Minseung Kang

XRP futures open interest increased by 8% in a single day, showing signs of investor sentiment recovery. On the 25th, cryptocurrency-focused media U.Today reported that XRP open interest grew 8% over the past 24 hours to about 1.6 billion XRP (about $407 million). This was the largest increase since the September low, and it is analyzed that investors are expanding futures positions while betting on price rises. XRP's price rose 4.11% during the same period to $2.54. The price, which had plunged to around $1.1 during the crash on the 10th of this month, has recovered quickly, bringing in buying pressure. The outlet said, "The simultaneous appearance of a price rebound and an increase in open interest suggests that XRP may be transitioning from a short-term rebound to a sustained uptrend." The market is noting that Ripple's recent major partnerships and new service launches have been driving a recovery in confidence in XRP.

Bitcoin (BTC) appears to be showing signals of weakened selling pressure after a short-term correction. Analysis indicates that the profit/loss condition has improved over the past month, and buying pressure is gradually flowing in alongside increased volume. On the 25th, on-chain analyst Axel Adler Jr. said on X (formerly Twitter), "The proportion of Bitcoin in profit (30-day change) rose from –12% to –6%," adding, "This shows that selling pressure is weakening and that the recent decline is being absorbed by buying." He explained, "Overall, the share of coins in profit is still lower than a month ago, but the decline has narrowed and negative momentum is easing." He added, "Over the past month, the average monthly volume on centralized exchanges (CEX) increased by 120,000 BTC compared with the September low."

Moca Network, Animoca Brands' flagship project that is building a digital identity information network, announced on the 22nd that it will launch the benefits platform 'AIR Shop' equipped with identity verification features in partnership with SK Planet. The newly launched AIR Shop was developed through Spree Finance, a commerce and rewards infrastructure for a tokenized economy, and offers a membership program with verifiable identity information and interoperability. Previously, SK Planet adopted Moca Network's enterprise decentralized identity information infrastructure. By integrating AIR Identity, SK Planet provides zero-knowledge proof (ZKP)-based identity verification services to about 29 million users and 95,000 partner merchants, strengthening user data sovereignty and interoperability. AIR Shop is a loyalty program based on users' identities, offering global partner benefits such as airlines, accommodations, rental cars, and shopping. Depending on membership tier, benefits equivalent to up to 31% of the amount spent at partner merchants are provided, and points can be transparently accumulated and used on-chain. Actual travel products and cultural experiences are provided through Bookit.com. Users can create an AIR account and use the service at the Basic tier. Users who hold identity information (credentials) linked to OK Cashbag points, Moca Coin (MOCA), Moca Bus NFT, etc., can be upgraded to higher tiers, and rewards are paid via the stablecoin-based membership points 'AIR SP'. In addition, Moca Network will run a limited promotion to commemorate the launch of AIR Shop. Users can participate in events using AIR SP, and various rewards such as travel vouchers are offered. Kim Gyosu, Head of SK Planet's Business Division (CBO), said, "SK Planet has led innovation in consumer membership through OK Cashbag," adding, "By launching AIR Shop through the partnership with Moca Network, we have expanded our ecosystem into Web3 and provided richer experiences and value to users. AIR Shop is an important advancement that connects existing consumer membership programs with blockchain-based benefits." Kenneth Shek, CEO of Moca Network, said, "Through AIR Shop's identity-verified membership, we can provide accurate benefits to users and prevent reward abuse," adding, "SK Planet, as a leader in membership services and decentralized identity innovation, is creating an environment that guarantees data sovereignty and secures interoperability. We will expand cooperation with SK Planet to provide identity-based services to numerous merchants and user networks."

