Minseung Kang

U.S. Nasdaq-listed company Mangoceuticals (Mangoceuticals) is pursuing a digital asset treasury (DAT) strategy centered on the Solana (SOL) ecosystem. According to GlobeNewswire on the 19th (local time), Mangoceuticals announced it will work with digital asset manager Cube Group to pursue a Solana-based DAT strategy of up to $100 million. DAT is a method by which a company strategically accumulates and manages virtual assets, and for this purpose the company established a subsidiary, Mango DAT. Asset management will be handled by Cube Group, founded by former Solana core developers. Mangoceuticals plans to reflect earnings from Solana staking in the treasury without shareholder dilution, and presented a target SOL-denominated annual return of around 7-8%. Jacob Cohen, CEO of Mangoceuticals, said, "The Solana-focused DAT strategy is an important evolutionary step in the company's long-term value-creation strategy," and added, "It will allow us to reflect the growth potential of digital assets in the treasury while maintaining a non-dilutive structure."

Analysis showed that selling pressure from U.S. investors has clearly expanded. On the 19th, Maartunn, an analyst at CryptoQuant, an on-chain cryptoasset (cryptocurrency) analytics firm, said on X (formerly Twitter), "U.S. (Bitcoin) investors are strongly pressing the sell button." According to Maartunn, the Coinbase Premium Gap, an indicator gauging U.S. investor flows, has currently fallen to -57 dollars. The Coinbase Premium refers to the difference between the Bitcoin price on U.S.-based exchange Coinbase and prices on global exchanges, and a negative zone is interpreted as a selling-dominant phase centered on U.S. investors. He explained, "That the premium gap has declined to this level suggests that aggressive selling pressure has emerged among U.S. traders."

Signs emerged that the world's largest asset manager BlackRock transferred a large amount of Ethereum (ETH) to crypto exchange Coinbase. On the 19th, on-chain analysis account Onchain Lens said via X (formerly Twitter), "BlackRock deposited 36,579 ETH to Coinbase." Onchain Lens added, "The amount is about $108.4 million, and there may be additional deposits."

A large transfer of Ethereum (ETH) to Binance has been detected. On the 19th, the on-chain tracking account Whale Alert reported that an anonymous wallet sent 68,000 ETH to the global crypto exchange Binance. At the time of transfer, the amount was about $201.13 million (about 297 billion won). Typically, large coin deposits to exchanges can lead to increased selling pressure, which can cause short-term volatility to rise.

Arthur Hayes, co-founder of BitMEX, was spotted transferring about 500 Ethereum (ETH) to Galaxy Digital. On the 19th, on-chain analysis account Lookonchain reported that Hayes sent 508.647ETH to Galaxy Digital. The amount is about $1.5 million. Galaxy Digital is a company that provides over-the-counter (OTC) and trading services to institutional investors and high-net-worth individuals, and large asset movements are often interpreted as sales or preparation for trading. Lookonchain added, "This transfer raises the possibility of a sale."

Ripple has made a strategic investment in a U.S. securities broker as it expands its institutional digital asset business. The market is paying attention to whether this investment could be linked to an expanded scope of XRP use. On the 19th, according to crypto-focused media U.Today, Ripple invested in broker-dealer TJM, which is registered with the Financial Industry Regulatory Authority (FINRA), and in TJM Institutional Services, which is registered with the National Futures Association (NFA). At the same time, Ripple will provide its prime brokerage service, "Ripple Prime," as the infrastructure supporting TJM's order execution and clearing. Through this collaboration, TJM will enhance capital and collateral efficiency and clearing stability, securing a foundation to meet institutional investors' digital asset trading demand. TJM stated that expanding order processing capacity is a main goal of this investment. The connection with XRP lies in Ripple Prime. Last month, Ripple launched a digital asset spot prime brokerage service in the United States and said it supports over-the-counter (OTC) trading of major crypto assets, including XRP and the stablecoin RLUSD. TJM plans to expand coverage to digital asset trading in the coming months. Accordingly, the market has speculated that if TJM discloses the assets it will support, XRP — which Ripple Prime already supports — could be included among the initial targets. However, analysts say a cautious approach is necessary since this is a projection that has not been confirmed until an official announcement is made. The outlet said, "Industry insiders view that the key issue is whether this investment will go beyond a simple equity stake and lead to actual trading flows through Ripple's institutional digital asset trading infrastructure."

