Son Min

Analysis suggests Ripple (XRP) could drop to $1.50. On the 25th (local time), CoinTelegraph reported that "XRP has fallen 20% over the past two days, breaking below the asymmetric triangle pattern" and added that "considering recent XRP perpetual futures indicators, there's a possibility it could fall to as low as $1.50." The outlet focused on the decrease in XRP's Open Interest (OI). CoinTelegraph noted that "looking at historical cases, when XRP's open interest significantly decreases, XRP price tends to fall sharply as well" and added that "when open interest decreased in early February (first circle), XRP plummeted 43% from $3.13 to $1.76." They further mentioned that "on the 25th, XRP's open interest recorded an 8-week low." According to Coinglass data, XRP's open interest decreased by 20% from $3.63 billion the previous day to $2.93 billion. XRP's funding rate also shifted from 0.0077% the previous day to -0.0003% currently. This indicates increasing downward pressure on XRP. Furthermore, considering the scale of XRP long position liquidations, they projected that XRP's decline would accelerate. The outlet stated that "when long positions are liquidated, traders are forced to sell XRP" and that "this selling pressure will accelerate XRP's decline." According to Coinglass data, XRP long position liquidations over the past 14 hours amounted to $57.6 million. Short position liquidations recorded $4.71 million. Technical analysis also suggested a downward trend. The outlet reported that "yesterday, XRP broke below the ascending trendline of the asymmetric triangle pattern" and "also fell below the 100-day simple moving average support level ($2.41)." They added that "this is a strong bearish signal." As of 11:15 PM, XRP is trading at $2.2539 on Binance's USDT market, down 8.79% from 24 hours ago.

An opinion has emerged that Bitcoin (BTC)'s upward cycle is not over yet. On the 25th (local time), Ki Young Ju, CEO of CryptoQuant, stated through X that "Bitcoin's upward cycle is not over yet" and that "a 30% correction ($77,000) in a bull market is a very normal situation." He further advised, "It's difficult to predict corrections in a bull market," adding "if you're feeling uncertain, reduce your losses and move to assets you can trust."

An anonymous whale has been found to have purchased 12,070 Ethereum (ETH). On the 25th (local time), Lookonchain revealed through X that "As the market declined, anonymous whale '7 Siblings' swapped (purchased) 28.75 million Dai (DAI) for 12,070 ETH" and added "the average price was $2,382." This amounts to approximately $41.2 million. Currently, '7 Siblings' holds a total of 1.15 million ETH across two addresses. This is worth about $2.8 billion, or approximately 4.0152 trillion KRW.

Eric Trump, the second son of U.S. President Donald Trump, advocated buying the dips. On the 25th (local time), Eric Trump posted on X, "₿uy the dips!!!" Previously, he had recommended buying Bitcoin (BTC) and Ethereum (ETH).

As Bitcoin (BTC) declines, analysis shows an increase in traders opening long positions. On the 25th (local time), Alexia Theodorous, Kraken's derivatives specialist, said in an interview with CoinDesk, "As Bitcoin falls below $88,000, traders are moving to buy Bitcoin," adding that "there has been a surge in traders taking long positions in Bitcoin perpetual futures on Kraken." According to Theodorous, the Bitcoin long-short ratio on Kraken has reached an all-time high (0.8). Open Interest (OI) has also reached a 4-week high. She explained, "Traders are expecting a Bitcoin rebound and conducting buy-the-dip purchases," adding that "this shows positive sentiment towards Bitcoin spreading in the market." However, she also indicated the possibility of further Bitcoin decline. Theodorous stated, "While the BTC long-short ratio has surged, the forced liquidation volume remains within the settlement range," suggesting that "this could mean excessive leverage ratios." She added that "short-term additional declines in the form of a long squeeze could occur." Meanwhile, CryptoQuant previously announced through X that whales are accumulating Bitcoin, stating that "26,430 BTC has just flowed into addresses associated with OTC trades and long-term storage."

Bybit has made an additional purchase of 36,893 ETH through over-the-counter (OTC) trading. On the 25th (local time), Lookonchain announced via X that "Three hours ago, Bybit purchased an additional 36,893 ETH through OTC," stating that "this amounts to approximately $87.5 million." Over the past three days, Bybit has acquired a total of 212,101 ETH through OTC trading, which amounts to approximately $574 million.

