Son Min

The market value of Real World Assets (RWA) has surpassed $240 billion. On the 19th (local time), Unfolded announced via X that "the total value of the RWA market has exceeded $240 billion." RWA is considered one of the main beneficiary sectors under President Trump. This is because the Trump family-operated World Liberty Financial (WLFI) has been showing continuous interest in the RWA sector. Ian de Bode, Chief Strategy Officer (CSO) of Ondo Finance, previously stated in an interview with BloomingBit, "WLFI is considering integrating Ondo's tokenized assets such as US Dollar Yield Token (USDY) and Short-Term US Treasury (OUSG) as financial reserve assets."

It has been reported that a Bitcoin Strategic Reserve Bill (SB327) has been introduced in the state of North Carolina, USA. On the 19th (local time), Solid Intel announced via X that "The state of North Carolina has introduced a Bitcoin reserve bill" and added, "If the bill passes, up to 10% of public funds could be allocated to Bitcoin." The North Carolina state government's fund is reportedly around $9.5 billion.

Ki Young Ju, CEO of CryptoQuant, has clarified his analysis from the previous day. Earlier, Ju had stated that "Bitcoin's bull cycle has ended" and predicted that it would move sideways or weaken over the next 6-12 months. On the 19th (local time), CEO Ki Young Ju stated through X, "I would like to address some of the counterarguments (raised after that statement)" and clarified that "my previous statement did not mean that Bitcoin would crash by 70%." He continued, "It means that it could take at least 6-12 months for Bitcoin to reach a new all-time high (ATH)," adding that "the possibility of a major crash is low as Bitcoin's liquidity channels have increased." Regarding criticism about whether his statement adequately considered the macroeconomic environment, he responded, "I believe on-chain activity precedes market sentiment." Ju said, "If the macroeconomic environment had actually improved, new liquidity would have already flowed into the market," and added, "When uncertainty is resolved and interest rates are cut, there is a high possibility that new liquidity will flow in as strong buying pressure." However, he added that it is impossible to predict when the current macroeconomic uncertainty will be resolved. He also addressed his position on Bitcoin short selling. This was in response to criticism from the community asking why he doesn't short Bitcoin if his analysis is correct. CEO Ju explained, "Bitcoin is more likely to move sideways within a wide range," adding that "deeper technical analysis is needed to capture short-selling opportunities."

Analysis shows that the Dogecoin (DOGE) network is coming back to life. On the 19th (local time), cryptocurrency analyst Ali Martinez stated through X that "the Dogecoin network is becoming active again," adding that "active addresses have increased to over 280,000 in recent days." As of 5:27 PM, Dogecoin is trading at $0.16797 on Binance's USDT market, down 0.17% compared to 24 hours ago.

The options market indicates that Ethereum (ETH) has a 48% probability of surpassing $2,500 by the end of the year. On the 19th (local time), Lynn Chen, Deribit's Asia Business Development Manager, stated via X, "The options market sees a 48.05% probability of Ethereum surpassing $2,500 by the end of the year," adding that "the probability of breaking $2,500 by the end of April is only 14.56%." As of 4:58 PM, Ethereum is trading at $1,931 on Binance's USDT market, down 1.39% from 24 hours ago.

An opinion has emerged that macroeconomic catalysts are needed for large-scale new capital inflows into Bitcoin (BTC) spot exchange-traded funds (ETFs). On the 18th (local time), Matrixport stated via X, "Currently, both Bitcoin funding rates and market trading volumes are in a sluggish state," adding that "special macroeconomic catalysts are needed for large-scale new capital to flow into Bitcoin spot ETFs." They continued, "Until mid-December last year, Bitcoin perpetual futures open interest (OI) reached approximately $35 billion," explaining that "since then, futures positions have dropped sharply, while Bitcoin spot ETF inflows have remained relatively stable." They added that "this indicates Bitcoin volume from short-term traders is being transferred to long-term holders."

