Son Min

Despite the Bybit hacking incident, analysis shows that Bitcoin (BTC)'s Net Realized PNL remains at low levels. On the 23rd (local time), Negentropic, a Glassnode co-founder account, stated via X that "Despite the Bybit hack, Bitcoin's Net Realized PNL maintains its lowest levels" and that "the major support level is around $92,000." They further added that "this hacking incident has merely delayed Bitcoin's breakthrough of $100,000" and noted that "if Realized Loss increases sharply, this could signal a bottom formation for Bitcoin."

Over the past 7 days, Tether (USDT) and USDC inflows to the TRON (TRX) network reached approximately $800 million. On the 23rd (local time), LookOnChain reported via X that "the increase in stablecoins (USDT, USDC) on the TRON network over the past 7 days amounted to $824.51 million." This equals approximately 1.1777 trillion won. According to LookOnChain data, Arbitrum (ARB) recorded the second-largest inflow. Stablecoins on the Arbitrum network increased by $231 million over the past 7 days. Avalanche (AVAX) recorded the largest outflow. Stablecoins on the Avalanche network decreased by $506 million over the past 7 days, equivalent to approximately 722.8 billion won. Additionally, The Open Network (TON) and Ethereum (ETH) stablecoins decreased by $280 million and $208 million respectively.

Bearish betting on Solana (SOL) has surged in cryptocurrency options exchanges. According to CoinDesk on the 23rd (local time), Solana block trades (large-scale transactions) on the options exchange Deribit reached $32.39 million last week. This represents 25% of the total options trading volume for the week, with the majority being put option trades. Greg Magadini, head of derivatives at Amberdata, stated that "80% of Solana block trade volume was in put options," adding that "during the same period, put option ratios for Bitcoin (BTC) and Ethereum (ETH) were only 40% and 37.5% respectively." The media reported that "whales mainly traded put options to either hedge against or profit from Solana's price decline," noting that the upcoming large-scale token unlock of Solana also influenced this trend. Lynn Chen, Head of Asia Business Development at Deribit, explained that "11.2 million SOL (2.29% of total supply) is scheduled for token unlock on March 1st (local time)," adding that "this amount represents 59% of Solana's daily spot trading volume, suggesting significant selling pressure." Meanwhile, put options represent the right to sell an asset at a predetermined strike price. It is generally known that selling options strategies are advantageous when the market is moving sideways or showing a moderate upward trend.

Dogecoin (DOGE) network activity has shown a significant decrease. On the 23rd (local time), crypto analyst Ali Martinez revealed via X that "Dogecoin's network activity is at its lowest level since October last year." He added that "whale transactions of Dogecoin have decreased to 66 per day" and "active network addresses have fallen below 60,000."

Cryptocurrency A to Z Ripple-SEC Lawsuit Nearing End Trump's Pro-Coin Stance US Approval Likelihood Increases JPMorgan: "$8B Inflow Expected in First Year" On the 20th, the Brazilian Securities Commission (CVM) approved the world's first XRP spot ETF. Upon this news, XRP surged 7%, reflecting investor expectations for XRP spot ETF trading. According to Polymarket, a decentralized prediction platform, the probability of XRP spot ETF approval within this year rose to 81%. This comes as expectations grow that the U.S. Securities and Exchange Commission (SEC) will also approve an XRP spot ETF. According to industry sources on the 23rd, market speculation suggests that the legal battle between SEC and Ripple may soon end. John Reed Stark, former SEC enforcement director, stated on X (formerly Twitter), "SEC's appeal against Ripple will either be suspended or completely withdrawn" and that "SEC's cryptocurrency regulatory enforcement is now over." Donald Trump's pro-XRP stance has also drawn attention. On the 19th, President Trump shared two articles about Ripple Labs CEO Brad Garlinghouse on Truth Social. Previously, reports emerged suggesting the Trump administration was considering XRP as a strategic reserve asset. CEO Garlinghouse has continuously shown affinity with President Trump. He stated, "Trump is already making the cryptocurrency market great again" and that "In the past, the SEC froze our business opportunities." The SEC has received XRP spot ETF review applications from six issuers including Bitwise, Grayscale, and 21Shares. The SEC must respond to Grayscale's XRP spot ETF approval request, submitted on the 14th, by October 18. The launch of XRP spot ETFs is expected to positively impact XRP prices. JPMorgan forecasts that "XRP spot ETFs will attract up to $8 billion in inflows during their first year." Son Min, BloomingBit Reporter sonmin@bloomingbit.io