Analysis shows that whales are accumulating Bitcoin (BTC). On the 25th (local time), CryptoQuant announced through X that "whales are accumulating Bitcoin" and stated that "26,430 BTC have just flowed into addresses associated with OTC (over-the-counter) trading and long-term storage."

Claims have emerged that risk-averse sentiment in traditional financial markets has triggered a decline in the cryptocurrency market. On the 25th (local time), Jeff Kendrick, a cryptocurrency analyst at Standard Chartered (SC), said in an interview with The Block, "The recent decline in the crypto market is influenced by risk-off sentiment in traditional financial markets," adding that "the stock market has been under significant pressure since President Trump's tariff policies." He continued, "Investors who bought at the average purchase price of Bitcoin (BTC) spot ETF ($96,500) have already entered a loss zone," and noted that "this risk-averse sentiment was particularly evident in the selling pressure of Solana (SOL) and Solana-based meme coins rather than Bitcoin." Ben El Baz, Managing Director of Hashkey Global, also stated, "The cryptocurrency market and U.S. stocks have a strong correlation," explaining that "the crypto market is declining as investors dispose of risk assets like Bitcoin." He added, "The cryptocurrency market is trading below key support levels," and predicted that "if these levels aren't recovered, we could be in for a long-term bearish market." There were also opinions about the potential recovery of the cryptocurrency market. SC analyst Kendrick said, "Nevertheless, the crypto market has potential for a mid-term rebound," explaining that "the decline in U.S. Treasury yields due to last Friday's preliminary U.S. Manufacturing PMI data could positively impact Bitcoin." However, he added that "it's not yet time to buy the dip" and suggested Bitcoin could likely fall to the low $80,000 range. Dominic John, a Chronos Research analyst, stated, "We should pay attention to the Personal Consumption Expenditure (PCE) price index to be released this Friday," adding that "if inflation figures approach the Fed's target (2%) and interest rates are cut, the crypto market could turn bullish in the medium term." Meanwhile, the U.S. January Personal Consumption Expenditure price index is scheduled to be released at 22:30 (Korean time) on the 28th.

Metaplanet, regarded as a Japanese strategy firm, has made an additional Bitcoin (BTC) purchase. On the 25th (local time), Bitcoin Magazine revealed through X that "Metaplanet has made an additional purchase of 135 BTC." This amounts to approximately 1.939 billion yen (18.6 billion won). Meanwhile, Metaplanet currently holds 2,235 BTC. Their average purchase price per BTC is 12,411,856 yen.

Solana (SOL) network activity has shown a significant decrease. On the 25th (local time), crypto analyst Ali Martinez revealed that "Solana network activity has dropped 60% from its all-time high in October." According to Glassnode data, Solana's active addresses have significantly decreased from 18.5 million in October last year to 7.3 million.

Bitcoin (BTC) temporarily dropped below $87,000. As of 7:28 PM, Bitcoin is trading at $87,516 on the Binance USDT market, down 8.50% from 24 hours ago.

Bitcoin (BTC)'s daily new addresses have reached their lowest level since July last year. On the 25th (local time), cryptocurrency analyst Ali Martinez announced via X that "Bitcoin's daily new addresses have decreased to 240,534," noting that this is "the lowest since July last year." As of 7:05 PM, Bitcoin is trading at $88,671 on the Binance USDT market, down 7.50% from 24 hours ago.

Bitcoin (BTC) has reached a crucial point that will determine its direction, according to analysis. On the 25th (local time), a MacD CryptoQuant contributor stated through a report that "Bitcoin is showing a sharp decline, falling below the major support level of $90,000" and added that "it has reached a critical crossroads that will determine whether it goes up or down." MacD identified the causes of Bitcoin's recent decline as △Bybit hacking incident △Trump administration's tariff policy △inflation occurrence. He then noted that the factors to expect a rebound at this point are large-scale long position liquidations and support from whale investors who have held for less than 6 months. He stated, "Mass liquidations technically thin out the order book depth, allowing even small quantities to create price rebounds," adding that "today saw the largest long position liquidation ($245 million) since November." Furthermore, he mentioned that "$89,600 is the average purchase price for whales who have held for less than 6 months," explaining that "this is a psychological support level, and if these holders don't sell, the price could maintain this level and rebound." However, he added that "if the next support level breaks after this decline, further drops will occur."

