Blockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
The United States' first XRP spot exchange-traded fund (ETF) has officially begun trading. On the 13th, according to virtual asset (cryptocurrency) specialized media BlockBeats, the U.S.'s first XRP spot ETF, 'Canary XRP ETF', officially began trading from that day. This is the first case of an ETF backed by XRP spot being listed and put into operation in the U.S. market.
Bank of New York Mellon (BNY) has introduced a dedicated money market fund aligned with the U.S. stablecoin regulatory framework (the GENIUS Act), expanding the liquidity market for digital assets. According to PR Newswire on the 13th (local time), BNY said it officially launched the money market fund for stablecoin reserves 'BNY Drapers Stablecoin Reserve Fund (BSRXX)'. The product is an institutional fund designed to allow U.S. stablecoin issuers to deposit prescribed reserve assets; it does not invest directly in stablecoins and holds only qualified assets recognized under the GENIUS Act. Stephanie Pierce, Deputy Head of BNY Investments, said, "Stablecoins are the core infrastructure of the digital asset ecosystem that creates a 24-hour payment environment," and "this fund aims to help issuers manage reserves stably in line with regulatory requirements." BNY also said it attracted initial investment from Anchorage Digital, the first federally chartered crypto bank in the U.S., with the launch of the fund. Nathan McCauley, CEO of Anchorage Digital, said, "The GENIUS Act and BNY's liquidity infrastructure will create new standards for the regulated era of stablecoins." BNY emphasized, "This fund will be one of the reserve options stablecoin issuers can choose after the GENIUS Act takes effect." Meanwhile, BNY has operational experience in various areas such as digital asset ETFs and tokenized funds, and currently provides fund services to over 80% of digital asset ETPs in the U.S., Canada, and Europe.
U.S. stablecoin issuer Circle has launched a new service for on-chain foreign exchange (FX) trading called 'StableFX'. Market observers say this could mark the start of intensified real-time payment and remittance competition using stablecoins. On the 13th (local time), according to crypto asset (cryptocurrency) specialist media CoinDesk, Circle began operating StableFX on its own blockchain Arc testnet. The company said institutional investors will be able to trade stablecoin-based currency pairs in a 24-hour on-chain environment. The traditional foreign exchange market is the world's largest financial market, trading more than $9 trillion per day, but it still has structural inefficiencies such as the need for pre-funded accounts (Pre-funding), delayed settlement, and high settlement risk. Circle believes real-time (on-chain) payments using stablecoins can solve these issues. In particular, StableFX supports real-time payment and settlement and is designed so institutions can, upon request, receive real-time quotes (RFQ) from various liquidity providers (LPs) and trade immediately. Meanwhile, Circle also announced the 'Circle Partner Stablecoins' program to expand the non-dollar stablecoin ecosystem. Initial participating projects include BRLA (Abenia) based on the Brazilian real, MXNB (Juno) based on the Mexican peso, and QCAD (Stablecorp) based on the Canadian dollar, and the tradable currency pairs within StableFX are expected to expand in the future.
U.S. digital asset manager Grayscale has reportedly applied for an initial public offering (IPO). On the 13th, CoinDesk, a media outlet specializing in virtual assets (cryptocurrency), reported, "Grayscale has filed an S-1 for a common stock offering," adding, "The number of shares to be issued and the offering price range have not yet been determined." The IPO will proceed depending on SEC review and market conditions. If approved, this application could become the first listing among large digital asset managers. Detailed information such as the purpose of the IPO application and the schedule has not been disclosed. This move is interpreted as a signal that the flow of virtual asset companies' entry into U.S. capital markets is accelerating, following the listings this year of stablecoin issuer Circle (Circle Internet Group·CRCL) and exchange Bullish (Bullish·BLSH) on U.S. stock markets.
