Son Min

Bybit CEO has expressed a negative stance on Pi Network (PI). It is interpreted as a declaration of intent not to list Pi Network. On the 12th (local time), Ben Zhou, Bybit CEO, stated on X, "Many people asked if we would join Pi Network," and "I told them not to talk nonsense." He added, "I don't want to be involved in such matters in the crypto industry," and "I will stay far away." Meanwhile, Pi Network has been criticized for its pyramid-style mining system. Exchanges like OKX and Bitget have announced the listing of Pi Network.

Cathie Wood, often referred to as the "Money Tree Sister," reiterated that Bitcoin (BTC) could reach $1.5 million by 2030. On the 12th (local time), Cathie Wood, CEO of Ark Investment, stated on the official YouTube channel, "Bitcoin could reach $1.5 million by 2030," adding, "The likelihood of this prediction coming true is increasing." She continued, "Many institutional investors now think they should add Bitcoin to their portfolios," explaining, "This is because Bitcoin's returns and risks are very different from other assets." Previously, Cathie Wood had predicted in an interview with CNBC that Bitcoin could reach up to $1.5 million by 2030.

There is a claim that a large sell-off will occur if Bitcoin (BTC) falls below $92,000. On the 12th (local time), Adam Griggs.live, a researcher, stated on X, "The bearish outlook for Bitcoin is spreading, and a short-term downtrend has appeared," predicting, "The major support level is $95,000, and if the key support zone of $92,000 to $94,000 collapses, a large sell-off could occur." Adam mentioned, "Currently, the Bitcoin options market is difficult to trade due to decreased volume and low volatility (about 45%)," but added, "There are large buy orders (900 BTC) stacked up to $98,000 at the current price level, making a quick price recovery possible." He continued, "Considering the short covering that occurred at the close of the U.S. stock market yesterday, the market sentiment could reverse after today's Consumer Price Index (CPI) announcement."

There is an opinion that if stocks and bonds are tokenized, Solana (SOL) would be a good choice. On the 12th (local time), Anthony Scaramucci, the founder of SkyBridge Capital, stated in an interview with CNBC Squawk Box that "if stocks and bonds are eventually tokenized, Solana will surpass Ethereum (ETH) and take the lead," adding that "Solana's strengths are its low fees and fast transaction speeds." He further added, "SkyBridge Capital holds a small amount of Ethereum but is more optimistic about Solana," suggesting that Solana could rise strongly.

There is an expectation that the volatility of Bitcoin (BTC) may increase following the release of the US Consumer Price Index (CPI). On the 12th (local time), Negentropic, a co-account of the founders of Glassnode, stated on X, "The US January CPI, which will be released today, will bring volatility to the market," and added, "A figure higher than Wall Street's forecast (2.9%) is expected, but if a different result emerges, the market will be shaken." Furthermore, they noted, "Bitcoin is at the $95,000 level, but it could fall to as low as $92,000 for liquidity," and added, "Afterwards, a bullish reversal could occur, raising it to $97,000 to $98,500." Meanwhile, the US January CPI will be announced today at 10:30 PM.

An analysis has emerged suggesting that Solana (SOL) could drop by up to 40%. According to Cointelegraph on the 11th (local time), financial analyst Yashu Gola stated, "Solana's price could fall by nearly 40%," indicating that Solana's on-chain indicators and macroeconomic conditions suggest a decline for Solana. The analyst reported, "The daily transaction volume on the Solana blockchain has decreased from an all-time high of 71,738 on January 23 to the current 23,835," adding, "This negatively impacts the demand for Solana." He further explained, "Meme coins have been a key factor in Solana's price surge," and "as interest in meme coins has significantly decreased, investor interest in Solana has also declined." Additionally, he mentioned that the macroeconomic situation is not favorable. The analyst explained, "After the hawkish remarks by Fed Chairman Powell the previous day, the likelihood of a rate cut by September has further diminished," adding, "This makes holding short- and long-term bonds more attractive than risky assets like Solana." Yashu Gola added, "Solana is currently forming a head and shoulders pattern," and "if Solana falls below $180.5 due to on-chain indicators and macroeconomic conditions, it could drop to $109.21." This represents a decline of about 40% from the current Solana price. As of 5:32 PM, Solana is trading at $196.34 on the Binance USDT market, down 4.31% from 24 hours ago.