Strategy's (formerly MicroStrategy) market cap to Bitcoin (BTC) holdings premium ratio has significantly decreased. On the 25th (local time), crypto analyst Miles Deutscher revealed via X that "Strategy's market cap to BTC holdings premium ratio has dropped from its November high of 3.4 to 1.6." He added, "As this ratio decreases, it will become more difficult for Strategy to secure funding for Bitcoin purchases."

Bitcoin (BTC) holders' unrealized losses have reached their highest level since October last year. On the 25th (local time), IntoTheBlock reported via X that "as Bitcoin falls below $90,000, 12% of all Bitcoin holding addresses are recording losses," adding that "this is the highest unrealized loss ratio since October last year." As of 5:33 PM, Bitcoin is trading at $89,832 on the Binance USDT market, down 5.98% from 24 hours ago.

Opinions suggest Ethereum (ETH) remains optimistic. On the 24th (local time), Ki Young Ju, CEO of CryptoQuant, expressed through X that he is "optimistic about Ethereum" because "despite the Bybit hack, selling pressure on ETH isn't significant." He added that "exchange-based selling takes time, and over-the-counter (OTC) trading won't affect Ethereum prices." Furthermore, he predicted an increase in companies utilizing Ethereum. He stated, "Ethereum-based stablecoins account for 56% of total stablecoin market capitalization," and added that "under the Trump administration, more companies will utilize Ethereum-based stablecoins and smart contracts." He also elaborated that Trump's cryptocurrency deregulation and the increase in Ethereum whale addresses are positive factors. CEO Ju mentioned that "deregulation will lead to a bull market driven by altcoin spot ETFs" and that "whale addresses holding 10,000-100,000 ETH have increased by 24% over the past year."

The Dubai Financial Services Authority (DFSA) has officially recognized USD Coin (USDC) and Euro Stablecoin (EURC). This marks the first instance of Dubai's financial authority recognizing stablecoins. On the 4th (local time), Circle announced via X that "USDC and EURC are the first stablecoins to be officially recognized by the DFSA," adding that "with this approval, more than 6,000 companies based in the Dubai International Financial Centre (DIFC) can now use USDC and EURC for payments, transactions, and financial services." Jeremy Allaire, Circle's co-founder, shared this news and added that "following the European Union (EU) and Canada, approvals in other major jurisdictions are expected soon."

Strategy (formerly MicroStrategy) has purchased an additional 20,356 Bitcoin (BTC). This amounts to approximately $1.99 billion (2.8427 trillion KRW). On the 24th (local time), Michael Saylor, Strategy's founder, announced via X, "Strategy has purchased an additional 20,356 BTC," adding that "the purchase price was approximately $97,514 per BTC." He further noted that "we've achieved a 6.9% return this year." Strategy currently holds a total of 499,096 BTC. This amounts to approximately $33.1 billion (47.2833 trillion KRW), with an average purchase price of $66,357. Meanwhile, 30 minutes before announcing the Bitcoin purchase, Michael Saylor revealed via X that Strategy had completed the issuance of $2 billion in convertible bonds. The net proceeds from this bond issuance amounted to $1.99 billion. Following this news, Bitcoin showed a slight increase. As of 10:15 PM on the Binance USDT market, Bitcoin is trading at $95,861, down 0.03% compared to 24 hours ago.

Canary Capital has submitted documents for trading rule changes (19b-4) regarding the Hedera (HBAR) spot ETF. On the 24th (local time), Bloomberg analyst Eric Balchunas announced via X that "Canary has submitted the 19b-4 documents following last week's amendment to the HBAR spot ETF securities registration (S-1)" and stated that "Currently, Hedera and Litecoin (LTC) spot ETFs have the highest likelihood of launch."

Strategy's $2 billion convertible bond issuance has been completed. On the 24th (local time), Michael Saylor, founder of Strategy, announced through X, 'We have completed the issuance of $2 billion in convertible bonds with 0% interest rate and 35% premium,' adding that 'the conversion price is approximately $433.43.' Strategy announced through their official website that 'the net proceeds from this convertible bond issuance are $1.99 billion' and that 'these proceeds will be used for Bitcoin purchases and general corporate purposes.'