Global cryptocurrency exchange Binance is listing 5 spot trading pairs including IOTA/USDC. On the 18th (local time), Binance announced through its official website that "IOTA/USDC, JUV/USDC, THE/USDC, USDC/CZK, VANRY/USDC spot trading pairs will be listed." Trading is scheduled to begin on the 20th at 17:00 (KST).

While Ki Young Ju, CEO of CryptoQuant, has declared the end of Bitcoin's (BTC) bull cycle, some analysts maintain that the Bitcoin bull market is not over yet. On the 18th (local time), Ben Simpson, CEO of CollectiveShift, said in an interview with Cointelegraph, "The bull market is not over yet," adding that "the peak of the cycle has only been delayed due to reduced liquidity from macroeconomic conditions." He described Bitcoin's current decline as a 'normal correction.' Ben Simpson explained, "Bitcoin has experienced four drops of more than 25% in this cycle," adding, "In previous cycles, there were as many as 12 similar drops." He continued, "The market was overheated and needed to cool down, and it needed to find new upward momentum," stating, "We are waiting for the next narrative." Nick Foster, founder of DeLife, expressed the same opinion. Foster emphasized that "Bitcoin is currently just in a typical correction phase" and that the cycle peak has not yet arrived. He explained that historically, such corrections always occur during Bitcoin bull markets, and this time is no exception. He further claimed, "Bitcoin is currently showing similar movements to those seen before past price surges began," adding, "Bitcoin's trend can change quickly." Adrian Przelozny, CEO of Independent Reserve, assessed that "macroeconomic conditions are currently affecting all assets, including Bitcoin," and that this is closer to a typical correction. Meanwhile, Ki Young Ju, CEO of CryptoQuant, had previously stated via X that "the Bitcoin bull cycle is over," predicting that there would be no bull market for the next 6-12 months.

An analysis has shown that global cryptocurrency exchange Binance has maintained a reserve ratio of over 100% for 29 consecutive months. On the 18th (local time), CryptoQuant announced via X that "Binance's reserve ratio has recorded over 100% for 29 consecutive months" and added that "Since the FTX collapse, Binance's reserves have consistently maintained above 100%." They further stated, "Binance's proof of reserves data is also evaluated to be sound." Reserves refer to assets held by an exchange to ensure that customer deposits can be withdrawn at any time. If reserves are not adequately maintained, exchange bankruptcy due to bank runs could occur.

It has been revealed that a 19b-4 exchange rule change filing for the 21Shares Polkadot (DOT) Exchange-Traded Fund (ETF) has been submitted to the U.S. Securities and Exchange Commission (SEC). On the 18th (local time), WuBlockchain announced via X that "Nasdaq has submitted a 19b-4 filing to the SEC to list the 21Shares Polkadot ETF." As of 11:23 PM, Polkadot is trading at $4.302 on Binance's USDT market, down 1.22% compared to 24 hours ago.

Bitcoin (BTC) has shown a growth rate that surpasses all other assets following the US presidential election. On the 18th (local time), Thomas Farrer, founder of Heya Apollo, stated via X that "Bitcoin is experiencing a recent correction," but added that "it still remains the asset that outperforms all others since the US presidential election." According to the attached data, Bitcoin rose by up to 53.7% after the US presidential election, and based on the current price, it has recorded a 19.4% increase, ranking first in growth rate among global asset classes. Gold ranked third, with a maximum increase of 7.1% and a 6.6% rise based on current prices.

TRON (TRX) has achieved the top position in blockchain fee revenue on a monthly basis. On the 18th (local time), Satoshi Club announced via X that "TRON earned $51 million in fee revenue over the past 30 days," calling it "the blockchain with the highest revenue." Solana (SOL) and Ethereum (ETH) recorded $40.75 million and $31.07 million respectively. Meanwhile, on the same day, TRON founder Justin Sun shared via X that "We will soon launch TRON on Solana," indicating that they are ready to collaborate with Solana.

