelegraph on the 28th (local time), Keith Allen, co-founder of Material Indicators, stated, "Currently, Bitcoin is in a bull market and the trend is upward," but also noted, "No asset only rises continuously. Closing weekly candles for 7 consecutive weeks is rare even in a bull market." He continued, "There is a possibility that Bitcoin will face a correction," and added, "A support level will form at the $94,000 line, which coincides with the 21-week moving average." As of 7:07 PM, Bitcoin is trading at $108,561 on the Binance USDT market, down 1.14% from 24 hours ago.

In Las Vegas, USA, the 'Bitcoin (BTC) Conference 2025' is being held, and there are claims that new market momentum could form as a result. On the 28th (local time), Matrixport stated in a report, "Before the Bitcoin Conference 2025, Trump Media announced a $2.5 billion Bitcoin purchase," adding, "This conference could serve as a new momentum for Bitcoin accumulation." They further stated, "This could contribute to an increase in Bitcoin-hoarding companies and the creation of new buying pressure." Additionally, there is anticipation that the White House's re-engagement in virtual asset (cryptocurrency) policy could be promoted. The report noted, "Senator Lummis's remarks regarding the Bitcoin Strategic Reserve Bill bring expectations for U.S. virtual asset policy," adding, "This could be an opportunity for the U.S. administration, which has been quiet on recent virtual asset issues, to take a pro-virtual asset stance again." Previously, Senator Lummis stated at the Bitcoin Conference that "President Donald Trump supports the Bitcoin Reserve Bill," and "the bill is expected to be introduced to Congress next week." Meanwhile, the Bitcoin Conference 2025, held on the 27th (local time), is attracting significant attention with the participation of key figures from the U.S. administration, including U.S. Vice President JD Vance and David Sacks, the virtual asset and AI czar.

Considering the Market Value to Realized Value (MVRV) indicator of Bitcoin (BTC), there is a claim that investors should prepare for downside risks. On the 28th (local time), CryptoQuant contributor Burakkesmeci stated in a report, "The Bitcoin MVRV indicator has a close relationship with the 365-day moving average (SMA365)," and "Considering the current MVRV indicator, investors should prepare for downside risks." He said, "Historically, when the MVRV surpasses the SMA365 and stays above it, Bitcoin experiences a strong rise," and "Recently, as the MVRV surpassed the SMA365, Bitcoin reached an all-time high (ATH)." However, he predicted that major resistance lines could hinder price increases. He diagnosed, "Currently, the MVRV is at 2.36, exceeding the SMA365 of 2.14, but the resistance line of 2.93, which has been maintained for years, is a major concern," and "This point could be a decisive factor blocking further rises in the future." As of 6:36 PM, Bitcoin is trading at $108,541 on the Binance USDT market, down 0.94% from 24 hours ago.

Telegram is set to raise funds through a bond issuance, amounting to a staggering $1.5 billion. On the 28th (local time), the Wall Street Journal (WSJ) reported, citing informed sources, "Telegram plans to issue corporate bonds worth $1.5 billion to raise funds," and "BlackRock, Abu Dhabi's state-owned investment firm Mubadala, and Citadel are participating." The bonds are known to have a 5-year maturity with a yield of around 9%. The media stated, "Despite the legal crisis surrounding the founder, the market trusts Telegram," and "Telegram's projected performance for 2025 is expected to reach $2 billion in revenue." Pavel Durov, the founder of Telegram, is under preliminary indictment for allegedly not cooperating with French authorities in an illegal content investigation. Meanwhile, The Open Network (TON), a Telegram-based network, also showed an upward trend on the news. As of 6:21 PM, it is trading at $3.107 on the Binance USDT market, down 0.60% from 24 hours ago.