Today, the South Dakota State Legislature is scheduled to review a Bitcoin strategic reserve bill. On the 24th (local time), Bitcoin Magazine announced via X that "the Bitcoin strategic reserve bill submitted to the South Dakota State Legislature will be reviewed on the 24th (local time)" and "the review will be conducted by the House Energy and Commerce Committee." Currently, a total of 20 Bitcoin reserve bills have been proposed across various U.S. states.

Global cryptocurrency exchange Binance has reportedly withdrawn a large amount of Solana (SOL) through market maker Wintermute. On the 23rd (local time), Solid Intel clarified through X that "after additional analysis, Binance withdrew large amounts of Solana through market maker Wintermute" and "we are correcting our previous report of Binance selling Solana to a withdrawal." Earlier, Solid Intel had reported that "over the past 4 hours, Binance has been selling large amounts of Solana through Wintermute."

An anonymous whale who participated in Ethereum's (ETH) Initial Coin Offering (ICO) has deposited 3,000 ETH to Kraken three hours ago. On the 24th (local time), analyst ai_9684xtpa revealed via X that "an Ethereum ICO whale who held 20,000 ETH has deposited 3,000 ETH to Kraken," noting that "this amounts to approximately $8.18 million." The analyst further expressed concern that continued selling by Ethereum whales makes price increases difficult. According to the data, the whale in question has deposited a total of 9,910 ETH to Kraken over the past three months. The analyst added that "if all of this was sold, it would have generated profits of $32.83 million." Currently, the whale holds 4,070 ETH. Typically, large deposits to exchanges can lead to increased selling pressure and may cause short-term volatility.

Data shows that an anonymous whale address has deposited a large amount of Ethereum (ETH) to Binance over the past 2 hours. On the 24th (local time), LookOnChain reported via X that "a whale has deposited 14,977 ETH to Binance over the past 2 hours," noting that "this amounts to approximately $40.57 million." They added that "since March 20 last year, they have deposited a total of 30,768 ETH (approximately $90.37 million) to Binance" and that "their current Ethereum holdings are 3,920 ETH, with total profits exceeding $40 million." This whale had previously withdrawn 32,417 ETH ($60.50 million) from Binance between April 28 and June 26, 2023. The average purchase price was $1,866. Typically, large deposits to exchanges can lead to increased selling pressure and may cause short-term volatility. As of 7:46 PM, Ethereum is trading at $2,672 on Binance's USDT market, down 4.80% over the past 24 hours.

A large amount of Ripple (XRP) has been transferred to Bybit. On the 24th (local time), Whale Alert announced via X that "51,999,999 XRP was transferred from an anonymous address to Bybit," noting that "this amounts to approximately $128.78 million." Typically, large deposits to exchanges can lead to increased selling pressure and may cause short-term volatility. As of 7:36 PM, XRP is trading at $2.44 on Binance's USDT market, down 5.14% compared to 24 hours ago.

Reports indicate that the Bybit hacker is transferring stolen Ethereum (ETH) externally through multiple decentralized exchanges (DEXs). On the 24th (local time), lmk.fun (formerly Scopescan) announced via X that "the Bybit hacker is swapping Ethereum to Dai (DAI) using various DEXs including OKX DEX" and "after transferring $3.64 million worth of Ethereum to a specific address, they are converting it to DAI and moving it externally."

A claim has emerged that Bitcoin (BTC) market capitalization will increase tenfold within 8 years. According to CoinTelegraph on the 23rd (local time), MicroStrategy founder Michael Saylor stated at the CPAC event that "Bitcoin is digital capital, and its current market cap is $2 trillion," adding that "Bitcoin's market cap will reach $20 trillion within 4-8 years." He further emphasized that "it will grow faster than any other asset."

The number of short-term holders (within 1 month) of Litecoin (LTC) has increased by 12% over the past month. On the 23rd (local time), IntoTheBlock reported that "Litecoin short-term traders have increased by more than 12% over the past month," attributing this to "expectations for the launch of a Litecoin spot ETF." Meanwhile, on the 21st, Bloomberg ETF analyst Eric Balchunas stated that "the approval probability for a Litecoin spot ETF is 90%."