Large-scale capital outflows have occurred at the decentralized derivatives exchange Hyperliquid, and the decline in assets under management (AUM) continues. On the 19th, crypto-focused media UBlockchain reported, "Weekly net outflows at Hyperliquid exceeded $430 million this week." This is the third-largest weekly net outflow since Hyperliquid's launch. As outflows continued, Hyperliquid's AUM also showed a declining trend. Hyperliquid's assets under management peaked at over $6 billion in mid-September and then turned downward, and are now down to about $4 billion. The market cites intensified competition within the decentralized derivatives market as a major reason for the funds' movement. Analysts say that amid the emergence of new platforms and changes in trading conditions, Hyperliquid's market share and inflows are slowing.

XRP is showing signs of easing short-term selling pressure, but analysts warned that downside risk could expand again if it fails to clear key resistance areas. On the 19th, according to crypto media BeInCrypto, XRP's price has fallen about 16% over the past month and remains weak in the medium-to-long term. However, technical indicators and on-chain data have detected signals that selling pressure is gradually weakening. On-chain indicators also support this. According to a metric that tracks changes in long-term holders' net positions, the daily net selling by long-term XRP holders peaked at about 216,900,000 XRP on December 11 and fell to about 132,200,000 XRP by the 18th. In one week, long-term holders' selling pressure decreased by about 39%. This indicates that the amount of sell-side supply entering the market has noticeably declined, but some interpret that this does not indicate an immediate trend reversal. The key is the upper resistance zone. On-chain cost-basis distribution data show a supply concentration where roughly 1,820,000,000 XRP was bought in the $1.96~$1.97 range. Since that price level corresponds to many investors' breakeven points, approaching it could lead to sell orders being released again. Previously, XRP failed several times to rebound near $1.96. Even if a short-term rebound continues, if it does not clearly rise above that zone on the daily chart, the same corrective phase may repeat. On the downside, $1.76 has been identified as a major support. If that zone is breached, selling pressure could intensify again and open the possibility of further declines. The outlet said, "Although XRP's selling pressure has clearly eased and momentum indicators have improved, until the $1.96 resistance is broken, the market remains trapped between supply burden and weakened buying power."

The virtual assets market is showing a short-term rebound, but overall investor sentiment remains subdued, analysis suggests. On the 19th, according to crypto-focused outlet CryptoDNES, the total market capitalization of virtual assets (cryptocurrencies) showed a slight increase at around $2.93 trillion. Meanwhile, the Fear & Greed Index remained in the 'fear' zone, indicating that the market's cautious sentiment has not eased. Bitcoin (BTC) traded around $87,000 and was slightly higher intraday, but was down more than 6% on the week. Also, investors appear to prefer Bitcoin, which is perceived as a relatively safe asset compared with altcoins. Ethereum (ETH) held the $2,900 level and showed a better short-term performance than Bitcoin, but its weekly decline exceeded 10%. The weakness across major altcoins is also reflected in the Altcoin Season Index (15). There are no clear signs yet that funds are moving decisively from Bitcoin to altcoins. Binance Coin (BNB) and XRP also showed slight rebounds on the day but continued to be down on the week. This has been interpreted to mean that the recent price recovery is closer to a technical rebound than a trend reversal. The outlet said, "While some signals suggest that prices are attempting to enter a stabilization phase across the market, fear persists," adding, "If altcoins do not outperform Bitcoin's returns, it will be difficult to see this as the start of a new upward cycle."