Strategy plans to issue an additional 5 million Series A permanent stripe preferred shares to purchase more Bitcoin (BTC). On the 18th (local time), Michael Saylor, founder of Strategy, announced via X, "Strategy announces the issuance of new permanent preferred shares called Stripe," adding that "they will be offered to institutional and some non-institutional investors." According to the attached materials, Strategy will issue 5 million Series A permanent stripe preferred shares through a public offering. The funds raised through this offering will be used for corporate operations and additional Bitcoin purchases. The shares will pay 10% annual interest, with dividends to be paid quarterly. This offering is co-managed by Morgan Stanley, Citigroup, and others. Meanwhile, Strategy purchased an additional 130 BTC the previous day. Their current Bitcoin holdings amount to 499,226 BTC.

Amid growing macroeconomic uncertainty, an opinion has emerged that Bitcoin (BTC) is unlikely to fall below $70,000. On the 18th (local time), BitGet CEO Gracie Chen told Cointelegraph in an interview, "Despite the global trade war, Bitcoin is unlikely to fall below $70,000," adding that "the $73,000 level would be a good entry point." She further added that Bitcoin could reach $200,000 within the next 1-2 years. As of 8:29 PM, Bitcoin is trading at $82,715 on Binance's USDT market, down 1% from 24 hours ago.

Wall Street research firm Bernstein has raised its price target for Coinbase to $310. This is approximately 64% higher than Coinbase's previous closing price ($188.96). According to CNBC on the 18th (local time), Bernstein stated, "Coinbase is the biggest beneficiary of the Trump administration's goal to make the United States the capital of virtual assets (cryptocurrencies) in the world." Bernstein added, "Although it has fallen about 24% as the upward momentum disappeared after the US presidential election, the situation will soon change," explaining that Trump's virtual asset policy could significantly increase Coinbase's revenue. They continued, "Bears worry about intensifying competition and fee pressure, but they overlook the fact that the overall market is growing significantly." Furthermore, they assessed that "Coinbase is a dominant platform with a 66% market share in the US market" and "it is diversifying its revenue by providing not only virtual asset trading but also overall financial services."

Global cryptocurrency exchange Binance has announced the listing date for Bubblemaps (BMT), which has been selected as a Hodler Airdrop project. On the 18th (local time), Binance announced through its official website that "the 12th Hodler Airdrop project is Bubblemaps" and added that "users who subscribed to Binance Coin (BNB) on Simple Earn from 00:00 UTC on March 2 to 23:59 UTC on March 6 will receive BMT airdrops." Meanwhile, the Bubblemaps listing is scheduled to take place at 00:00 Korean time on the 19th. In UTC, that's 15:00 on the 18th.

Ethereum (ETH) MVRV (Market Value to Realized Value) ratio has fallen below 1. On the 18th (local time), IntoTheBlock announced via X that "Ethereum's MVRV ratio has reached 0.9," adding that "this is a rare phenomenon, typically an indicator seen in bear markets." They further added, "Historically, buying Ethereum when MVRV is below 1 has been advantageous."

Over the past 30 days, Bitcoin (BTC) long-term holders (those holding for more than 155 days) have accumulated a large amount of Bitcoin. On the 18th (local time), cryptocurrency analyst Ali Martinez revealed via X that "over the past 30 days, Bitcoin long-term holders have accumulated 167,000 BTC." This amounts to approximately $13.9 billion (about 20 trillion won) at current prices. As of 5:05 PM, Bitcoin is trading at $83,255 on Binance's USDT market, down 0.22% compared to 24 hours ago.