##  ## ▶Monday(24th): △EU January Consumer Price Index (KST 19:00, EST 05:00) ▶Tuesday(25th): △Korea February Interest Rate Decision (KST 10:00, EST 20:00 on 24th) △Germany Q4 GDP (KST 16:00, EST 02:00) ▶Wednesday(26th): △US CB February Consumer Confidence Index (KST 00:00, EST 10:00 on 25th) ▶Thursday(27th): △US Crude Oil Inventories (KST 00:00, EST 10:00 on 26th) △US January New Home Sales (KST 00:00, EST 10:00 on 26th) △US Q4 GDP (KST 22:30, EST 08:30) △US Initial Jobless Claims (KST 22:30, EST 08:30) ▶Friday(28th): △Germany February Consumer Price Index (KST 22:00, EST 08:00) △US January Core Personal Consumption Expenditure Price Index (KST 22:30, EST 08:30) △US January Core Consumer Spending Price Index (KST 22:30, EST 08:30) ## ▶Monday(24th): △Ethereum(ETH) Pectra Holesky Implementation ▶Tuesday(25th): △Ethereum(ETH) Research Team Reddit AMA △BinanceCoin(BNB) Testnet Upgrade ▶Wednesday(26th): △KAIA Community Town Hall ▶Thursday(27th): ▶Friday(28th): △Movement(MOVE) Mainnet Launch △Simon's Cat(CAT) Platform Launch △Optimism(OP) 31.34M OP Token Unlock △XRP 400M XRP Token Unlock

Opinions have emerged that on-chain activity on the Bitcoin (BTC) network is decreasing. On the 22nd (local time), cryptocurrency analyst Ali Martinez stated through X that "the monthly average number of new Bitcoin addresses has decreased below the annual average," indicating "a decrease in Bitcoin's on-chain activity." He added that "this shows a trend of declining network strength and utilization."

Amid growing demands for rolling back the Ethereum (ETH) network to its pre-hack state, an Ethereum core developer has expressed opposition to this idea. On the 22nd (local time), Tim Beiko, an Ethereum core developer, stated via X that 'this is virtually impossible' and explained that 'there are many differences between the current situation and THE DAO incident where Ethereum previously executed a rollback.' He first noted that the Bybit hack did not violate any rules that would warrant protocol modification. Beiko stated, 'This incident is not an issue with the Ethereum protocol itself' and added that 'from the Ethereum protocol's perspective, these transactions cannot be distinguished from other legitimate network transactions.' He also pointed out that the hacker immediately withdrew the funds after the hack. He explained, 'In THE DAO incident, the hacked funds were locked, allowing time to fix the bug and for the community to respond,' adding that 'in this case, the hacker immediately gained access and transferred funds on-chain.' Furthermore, he emphasized that a rollback would have fatal consequences for Ethereum. Beiko argued, 'An Ethereum rollback would cause ripple effects of unmanageable proportions' and 'particularly, a complete rollback would lead to even worse outcomes.' This means that a complete Ethereum rollback could cancel legitimate transactions as well. This could completely disrupt the flow of funds for exchanges, institutional investors, and individual investors. The Vice President of Yuga Labs' blockchain division shared similar views. Quit stated via X that 'while Ethereum can be rolled back,' 'the impact of a rollback would be greater than the $1.5 billion lost in the hack.' He added, 'The accounting processes of all major companies would collapse' and 'numerous side effects are anticipated.'

Claims have emerged that Chainlink (LINK) network's growth is accelerating. On the 22nd (local time), crypto analyst Ali Martinez stated that "Chainlink network's growth is accelerating" and revealed that "the number of new Chainlink addresses has surged to 2,298." He added that "this is the highest level since January this year."

Bybit has reportedly purchased Ethereum (ETH) worth $197 million (approximately 283.4 billion won). On the 22nd (local time), LookOnChain reported through X that "Bybit is estimated to have purchased 71,755 ETH" adding that "this amounts to approximately $197 million." The transaction was conducted through over-the-counter (OTC) trading. As of 1:08 PM, Ethereum is trading at $2,749 on the Binance USDT market, up 2.79% from 24 hours ago.

Amid community discussions about whether Ethereum (ETH) should be rolled back, the CEO of Bybit has shared his stance on the matter. On the 22nd (local time), when asked about supporting the rollback of the Ethereum blockchain to its state before the Lazarus Group hacking incident, Bybit CEO Ben Zhou stated through X Spacing that while he's 'not sure if one person's decision can determine a rollback,' he suggested that 'considering the spirit of blockchain, it might be more appropriate to decide through a community vote on what the community wants.' Previously, the Ethereum Foundation had implemented a rollback after a hacking incident in 2016. Zhou stated that they 'will try all possible means to recover the stolen funds,' adding that 'this includes bounty programs, cooperation with investigative agencies, and dialogue with the Ethereum Foundation.'