U.S. asset manager VanEck has reportedly filed a registration statement (S-1) with the U.S. Securities and Exchange Commission (SEC) for its Ethereum (ETH) staking exchange-traded fund (ETF), the "VanEck Lido Staked ETH ETF." On the 20th (local time), Lido Institutional said on its official blog that "U.S. asset manager VanEck has filed an S-1 with the SEC for the Lido staking Ethereum-based ETF, the 'VanEck Lido Staked ETH ETF.'" The product is designed to provide investment exposure to Ethereum staked through the Lido protocol (stETH). The ETF will hold stETH as the underlying asset and will be operated based on audited smart contracts. It has also secured liquidity infrastructure through major exchanges and custodians. stETH is a token issued in return when Ether is deposited with Lido, serving as a kind of "receipt." The deposited Ether is used for network validation, and investors can freely trade or utilize that value through stETH. Tokens like stETH are called liquid staking tokens (LSTs). The ETF reflects the Ethereum staking structure while offering daily redeemability liquidity and on-chain transparency. The issuer does not need to hold separate ETH for redemption queues through liquid staking, and because stETH can be exchanged and traded immediately, redemption and issuance processes can be managed efficiently. Upon approval, institutional investors will be able to access Ethereum staking rewards in a tax-efficient manner within a regulated environment. While previous staking ETFs reflected only a portion of staking rewards, this ETF is designed so that all staking rewards arising from Ethereum staking (100%) are fully reflected in the ETF's value. The filing also reflects changes in the regulatory environment. Recently, the SEC's Division of Corporation Finance issued an interpretation that standard liquid staking activities (issuance, redemption, secondary trading, etc.) are not to be considered securities transactions if conducted within administrative and managerial scopes. It clarified that even if staking receipt tokens like stETH prove ownership of deposited assets, they are not classified as securities because the underlying assets themselves are not securities. Kean Gilbert, Head of Institutional Relations at the Lido Ecosystem Foundation, said, "This filing shows a growing recognition that liquid staking is a core part of Ethereum infrastructure," adding, "stETH demonstrates that decentralization and institutional-grade standards can coexist and has laid the groundwork for a broader market to grow on top of it." Sam Kim, Chief Legal Officer (CLO) of the Lido Labs Foundation, also said, "An ETF filing that references liquid staking is a sign that regulatory understanding is progressing," and added, "We are working with CCI, the Proof of Stake Alliance, the Blockchain Association, and others to ensure decentralized protocols can support access to Ethereum staking in a regulatory-friendly and transparent manner." A Lido representative said, "This filing shows that the convergence of decentralized infrastructure and traditional financial products is strengthening," adding, "Liquid staking, and especially stETH, is serving as a bridge that connects to institutional investment within existing regulatory frameworks." Meanwhile, users who have deposited Ether through the Lido protocol have received cumulative staking rewards totaling US$2 billion to date. Current total value locked (TVL) stands at about US$40 billion.

