Son Min

Bitcoin (BTC) is nearing a $1 trillion Realized Market Cap. On the 21st (local time), Glassnode announced on X (formerly Twitter) that "Bitcoin's Realized Market Cap is approaching $1 trillion," stating that "Bitcoin is gradually establishing itself as a mature asset." Meanwhile, Bitcoin's Realized Market Cap refers to the market cap calculated based on the realized price of Bitcoin. The realized price is the average purchase price of Bitcoin for all investors, and as investors' purchase prices increase, Bitcoin's selling resistance also strengthens. As of 9:56 PM, Bitcoin is trading at $106,509, up 1.65% from 24 hours ago, based on the Binance USDT market.

Ju Ki-young, CEO of CryptoQuant, expressed the opinion that the rumor of Ripple acquiring Circle could strengthen the buying trend for XRP. Circle is the issuer of the dollar-based stablecoin USD Coin (USDC). On the 21st (local time), CEO Ju Ki-young stated on X (formerly Twitter), "There is currently a rumor that Ripple may acquire Circle," and evaluated it as "a very strategic move if true." He further predicted, "Those looking to invest in the future of stablecoins might choose to buy XRP instead of waiting for Circle's IPO." He added, "XRP exudes an atmosphere like a collective of capital market experts. There are minor drawbacks, but the movements are sharp," clarifying, "This post is not an advertisement, and I do not hold XRP." Previously, Fortune reported, citing sources, that Circle had entered into informal negotiations with Ripple for a company sale, proposing a target company value of $5 billion.

BlackRock's Bitcoin (BTC) spot Exchange-Traded Fund (ETF), IBIT, has reached 5th place in ETF inflow rankings this year. On the 21st (local time), Eric Balchunas, a Bloomberg ETF analyst, stated on X (formerly Twitter), "IBIT has ranked 5th in inflow rankings this year with an inflow of $9 billion," and evaluated it as "an astonishing change following a recent $6.5 billion inflow." A month ago, IBIT's rank was known to be 47th. As of 8:50 PM, Bitcoin is trading at $106,540, up 1.24% from 24 hours ago, based on the Binance USDT market.

Global cryptocurrency exchange Binance plans to list Haedal Protocol (HAEDAL). On the 21st (local time), Binance announced on its official website, "We have selected Haedal Protocol for the 19th Hodler Airdrop Project," and "It is scheduled to be listed at 00:00 KST on the 22nd."

An analysis has emerged suggesting that Bitcoin (BTC) is approaching a golden cross, indicating a long-term upward trend. A golden cross is a bullish indicator that signals a trend reversal when a short-term moving average crosses above a long-term moving average. On the 21st (local time), Keith Alan, co-founder of Material Indicators, stated on X (formerly Twitter), "Bitcoin's 50-day moving average (SMA) is attempting to cross the 200-day moving average," adding, "This area overlaps with the trendline and the starting price of Bitcoin earlier this year, creating a strong technical support level." He further added, "You can't expect a stronger technical support than this." He also mentioned that the possibility of Bitcoin adjusting to $100,000 is low. He said, "A drop in Bitcoin to $100,000 would be an opportunity like a gift," but added, "At this point, the likelihood is slim."

Nasdaq-listed blockchain company BTCS (Nasdaq ticker: BTCS) has purchased an additional 3,450 Ethereum. On the 21st (local time), BTCS announced via X (formerly Twitter) that it had purchased 3,450 ETH worth $8.42 million, with an average purchase price of $2,441 per unit, stating that "Ethereum will play an important role in enhancing long-term shareholder value." Currently, BTCS holds approximately 12,500 ETH, which is a 38% increase compared to the end of the first quarter. As of 5:17 PM, Ethereum is trading at $2,547 on the Binance USDT market, up 0.81% from 24 hours ago.

Bitcoin (BTC) has surpassed the $107,000 mark, yet opinions suggest that the market is still not in an overheated stage. On the 21st (local time), CryptoQuant contributor Burakkesmeci stated, "Bitcoin has surpassed $107,000, but the NVT Golden Cross indicator is only at 1.51," adding, "The market is not yet overheated. We should pay attention to the upcoming upward trend." The NVT Golden Cross is an on-chain indicator that analyzes the trading volume relative to Bitcoin's market capitalization to determine whether it is overbought or oversold. Typically, a reading above 2.2 is considered a signal of market overheating. As of 4:17 PM, Bitcoin is trading at $107,252 on the Binance USDT market, up 1.66% from 24 hours ago.