Last week, whales were reported to have purchased over 600,000 Ethereum (ETH). On the 11th (local time), Ali Martinez, a crypto analyst, stated on X, "According to CryptoQuant data, whales purchased over 600,000 ETH last week." As of 4:11 PM, Ethereum is trading at $2,607 on the Binance USDT market, down 4.12% from 24 hours ago.

Concerns have been raised about the increasing number of small businesses imitating Strategy's Bitcoin (BTC) purchasing strategy. On the 11th (local time), Fortune reported, "More companies are blindly copying Strategy's approach," adding, "They purchase Bitcoin to defend their stock prices from short sellers." It further pointed out, "While Bitcoin reserves can positively impact stock prices in the short term, there is a risk that Bitcoin prices must be maintained or rise in the long term." Mark Palmer, an equity analyst at Benchmark Company, also noted, "Companies with sluggish stock performance often lack an attractive business model," and "These companies are following Strategy's Bitcoin reserve strategy." He added, "There is a high possibility that small businesses hoarding Bitcoin could become 'zombie companies.'" Meanwhile, according to CoinKite data, 78 companies worldwide hold Bitcoin.

An analysis has emerged suggesting that the price of Bitcoin (BTC) may have reached its peak. According to O'Daily on the 11th (local time), BCA Research stated, "The price of Bitcoin may be nearing its peak," citing "an optimistic sentiment prevailing in the cryptocurrency market." They further explained, "90% of the total Bitcoin supply is in a profit state," and historically, when this ratio is high, Bitcoin prices have often reached their peak. The issuance of a meme coin by President Trump was also noted. The research indicated, "Trump's official meme coin reflects a desire for personal wealth rather than the benefit of the majority," adding that "this phenomenon reflects an overheated market sentiment." They reiterated that considering the strong sentiment in the cryptocurrency market, with 8 out of the top 10 financial apps by download being cryptocurrency trading apps, the possibility of Bitcoin prices being at their peak is high.

Ondo Finance (ONDO) announced that it has entered into a partnership with World Liberty Financial (WLFI). Currently, all related posts have been deleted. On the 10th (local time), Ondo Finance stated on its official blog, "Through collaboration with WLFI, we aim to promote the adoption of Real World Assets (RWA) and bring traditional finance on-chain," adding that they are considering integrating tokenized assets such as USD Yield Token (USDY) and Overnight US Treasury Bill (OUSG) as financial reserve assets within the WLFI network. Furthermore, they mentioned plans to support lending and margin trading services for WLFI platform users. However, the post has since been deleted from X, the blog, and other platforms. Some speculate that it was an information leak due to a mistake by a staff member. Meanwhile, on the 6th (local time), WLFI purchased 342,000 ONDO, which was approximately valued at $461,000 at the time.

Binance has stated that claims of selling its assets are not true. On the 10th (local time), Binance's customer support account stated on X, "We do not sell assets," and "This action is simply part of Binance's financial accounting process." They added, "User funds are safe and protected." SAFU refers to the user asset protection fund introduced by Binance in 2018. However, some virtual asset investors pointed out that "no one claimed Binance sold user assets," calling Binance's explanation a half-hearted one. Previously, virtual asset analyst AB Kuai.Dong stated on X, "Binance is selling its own holdings of Bitcoin (BTC) and Ethereum (ETH), unrelated to user assets," and "Most of the virtual assets held, including BTC and ETH, have been converted to USD Coin (USDC)."

The balance of Bitcoin (BTC) held by cryptocurrency exchanges has reached its lowest level in three years. On the 10th (local time), Cointelegraph reported, "The Bitcoin balance held by exchanges has reached its lowest level since 2022," adding, "Considering institutional demand, a supply shock for Bitcoin may occur." According to CryptoQuant data, the Bitcoin balance across all exchanges has reached 2.5 million BTC, the lowest level in three years. A decrease in the number of Bitcoins held by exchanges is generally interpreted as investors moving Bitcoin to their wallets for long-term holding, believing in a price increase. As of 11:54 PM, Bitcoin is trading at $97,091 on the Binance USDT market, down 0.29% from 24 hours ago.