Mary Daly (Mary Daly), president of the Federal Reserve Bank of San Francisco, reaffirmed a cautious stance regarding the possibility of a rate cut in December. On the 13th (local time), according to overseas economic outlets such as Walter Bloomberg, President Daly said, "I have not yet made a final judgment on the December rate decision." She added, "There is still work to be done to return inflation to 2%," and said, "We must be more cautious now, as decisions should be made after obtaining as much information as possible." She evaluated that recent uncertainty has eased somewhat, but emphasized, "There is no need to rush to decide on either cutting or holding interest rates." She also commented on the labor market and artificial intelligence (AI) investment. President Daly assessed, "The U.S. labor market has slowed considerably." However, she dismissed concerns about employment shocks, saying, "There is currently no clear evidence that AI investment has caused a net decrease in employment." She also said, "I do not agree with the claim that AI is a temporary overheating like the tulip bubble," and added, "However, it can take more than 10 years for the industry to mature, and we must watch how patient investors will be during that period."
The release of major economic indicators has been repeatedly delayed due to the impact of the U.S. government shutdown. On the 13th (local time), overseas economic news channel 'Walter Bloomberg' said via X (formerly Twitter), "The U.S. Department of Labor has postponed the release of the weekly initial unemployment claims that was scheduled to be published that day." It added, "The October consumer price index (CPI) release was also delayed due to the shutdown." President Trump officially ended the shutdown by signing a temporary funding bill, but because statistical production work is unlikely to normalize immediately, major indicator releases are expected to resume sequentially.
The Czech National Bank (CNB) has begun trial operations by directly purchasing digital assets such as Bitcoin (BTC). On the 13th, the CNB said in a press release that it had structured a trial portfolio by allocating digital assets worth about 1 million dollars to an account separate from foreign exchange reserves. The portfolio consisted of Bitcoin, dollar-pegged stablecoins, and tokenized deposits, and it said there are no plans to increase the total amount. The CNB said the move was "for the purpose of verifying the overall procedures necessary for holding and managing digital assets in a real environment." It plans to comprehensively test related operational processes such as ▲key management ▲multi-approval procedures ▲crisis response scenarios ▲security systems ▲AML and compliance procedures ▲payment, accounting, and audit systems. Aleš Michl, governor of the CNB, said, "Digital assets are increasingly being incorporated into the asset compositions of global institutions and companies," and "central banks also need to proactively test technologies and structures from a real-use perspective to prepare for future changes." However, he said, "there are no plans for the time being to include digital assets such as Bitcoin in foreign exchange reserves." The CNB will regularly publish the results of the trial operation and plans to announce a comprehensive evaluation of the portfolio within 2–3 years.
Chinese crypto exchange BTCC is reported to have conducted illegal operations domestically using 'disguised accounts'. On the 13th, industry sources said that after BTCC's official app was removed from the App Store, it re-registered the app under the name 'BTCC Lite' and has been operating by encouraging users to transfer funds to personal accounts at Woori Bank, NongHyup Bank, Gyeongnam Bank, Korea Post, etc., and then crediting the same amount in Tether (USDT). It was also reported that deposit accounts were changed frequently to avoid government monitoring. This method is a typical workaround banned since the enforcement of the Act on Reporting and Using Specified Financial Transaction Information, making it difficult to trace money flows and increasing the risk of misuse of customer deposits, and is therefore defined as 'illegal'. Previously, BTCC had been classified by the Financial Intelligence Unit (FIU) as an unreported overseas exchange and had been blocked from domestic access.
Last month, global cryptoasset (cryptocurrency) market capitalization decreased by 6.1%, marking the first 'Red October' since 2018, and the market has raised expectations that investor sentiment could partially improve this month. On the 13th, Binance Research analyzed in a research report that "the market continued an overall risk-off trend following a roughly $19 billion liquidation event that occurred on the 10th of last month." It added, "There are also forecasts that November may see a partial recovery in investor sentiment as expectations that the U.S. central bank (Fed) will end quantitative tightening (QT) appear to have been priced in." Last month, Bitcoin (BTC) underwent a price correction but maintained a 'relative preference' trend as its market share rose to 59.4%. Ethereum (ETH) saw its share fall slightly to 12.6%, but demand remains firm as ETH holdings in institutional treasuries exceed 5% of total supply. Volatility expanded significantly among altcoins. BNB showed an unusually strong performance, rising 6.2% last month on the back of ecosystem expansion. In contrast, Solana fell 12.7% despite the listing of a staking ETF. XRP was adjusted down 13.9% as the ETF approval schedule was delayed due to a government shutdown. Dogecoin (DOGE) and Chainlink (LINK) fell 21.1% and 21%, respectively, and Cardano (ADA) dropped 24% due to increased whale selling and ETF delays, being counted as a major weak asset.