### Jack O'Holleran, SKALE Labs CEO Interview ### ### Fee-competition-blocking consensus algorithm 'PoE' ### Targeting institutions and AI with privacy L1 'FAIR' ### Also improving game and token economy based on burn model  **"SKALE Labs is determined to end the blockchain's 'pay-more-to-go-first' fee race. With FAIR, a high-performance Layer 1 network built with institutional-grade privacy, we're targeting the AI and enterprise markets while continuing to strengthen the SKALE Network's gaming ecosystem and token economy."** Jack O'Holleran, CEO of SKALE Labs, said this in an interview with Bloomingbit on October 21. In the interview, O'Holleran spoke in detail about SKALE Labs' vision for its blockchain ecosystem — including its new Layer-1 network "FAIR," plans to enhance token economics through SKL fee-burning, and upcoming blockchain-based gaming projects in partnership with major sports leagues. ## "FAIR Embeds Privacy Into Consensus With PoE…'FAIR' mainnet launch imminent" SKALE Labs plans to officially launch its new Layer-1 blockchain, FAIR, in the coming months. FAIR is designed to complement the existing SKALE Network, offering specialized infrastructure for AI agents, institutional investors, and stablecoin-based payments. At the heart of FAIR lies a novel consensus algorithm known as PoE (Proof of Encryption). To understand why SKALE Labs calls PoE a "game-changer," one must first look at a long-standing problem in blockchain systems — the transaction-ordering profit race, often known in the industry as Miner Extractable Value (MEV). In most blockchains, pending transactions are visible to validators before they are finalized, allowing some participants to reorder or front-run them for extra profit — a structural issue that traditional finance mitigates through regulation and market controls, but which persists on-chain. Market observers often compare this to a taxi line: a latecomer offers a higher fare to jump ahead in line, while the original passengers end up waiting longer. On blockchains, the same pattern emerges — users who pay higher fees can have their transactions processed first, disadvantaging those who paid less. This dynamic underpins notorious tactics such as front-running and sandwich attacks, which exploit users' pending trades for profit. PoE aims to eliminate this behavior at the root. Under FAIR's architecture, every transaction is processed inside an encrypted "sealed envelope" from the very first step. Validators and block producers cannot inspect or reorder the contents before inclusion, making it cryptographically impossible to manipulate transaction order or front-run pending trades. In essence, PoE hard-codes fairness into the blockchain's consensus itself.  PoE processes every transaction in encrypted form from the very beginning, embedding privacy structurally at the consensus layer itself. This design ensures that participants' financial data and transfer details remain confidential, enabling institutional investors and payment providers to maintain the same level of privacy as traditional financial networks. In essence, PoE goes beyond merely ensuring fairness — it establishes a security and confidentiality framework comparable to conventional finance, overcoming the long-standing privacy limitations of existing blockchains through technical innovation. O'Holleran stated, "The FAIR testnet built on Proof-of-Encryption (PoE) is currently underway, and we're targeting a mainnet launch by the end of this year or early next." He emphasized, "By officially launching an encrypted Layer-1 network, we aim to establish a competitive edge in both the institutional and blockchain development markets." The BITE (Blockchain Integrated Threshold Encryption) protocol serves as the core consensus mechanism of the FAIR network — a direct implementation of the previously theoretical PoE model — effectively functioning as the "heart" that processes real transactions. ## "A Core Infrastructure for Institutional, AI, and DeFi Adoption" O'Holleran emphasized that FAIR, powered by PoE, is designed to provide an institutional-grade trading environment while also handling the scale of AI-driven and micropayment transactions. FAIR integrates advanced cryptographic systems such as BLS signatures, threshold encryption, distributed key generation, and Trusted Execution Environments (TEEs). The architecture can be understood through a simple metaphor: imagine sending a locked, encrypted letter. The network delivers the message quickly, but the contents remain unreadable during transit. Instead of storing the decryption key in one place, the key is split into multiple fragments, each held by different participants and secured in isolated enclaves—making unauthorized access virtually impossible. Validators, acting as couriers, can confirm that the envelope is valid and properly formatted, but they cannot open or read it—ensuring transaction privacy at the protocol level. "Traditional blockchains allowed a handful of node operators to monopolize access to transactional information, which discouraged institutional participation," O'Holleran explained. "FAIR implements a privacy framework similar to traditional finance, enabling institutions to participate in a familiar, secure, and compliant environment." He continued, "In today's stablecoin systems, anyone can view the balance of the recipient's wallet. While this transparency can be useful, it also exposes sensitive financial data. FAIR removes this friction by ensuring that transactions remain private yet still execute in fair and verifiable order. This enables accurate on-chain functions like limit orders, index rebalancing, and DeFi protocols to operate without distortion." O'Holleran added that the AI sector is increasingly interested in privacy-preserving blockchains. "A typical individual might make 5–10 transactions a month, but an AI agent could execute thousands a day," he said. "Even a 2%% slippage per transaction would devastate profitability—MEV losses are far more damaging to AI agents than to human traders. That's why developers in the AI ecosystem are paying very close attention." He predicted that "AI agents will soon become the largest users of both FAIR and SKALE chains."  Despite its high level of encryption, FAIR maintains exceptional processing speed. Built with a C++-based high-speed Ethereum Virtual Machine (EVM) rather than the traditional Go implementation, FAIR achieves significantly greater computational efficiency. Its consensus protocol has also been optimized to provide instant transaction finality, combining security and speed without compromise. ## "Major Gaming Partnerships and a Token Burn Model Signal the Next Phase of SKALE's Growth" SKALE Labs is also preparing a major shift across its blockchain gaming and token economy initiatives. The company is developing a large-scale gaming title in partnership with leading sports leagues, while also moving toward introducing a network fee burn model aimed at strengthening the long-term value of the SKL token. "In blockchain gaming, we still haven't seen a true 'killer app' that reaches mainstream audiences," said O'Holleran. "Most Web3 games today cater primarily to crypto enthusiasts, but we're now building a flagship game with major sports IPs—something that everyday players can access as easily as traditional titles." He noted that while blockchain gamers currently number between 30–40 million, the global gaming population exceeds 3 billion, adding that "as higher-quality titles and recognizable IPs emerge, mainstream adoption will accelerate rapidly." Among the existing gaming ecosystems, Nebula, a gaming network built on the SKALE Chain, stands out as one of the most active in the industry. It has recorded more than 692 million transactions and over 51.9 million unique wallets to date. "Nebula is a great example—over 100 games connect wallets daily," O'Holleran explained. "With predictable monthly chain operating costs of just $500–$1,000, developers can build at scale with stable, transparent pricing." Meanwhile, the SKALE Network is also pursuing the introduction of an SKL token burn model. Under the current system, game studios and project developers purchase SKL tokens to pay chain usage fees, allowing end users to play without paying separate transaction costs. The new proposal would burn a portion of the SKL paid by service providers, reducing overall supply. "At present, all network fees are distributed to validators," said O'Holleran, "but a proposal is being introduced to burn a set percentage of those fees instead. The goal is to enhance the sustainability of SKALE's token economy." The plan is expected to be discussed in the SKALE community forum soon, with a governance vote to follow if sufficient support is reached. If implemented, the burn model could help reduce selling pressure by lowering circulating supply—a move many see as a net positive for the broader SKL economy. ## "Korea Holds Strong Potential in Blockchain-Powered Payments Tied to Hardware" O'Holleran noted that South Korea has one of the highest per-capita digital asset ownership rates in the world, positioning it as a key market for blockchain innovation. He highlighted particularly strong potential in gaming, banking, stablecoin-based payments, and machine-to-machine (M2M) microtransactions. "If blockchain-based micropayments were to be embedded directly into globally distributed hardware—like Samsung devices found in nearly every household—it would open up an enormous opportunity," he said. "SKALE Labs views Korea as a strategically important market and believes the country is well-positioned to lead this new phase of blockchain-powered commerce." Kang Min-seung, Bloomingbit Reporter minriver@bloomingbit.io