In the past 24 hours, the liquidation volume of positions in the virtual asset (cryptocurrency) perpetual futures market has reached $238.82 million. According to CoinGlass data on the 21st (local time), a total of $238.82 million worth of futures positions were liquidated in the virtual asset market over the past 24 hours. The liquidation of short (sell) and long (buy) positions was evenly distributed. The decline and subsequent surpassing of $107,000 by Bitcoin (BTC) influenced this. Specifically, long positions worth $110.06 million were liquidated, and short positions worth $128.75 million were liquidated. The asset with the largest liquidation volume was Ethereum (ETH). Ethereum saw $68.76 million in position liquidations over 24 hours, with $35.50 million in long positions and $33.26 million in short positions liquidated. Bitcoin ranked second with $66.75 million disappearing during the same period. The liquidation volumes for long and short positions were $20.32 million and $46.42 million, respectively. As of 4:09 PM, based on the Binance USDT market, Bitcoin and Ethereum are trading at $107,713 and $2,586, respectively, up 2.01% and 1.76% from 24 hours ago.

Shareholders of the healthcare and data company KindlyMD have approved a merger with Nakamoto Holdings, a Bitcoin (BTC) investment firm. Nakamoto was founded by David Bailey, CEO of Bitcoin Magazine. According to Cointelegraph on the 20th (local time), KindlyMD shareholders have approved the merger with Nakamoto. The merger is expected to be completed in the third quarter of this year. Previously, Nakamoto announced that it had signed a merger agreement with KindlyMD. It is also reported that they have raised $710 million to build a Bitcoin treasury.

With the increase in indirect holdings of Bitcoin (BTC) by government institutions worldwide, an analysis has emerged that Bitcoin could reach $500,000 by 2029. According to CoinDesk on the 20th (local time), Standard Chartered reported that "during the first quarter of this year, global government institutions expanded their exposure to Bitcoin by purchasing MicroStrategy (MSTR) stocks," and "structural demand for Bitcoin is increasing." It explained that government institutions, which cannot directly purchase Bitcoin due to local regulations, are enjoying the effect of indirectly holding Bitcoin by purchasing MicroStrategy. According to the report, the Norwegian Government Pension Fund and the Swiss National Bank additionally purchased MicroStrategy stocks equivalent to 700 BTC in total. Furthermore, the National Pension Service of Korea and Korea Investment Corporation also purchased stocks equivalent to a total of 700 BTC in the same manner, and U.S. state government pensions purchased stocks equivalent to a total of 1,000 BTC. Additionally, it was found that government institutions in Sweden, France, and Saudi Arabia also purchased MicroStrategy stocks. The report emphasized that "although the direct holding figures of Bitcoin spot ETFs in the first quarter were below expectations," "the indirect buying trend of institutions supports our forecast." Previously, Standard Chartered had forecasted that Bitcoin would reach $500,000 before the end of President Donald Trump's term. Meanwhile, MicroStrategy currently holds a total of 576,230 BTC. This amounts to approximately $40.18 billion, with an average purchase price of $69,726.

KULR Technology Group, a space technology company listed on the New York Stock Exchange (NYSE), has purchased an additional $9 million worth of Bitcoin (BTC). On the 20th (local time), Michael Mo, CEO of KULR Technology Group, announced on X (formerly Twitter) that "KULR has purchased an additional 83.3BTC worth $9 million," adding, "The average purchase price is $103,234, and the year-to-date return on Bitcoin is 220%." Currently, KULR holds 800BTC ($78 million). The average price per BTC is $97,597. Previously, KULR announced a plan to purchase Bitcoin as part of its financial strategy. The core of the plan is to add Bitcoin to the balance sheet and invest 90% of surplus cash in Bitcoin.