Whales have been found to have sold a large amount of Bitcoin (BTC) over the past 10 days. On the 22nd (local time), cryptocurrency analyst Ali Martinez revealed via X that "whales have sold 30,000 BTC over the past 10 days." This amounts to approximately $2.9 billion at current Bitcoin prices (about 4 trillion won). As of 9:49 PM, Bitcoin is trading at $96,576 on the Binance USDT market, up 0.41% compared to 24 hours ago.

The world's first Ripple (XRP) spot ETF is set to launch. On the 19th (local time), Brazilian local media Portal do Bitcoin reported that "The Brazil Securities Commission (CVM) has approved Hashdex's XRP spot ETF launch," noting it as "the world's first XRP-based spot ETF." A Hashdex representative also confirmed the approval of the XRP spot ETF. The listing date on Brazil's B3 stock exchange has not yet been announced. However, the Hashdex representative stated that "detailed information about the listing date will be disclosed soon." Silvio Pegado, Ripple's General Manager for Latin America, evaluated that "XRP is suitable for ETFs in terms of utility, increasing institutional demand, and market capitalization," and added that "Brazil Securities Commission's approval of the first XRP spot ETF demonstrates their foresight regarding the development of digital assets."

The U.S. Securities and Exchange Commission (SEC) has accepted CoinShares' spot XRP ETF filing. On the 19th (local time), Solid Intel confirmed through X that "The US SEC has officially acknowledged the receipt of CoinShares' spot XRP ETF application."

Meme coin perpetual futures open interest (OI) has shown a significant decrease. On the 19th (local time), Glassnode reported through X that "meme coin open interest has fallen significantly," stating that "Dogecoin (DOGE)'s OI has dropped approximately 58%, from $3.58 billion as of December 9th last year to currently $1.49 billion." Other meme coins showed similar trends. According to Glassnode data, Pepe (PEPE)'s OI decreased by 71.93% during the same period. Bonk (BONK) and Dog With Hat (WIF) OI decreased by 75.1% and 69.83% respectively. Shiba Inu (SHIB) and FLOKI (FLOKI) OI also fell by 74.41% and 69.18% respectively. Glassnode added that "the decrease in meme coin OI demonstrates a change in market sentiment towards the meme coin sector."

The Governor of the Czech Central Bank has urged central bank governors worldwide to study Bitcoin (BTC). According to CoinTelegraph on the 19th (local time), Aleš Michl, Governor of the Czech Central Bank, urged central bank governors to study Bitcoin. He stated, 'Bitcoin should not be placed in the same category as other virtual assets (cryptocurrencies)' and emphasized that 'central bank members should explore Bitcoin and Bitcoin-based technologies.' Currently, the Czech Central Bank is evaluating whether to strategically stockpile Bitcoin. If the Czech Central Bank decides to accumulate Bitcoin, a significant influx of buying pressure is expected. Andre Dragos, Head of Research at Bitwise, stated, 'The Czech Central Bank's total reserves exceed $146 billion,' and added that 'over $7.3 billion could flow into Bitcoin.' He further noted that 'the Czech Central Bank's Bitcoin purchases alone would consume five months' worth of Bitcoin mining supply.'

The number of active addresses on the Bitcoin (BTC) network has fallen below the annual average. On the 19th (local time), Axel Adler Jr., a CryptoQuant contributor, revealed through X that "after Bitcoin hit its peak, the number of active addresses on the network fell below the annual average" and stated that "the current number of active addresses is around 1.1 million."

Whales have been observed purchasing large amounts of Ripple (XRP) over the past two days. On the 19th (local time), cryptocurrency analyst Ali Martinez cited Santiment data stating that "whales have purchased 150 million XRP over the past 48 hours." This amounts to approximately $386.49 million (about 557.3 billion won) at current XRP prices. As of 8:24 PM, XRP is trading at $2.5787 on Binance's USDT market, up 0.08% compared to 24 hours ago.

Bitcoin (BTC) has shown a significant decrease in volatility. On the 19th (local time), Axel Adler Jr., a CryptoQuant contributor, stated through X that "Bitcoin's volatility range has decreased from 80% to 40% over the past month," noting that "this represents a reduction of nearly half." He further suggested the possibility of Bitcoin's price increase, stating "we will eventually witness a compression phenomenon."

Despite Bitcoin (BTC)'s price recovery, claims have emerged that additional declines may occur. On the 19th (local time), Negentropic, the Glassnode founder's account, stated via X that "Bitcoin rebounded from $93,500 to recover $95,000," but added that "the weak rebound suggests a current lack of BTC spot trading volume." He further noted that "the Risk Index is warning of additional declines" and added that "$92,000 will be a major downside support level."