Tether (USDT), USDC and other stablecoins' market capitalization was slightly higher compared with the previous week. On the 18th, according to the DeFi dashboard DeFiLlama, the market capitalization of stablecoins including USDT was approximately $307.266 billion (about 437 trillion won). This is an increase of 0.88% compared with the previous week. Currently, Tether accounts for 59.14% of the total stablecoin market capitalization. Generally, increases in stablecoin issuance and holdings can act as factors that increase buying pressure in the market and are considered bullish signals. The opposite case can be interpreted to mean that demand for crypto assets has declined.

The blockchain-based zero-knowledge proof (ZK) project ZeroBase (ZBT) has been on a downward trend since its Upbit listing. As of 23:05 on the 18th, ZBT is trading on Upbit at 565 won, down 11% from the previous day. ZBT, which had a short-term surge immediately after its listing the previous day, fell more than 10% during the day and continued its weakness. That day, Telegram community channel WG Archive reported, "There exist approximately 35 million ZBT tokens bridged through Binance Smart Chain (BSC) from a wallet related to Mirror Tang, the founder of ZeroBase, and signs that some of these moved to multiple exchanges were detected." It added, "Some accounts that deposited to Upbit and Bithumb are identified as newly created addresses." Meanwhile, ZeroBase's side is reported to view the transfers as procedural movements that occurred during liquidity provision and cross-chain bridging. The project is also reportedly discussing a plan to transparently disclose the related details later through official channels. Earlier on the 17th, Upbit began supporting ZeroBase's KRW market trading. ZeroBase is a project developing a decentralized zero-knowledge proof network with a Hub-Prover structure, supporting privacy-focused applications such as zkLogin, zkVote, and zkDarkPool.