An analysis has emerged suggesting that the bottom for Bitcoin (BTC) may have formed. On the 10th (local time), the co-founder account of Glassnode, Negentropic, stated on X, "There is a possibility that Bitcoin has formed a bottom," citing the recent decline in the Risk Index. He further mentioned, "Bitcoin is supporting the range of $97,200 to $98,500, preparing for macroeconomic volatility," and emphasized, "If the Risk Index does not increase after the volatility, Bitcoin has reached the bottom." He added, "The Regime Shift also suggests a trend change," and "As long as this range is maintained as a support line, Bitcoin will certainly show strength." Meanwhile, the U.S. January Consumer Price Index (CPI) is scheduled to be announced at 10:30 PM (KST) on the 12th.

There is an opinion that institutional investors should buy Bitcoin (BTC) from individuals. On the 10th (local time), Bitwise stated on X, "For corporations and governments to purchase Bitcoin, they must buy from individuals willing to sell," adding that "market dynamics will become interesting." Hunter Horsley, CEO of Bitwise, also mentioned on X, "Every new buyer must find a seller," and evaluated that "the price of Bitcoin depends on individuals holding BTC." The Bitwise report shows the distribution of the total supply of Bitcoin. Individual investors hold 69.4% of all Bitcoin. Governments and corporations own 5.8% of Bitcoin. Previously, analysts from The Block also stated, "Only 140,000 BTC remain in the OTC market," and warned that "if strategies buy three more times or Bitcoin spot ETFs accumulate Bitcoin on the same scale as in January, all Bitcoin in the OTC market will be depleted." They further added, "There is almost no Bitcoin left for institutions to buy."

KULR Technology Group, a space technology company listed on the New York Stock Exchange (NYSE), has purchased an additional $10 million worth of Bitcoin (BTC). According to CoinDesk on the 10th (local time), KULR Technology Group bought $10 million worth of BTC. This amounts to approximately 79 BTC, with an average purchase price of $103,905. Previously, KULR announced a plan to purchase Bitcoin as part of its financial strategy. The core of the plan is to add Bitcoin to its balance sheet and invest 90% of its surplus cash in Bitcoin. Meanwhile, KULR currently holds 610.3 BTC.

In February, there is an opinion that Solana (SOL)-based decentralized exchanges (DEX) will surpass Ethereum (ETH)-based DEX in trading volume. On the 10th (local time), CoinDesk cited DeFiLlama data, stating, "Solana DEX volume recorded $6 billion in February alone," and "this figure is double that of Ethereum-based DEX ($3.4 billion)." It continued, "Since last October, Solana DEX has surpassed Ethereum DEX in trading volume," and "considering the trend in February, Solana is expected to hold the top spot in DEX trading volume for four consecutive months." It was also mentioned that Solana's revenue surpasses Ethereum's. The media reported, "Solana generated $25 million in revenue in February alone," exceeding Ethereum's $16 million. It added, "In January, Solana achieved $124 million in revenue, while Ethereum recorded $109 million." Meanwhile, in January, Solana-based DEX recorded a trading volume of $258 billion. Ethereum reached only $86 billion.

Stablecoin circulation is showing signs of recovery. On the 10th (local time), Glassnode announced via X that "since the beginning of this year, stablecoin circulation has risen from $192.4 billion to $211.2 billion," adding that "while the growth rate of circulation slowed in January, it is showing a recovery trend from February." According to Glassnode data, stablecoin circulation increased by about $450 million per day in November and December. It then decreased to an increase of about $400 million per day in January, but in February, it is increasing by about $541 million per day. Glassnode added, "This indicates an increase in short-term demand from investors," and "the market's liquidity is growing again."

An analysis has emerged indicating that the fundamentals of Ethereum (ETH) are improving. According to CoinDesk on the 10th (local time), Citi Bank stated in a report that "Ethereum has fallen more than 20% this year," but also evaluated that "Ethereum's fundamentals are improving." Citi mentioned, "Although Ethereum user activity has been volatile in recent weeks, it is not a fundamental issue," and noted that "Ethereum's Total Value Locked (TVL) has significantly increased." Furthermore, they added that "since last November, the net inflow of Ethereum spot ETFs has been positive," with $3.2 billion flowing in since its launch in July. Additionally, the increase in Ethereum's search volume was also highlighted as a positive factor. Moreover, attention was drawn to the actions of World Liberty Financial (WLFI), a decentralized finance (DeFi) project by the Trump family. Citi stated, "WLFI holds $200 million worth of Ethereum," which shows the U.S. government's intention to strengthen support for virtual assets.

