Son Min

There is a claim that now is the last chance to buy Bitcoin (BTC) below $100,000. On the 21st (local time), Arthur Hayes, co-founder of BitMEX, stated on X, "I mean it. (This is) the last chance to buy Bitcoin below $100,000." He further indicated that a report related to U.S. Treasury purchases is expected to be released this week, suggesting that he will share grounds supporting the claim of Bitcoin's rise.

As Pope Francis passed away on the 21st (local time), the Vatican meme coin Luce (LUCE) is showing a sharp rise. According to CoinMarketCap on the 21st (local time), the Vatican meme coin Luce is trading at $0.01947, up 112.14% from the previous day. It is interpreted that the buying spree of Vatican-related meme coins surged as Pope Francis passed away on the same day. Previously, the Holy See announced, "Pope Francis passed away at 7:35 on the 21st (local time)."

Global cryptocurrency exchange Binance announced the listing of two spot trading pairs, including Alchemy Pay (ACH). On the 21st (local time), Binance stated, "We will list ACH/USDC and Stepn (GMT)/USDC spot trading pairs." The listing will take place on the 22nd at 17:00 (KST).

There is a claim that the decline in the value of the dollar could drive the rise of Bitcoin (BTC). On the 21st (local time), Matrixport stated in a report, "Historically, Bitcoin has an inverse relationship with the dollar. Currently, a decoupling phenomenon is occurring," and "Interest in Bitcoin as a hedge against the decline in the dollar's value is growing, increasing the possibility of further rises." According to Matrixport data, the Dollar Index (DXY), which represents the value of the dollar against the currencies of six major countries, is recording its lowest level (98.1) since March 2022. Meanwhile, Bitcoin has rebounded, surpassing $97,000. As of 4:48 PM, Bitcoin is trading at $87,576 on the Binance USDT market, up 3.25% from 24 hours ago.

The number of wallets holding more than 1,000 Bitcoins has once again surpassed 2,100. On the 21st (local time), on-chain data analysis platform Alphractal announced via X (formerly Twitter) that "for the first time since last December, the number of addresses holding more than 1,000 BTC has surpassed 2,100." This suggests that the accumulation of Bitcoins by whales is accelerating. Previously, Santiment reported that "Bitcoin whale and shark investors have purchased approximately 53,600 BTC since the 22nd of last month. The accumulation movement is strengthening." As of 4:05 PM, Bitcoin is trading at $87,588 on the Binance USDT market, up 3.13% from 24 hours ago.

An analysis has emerged indicating that the growth of the XRP network is slowing down. On the 21st (local time), cryptocurrency analyst Ali Martinez stated on X (formerly Twitter) that "the growth of the XRP network has been declining over the past month," noting that the number of newly created addresses recorded a 44% decrease to 2,900 compared to the previous month's 5,200. As of 3:20 PM, XRP is trading at $2.14 on the Binance USDT market, up 2.61% from 24 hours ago.

Swiss retail chain Spar has been found to support Bitcoin (BTC) payments. According to Cointelegraph on the 18th (local time), Swiss retail giant Spar announced that it supports payments through Bitcoin. Spar is a large Swiss retailer with over 13,900 stores across 48 countries. As of 11:46 PM, Bitcoin is trading at $84,553, up 0.44% from 24 hours ago, based on the Binance USDT market.

As the issuance of US Treasury bonds is expected to increase significantly, it is analyzed that this could act as a negative factor in the risk asset market. On the 18th (local time), Binance Research stated in a report, "It is expected that the issuance of US Treasury bonds will exceed $31 trillion this year," and "Participants in the virtual asset (cryptocurrency) market should closely monitor the impact of large-scale Treasury issuance." It added, "The pressure of rising interest rates due to the increase in US Treasury supply will also be a negative factor for the virtual asset market." Binance focused on the scale of Treasury issuance. The report stated, "The expected scale of Treasury issuance is at an all-time high. It corresponds to 109% and 144% of the expected US GDP and M2 (financial products issued by deposit-taking institutions, cash currency, settlement deposits, deposits under two years), respectively," and "There is inevitably continuous pressure for interest rate increases." Consequently, if interest rate hikes are decided, investment sentiment in the risk asset market will be dampened, ultimately negatively affecting virtual assets. The report stated, "However, if the US government issues additional currency to directly purchase the debt, it could be a positive factor for the market," and "There is also some possibility that Bitcoin could emerge as a hedge against currency value decline."