US Ethereum (ETH) spot ETFs recorded a net inflow of $4.6 million yesterday. According to Farside Investor on the 18th (local time), Ethereum spot ETFs saw a net inflow of $4.6 million yesterday, equivalent to approximately 6.6 billion Korean won. Fidelity's FETH received an inflow of $4.6 million. Other ETFs recorded '0'. Ethereum spot ETFs have maintained net inflows for three consecutive trading days.

 US Bitcoin (BTC) spot ETFs recorded a net outflow of $60.7 million yesterday. According to Farside Investor on the 18th (local time), Bitcoin spot ETFs experienced a net outflow of $60.7 million yesterday, equivalent to approximately KRW 87.4 billion. BlackRock's IBIT saw a net inflow of $68.4 million. In contrast, Fidelity's FBTC and Bitwise's BITB recorded net outflows of $16.4 million and $112.7 million respectively.

An opinion suggests that the XRP spot ETF could see inflows of up to $800 million in its first week after launch. On the 19th (local time), Luca Sorlini, Head of Product at Northstake, stated in an interview with DL News that "The XRP spot ETF is expected to see inflows of $400-800 million in its first week," adding that "specific inflow amounts will be determined by institutional interest and overall crypto market sentiment." He further noted that these figures were estimated based on the inflows seen in Bitcoin (BTC) and Ethereum (ETH) spot ETFs. Gabe Selby, Head of Research at CF Benchmarks, made a similar prediction. He stated that "first month inflows would reach nine figures (minimum $100 million)." In January, JP Morgan also projected in their report that the XRP spot ETF would attract inflows of $4-8 billion during its first 6-12 months. The media outlet noted that "the U.S. Securities and Exchange Commission (SEC) is likely to approve the XRP spot ETF" and added that "this would have a positive impact on XRP's price." For reference, Bitcoin surged 150% after the launch of its spot ETF last January. Meanwhile, according to Polymarket, a decentralized prediction platform, there is a 78% probability that the XRP spot ETF will be approved this year.

An analysis suggests that recent large-scale liquidations in cryptocurrency perpetual futures are having minimal impact on cryptocurrency price declines. On the 19th (local time), Matrixport reported through its analysis that "While recent liquidations in Bitcoin (BTC) and Ethereum (ETH) reached $600 million, prices showed relatively small declines (compared to liquidation volume) and are forming a bottom," adding that "Unlike previous bull markets, current liquidations are not triggering severe price drops." They further stated that "The chain reaction of downward pressure caused by large-scale liquidations remains limited." Matrixport suggested that "This indicates lower leverage in the market and traders using stop-losses more strategically than before," analyzing that this could be due to traders maintaining long-term bullish expectations following the approval of spot cryptocurrency ETFs.

Utah's Bitcoin Strategic Reserve Bill (H.B. 230) has been introduced to the Senate Revenue and Taxation Committee. According to The Block on the 18th (local time), Utah's Bitcoin Strategic Reserve Bill was introduced to the Senate Standing Committee the previous day. If passed, the bill will take effect from May 7th this year. The bill allows the state treasurer to invest up to 5% of public funds in Bitcoin. This includes cryptocurrencies and stablecoins that have maintained an average market capitalization exceeding $500 billion over the past year. Utah State Representative Jordan Teuscher stated, "Utah is the 11th state to propose a Bitcoin reserve bill," adding that "we will be the first state to pass it."

A large amount of Bitcoin (BTC) has been transferred to the cryptocurrency exchange Kraken. On the 18th (local time), Whale Alert announced via X that "2,424 BTC was transferred from an anonymous address to Kraken," noting that "this amounts to approximately $231.97 million." Typically, large deposits to exchanges can lead to increased selling pressure, which may result in heightened short-term volatility. As of 3:22 PM, Bitcoin is trading at $95,323 on Binance's USDT market, down 0.07% compared to 24 hours ago.

An opinion has emerged that Bitcoin spot ETFs will find it difficult to narrow the gap with U.S. stock market ETFs. On the 18th (local time), Bloomberg analyst Eric Balchunas stated via X that "while BlackRock's Bitcoin spot ETF is certainly a noteworthy product," he noted that "it won't be easy to close the gap with other traditional (stock market-based) ETFs such as Vanguard S&P500 ETF (VOO), iShares S&P500 ETF (IVV), and Vanguard U.S. Stock Market ETF (VTI)." He pointed out that "unlike VOO, which took 6 years to reach $50 billion, IBIT achieved this milestone in its first year," but added that "nevertheless, much more adoption and capital inflow will be needed." He further stated that "the correlation with stocks needs to break," and emphasized that "since Bitcoin tends to fall more significantly when stocks decline, it will be difficult to surpass traditional ETFs." Meanwhile, these comments came in response to claims from Bitcoin investors that IBIT would become the largest ETF by assets after Vanguard's VOO secured the top position in U.S. ETF assets.