The stocks of companies following the 'Digital Asset Treasury' (DAT) strategy, which accumulate cryptocurrencies, are trading below the value of their held assets (NAV), and the market has pointed out that the bubble in that model has already burst. According to crypto-focused media Forklog on the 18th, Tom Lee, chairman of Bitmain, the world's largest holder of Ethereum (ETH), said in an interview with Fortune, "The stocks of DAT strategy companies are trading below their intrinsic value (NAV). The bubble has already burst." He also said, "If this is not a bubble burst, then what is a bubble burst?" DAT refers to a business model that purchases and holds large amounts of a specific crypto asset such as Bitcoin or Dogecoin and offers exposure to it to investors in the form of stock. A representative example is Strategy (formerly MicroStrategy), which began large-scale Bitcoin purchases in 2020 to provide investors with Bitcoin exposure. Recently, this strategy has rapidly expanded as it has been extended to holdings such as Ethereum. However, Lee did not believe that all DATs would succeed. He said, "Many DATs that include various altcoins in addition to Ethereum are emerging, but it will be difficult to handle actual market demand," judging that some projects have entered an oversupplied state. Earlier, Lee first encountered Bitcoin in 2012 while serving as chief strategist at J.P. Morgan, and later founded Fundstrat, building a reputation as a Bitcoin bull. In June, he was appointed chairman of the listed mining company Bitmain and is reorganizing the company into an 'Ethereum treasury company.' Lee evaluated that Ethereum remains a blockchain that financial institutions should pay attention to in terms of future upgrades, staking reward structure, and the possibility of inclusion in major indexes. Meanwhile, Bitmain holds about 3 million Ethereum (ETH), which is about 2.5% of the total supply. Its market capitalization exceeds $15 billion (about KRW 21.3 trillion). Bitmain plans to increase its holding ratio to 5%.

Kaito, an AI-based Web3 research platform, said it has launched the OpenMind Leaderboard for the open-source AI project OpenMind. On the 18th (local time), according to Kaito, OpenMind said via X (formerly Twitter), "The OpenMind Leaderboard has been unveiled on the Kaito platform." The leaderboard ranks top creators and active users (Yapper) based on user engagement metrics. OpenMind develops open-source software that enables AI to think, learn, and collaborate autonomously. Its flagship projects include 'OM1', an android for robotics, and 'FABRIC', which serves as the coordination layer of the machine economy. OpenMind said, "The OpenMind Leaderboard has been officially launched on the Kaito platform," adding, "Let's see who will become the top creators and Yappers. We expect active movement around robotics, AI, and crypto."

UK tax authorities are significantly ramping up enforcement of taxation on crypto assets (cryptocurrencies). The number of tax warning letters sent to undeclared investors has more than doubled in a year. On the 18th (local time), according to crypto-focused media Cointelegraph, HMRC (Her Majesty's Revenue and Customs) sent about 65,000 warning letters to crypto asset investors in the 2024~2025 fiscal year. This is more than double the previous year (27,700). The so-called 'Nudge Letter' sent by HMRC is a notice intended to encourage taxpayers to voluntarily file or amend returns ahead of a formal investigation. The UK government has sent more than 100,000 warning letters over the past four years and has designated failures to report crypto asset transactions and capital gains as a major enforcement target. The Financial Conduct Authority (FCA) estimates there are about 7,000,000 crypto asset holders in the country. This is more than double the 2,200,000 in 2021, and analysts say that with the expanded investor base the need for stronger tax oversight has grown. HMRC's market surveillance capabilities are also rapidly increasing. The authority already receives transaction records directly from major exchanges, and from next year will automatically receive global exchange data under the OECD's 'Crypto-Assets Reporting Framework (CARF)'. Meanwhile, domestically South Korea's National Tax Service has warned that if unpaid taxes are confirmed it can seize digital assets stored in offline wallets (Cold Wallets), indicating that worldwide strengthening of crypto asset tax base management is underway.