An analysis has emerged indicating that Bitcoin (BTC) mid-term holders are showing increased re-accumulation movements. On the 18th (local time), Glassnode stated on X (formerly Twitter), "The Bitcoin RHODL ratio has risen above 0.2, doubling from 0.1 in February," adding, "This is a signal that the speculative sentiment of short-term holders is weakening, and the accumulation movement of mid-term holders is strengthening." The RHODL ratio is an indicator that considers the realized value between short-term and mid-term holders to determine market overheating. As of 9:28 PM, Bitcoin is trading at $84,646 on the Binance USDT market, down 0.20% from 24 hours ago.

In March, Google's search volume for 'Bitcoin (BTC)' and Ethereum (ETH) reached its highest level this year, indicating a potential recovery in interest from general investors. According to The Block on the 18th (local time), Bitcoin's Google search volume index in March recorded 34 points, the highest level this year. This is a 26% increase compared to the previous month (27 points) and marks the first rebound since November last year. Ethereum's search volume also increased. During the same period, Ethereum recorded 19 points, a slight increase from the previous month (16 points), setting a new high for the year. The media outlet stated, "Compared to the previous cycle's peak, the search volume index for Bitcoin and Ethereum is still at a low level," but assessed it as "a signal that individual investors' interest is returning to the market." Meanwhile, Bitcoin's search volume index peak (100 points) was recorded in December 2017. Ethereum reached its peak in May 2021.

Analysis has revealed that whale investors sold more than 570 million Dogecoin (DOGE) over the past week. On the 18th (local time), crypto analyst Ali Martinez announced on X (formerly Twitter) that "last week's whale investor sell-off exceeded 570 million DOGE." This amounts to approximately $88.43 million (about 125.9 billion KRW) based on the current Dogecoin price. As of 8:30 PM, Dogecoin is trading at $0.15515 on the Binance USDT market, down 1.01% from 24 hours ago.

A large movement of Bitcoin (BTC) has been detected, leading to analysis suggesting that price volatility may increase. According to Cointelegraph on the 18th (local time), CryptoQuant reported that "170,000 BTC have moved from short-term holder addresses (3-6 months held)," indicating that "Bitcoin price volatility may increase." They further stated, "This instance is the largest transfer level since the end of 2021," adding, "In the past, when short-term holders moved large amounts of Bitcoin, the price fluctuated significantly in both upward and downward directions." Previously, CryptoQuant identified short-term holders as the main agents of the current Bitcoin selling pressure. The media noted, "Short-term holders are very sensitive to temporary narratives," and added, "The recent decline in Bitcoin prices occurred alongside panic selling by short-term holders."

The on-chain market share of the decentralized futures exchange (DEX) HyperLiquid (HYPE) is approaching 70%. On the 18th (local time), The Block reported, "HyperLiquid is exerting overwhelming dominance in the perpetual futures market," adding, "It has captured 70% of the decentralized futures exchange market share in recent weeks." It further stated, "There is growing interest from investors in decentralized futures trading." According to The Block's data, HyperLiquid recorded a trading volume of $175 billion in March, and as of April, it stands at $83 billion. The media outlet evaluated, "HyperLiquid's trading volume is at 10% of the centralized exchange (CEX) Binance's futures trading volume," and "HyperLiquid and the on-chain perpetual futures trading market are gradually expanding."

On the South Korean cryptocurrency exchange Upbit, the price of Loom Network (LOOM) is reported to be more than 120% higher than the global market price. On the 18th (local time), Loom Network on Upbit's KRW market is trading at 46.52 KRW, up 3.42% from the previous day. This is significantly higher than the global KRW price of Loom Network, which is 21 KRW according to CoinMarketCap. The highest point recorded was 57 KRW. This is interpreted as a 'delisting beam' phenomenon occurring ahead of its delisting on May 7. Loom Network is set to be delisted on May 7. Investors are advised to exercise caution with this asset due to the large price discrepancy with the global market and the potential for significant losses if investing based on phenomena like the 'delisting beam'.

The number of cryptocurrency (crypto) rug pull incidents has significantly decreased compared to the same period last year. However, the scale of damage has increased significantly. According to Cointelegraph on the 18th (local time), blockchain analysis platform DappRadar reported that "there were 7 rug pull incidents early this year, a 66% decrease compared to the 21 incidents recorded early last year," but also noted that "although the number of incidents decreased, the scale of damage showed a sharp increase." According to DappRadar data, the damage from rug pulls this year amounts to about $6 billion. This is a significant increase compared to $90 million during the same period last year. The report added, "The collapse of MANTRA (OM) has contributed to the increased scale of rug pull damage this year."

It has been revealed that the appeal suspension request by the U.S. Securities and Exchange Commission (SEC) and Ripple has been accepted. On the 16th (local time), attorney James K. Filan stated on X (formerly Twitter), "The U.S. court has accepted the application stating that the SEC and Ripple will suspend the appeal process by agreement," and "The SEC has been instructed to submit a progress report within 60 days." Previously, on the 11th (local time), the SEC and Ripple submitted a joint request to temporarily suspend the appeal process and coordinate settlement terms.