Blockchain-based points integration platform 'MiL.k' operator Milk Partners and technology-based MVNO Stage Five said on the 19th that they have signed a strategic partnership to reduce communication costs. This cooperation was arranged to combine the two companies' technological capabilities and platform know-how to provide differentiated telecommunications services that meet the needs of MVNO users and the YONO (You Only Need One) trend that pursues rational consumption. First, Stage Five will join as a new points partnership partner of MiL.k. The reward points "Pinpoint," to be introduced to Panda Direct, the MVNO brand operated by Stage Five, will be linked so they can be exchanged via the MiL.k app for various partner points. The two companies plan to officially open the Pinpoint exchange feature within the MiL.k app in Q1 next year. The two companies are also jointly developing new telecom plan products beyond point linkage. The new service will be structured to provide tangible rewards proportional to the amount of data users save, with a target release in Q1 next year. It is a model differentiated from existing telecom plans and aimed at users who prioritize frugal consumption. They will also carry out joint marketing with the new service launch. Combining MiL.k's roughly 1.5 million users and Stage Five's telecom service capabilities, they plan to expand users centered on the MZ generation, the main consumer group in the MVNO market. Jo Jeong-min, CEO of Milk Partners, said, "We are preparing a product with Stage Five that offers compensation for unused data so that monthly communication expenses can be managed more reasonably," adding, "We will continue to introduce services that provide tangible value." Milk Partners explained that through this cooperation it will expand the use of points into telecommunications following travel, leisure, shopping, and lifestyle, thereby strengthening the blockchain-based real-life service ecosystem. Meanwhile, MiL.k is expanding its points ecosystem through partnerships with major domestic and international companies such as SK OK Cashbag, L.POINT, CU, Megabox, NOL (Yanolja), and AirAsia.

Global asset manager WisdomTree has listed an Ethereum exchange-traded product (ETP) in the European market that is entirely comprised of Lido Protocol's stETH as the underlying asset. On the 18th (local time), WisdomTree said that 'WisdomTree Physical Lido Staking Ether ETP (LIST)' began trading on Germany's Xetra, the Swiss SIX exchange, and Euronext Paris and Amsterdam. LIST does not hold Ethereum separately and is operated by holding only stETH linked to staked Ethereum. Unlike existing staking Ethereum ETPs, LIST does not separately hold some unstaked Ethereum during the process of issuing new products or investors redeeming funds. This is a different structure from typical staking products that operate unstaked Ethereum together to secure liquidity. Instead, LIST is designed so that issuance and redemption of the product occur by utilizing the liquidity of stETH traded in the market. As of launch, assets under management (AUM) are approximately 50 million dollars, and the total expense ratio (MER) is 0.50% per year. stETH is a token issued when Ethereum is staked through the Lido protocol and serves as a kind of 'receipt' representing ownership rights to staked Ethereum. Holders can indirectly receive staking rewards through this token while freely trading it on the market. stETH is currently linked to about 8.5 million ETH, which corresponds to about 25% of all staked Ethereum, and is used across major decentralized finance services, centralized exchanges, and institutional custody infrastructure. WisdomTree explained that this scope of use and trading volume enable transactions during creation and redemption processes without separate validator withdrawal waiting. The Lido protocol distributes staked Ethereum across more than 650 node operators worldwide. The reduced reliance on a single operator and on-chain transparency were also mentioned as elements suitable for institutional products. WisdomTree and Lido said this ETP is an example within Europe's crypto ETP regulatory framework of how institutional investors can gain exposure to staked Ethereum through existing financial infrastructure. Kean Gilbert, head of institutional at the Lido Ecosystem Foundation, said, "stETH is already being used as an institutional access method for Ethereum staking, and the listed product form provides a familiar investment structure." Dovile Silenskyte, Digital Assets Research Director at WisdomTree, said, "A structure that provides staking returns and liquidity simultaneously demonstrates the maturity of the digital asset market."