About $1.2 billion (about ₩1.71 trillion) flowed out of U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs), marking the largest cash outflow in recent months. However, large brokerage Charles Schwab said that interest in crypto asset investing among institutions and individuals is still expanding. According to The Economist on the 18th (local time), the weekly net outflow from 11 U.S. spot Bitcoin ETFs totaled $1.22 billion (about ₩1.74 trillion). On the previous day alone, $366.6 million (about ₩522 billion) was withdrawn, and except for a small inflow on the 14th, net outflows continued throughout the week. Specifically, BlackRock's iShares Bitcoin Trust (IBIT) saw $268.6 million (about ₩382 billion) exit, Fidelity experienced $67.4 million (about ₩96 billion) in redemptions, and Grayscale's GBTC had $25 million (about ₩36 billion) in redemptions. Outflows from some small- and mid-cap ETFs also occurred, which was interpreted as a spreading risk-off sentiment across the market. During the same period, Bitcoin's price fell from $115,000 (about ₩164 million) on Monday to below $104,000 (about ₩148 million) on Friday, marking a four-month low. Some analysts also interpreted this as an early institutional buying phase for Bitcoin ETFs shifting to a profit-taking phase. Nevertheless, Schwab is optimistic about the structural growth of the crypto market. Rick Wurster, Schwab CEO, told CNBC in an interview, "Schwab clients currently account for about 20% of total crypto exchange-traded product (ETP) holdings in the U.S.," adding, "crypto products remain an area with very high client engagement." Schwab's crypto website traffic has increased 90% year-on-year, and it is preparing to introduce spot trading services sometime in 2026. Nate Geraci, CEO of NovaDius, said, "Schwab is one of the largest brokerages in the U.S., and their future crypto strategy will be a key indicator to gauge the direction of the entire market." Meanwhile, October has traditionally been called 'Uptober' for strong Bitcoin rallies, but this year it has unusually shown weakness. According to CoinGlass, Bitcoin has fallen about 6% in the past month, breaking the monthly pattern of rising in 10 of the past 12 years. However, some analysts noted that rebounds tend to concentrate in the late part of October and mentioned that renewed hopes for a U.S. interest rate cut could again serve as a catalyst.

Network activity of Binance Coin (BNB) has surged to an all-time high, and analysts say it shows a correlated movement with the price uptrend. On the 18th, according to crypto media Coindoo, the daily active addresses on Binance Smart Chain (BSC) reached 3.62 million, marking a record high. This is the most active level of network activity since the launch of Binance Chain, and was observed immediately after BNB's price surged to 1311 dollars earlier this month. On-chain analytics firm CryptoQuant analyzed in the report that "the surge in active addresses reflects increased demand driven by 'FOMO' (fear of missing out)." BNB has continued a steady uptrend since June, and since September price and network participation have shown almost identical movements. The report added, "Maintaining daily active addresses above 3 million is a key variable in sustaining the current bullish structure," and "if participation falls further, the possibility of a short-term correction may increase."

In the domestic virtual asset (cryptocurrency) market, six coins focused on decentralized finance (DeFi), artificial intelligence (AI), and content were newly listed. According to the industry on the 18th, the coins listed on major exchanges this week are Zora (ZORA), Infinit (IN), Doodles (DOOD), Yield Basis (YB), Lido DAO (LDO), and Syndicate (SYND). Zora, which supports the digital creative ecosystem, and Infinit, an AI-based investment platform, drew attention, while Doodles is expanding as a content project with community-participation story-creation features. Listings centered on DeFi and infrastructure continue in the market. Yield Basis and Lido DAO are protocols focused on liquidity provision efficiency and offering staking services, respectively. Syndicate is viewed as an infrastructure-type network that helps developers easily build application-specific blockchains.