An analysis has emerged that option traders are forecasting Ethereum (ETH) to reach $6000 by year-end. On the 20th (local time), CoinDesk reported, "Last week, there was a surge in institutions and large traders using the 'bull call spread strategy' as they anticipated a rise in Ethereum," adding, "They bought call options with a strike price of $3500 expiring on December 26 (local time) while simultaneously selling the same amount of call options with a strike price of $6000." It is known that more than $7 million was invested in this trade. The media evaluated, "Traders using this strategy will achieve maximum profit if Ethereum exceeds $6000 by year-end," reflecting strong expectations for reaching $6000 by year-end. Greg Magadini, a derivatives analyst, said, "Now is not the time to predict Ethereum's peak. The possibility of a rebound is high," adding, "The launch of a spot ETF including staking will act as a significant catalyst for the rise." Meanwhile, a call option is the right to buy a specific underlying asset at a predetermined strike price. A call option buyer can exercise the option if the market price of the underlying product is higher than the predetermined strike price on the expiration date, gaining the difference as profit. Conversely, a put option is the right to sell an asset at a predetermined strike price.

It has been revealed that the UK-listed Smarter Web Company has purchased an additional 16 Bitcoins (BTC). On the 20th (local time), Smarter Web Company announced via X (formerly Twitter) that it had purchased an additional 16.42 BTC as part of its long-term financial plan, stating, "We will continue our policy of acquiring virtual assets, including Bitcoin." Currently, Smarter Web Company holds 35.62 BTC. As of 7:42 PM, Bitcoin is trading at $105,087 on the Binance USDT market, up 2.03% from 24 hours ago.

It has been observed that the exchange holdings of Bitcoin (BTC) and Ethereum (ETH) have significantly decreased. On the 20th (local time), Cointelegraph reported via X (formerly Twitter) that "Ethereum's exchange holdings have fallen below 4.9% of the total supply," stating "this is unprecedented." It further added, "In the case of Bitcoin, exchange holdings have decreased to 7.1%, marking the lowest level since November 2018." Typically, the withdrawal of virtual assets from exchanges is evaluated as a positive signal for price increases as it reduces the supply of tradable virtual assets. As of 6:43 PM, based on Binance USDT market, Bitcoin and Ethereum are trading at $105,360 and $2,530, respectively, with an increase of 2.10% and 5.14% compared to 24 hours ago.

Despite Bitcoin (BTC) nearing its all-time high, there is an analysis indicating that individual investor participation is not high. On the 20th (local time), Matrixport reported that "Bitcoin is nearing its all-time high, but individual investors using leverage have significantly decreased," and "option implied volatility (IV) has hit its lowest level in years, while the funding rate remains slightly positive." Furthermore, they stated, "This bull market seems likely to continue even without individual investor participation," due to "the strengthening accumulation of Bitcoin by long-term holders alongside its global adoption."

There is a claim that Ethereum (ETH) could benefit the most if the US stablecoin regulation bill 'GENIUS' is implemented. On the 20th (local time), Chris Burniske, managing partner at Placeholder, stated on X (formerly Twitter) that "the GENIUS bill will have the most positive impact on Ethereum," because "Ethereum has a large stablecoin ecosystem and a robust decentralized finance (DeFi) infrastructure." He added, "The long-standing trust relationship built with institutions cannot be ignored." Other cryptocurrencies are also expected to benefit. He mentioned, "Solana (SOL) could also benefit following Ethereum," and "TRON (TRX) is also an undeniable dark horse." Meanwhile, today the cloture for the GENIUS bill's plenary session review passed the US Senate. The review procedure is a pre-stage for the formal bill processing, allowing the bill discussion to commence by blocking filibusters.

The number of wallets holding Solana (SOL) has reached an all-time high. On the 20th (local time), virtual asset (cryptocurrency) analyst Ali Martinez announced on X (formerly Twitter) that "the number of wallets holding more than 0.1 Solana has reached an all-time high." According to Glassnode, the current number of Solana holding wallets is approaching 11.16 million. As of 3:24 PM, Solana is trading at $168.6 on the Binance USDT market, up 4.18% from 24 hours ago.

This year, BlackRock's Bitcoin (BTC) spot Exchange Traded Fund (ETF), IBIT, has attracted twice the capital compared to the Gold ETF (GLD). On the 19th (local time), Bloomberg ETF analyst Eric Balchunas stated on X (formerly Twitter), "IBIT has risen to 6th place in ETF capital inflow rankings this year, recording about twice the capital inflow compared to GLD." Meanwhile, GLD's capital inflow ranking has fallen to 17th place. Furthermore, he noted, "Despite gold having twice the year-to-date return compared to Bitcoin, this result has occurred." He also suggested that the situation where the return difference is about twice is unlikely to last long, indicating the potential for Bitcoin's rise.