On-chain analyst Willie Woo (Willie Woo) assessed that Bitcoin (BTC) price movements react more sensitively to dollar strength/weakness (DXY) than to global M2 (broad money). On the 13th, Woo wrote on his X (formerly Twitter), "Market prices do not follow actual increases in M2, but move by pre-reflecting 'expected liquidity'," adding, "Because of this, Bitcoin forms highs and lows before the S&P500." He explained that among risk assets, Bitcoin is the asset that reflects liquidity the fastest. Willie Woo emphasized, "A large portion of global M2 is composed of non-dollar currencies, so in effect global M2 is closer to an indicator showing changes in the value of the dollar," and "When analyzing Bitcoin flows, it is more accurate to refer to the Dollar Index (DXY) than global M2."
Global asset manager BlackRock has reportedly deposited substantial amounts of Bitcoin (BTC) and Ethereum (ETH) to Coinbase Prime. On the 13th, crypto-focused media Odaily, citing on-chain analytics platform Arkham, reported, "BlackRock sequentially transferred 363.125 BTC (approximately $37.44 million) and 26,610 ETH (approximately $93.47 million) to Coinbase Prime over about 20 minutes." This amounts to a total of $130.9 million (approximately KRW 191.8 billion).
Bitcoin (BTC) has been oscillating in the $100,000–$105,000 range, and analysis shows that whale wallet accumulation flows in the market are rapidly increasing. On the 13th, crypto-focused media The Block reported, "While the macro environment is assessed as stable in the short term, there remain burdens such as ETF outflows and delayed institutional return, so a box-range movement is likely to continue." Bitcoin showed a lower-bound flow of the box range at the $103,000 level that day. Open interest in the derivatives market is around $42 billion, down approximately 34% from the October peak ($64 billion). Liquidations amounted to $583 million, mostly from excessive long positions. After leverage was quickly unwound, whale wallet buying volumes actually expanded. Timothy Misir, head of BRN Research, explained, "This week, more than 45,000 BTC were additionally purchased by whale wallets," adding, "It is the second-largest scale this year, equivalent to about $4.6 billion." He added, "Considering that exchange deposits have decreased and movements to cold wallets have increased, the likelihood of institutional buying is high." On-chain analytics firm Glassnode said in its latest report that Bitcoin is continuing only a limited rebound within a 'gradual bearish phase.' In particular, selling pressure eases near $100,000, but a concentrated supply resistance zone in the $106,000–$110,000 area is forming, limiting upward momentum.
As crimes based on virtual assets (cryptocurrency) increase, the police are reportedly planning to comprehensively overhaul the seized-asset management system. According to the industry on the 13th, the police are pursuing a plan to build an investigation-only virtual asset management system in cooperation with domestic virtual asset operators. Going forward, if information such as the responsible investigator and case number is entered, a designated custodian is expected to automatically store seized assets in a cold wallet separated from the internet. The National Police Agency plans to introduce an investigation-only custodial service linked to virtual asset exchanges and convert the previously manual seized-asset transfer and storage procedures into an automated system operating 365 days a year. Previously, there were no standardized procedures, such as storing seized assets in investigators' personal wallets, so the risks of loss or theft have been continuously raised.
On-chain indicators show that selling pressure from Bitcoin (BTC) long-term holders is rising again. On the 13th, on-chain analytics firm Glassnode (glassnode) said on X (formerly Twitter), "The supply held by Bitcoin long-term holders (Long-term Holders·LTH) is rapidly decreasing, and the Net Position Change is moving into a clearly negative zone." This is analyzed as long-term holders realizing profits and selling at recent price levels. Glassnode explained, "As bullish momentum defends the $100,000 level, LTHs are increasing profit-taking activity."