Individual investors' net purchases of overseas virtual asset (cryptocurrency)-related stocks have increased more than threefold in one year. According to the Korea Securities Depository's Securities Information Portal on the 19th, from January 1 to December 18 this year, the net purchase volume of virtual asset-related stocks included in the top 50 net purchases of overseas stocks was $6,550,050,000 (about KRW 9.7 trillion). This is more than three times the roughly KRW 3 trillion in the same period last year. By stock, digital asset treasury (DAT) and stablecoin-related stocks occupied the top ranks in net purchases. The stock that attracted the most net purchases was Bitmain, with net purchases of $1,330,830,000 (about KRW 2 trillion). Bitmain is a representative Ethereum DAT company and, as of that day, held approximately 3,967,210 ETH. The value of its holdings is around KRW 17 trillion. The Bitcoin DAT representative firm Strategy also ranked, but funds were concentrated in derivatives rather than direct stock. Strategy options ETFs and 2x leveraged ETFs recorded net purchases of $513,800,000 and $411,940,000, respectively. Strategy is the world's largest publicly listed company holding about 671,268 bitcoins. The stablecoin theme also showed strength. USDC issuer Circle had net purchases of $1,005,790,000 (about KRW 1.5 trillion), the second-largest inflow among virtual asset-related stocks. This is interpreted as reflecting expectations of formal adoption after President Trump signed the stablecoin regulation bill, the Genius Act, in July. This year, investment targets also expanded to mining and exchanges. Mining company Iris Energy recorded net purchases of $907,065,000, and Robinhood and Coinbase were also in the top ranks with $278,120,000 and $231,590,000, respectively. The proportion of virtual asset-related stocks among the top 50 net purchases of overseas stocks expanded from 16.6% in 2024 to 25.8% in 2025, an increase of 9.2 percentage points. This shows that the share of virtual asset-related companies in overseas stock investment is structurally growing.

The stablecoin roundtable hosted by global blockchain interoperability protocol LayerZero (LayerZero·ZRO) was held on the 16th at the Centropolis Conference in Jongno-gu, Seoul. The event, titled 'Stablecoin: Better Money Technology,' was organized to discuss the changes stablecoins and on-chain payments will bring to the overall financial and payment infrastructure and the directions for future expansion. Around 50 industry experts, mainly crypto asset officers from domestic financial institutions and fintech companies, attended to share global stablecoin trends and the potential of the Korean market. Im Jong-gyu (Alex Lim), Head of LayerZero Asia·Pacific (APAC) (photo), said in his keynote that "stablecoins are entering a stage where they change the structure of foreign exchange and cross-border payments, beyond being a simple payment method." He added, "With more than 300 blockchain networks currently in existence, if stablecoins can move between networks with low fees and high speed, they can function not as an auxiliary tool of financial infrastructure but as a core layer." LayerZero proposed the OFT (Omnichain Fungible Token) standard as a way to enable this change. Unlike the existing bridge method that deposits crypto assets and converts them into other wrapped assets, OFT allows movement between blockchains without changing the nature of the asset. It is a structure in which the same asset moves between chains, like a passport being stamped, and LayerZero plays the piping role that makes this possible. By not going through intermediate bridges or separate issuing entities, the structure becomes simpler, and based on high security, it is evaluated that an environment is created where stablecoins can be naturally used across multiple networks. Im said regarding institutions preparing to issue stablecoins that "it is important to design and launch them to be well connected from the start, rather than attaching them to multiple chains later," and added, "Using the OFT standard makes it relatively easy to implement such a structure." He also said, "At the distribution stage, the forthcoming 'Value Transfer API' will make it easy to integrate payment or swap functions into services." Kang Hee-chang, co-founder of Pofilus, who spoke later, pointed out new business opportunities that will open after issuing stablecoins. He said, "Stablecoin strategies are rapidly taking shape among fintech companies and traditional financial institutions," and predicted, "Stablecoins are opening new opportunities in service layers related to distribution and usage, such as on-chain payouts and linkage with card and bank networks." Discussion on regulatory aspects followed. Attorney Han Seo-hee of Barun said, "The current regulatory environment surrounding stablecoins and digital assets is in a transitional phase," and added, "Domestic regulation is also likely to proceed step by step, considering market size and risks." Kang Min-seung, Bloomingbit reporter minriver@bloomingbit.io

U.S. derivatives exchange CME Group is reportedly planning to launch spot-price-linked futures with XRP and Solana (SOL) as underlying assets. On the 15th, overseas economic breaking news channel Walter Bloomberg reported via X (formerly Twitter) that "CME Group plans to introduce futures products that are settled based on spot prices for XRP and SOL."