The decision on the delisting of WEMIX, which was involved in a hacking incident worth 9 billion won, has been postponed by a month. On the 18th (KST), the top 5 domestic won-based exchanges (Bithumb, Coinone, Korbit, Gopax) excluding Upbit announced through a notice that "WEMIX has been designated as an item of caution by the Digital Asset Exchange Joint Consultative Body (DAXA) member companies for about one more month." They further explained, "We will receive explanations from the project regarding the facts and follow-up measures related to the designation of the item of caution and proceed with additional review procedures," and "To conduct a more thorough review, we are extending the designation of the item of caution." As a result, the decision on the delisting of WEMIX is expected to be made in the third week of April. Previously, on February 28, the WEMIX Play Bridge Vault was hacked, resulting in the theft of 8,654,860 WEMIX. At the time, this was worth about 8.8 billion won. There was particularly strong controversy over the lack of disclosure. The WEMIX Foundation announced the incident on the 4th (KST), four days after it occurred. Subsequently, DAXA designated WEMIX as an item of caution and suspended deposits due to the lack of disclosure. Meanwhile, Seok-Hwan Kim, the head of the WEMIX Foundation, stated at an emergency meeting on the 17th (KST), "There was no intention or attempt to conceal the hacking," and explained that the notice was delayed due to concerns about additional attacks and market panic caused by the stolen assets. He added, "We will do our best to explain to DAXA." An anonymous exchange official told Bloomingbit, "WEMIX is a virtual asset that many investors are interested in," and "We will thoroughly review the WEMIX Foundation's explanations, compensation plans for victims, and solutions to stabilization issues."

Japan's strategist Metaplanet has purchased additional Bitcoin (BTC). On the 18th (local time), Metaplanet announced via X that "we have purchased an additional 150 BTC." The average purchase price was 12,526,226 yen (approximately 120 million won) per BTC. Previously, Metaplanet had issued additional interest-free common shares worth 2 billion yen to fund the additional Bitcoin purchase. Currently, Metaplanet holds 3,200 BTC (40.331 billion yen).

Yesterday, $7.3 million flowed out of U.S. Ethereum spot exchange-traded funds (ETFs). According to Farside Investor on the 17th (local time), Ethereum spot ETFs experienced a net outflow of $7.3 million. This marks the 9th consecutive trading day of net outflows. Only Grayscale's Ethereum spot ETF, ETHE, saw a net outflow of $7.3 million, while the remaining ETFs showed no change in inflow. Meanwhile, Standard Chartered has previously lowered its year-end price target for Ethereum from $10,000 to $4,000.

Hashdex has added Litecoin (LTC) to its 'Hashdex Nasdaq Crypto Index US ETF' amendment. On the 17th (local time), the Litecoin Foundation announced through its official X account, "Hashdex has submitted an amendment to its Nasdaq Crypto Index US ETF to the U.S. Securities and Exchange Commission (SEC)," adding that "Litecoin has been included in the ETF."

Standard Chartered (SC) has significantly lowered its year-end target price for Ethereum (ETH), forecasting a structural decline. According to CoinDesk on the 17th (local time), Standard Chartered stated in a report that "Ethereum's structural decline will continue" and "we are adjusting our price forecast for this year down to $4,000." The previously announced year-end target price was $10,000. The bank analyzed that the growth of Layer 2 (L2) blockchains is the cause of Ethereum's sluggishness. The report said, "Ethereum still dominates the market in various metrics," but added that "this dominance is continuously decreasing." This explains that L2 blockchains, developed to improve the scalability of the Ethereum network, are instead having a negative impact on Ethereum. Market capitalization issues were also pointed out. SC elaborated, "In the case of Ethereum L2 Base, it has reduced Ethereum's market capitalization by $50 billion." Jeff Kendrick, head of crypto asset research at Standard Chartered, said, "Ethereum has strong dominance in terms of security, and based on this, it is likely to maintain an 80% market share in the real-world asset (RWA) market," but added, "Unless the Ethereum Foundation takes a proactive stance, such as taxing L2 blockchains, there is little way to reverse the downward trend." He further added that the likelihood of the Ethereum Foundation taking such measures is low. The bank also said, "Bitcoin's rise may lift the entire crypto asset market," but reiterated that "Ethereum's relative underperformance will continue." It then predicted that "the ETH/BTC ratio could fall to 0.015 by the end of 2027." This would be the lowest level since 2017. As of 11:16 PM, Ethereum is trading at $1,893 on the Binance USDT market, up 0.67% from 24 hours ago.