The US Securities and Exchange Commission (SEC) has begun the official review of the WisdomTree XRP Spot Exchange-Traded Fund (ETF), increasing the likelihood of its realization. On the 28th (local time), CoinDesk reported, "Yesterday, the SEC started the official review of WisdomTree's XRP Spot ETF application," stating, "This is the first case of an official review for an XRP Spot ETF." It further evaluated, "The possibility of the XRP Spot ETF becoming a reality is increasing." Additionally, "A maximum of 240 days is given to decide on approval or rejection," and "In this regard, the SEC has requested public comments on investor protection and market manipulation possibilities." Meanwhile, the SEC has initiated the official review process for the listing and trading approval of WisdomTree's XRP Spot ETF. As of 6:06 PM, XRP is trading at $2.3 on the Binance USDT market, down 0.79% from 24 hours ago.

It has been observed that the movement of long-held Bitcoin (BTC) has become active. On the 28th (local time), Glassnode reported on X (formerly Twitter) that "the spending volume of Bitcoin held for 1-5 years recently reached $4.02 billion, the highest since February this year," and "particularly, Bitcoin held for 3-5 years accounted for more than half of the spending volume." Spending volume refers to the scale of Bitcoin that had not moved for a certain period and has now been transferred. Glassnode further stated, "The increase in the movement of long-term hoarded Bitcoin may suggest position adjustments and profit realization by whales," urging investors to pay close attention. As of 5:33 PM, Bitcoin is trading at $108,605 on the Binance USDT market, down 0.94% from 24 hours ago.

An analysis has emerged indicating that individual investor participation in the market remains low. On the 28th (local time), a CryptoQuant contributor, burakkesmeci, stated in a report, "Despite Bitcoin reaching an all-time high, individual investor participation remains low," suggesting that this Bitcoin rally might be led by large whales or institutional investors. According to the data, Bitcoin's price (white line) continues to show an upward trend. However, the '30-day change rate of individual demand (green line)' shows little change. This indicates that individual investor buying pressure has not influenced the rise in Bitcoin prices. He further stated, "For sustained growth, individual investor participation is essential," adding, "If individual investor trading volume increases in the coming weeks, there is a possibility of reaching an all-time high again." As of 5:09 PM, Bitcoin is trading at $108,878 on the Binance USDT market, down 0.75% from 24 hours ago.

Privacy coin Monero (XMR) has seen its open interest (OI) reach its highest level since December last year. On the 28th (local time), CoinDesk reported, "Monero has shown a sharp decline over the past three days," but added, "The perpetual futures open interest surged by 20% over three days, reaching its highest level since December last year." It further stated, "This reflects the market's interest in Monero's upward potential." Typically, an increase in open interest accompanying a price drop indicates a rise in short positions. However, it explained that Monero is showing a different pattern. The media stated, "Monero's perpetual futures funding rate remains positive," indicating "a surge in open interest for long (buy) positions rather than short (sell) positions." It added, "Investors seem to be employing a buy-the-dip strategy."

Global cryptocurrency exchange Binance is listing Volta (A) perpetual futures. Previously, the EOS Foundation had rebranded under the name 'Volta'. On the 28th (local time), Binance announced on its official website, "We will list A/USDT perpetual futures today at 17:00 (KST)," and "We support up to 75x leverage."

The virtual asset (cryptocurrency) restaking protocol KernelDAO (KERNEL) has entered into a partnership with the Trump family's decentralized finance (DeFi) project, World Liberty Financial (WLFI). On the 28th (local time), KernelDAO announced on X (formerly Twitter) that it has partnered with World Liberty Financial, stating, "We support the dollar-based stablecoin USD1 launched by WLFI as a restaking asset." Following this news, KernelDAO is showing an upward trend. As of 4:18 PM, KernelDAO is trading at $0.1827, up 3.92% from 24 hours ago, based on the Binance USDT market.