Ripple is expanding its dollar-pegged stablecoin RLUSD to Ethereum layer-2 (L2) networks, formalizing its multi-chain strategy. On the 15th, crypto-focused media outlet CoinDesk reported that Ripple plans to operate RLUSD on an experimental basis on Ethereum L2 blockchains such as Optimism, Coinbase's Base, Kraken's Ink, and Uniswap's Unichain. A public launch is expected next year pending regulatory approval from the New York State Department of Financial Services (NYDFS). This expansion will apply the native token transfer technology of the cross-chain protocol Wormhole. As a result, RLUSD will be able to move between blockchains without being converted into a separate wrapped token or a synthetic asset. Ripple said this will simplify the asset structure while maintaining regulatory oversight and expand its use within DeFi environments. RLUSD is currently issued on Ethereum and the XRP Ledger and is operated under a NYDFS trust license. Ripple recently secured preliminary approval from the U.S. Office of the Comptroller of the Currency (OCC) for a federal trust bank charter. Jack McDonald, Ripple's Senior Vice President for stablecoins, said, "Stablecoins are the gateway to DeFi and institutional adoption," and added, "By launching RLUSD on Ethereum L2 networks, we will set a standard that combines regulatory compliance with on-chain efficiency."

The Fear and Greed Index, which shows investor sentiment in the virtual asset (cryptocurrency) market, has fallen back into the 'extreme fear' zone, and a weak trend continues for major assets such as Bitcoin (BTC) and XRP. According to crypto-specialized media Cryptopolitan on the 15th, the Fear and Greed Index stood at 16 that day. This is close to this year's low of 10 recorded last November, suggesting that investor sentiment has generally remained in a fearful phase over the past two months. Over the past year, the proportion of index readings falling into the 'fear' or 'extreme fear' categories exceeded 30%. Bitcoin traded around $88,900 that day, about 30% lower than its all-time high of $126,000. Since the volatility expansion last autumn, it has failed to mount a clear rebound and has continued a weak trend below $90,000. Ethereum (ETH) has also fallen about 36% from its August peak of $4,946, and XRP has lost more than 40% of its value from its peak amid a corrective phase over the past few months. The market is assessed as not having entered a meaningful recovery phase even after the large-scale liquidations in October. Market analysis points to the possibility of a rate hike by the Bank of Japan (BOJ) and a global liquidity environment weighing on risky assets overall. If the BOJ raises its policy rate to 0.75% this month, it would be the highest level in about 30 years. Reference is also made to the precedent when, following the BOJ's rate hike in July 2024, Bitcoin fell briefly from $65,000 to around $50,000. However, some positive factors were also mentioned. The Federal Reserve (Fed) ended quantitative tightening (QT) earlier this month and began supplying liquidity to the market, and institutional investors' access to virtual assets is gradually resuming, according to analysis. Meanwhile, XRP has continued to see inflows into spot ETFs despite the volatile market. According to SoSoValue data, the XRP spot ETF recorded net inflows for 19 consecutive trading days, with $20,100,000 flowing in on Friday alone. Cumulative net inflows approached $990,910,000.

BitMine Immersion Technologies, the world's largest holder of Ethereum (ETH), was reported to have secured more than 100,000 additional Ethereum last week. According to PR Newswire on the 15th, BitMine purchased an additional 102,259 Ethereum over the past week, increasing its holdings to 3,967,210 ETH. This represents about 3.2% of the total Ethereum supply. At the same time, BitMine's total assets, including virtual assets, cash and other investment assets (Moonshot), were reported at $13.3 billion. Holdings include 3,967,210 ETH, 193 Bitcoin (BTC), a $38 million stake in NASDAQ-listed Eightco Holdings, and $1 billion in cash. Tom Lee, co-founder of Fundstrat and chairman of BitMine, said, "We increased our Ethereum holdings by more than 100,000 last week," and added, "We view this as a sign that cryptocurrency prices are stabilizing and entering a recovery phase following the market shock in October." The company has presented a long-term goal to secure 5% of the Ethereum supply, the so-called 'Alchemy of 5%' strategy.