Binance has reportedly sold its holdings of Bitcoin (BTC) and Ethereum (ETH). On the 10th (local time), AB Kuai.Dong, a virtual asset analyst, stated on X, "Binance is selling its own BTC and ETH," adding, "Most of the virtual assets held, including BTC and ETH, have been converted to USD Coin (USDC)." He further noted, "The holdings of Binance Coin (BNB) decreased by 16.6%, marking the least amount sold," and added, "Most coins have reached historical highs." Meanwhile, Binance's own Bitcoin holdings decreased from 46,869 BTC in January to 2,497 BTC, and Ethereum from 216,313 ETH to 175 ETH. This represents a reduction of 94.1% and 99.9%, respectively, compared to the January holdings.

Global cryptocurrency exchange Binance has announced Solaire (LAYER) as the 8th holder airdrop project. On the 10th (local time), Binance announced on its official website, "Solaire (LAYER) has been selected as the 8th holder airdrop project," and the listing will take place at 11 PM (KST) on the 11th.

The number of whale addresses holding over 10,000 Ethereum (ETH) has slightly increased. On the 10th (local time), virtual asset analyst Ali Martinez reported on X that "since the 1st (local time), whale addresses holding over 10,000 ETH have increased by 2.3%," indicating that whales are accumulating Ethereum.

The total number of accounts on TRON (TRX) has surpassed 288 million. On the 9th (local time), Tronscan announced on X, "The total number of accounts on TRON has surpassed 288 million," adding, "The TRON ecosystem is rapidly developing."

Blockchain investment firm Blockspaceforce announced on the 10th that it will host the 'Bitcoin Tech Carnival' at the Four Seasons Hotel in Hong Kong on the 18th. The Bitcoin Tech Carnival is a virtual asset conference co-hosted by Blockspaceforce, wallet provider Unisat, and Bitcoin staking protocol Babylon. The event is scheduled to coincide with the world's largest virtual asset conference, 'Consensus Hong Kong', on the 18th of this month. Blockspaceforce explained that "(the Bitcoin Tech Carnival) is a conference focused on Bitcoin (BTC) and serves to complement Consensus Hong Kong." The core of the Bitcoin Tech Carnival is 'interaction'. Participants can engage in lectures and panel discussions by various speakers, as well as participate in live tests and application (app) demos of various projects. Bitcoin-based games and digital art will also be available. The organizers likened the event to a 'playground' in this context. Shalini Wood, Chief Marketing Officer (CMO) of Babylon Labs, said, "Participants will experience a festival-like conference by directly engaging in demos and live tests," and added, "We will redefine how the Bitcoin community gathers." The lineup of speakers is also noteworthy. Lorenzo, CEO of Unisat, David Chae, co-founder of Babylon, and Evan Cheng, CEO of Mistine Labs, will be speaking at the Bitcoin Tech Carnival. Lorenzo, CEO, stated, "The Bitcoin ecosystem needs events that don't feel like traditional conferences," and added, "(With the Bitcoin Tech Carnival) we will promote collaboration that leads to real innovation." Hankyung.com Newsroom 

Nasdaq has submitted a review request (19b-4) to the U.S. Securities and Exchange Commission (SEC) for CoinShares Ripple (XRP) and Litecoin (LTC) spot ETFs. On the 9th (local time), Crypto Briefing reported that "Nasdaq aims to strengthen its position in the U.S. virtual asset (cryptocurrency) market through the latest ETF listing," stating that Nasdaq has submitted a review request to the SEC for CoinShares XRP spot ETF and LTC spot ETF. Previously, CoinShares had submitted a securities registration statement (S-1) for the two ETFs. The media outlet evaluated that "especially the Litecoin spot ETF has a high possibility of being launched" because "unlike Ripple, it is not involved in legal disputes with the SEC." Additionally, the fact that the U.S. Commodity Futures Trading Commission (CFTC) classifies Litecoin as a commodity rather than a security is also a positive factor. Meanwhile, Eric Balchunas, a Bloomberg analyst, had previously pointed out Litecoin as the first virtual asset spot ETF to be approved during the Trump Administration.

Metaplanet, regarded as a strategy in Japan, is issuing corporate bonds to purchase additional Bitcoin (BTC). On the 9th (local time), Metaplanet announced through its official X that it would issue ordinary corporate bonds worth 4 billion yen (approximately 38.2 billion KRW) to purchase more Bitcoin. Currently holding 1,762 BTC, Metaplanet plans to hold 10,000 BTC by the end of this year and 21,000 BTC by the end of next year.