The increase in Bitcoin (BTC) perpetual futures open interest (OI) is slowing down, with analysis suggesting that traders are starting to take profits. On the 28th (local time), Matrixport reported that "Bitcoin open interest has surged since April, aided by U.S. President Donald Trump's tariff easing policy," but "recently, the growth in open interest has slowed." It added, "This suggests that traders have started to realize profits on Bitcoin," and "they seem to be aiming to re-enter at lower price levels." As of 4:13 PM, Bitcoin is trading at $108,925, down 0.13% from 24 hours ago, according to Binance USDT market.

There is a claim that Ethereum (ETH) is likely to rise up to $3,500. On the 28th (local time), CryptoQuant analyst Ibrahim Cosar (ibrahimcosar) stated in a report, "A bull flag pattern has appeared on the Ethereum chart," and "There is a high possibility of a short-term price breakout." He also added, "Ethereum has been trading above the 200-day Exponential Moving Average (EMA) for 17 consecutive days," and "This is a strong bullish signal, similar to patterns observed just before major rallies in the past." Furthermore, he mentioned that Ethereum could rise up to $3,500. Cosar added, "Currently, Ethereum is showing a sideways movement in the $2,400 to $2,700 range," and "It could rise to $3,000 to $3,500 in the future." Moreover, he expressed expectations for an overall upward trend in the altcoin market. The analyst said, "Ethereum is the heart of altcoins. When Ether rises, other alts tend to rise as well," and "If Ethereum succeeds in a price surge, a surge across the altcoin market is expected."

Ethereum (ETH) open interest (OI) is recorded at a lower level than Bitcoin (BTC), with claims emerging that the market has not yet peaked. On the 28th (local time), ElCryptoTabo, a cryptocurrency analyst, stated in a report, "The correlation between Ethereum's open interest share and the overall cryptocurrency market peak is very high," adding, "The market is likely to reach its peak when Ethereum's open interest surpasses Bitcoin's open interest size." He further noted, "Currently, Ethereum's open interest is at a stable level, suggesting that the market is not yet at its peak." Additionally, he elaborated that the frequency of spot trading by general investors also supports this. ElCryptoTabo mentioned, "At the peak of market cycles, the frequency of spot trading by general investors increases noticeably," and "Currently, the trading volume of general investors is at a low level, supporting the notion that it is not the market peak." As of 3:41 PM, Bitcoin is trading at $108,741 on the Binance USDT market, down 0.37% from 24 hours ago.

Last month, it was revealed that whales accumulated a large amount of Ethereum (ETH). On the 28th (local time), cryptocurrency analyst Ali Martinez announced on X (formerly Twitter) that "whales accumulated more than 1 million ETH last month." This amounts to $2.628 billion (approximately 3.6 trillion KRW) based on the current ETH price. As of 3:26 PM, Ethereum is trading at $2,628 on the Binance USDT market, up 1.14% from 24 hours ago.

James Win, known as a whale on the decentralized futures exchange HyperLiquid (HYPE), has reportedly partially liquidated his 40x long (buy) position on Bitcoin (BTC). On the 27th (local time), Lookonchain stated on X (formerly Twitter), "Just now, Bitcoin fell below $108,300, threatening James Win's long position," adding, "He partially liquidated his long position, recording a loss of approximately $4.75 million." It further stated, "James Win confirmed a total loss of $14.3 million throughout the day." Previously, James Win had attracted market attention by building a long position of 5,676 BTC ($622.6 million). His liquidation price was known to be $108,010. As of 11:57 PM, Bitcoin is trading at $109,287 on the Binance USDT market, down 0.33% from 24 hours ago.

Bitcoin (BTC) has fallen below $109,000. As of 11:33 PM, Bitcoin is trading at $108,882 on the Binance USDT market, down 0.66% from 24 hours ago.