Global crypto exchange Binance is set to add new trading pairs based on USD1. On the 15th, Jack Witkoff, CEO of World Liberty Financial (WLFI), a digital asset (cryptocurrency) financial company established by members of U.S. President Donald Trump's family and close associates, said on X (formerly Twitter), "Binance will newly add DOGE/USD1, SUI/USD1, XRP/USD1 trading pairs." He said, "The global adoption of USD1 continues to expand."

Strategy (formerly MicroStrategy) has increased its Bitcoin (BTC) holdings. On the 15th, Michael Saylor, chairman of Strategy, stated on X (formerly Twitter) that "(last week) Strategy purchased an additional 10,645 Bitcoin for about $980,300,000." The purchase price averaged about $92,098 per Bitcoin. According to Saylor, Strategy recorded a Bitcoin yield (BTC Yield) of 24.9% since the beginning of 2025. As of the 14th, Strategy held a total of 671,268 Bitcoin, with a total purchase amount of about $50,330,000,000 and an average purchase price of about $74,972 per Bitcoin.

U.S.-listed investment company C1 Fund (C1 Fund Inc.) is reported to have made an investment in Consensys, a core infrastructure company in the Ethereum (ETH) ecosystem. According to Business Wire on the 15th, C1 Fund, listed on the New York Stock Exchange (NYSE), said it has acquired a stake in global blockchain software firm Consensys. This investment is the sixth investment publicly announced by C1 Fund since its August 7 IPO. C1 Fund aims to provide public market investment access to late-stage digital asset services and technology companies, and has previously invested in Kraken, Ripple, Figment, Chainalysis, and Alchemy. Consensys is a key contributor to the Ethereum ecosystem and offers a suite of products spanning developer tools, middleware services, enterprise-grade blockchain infrastructure, and user interfaces. Its flagship service is MetaMask, the most widely used Ethereum-based self-custodial wallet globally. Elliott Han, C1 Fund's Chief Investment Officer (CIO), said, "Consensys sits at the center of the Ethereum ecosystem, from the infrastructure developers rely on to global-scale user applications," and, "This investment reflects strong conviction in a diversified platform that encompasses developer tooling, enterprise infrastructure, and consumer applications like MetaMask." Najam Kidwai, C1 Fund's Chief Executive Officer (CEO), said, "Consensys combines technical completeness, global reach, and the ability to provide reliable infrastructure that underpins major fintech networks," and, "It aligns with the fund's strategy to invest in companies with sustainable business models and long-term competitiveness." Financial details related to this investment will be disclosed later through U.S. Securities and Exchange Commission (SEC) filings and net asset value (NAV) reports.

Asset manager Bitwise reportedly submitted amended paperwork related to a Hyperliquid (HYPE)-based exchange-traded fund (ETF). The market interprets this as a sign that the ETF launch is imminent. On the 15th, Eric Balchunas, a Bloomberg senior ETF analyst, wrote on X (formerly Twitter), "Bitwise has filed an amendment for the Hyperliquid ETF," adding, "The filing added an '8a' related item along with the fee rate (annual 0.67%) and the ticker 'BHYP'." He added, "Typically, when such an amendment is made, it means the ETF launch is imminent," and, "There could be additional news soon."

Bitcoin (BTC) mining company American Bitcoin Corporation (American Bitcoin Corp) has increased its Bitcoin holdings. On the 15th, Bitcoin Treasury said via X (formerly Twitter), "American Bitcoin, backed by President Trump's family, recently purchased an additional 261 Bitcoin, bringing its total holdings to 5044 BTC." Accordingly, the company rose to 21st place in the global corporate Bitcoin holdings ranking, the 'Bitcoin 100'.