Global virtual asset (cryptocurrency) exchange Binance will list Lorenzo Protocol (Lorenzo Protocol, BANK) and Meteora (Meteora, MET) on the spot market. On the 13th (local time), according to Binance, the two assets will be listed at 14:00 (UTC·Korea time 23:00) as BANK/USDT, BANK/USDC, BANK/TRY, MET/USDT, MET/USDC, MET/TRY spot trading pairs. Users can deposit BANK and MET from one hour before listing, and withdrawals will be supported from 14:00 on the 14th (UTC·Korea time 23:00). Binance applies seed tags (Seed Tag) to the two assets. Seed tags are labels given to highly volatile or early-stage projects. BANK and MET were previously tradable on Binance Alpha, but they will no longer be exposed on the Alpha market upon spot market listing. Lorenzo Protocol is an institutional-grade asset management platform project. Meteora is building a DeFi-based dynamic liquidity layer that supports liquidity providers and token issuance. Meanwhile, BANK showed a short-term surge immediately after the Binance listing news. According to crypto media Odaily, BANK recorded an intraday peak increase of 100%, and is currently trading at $0.09287, about 20% higher than the previous day.
Bitcoin (BTC) briefly recovered to the $104,000 level before falling back to the $103,000 level. As of 18:18 on the 13th, Bitcoin is trading at $102,932 on the Binance USDT market, down 1.91% from the previous day (₩154,000,000 on Upbit). According to CrypPrice, the kimchi premium for Bitcoin that day was around 2.12%. Although policy uncertainty has eased somewhat with the end of the U.S. government shutdown, concerns remain over the Federal Reserve's (Fed) 'in-the-dark' interest-rate decision due to missing October economic indicators, meaning volatility factors could persist, analysts say.
Reports say Ripple is pursuing a large-scale expansion strategy to build prime brokerage, custody, and treasury management solutions and to expand its stablecoin business. The market views this as a move by Ripple to formalize its role in connecting traditional finance and the crypto ecosystem. On the 13th, crypto-focused media Cointelegraph reported via X (formerly Twitter) that "Ripple is pursuing an expansion strategy of about $4 billion, building prime brokerage infrastructure, custody services, institutional treasury tools, and expanding its stablecoin business." Indeed, Ripple is pursuing an expansion strategy of about $4 billion aimed at entering Wall Street. Over the year it has broadened its business base by consecutively acquiring institutional credit network Hidden Road (about $1.3 billion), stablecoin-based payment platform Rail (about $200 million), and corporate treasury management solutions provider GTreasury (over $1 billion).
Singapore is launching an experiment to settle tokenized government bonds using a central bank digital currency (CBDC). The Monetary Authority of Singapore (MAS) said it will disclose detailed plans next year and assessed that tokenized finance is entering practical use. On the 13th, according to crypto-focused media The Block, the MAS plans to tokenize MAS bills, issue them to primary dealers, and pilot settling them using a wholesale CBDC. Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, said, "Tokenization has already moved beyond the experimental stage and is being used in commercial environments," adding, "however, several structural barriers must be resolved for large-scale adoption." He identified 24-hour settlement, reduced intermediation costs, and improved collateral efficiency as key advantages of tokenization. He warned, however, about stablecoins outside regulatory oversight, saying, "Their peg maintenance record is unstable," and cautioned they "could trigger systemic risk similar to the 2008 money market fund collapse." Earlier, major Singapore banks DBS, OCBC, and UOB tested interbank overnight lending transactions using a Singapore dollar (SGD)-based wholesale CBDC. This is part of a strategy to expand tokenized financial infrastructure based on a secure settlement asset. The MAS also unveiled in August 2023 a regulatory framework for single-currency stablecoins pegged to the Singapore dollar, US dollar, euro, and others. In addition, through the Bloom Project it is supporting various pilot cases such as tokenization of bank debt and payment experiments using regulated stablecoins.
Even though the U.S. government shutdown has ended, it is expected that key macro indicators such as the October Consumer Price Index (CPI) will be difficult to release on the originally scheduled dates. On the 13th, according to BlockBeats, a media specializing in virtual assets (cryptocurrencies), the U.S. Bureau of Labor Statistics (BLS) had been scheduled to release the October CPI and initial jobless claims that day, but the releases are likely to be delayed due to the effects of the shutdown. President Trump signed the temporary budget bill, officially ending the shutdown, but it is reported that it will take time for the statistics production process to return to normal. Goldman Sachs said, "The Bureau of Labor Statistics will announce a new schedule for releasing indicators early next week," and "other major economic indicators may also be delayed in succession."