Today, it was reported that more than 77,000 Ethereum (ETH) have flowed into cryptocurrency derivatives exchanges. As a result, there are observations that the possibility of Ethereum's decline has increased. On the 16th (local time), Amar Taha, a contributor to CryptoQuant, stated in a report, "Today, more than 77,000 Ethereum have flowed into derivatives exchanges," and added, "It seems that institutional investors or Ethereum whales are trying to increase their hedge or short positions." He further suggested, "In the past, when similar situations occurred, Ethereum showed a downward trend," indicating that the possibility of Ethereum's decline could increase. Previously, on March 26 and April 3, 65,000 ETH and 70,000 ETH respectively were also reported to have flowed into derivatives exchanges. As of 11:42 PM, Ethereum is trading at $1,593 on the Binance USDT market, down 1.98% from 24 hours ago.

There is a claim that if the United States stockpiles 1 million Bitcoins (BTC), Bitcoin will reach $1 million. According to Cointelegraph on the 16th (local time), Jack Shapiro, head of policy at the Bitcoin Policy Institute, stated on the Bitcoin Magazine podcast that "if the US government buys 1 million Bitcoins, it will shock the global financial markets," and "the price of Bitcoin will reach $1 million in a short period."

Last week, the trading volume of Solana (SOL)-based decentralized exchanges (DEX) reached $15.749 billion. On the 16th (local time), Cointelegraph reported this, stating that "Solana DEX ranked first in trading volume." According to the data, Ethereum (ETH)-based DEX recorded $14.933 billion, ranking second, while Base (BASE) and Binance Chain (BNB) recorded $4.982 billion and $4.73 billion, respectively. Arbitrum (ARB) recorded a trading volume of $4.02 billion, ranking fifth.

There is a claim that people who believe in the intrinsic value of virtual assets (cryptocurrency) and invest in them no longer exist. On the 16th (local time), Ju Ki-young, CEO of CryptoQuant, said on X (formerly Twitter), "Value-based investors have been extinct since 2018," and "Most of the people who were waiting for Web3 adoption have left the market, and those who remain have become gamblers chasing only profit." He added, "Except for Bitcoin (BTC), there is no one investing with conviction."

The city council of Panama City, the capital of Panama located in South America, has reportedly allowed public utility payments through virtual assets (cryptocurrencies). On the 16th (local time), WuBlockchain announced on X (formerly Twitter) that "the Panama City council has accepted public utility payments through virtual assets." As a result, citizens of Panama City will be able to pay taxes, fines, permit fees, etc., using Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and more. Meanwhile, current Panamanian law requires funds to be received only in US dollars (USD). Therefore, the city authorities plan to solve the issue by working with banks to immediately convert virtual assets into dollars.

It appears that the investment sentiment of whale investors in Bitcoin (BTC) has significantly declined. On the 16th (local time), CryptoQuant announced via X (formerly Twitter) that "this week, whales sold 30,000 BTC," and "the buying speed of whales has reached its slowest level since February." It is interpreted that as market uncertainties such as the trade war increase, investors' risk aversion sentiment has grown. As of 9:55 PM, Bitcoin is trading at $83,939 on the Binance USDT market, down 2.14% from 24 hours ago.

An analysis has emerged suggesting that Ethereum's (ETH) pursuit of a Layer 2 expansion strategy could negatively impact Ethereum's price. According to Cointelegraph on the 16th (local time), Binance Research reported that "Ethereum is pursuing a method to expand the mainnet and reduce transaction fees through Layer 2," but also evaluated that "L2 blockchains are ultimately threatening Ethereum's position. It's a double-edged sword that could negatively affect Ethereum's price." In particular, it is pointed out that the value of the Ethereum network itself is decreasing. The report stated, "Ethereum's value is declining due to relatively slow transactions, reduced fees and developer dispersion due to L2 growth, and liquidity dispersion," adding that "the trading volume and fees of decentralized exchanges (DEX) are also being caught up by Solana (SOL) and Binance Chain (BNB)." Furthermore, it is predicted that the decline in Ethereum's value may continue. Although Ethereum's roadmap includes upgrades for reducing transaction costs and preparing long-term incentives, the two upcoming major upgrades are focused on L2 network integration and data availability expansion. Therefore, it is explained that immediate problem-solving is difficult, and in the short term, Ethereum's value will continue to decline. Finally, Binance added, "For Ethereum to coexist with L2, it needs to redefine its incentive structure through methods such as sharing fees," and "continuing development centered on based rollups that can generate more fees than L2 could be a good approach."