EZ Labs (formerly Binance Labs) has invested in Plume Network (PLUME). On the 17th (local time), EZ Labs announced this through X. Detailed investment information was not disclosed. EZ Labs said, "Plume is developing various real-world asset (RWA) onboarding and RWA finance (RWAfi) solutions," adding, "We hope this investment will drive onboarding of more institutions." Plume, which is listed on the Korean exchange Bithumb, surged after the news broke. Plume, which was trading at around 231 won before the announcement, is currently trading at 255 won as of 10:13 PM, up 18.06% compared to the previous day.

Last week, $1.7 billion (2.4633 trillion won) was reported as net outflow from global crypto (cryptocurrency) products. CoinShares revealed this in a report on the 17th (local time). This marks the fifth consecutive week of capital outflows, with a total of $6.4 billion (9.2736 trillion won) flowing out during this period. CoinShares explained, "Due to price declines and continued outflows, the total assets under management (AUM) of crypto products decreased by $48 billion," but added, "The cumulative inflows for the year still remain positive ($912 million)." Bitcoin (BTC) products in particular saw strong outflows. According to the report, Bitcoin products experienced a net outflow of $978 million last week, recording a net outflow of $5.4 billion over five weeks. Ethereum (ETH) and Solana (SOL) saw net outflows of $175 million and $2.2 million respectively. However, XRP products recorded a net inflow of $1.8 million. By country, outflows from U.S. products were severe. Last week, $1.16 billion flowed out of U.S. crypto products. This represents about 93% of the total outflow. Switzerland ranked second with an outflow of $527.7 million. Germany, on the other hand, saw a net inflow of $8 million.

Strategy has reportedly purchased an additional 130 Bitcoin (BTC). On the 17th (local time), Michael Saylor, the founder of Strategy, announced via X, "Strategy has purchased an additional 130 BTC," adding that "the purchase price was approximately $82,981 per BTC." He further stated, "We have achieved a 6.9% return this year." Currently, Strategy holds a total of 499,226 BTC. This amounts to approximately $33.1 billion, with an average purchase price of $66,360.

Amidst growing uncertainty in the cryptocurrency market due to the impact of U.S. tariff policies, opinions suggest that investor sentiment expecting a rebound in major altcoins is increasing. On the 17th (local time), Nick Ruck, an analyst at LVRG Research, said in an interview with CoinDesk, "Altcoin trading volume increased after World Liberty Financial (WLFI) purchased Mantle (MNT) and Avalanche (AVAX)," adding that "this suggests investors are expecting a rebound in altcoins." Augustin Fan, head of Signal Plus Insights, also predicted that "the value of assets other than large assets like Bitcoin (BTC) and Ethereum (ETH) is not overvalued," and that "the market will maintain a 'buy the dip' stance."

An analysis suggests that Bitcoin (BTC) is likely to plummet if it falls below $80,000. On the 17th (local time), CoinDesk cited Glassnode data stating, "If Bitcoin falls below $80,000, it is likely to plummet," and analyzed that "due to Bitcoin's surge following President Trump's election, a 'supply gap' has occurred between $70,000 and $80,000." This means there are few investors who purchased Bitcoin in this price range, making it unlikely for a support level to form. The report continued, "If Bitcoin's price falls below $80,000, it will be lower than the average purchase price of existing buyers, making additional buying pressure likely to be insufficient," adding that "a significant drop to the March 2024 high ($73,000) is expected." Furthermore, additional selling pressure is anticipated to be strong. The media outlet stated, "Currently, 20% of Bitcoin holding addresses are at a loss," and "there is a possibility of additional selling to avoid losses, which could accelerate the price decline." It added, "Bitcoin short-term holders have already sold 100,000 BTC during the recent downturn." As of 8:31 PM, Bitcoin is trading at $83,542 on Binance's USDT market, down 0.95% compared to 24 hours ago.