Bitcoin (BTC)-exposed retail investors who sought exposure by investing in "Digital Asset Treasury (DAT)" companies have reportedly incurred about $1.7 billion (about 2.42 trillion won) in losses. This is attributed to the collapse of an overvalued share premium. On the 18th, Bloomberg reported that Singapore's 10X Research said in a recent report that "individual investors who invested in Bitcoin treasury firms lost about $1.7 billion in total." After this year's market correction, DAT companies' share prices plunged, greatly narrowing the gap with the actual value of their Bitcoin holdings. The report cited Japan's Metaplanet and Strategy (formerly MicroStrategy), led by Michael Saylor, as representative examples. Both companies issued and sold shares to buy Bitcoin and expanded their market capitalizations, but their shares had been trading at overheated levels relative to net asset value (NAV). Strategy's shares, which at one point traded at a 3–4x premium to its Bitcoin holdings, have now fallen to about 1.4x. 10X Research pointed out that "the core strategy of Bitcoin treasury firms was a simple structure of selling shares at prices above net asset value and using the difference to purchase Bitcoin." Metaplanet bought about $1 billion worth of Bitcoin, after which its market capitalization soared to $8 billion, but it has now fallen to about $3.1 billion. Over the same period, its Bitcoin holdings increased to $3.3 billion, but shareholder value decreased by $4.9 billion. The report said, "The era of financial magic for Bitcoin treasury firms is ending," and analyzed that "these companies should move away from an excessive net asset value premium structure and transition to an asset management model centered on arbitrage."

Institutions and whales maintain Ethereum buying despite Trump's tariff shock Exchange holdings at 18-month low…continued on-chain outflows "Deleveraging phase…strengthening the medium- to long-term bullish base" U.S. President Donald Trump's announcement of a 100 percent tariff on China sent the crypto market tumbling, but institutional and whale investors are reportedly treating this as a buying opportunity to accumulate Ethereum (ETH) at lower prices. Institutions and whale investors expand Ethereum purchases despite market shock Even during the market correction phase, institutions and large investors continue to buy Ethereum. On the 16th, crypto-focused media NewsCrypto reported, "After last week's altcoin market crash, some whale investors bought more than 90,000,000 dollars (about 128.1 billion won) worth of Ethereum. Bitmain also secured an additional 200,000 ETH (about 1.1775 trillion won), pushing its holdings past 2 million," it reported. Tom Lee, chairman of Bitmain, one of the world's largest Ethereum-holding firms, said in a statement, "The recent liquidation phase in the crypto market over the past few days led to an Ethereum price correction, and we used this as a buying opportunity," adding, "We purchased an additional 202,037 Ethereum, bringing our holdings above 3,000,000. We have now achieved more than half of our initial target of securing 5% of the total supply." According to on-chain analytics platform CryptoQuant, Binance's Ethereum supply ratio recently stood at 0.33, the lowest in 18 months. A decline in the share of Ethereum held on exchanges suggests that investors are moving assets to custody or other external wallets. This is typically interpreted as a signal that selling pressure is easing and that the chances of a future bullish shift are increasing. Ethereum fell below the $4,000 level…attention on rebound potential amid short-term correction Ethereum has dropped below the key support of 4,000 dollars and continued a weak trend. With selling pressure intensified recently, analysts note that short-term downside pressure and medium- to long-term rebound expectations are intersecting. Ayushi Jindal, a researcher at NewsBTC, said, "If Ethereum falls below 3,820 dollars, support checks could continue to 3,740 dollars and 3,650 dollars," adding, "Conversely, a break above 4,070 dollars would strengthen a short-term rebound, and settling above 4,120 dollars could open room for further gains." Rakesh Upadhyaya, a researcher at Cointelegraph, said, "There is strong resistance around 4,227 dollars," and "If that zone is broken, a retest of the all-time high at 4,957 dollars and the upper area at 5,665 dollars could open up." From a long-term perspective, there is analysis that upside potential remains. Arthur Hayes, BitMEX co-founder, predicted, "Ethereum could reach 10,000 dollars by the end of the year." Crypto analyst Benjamin Cowen also analyzed, "If Bitcoin does not close below 100,000 dollars, Ethereum is likely to rebound to 5,300 dollars and attempt its previous all-time high again." As of 19:12 on the 17th, Ethereum was trading on Binance's Tether (USDT) market at 3,718 dollars, down 7.77% from the previous day (Upbit basis 5,715,000 won). Despite tariffs and liquidations, long-term bullish expectations remain Amid heightened price volatility due to tariffs, experts still assess that long-term bullish expectations for the market remain valid. Crypto analysis firm SwissBlock said in a research report, "The leveraged positions that surged around Ethereum since July were mostly eliminated by this crash, and altcoin weakness has deepened." It added, "The shock from large-scale selling could serve as a prelude to the next rise, but until liquidity returns to risk assets, forming a rebound base may not be easy." The report also noted that as long as gold remains strong, it will be difficult for funds to move back into risk assets. With the rapidly changed market environment, investor sentiment quickly froze and Alternative's Crypto Fear & Greed Index recorded 22, an 'extreme fear' level. Just a week earlier, the index was near 64 in the 'greed' zone. Despite steep price declines, experts still view the long-term bullish trend for Ethereum and other altcoins as intact. Crypto analyst Benjamin Cowen said, "After Fed Chair Powell hinted at the end of quantitative tightening (QT, balance sheet reduction), the likelihood that altcoins have bottomed increased," and, "An 'alt season' could arrive when rate cuts and a year-end rally coincide." He added, however, "If Bitcoin closes below the long-term support (around 101,800 dollars) for two consecutive weeks, the arrival of 'alt season' could be significantly delayed." Crypto strategist Michael van de Poppe also said, "The long-term trend for altcoins is still bullish, and each correction can be viewed as a buying opportunity," adding, "Many altcoins are now firmly establishing their bottoms." Crypto exchange Bitfinex analyzed, "Historically, after capitulation driven by liquidations, technical rebounds tend to follow due to the removal of excess leverage." The recent surge in U.S. applications to list altcoin exchange-traded funds (ETFs) is also building expectations for altcoin price rebounds. Earlier this month, 21 new crypto ETF listing applications were filed with the U.S. Securities and Exchange Commission (SEC). Although federal operations including the SEC were temporarily halted by a recent shutdown, many observers expect altcoin ETF listings to be approved eventually. Nate Geraci, CEO of NovaDius, predicted, "Once the government shutdown ends, the wave of crypto ETF approvals will begin." Jamie Coots, Real Vision's chief crypto analyst, said, "The exponential spread of blockchain infrastructure and the macro trend of the 'debasement trade' remain unchanged," and, "This crash is not 'game over' but a temporary risk reset." Tom Lee of Bitmain also said, "The structural bullish factors of the market remain intact," adding, "This crash is a healthy adjustment process and prices could rebound within a week." Kang Min-seung, Bloomingbit reporter minriver@bloomingbit.io