Global virtual asset (cryptocurrency) exchange Binance is listing Pieverse (Pieverse, PIEVERSE) on Binance Alpha and the perpetual futures market. According to Binance Alpha's official channel on the 13th (local time), Pieverse will be listed on Binance Alpha on the 14th at 19:00 (UTC+8·Korea time 20:00), and the PIEVERSEUSDT perpetual futures will open for trading the same day at 19:30 (UTC+8·Korea time 20:30). The futures contract provides up to 40x leverage. Binance also plans to distribute tokens in the form of a 'Booster Program' to some users holding Alpha Points to commemorate the Pieverse listing. Meanwhile, Pieverse is a project building an agent-native (Agent-Native) payment stack that on-chain AI agents can utilize. Pieverse aims to provide a regulatory-compliant payment infrastructure to support autonomous and stable interactions among AI agents, users, and applications.
The U.S. government has ended its historically longest shutdown, which lasted about 6 weeks. However, there are views that market caution may persist because of gaps in major economic indicators and uncertainty over future policy direction. On the 13th, according to BlockBeats, a specialized virtual asset (cryptocurrency) media, U.S. President Donald Trump signed a temporary budget bill to officially end the shutdown. The bill contains provisions to fund government operations until January 30 next year, resolving short-term concerns about economic interruption. However, the White House said the October Nonfarm Payrolls and Consumer Price Index (CPI) reports could be "permanently omitted" due to the effects of the shutdown. As a result, there are assessments that the U.S. Federal Reserve (Fed) will face a 'blind flight' (Blind Flight·policy decisions made in the absence of data) when deciding whether to implement additional rate cuts at its December meeting due to the lack of data. Bitcoin (BTC) rebounded immediately after the announcement to the $103,000 level. Short-term support is $101,325, and the main resistance area is $107,362. The market continues to accumulate within a trading range, and no clear trend reversal signals have appeared. A BitUnix analyst said, "With the government back in operation, market confidence has been restored in the short term, but data gaps and the possibility of another shutdown could still shake market outlooks." He added, "As uncertainty in traditional financial markets has increased, funds may move to assets with high short-term volatility," and "future capital flows will be driven by dollar flows and changes in interest rate outlook."
Bitcoin (BTC) briefly reclaimed the $104,000 level. As of 16:39 on the 13th, Bitcoin is trading on the Binance USDT market up 0.25% from the previous day at $103,684 (KRW 154,860,000 on Upbit). Meanwhile, according to Cryprice, Bitcoin's kimchi premium was recorded at 1.75% that day. The market views that U.S. President Donald Trump officially signed the bill to end the federal government shutdown, easing policy uncertainty and supporting short-term investor sentiment.
The Taiwan government plans to officially ascertain the amount of Bitcoin (BTC) it holds and present an evaluation report on the possibility of including Bitcoin as a reserve asset within the year. On the 13th, according to crypto asset (cryptocurrency) specialized media ODaily, Premier Zhuo Rongtai (卓榮泰) recently said in a comprehensive inquiry at the Legislative Yuan's Finance Committee, "By the end of the year, each government agency will be surveyed for the total amount of Bitcoin they hold and a report will be submitted." Premier Zhuo Rongtai and Yang Chin-long (楊金龍), Governor of Taiwan's Central Bank, also plan to jointly submit within the year a 'Bitcoin Reserve Asset Assessment Report' that examines whether Bitcoin can be included as a national strategic reserve asset. Meanwhile, legislator Ge Rujun (葛如钧), who raised the question, argued, "Since Bitcoin has high long-term value, it should be considered for strategic holding rather than being sold immediately." He also urged the government to improve regulatory arrangements, saying that the handling of the 'Virtual Asset Administration Ordinance', a bill exclusively for virtual asset service providers (VASP), is being delayed.
Japanese listed company Metaplanet (Metaplanet) disclosed its Q3 2025 results. On the 13th, Metaplanet said via X (formerly Twitter) "this year's Q3 revenue was 2.41 billion yen, a 94% increase from the previous quarter." Operating profit was 1.339 billion yen, a 64% increase from the previous quarter. Net income was 12.7 billion yen. Net assets were 532.9 billion yen, a 165% increase from the previous quarter (201 billion yen). Metaplanet is a company that has attracted market attention for its Bitcoin (BTC) holding strategy. Metaplanet currently holds 30,823 BTC (approximately 5.4 trillion won).