Most Bitcoin (BTC) holding wallets are choosing an accumulation strategy. On the 19th (local time), Glassnode stated on X (formerly Twitter) that "almost all wallets are showing Bitcoin accumulation," adding that "holders with less than 1 BTC have also shifted to a small accumulation state (0.55)." It further noted, "However, holders with 1-10 BTC are maintaining a net selling trend." According to Glassnode data, holders with 100-1000 BTC and 1000-10,000 BTC are maintaining states of 0.9 and 0.85, respectively. Meanwhile, the Bitcoin accumulation score is an indicator that shows how actively a specific wallet group is accumulating Bitcoin, with values ranging between 0 and 1. The closer to 1, the more aggressive the buying.

Strategy and its executives have been sued in a class action for allegedly making false statements related to the strategic reserve of Bitcoin (BTC). On the 19th (local time), Walter Bloomberg reported, "A class action has been filed against Strategy and its executives," stating "allegations of false statements regarding Bitcoin reserve strategy." The plaintiffs are reportedly claiming that Strategy failed to properly disclose the risk of losses due to the decline in Bitcoin prices. Meanwhile, 0xngmi, the founder of DeFiLlama, pointed out, "Strategy claims to be a leveraged company on Bitcoin. It is quite predictable what will happen if a decline occurs."

Strategy has purchased an additional 7,390 Bitcoins (BTC), amounting to approximately 1.063 trillion won. On the 12th (local time), Michael Saylor, founder of Strategy, announced on X that "Strategy has purchased an additional 7,390 BTC (764.9 million dollars)" and stated, "The purchase price per BTC is approximately 103,498 dollars." He added, "We have achieved a 16.3% return this year." Currently, Strategy holds a total of 576,230 BTC, which is approximately 40.18 billion dollars, with an average purchase price of 69,726 dollars. As of 9:08 PM, Bitcoin is trading at 102,767 dollars on the Binance USDT market, down 0.93% from 24 hours ago.

There is an opinion that Bitcoin (BTC) could face major resistance at the $106,600 level. On the 19th (local time), Glassnode stated on X (formerly Twitter) that "Bitcoin's price surge halted below $106,600," adding, "This is because there is a sell wall of 31,000 BTC at that level." Furthermore, they mentioned, "This sell wall was formed in December 2023, and the holders have not yet made additional purchases or sales," indicating that "it could become a key resistance level to watch in the short term." As of 8:54 PM, Bitcoin is trading at $102,999 on the Binance USDT market, down 0.78% from 24 hours ago.

There is a high claim that major altcoins will move sideways for the time being. On the 19th (local time), Valentin Fournier, an analyst at BRN, stated in an interview with The Block, "After Moody's adjustment of the US credit rating and large-scale liquidation, altcoins are likely to show a sideways trend for the time being." He continued, "There are almost no macroeconomic catalysts until the Core Personal Consumption Expenditure (PCE) announcement on May 30 (local time)," adding, "There is no short-term downside risk, but new institutional demand and macroeconomic catalysts need to emerge for further gains." Meanwhile, on the 16th (local time), Moody's downgraded the US national credit rating from Aaa to Aa1.

The global virtual asset (cryptocurrency) exchange Binance has successfully turned the Bitcoin (BTC) spot net trading volume delta positive. On the 19th (local time), a contributor to CryptoQuant's Dark Post reported, "Binance's Bitcoin spot net trading volume delta has turned positive again," indicating "a signal that buying activity in the spot market is becoming active again." The contributor added, "Although the Bitcoin price is over $100,000, the selling pressure has also significantly decreased," and stated, "The increase in volume in the current situation can be interpreted as a bullish sign." However, the analyst noted, "Historically, when Binance's spot trading volume increases sharply, it often coincides with short-term peaks." Meanwhile, the net trading volume delta is the difference between the buying and selling volumes occurring on the exchange, with a positive delta indicating strong buying volume. As of 8:11 PM, Bitcoin is trading at $102,815, down 1% from 24 hours ago, based on the Binance USDT market.