The number of whale addresses holding 1000 or more Bitcoin (BTC) is on the rise again. On the 27th (local time), Glassnode reported on X (formerly Twitter) that "whale addresses have been increasing again after showing a decline at the end of April," and "the number of whale addresses holding 1000 BTC or more is nearing 1455." The resumption of Bitcoin accumulation by whales is interpreted as a result of global companies' acquisitions. Previously, Trump Media & Technology Group expressed its intention to purchase Bitcoin worth $2.5 billion. As of 11:26 PM, Bitcoin is trading at $109,643 on the Binance USDT market, up 0.05% from 24 hours ago.

As the 'Bitcoin Conference 2025' is held in Las Vegas, USA, it has been analyzed that investors are taking a cautious stance. On the 27th (local time), QCP Capital reported, "Unlike the rising stock market, Bitcoin is moving sideways between $107,000 and $110,000," and analyzed that "this is because investors are preparing for 'Headline Risk' ahead of the Bitcoin Conference." Currently, the scheduled speakers for the Bitcoin Conference include U.S. Vice President JD Vance, Michael Saylor, founder of Strategy, Donald Trump Jr. and Eric Trump, David Sacks, the virtual asset and AI czar, and Bo Hines, chairman of the White House Virtual Asset Advisory Committee. The report explains that since key figures from the U.S. administration are appearing at this conference, it could have a significant impact on the direction of Bitcoin prices. In fact, during the 'Bitcoin Conference 2024' held last year, Bitcoin's 1-day implied volatility surged past 90 immediately after Trump's keynote speech, and then plummeted nearly 30% within two days. The report added, "This event is strongly imprinted in the memory of investors. It would have influenced the current sideways trend in the market." Furthermore, it predicted that the short-term sideways trend would continue based on the decrease in open interest (OI) of perpetual futures and the normalization of funding rates. Meanwhile, the Bitcoin Conference 2025, which runs from the 27th (local time) to the 29th (local time), will be held at 1 a.m. Korean time on the 28th. As of 11:43 p.m., Bitcoin is trading at $109,473, down 0.10% from 24 hours ago, based on the Binance USDT market.

Cantor Fitzgerald has launched a $2 billion loan program backed by Bitcoin (BTC). According to Bloomberg on the 27th (local time), Cantor Fitzgerald, in collaboration with FalconX and Maple Finance (SYRUP), has initiated a $2 billion Bitcoin-backed loan program. The media outlet stated, "This program signifies the revival of the virtual asset-backed loan market," and evaluated that "institutions are looking to provide leverage to the virtual asset market once again."

The Trump Media and Technology Group (TMTG), owned by the family of former U.S. President Donald Trump, announced a private investment agreement worth $2.5 billion to purchase Bitcoin (BTC). This announcement comes just a day after denying related reports. On the 27th (local time), Trump Media and Technology Group stated on its official website, "We are pursuing a private placement (non-public fundraising) involving 50 institutional investors worth $2.5 billion," adding, "$1.5 billion will be raised through common stock issuance, and $1 billion through convertible bond issuance." The company emphasized that this fundraising is intended for purchasing Bitcoin. Trump Media stated, "We plan to establish a Bitcoin reserve through this fundraising," and added, "This is the largest Bitcoin purchase plan by a public company, as part of the strategy to promote the America First Economy." Devin Nunes, CEO of Trump Media, said, "Bitcoin is an asset at the pinnacle of financial freedom," and added, "Trump Media will hold virtual assets (cryptocurrencies) as core assets in the future." Meanwhile, this announcement has drawn attention as it comes after Trump Media directly refuted a report by the Financial Times. Previously, the Financial Times, citing informed sources, reported that "Trump Media plans to raise funds for virtual asset investment through a $2 billion new stock issuance and a $1 billion convertible bond issuance." In response, Trump Media criticized, "The report is baseless," and added, "The journalists who wrote that article are stupid. The sources they relied on are even stupider." Following this news, Bitcoin also surged, surpassing $110,000. As of 10:20 PM, Bitcoin is trading at $110,648 on the Binance USDT market, up 0.8% from 24 hours ago.