Owen Gunden, known as an early Bitcoin (BTC) investor, has been identified as moving a large amount to an exchange. According to on-chain analytics platform OnChainLens on the 13th, Gunden transferred 2401 BTC to the Kraken exchange about 3 hours ago. The amount is approximately $244,960,000. OnChainLens reported that Gunden's remaining holdings are 2499BTC, which corresponds to approximately $258,580,000.
NH NongHyup Bank is pursuing a digital pilot project (PoC) to refund value-added tax to overseas tourists in stablecoin. On the 13th, according to the industry, NH NongHyup Bank said it plans to automate the existing manual VAT refund procedures on a blockchain basis and build a system that processes inter-institution settlement·currency exchange processes in real time. It said this will reduce airport waiting times and, by storing refund information on the blockchain to lower the risk of loss, simultaneously improve tourist convenience and business operator efficiency. Meanwhile, NH NongHyup Bank is conducting the project jointly with global payment and blockchain companies such as Fireblocks, Avalanche, Mastercard, and Worldpay. The matter was introduced at the 'Insight Forum,' the official program of the '2025 Singapore FinTech Festival,' Asia's largest fintech event.
Bitcoin (BTC) temporarily recovered to the 103,000 dollar level. As of 15:10 on the 13th, Bitcoin is trading on the Binance USDT market at 103,091 dollars (based on Upbit KRW 154,210,000), down 0.30% from the previous day. According to CrypPrice, Bitcoin's kimchi premium that day was recorded at 1.81%. Market participants say that U.S. President Donald Trump officially signing the bill to end the federal government shutdown, which eased policy uncertainty, supported short-term investor sentiment.
Expectations that the U.S. government shutdown (temporary work stoppage) will be resolved have grown, raising anticipation for the launch of XRP spot exchange-traded funds (ETFs). However, experts assessed that despite expectations for increased liquidity, uncertainties remain for a sustained recovery. Expectation of shutdown end…Market 'on alert' for XRP spot ETF launch Market expectations for the launch of XRP spot exchange-traded funds (ETFs) are increasing. This is based on analysis that if the U.S. federal government shutdown is lifted, the U.S. Securities and Exchange Commission (SEC) is likely to resume ETF reviews. A continuing resolution to end the shutdown has already passed the U.S. Senate and could go to a House vote as early as the 12th (local time). On the 10th (local time), crypto-focused media Cryptobriefing reported that major asset managers such as Franklin Templeton, 21Shares, Bitwise, Canary Capital, and CoinShares each registered XRP spot ETF tickers with the Depository Trust & Clearing Corporation (DTCC). DTCC registration is interpreted as a signal that ETFs have officially entered the listing process. Market expectations grew further particularly because the timing of this registration was immediately after Ripple's annual event 'Swell 2025.' News that Ripple recently raised $500 million in new funding from global large market makers such as Citadel Securities also supported an XRP price rebound. Nate Geraci, chairman of Novadius Wealth Management, said on X (formerly Twitter) on the 10th, "If the U.S. federal government shutdown ends, a rush of spot ETF approvals will begin," and he predicted, "There is a possibility that the first XRP spot ETF under the U.S. Securities Act of 1933 (33 Act) could launch this week." XRP: Will the short-term rebound continue…"Breaking $2.6 is the watershed" After a roughly 12% surge, XRP has undergone a correction and is resting around $2.45. Market participants see breaking the $2.6 resistance as a watershed for a future trend change. As of 11:52 a.m. on the 12th, based on the Binance USDT market, XRP was trading at $2.398, down 5.35% from the previous day (3,586 won on Upbit). Bob Mason, an FXPro analyst, said, "Recently XRP briefly recovered to $2.5 but failed to break through the mid-term resistance range of $2.56–2.58," adding, "This can be seen as a neutral to bearish signal. Short-term support is expected at $2.35, and the main support range at $2.2." Shaan, an analyst at CryptoPotato, said, "The area around $2.5 is a key resistance where the 200-day moving average and past supply zones overlap," and added, "If the daily close breaks above $2.6, the short-term trend is likely to shift toward buying pressure." Analysts also say that selling pressure is increasing as long-term investors take profits. According to on-chain analytics firm Glassnode, while XRP fell about 25% from $3.09 at the end of September to $2.30, the daily profit-taking amount by long-term investors (7-day moving average) surged about 240% from $65 million to $220 million. Glassnode interpreted, "Because this profit-taking occurred in a bearish phase rather than a bull market, it acts as a short-term supply-demand burden." Crypto market, despite negative news easing…"Not yet a shift to a bull market" Expectations of the shutdown ending and of U.S. President Donald Trump's tariff dividend payments briefly stimulated crypto investor sentiment, but experts are divided on whether the upward trend will continue. Alex Kufchikevich, lead analyst at FXPro, analyzed, "Bitcoin recently touched $107,000 but then fell below $105,000," and "the total crypto market capitalization also hit resistance around $3.62 trillion, slowing the rally." He added, "The market as a whole does not yet appear ready to transition into a full bull market," and "profit-taking continues and weakening corporate buying is also a burden." Trading volume, which had surged along with improved investor sentiment, has also cooled somewhat. According to CoinMarketCap, daily spot trading volume that was around $190 billion earlier this month exceeded $700 billion on the 11th, then fell to $564.7 billion that day. Negotiation progress on ending the shutdown and President Trump's tariff dividend plan boosted volume, but short-term profit-taking continued, cooling the enthusiasm. Experts still warn of the possibility of adjustments. Crypto analyst Benjamin Cowen said, "Although Bitcoin is above the 50-week moving average (the 'season end line') at $103,170, it is difficult to say the market has entered a full recovery phase." He forecasted, "Altcoins may attempt a temporary rebound in mid-month, but they are likely to show increasing weakness relative to Bitcoin toward the end of the year." He added, "If adjustments continue even after the Fed's quantitative tightening (QT) ends, the market could return to a bear market next year." Crypto services firm Matrixport analyzed, "Investor sentiment is unlikely to fully recover based solely on expectations of a shutdown end and President Trump's $2,000 tariff dividend remarks," adding, "ETF capital flows are still constrained, so short-term upward momentum will be limited." Crypto analytics firm 10x Research also pointed out, "The relief rally due to the shutdown end is only temporary, and fundamental supply-demand recovery has not yet been confirmed." Accordingly, market participants are watching key variables such as the timing of the end of U.S. quantitative tightening (QT), the possibility of additional rate cuts, and whether a dovish figure (favoring monetary easing) will be nominated as Jerome Powell's successor as Fed chair. If liquidity-enhancing factors materialize, risk-asset appetite could recover and have a positive effect on the crypto market. Crypto analytics firm SwissBlock said in a recent report, "Bitcoin dominance (market share) is showing signs of slowing," and analyzed, "Major altcoins such as Ethereum are increasingly likely to stabilize after bottoming out." It added, "An initial flow of funds that had been concentrated in Bitcoin being redistributed to altcoins is being detected," and "Historically, when Bitcoin dominance peaked, major altcoins generally bottomed out and then rebounded." Kang Min-seung, BloomingBit reporter minriver@bloomingbit.io
The market capitalizations of major stablecoins such as Tether (USDT) and USDC have slightly decreased compared to the previous week. On the 8th, according to the decentralized finance (DeFi) dashboard DeFiLlama, the total market capitalization of all stablecoins, including USDT, was about $305,477,000,000 (about ₩445,470,000,000,000). This is a decrease of $1,925,000,000 (0.63%) from the previous week. Tether currently accounts for 60.09% of the total stablecoin market capitalization. Typically, an increase in stablecoin issuance and holdings can act as a factor that raises buying pressure in the market and is interpreted as a bullish signal. Conversely, a downward trend is assessed as a reduction in investors' demand for risky assets.
Michael Saylor, CEO of Strategy (formerly MicroStrategy), urged buying Bitcoin (BTC). On the 8th (local time), Saylor wrote on his X (formerly Twitter), "Buy Bitcoin now (₿uy Now)." Strategy currently holds a total of 641,205 BTC. This amounts to approximately $47.49 billion, and the average purchase price is $74,057.