Recent surge in ETF listing applications Heightens expectations for an altcoin price rebound "This plunge is only a temporary readjustment After adjustment, the possibility of a price rebound is high" Cryptocurrency prices, which had been repeatedly rising amid fears that tariff conflicts between the United States and China could flare up again, have turned into a decline. Experts forecast that cryptocurrency price volatility could increase for the time being. However, they expect the long-term upward trend to continue. According to CoinMarketCap on the 12th, the price of Bitcoin plunged on the 11th and at one point during the session fell below $110,000. Ethereum's price also broke the $4,000 level and at one point fell into the $3,500 range. Other major altcoins such as XRP and Solana also fell more than 10% in a single day. Some altcoins collapsed more than 90%. On the 11th alone, approximately $50 billion (about 71.7 trillion won) of total cryptocurrency market capitalization evaporated. The sudden price drop also triggered large-scale liquidations. According to market data analytics firm CoinGlass, more than $19 billion (about 27 trillion won) worth of cryptocurrency was forcibly liquidated on the 11th alone. This was the largest ever, more than ten times the liquidations during the COVID-19 pandemic ($1.2 billion) and the bankruptcy of FTX, the world's third-largest cryptocurrency exchange ($1.6 billion). In response to the sudden market changes, Alternative's Crypto Fear & Greed Index also fell to 27, classified as 'fear', on the 11th. The index had been at 64, classified as 'greed', just the day before on the 10th. Despite the sharp price drops, experts say the upward momentum of altcoins has not been broken from a long-term perspective. Cryptocurrency analyst Benjamin Cowen said, "The market has undergone a large correction, but there are not yet technical signals that the bullish phase has ended," adding, "Ethereum still has the capacity to set a new all-time high." Cryptocurrency analytics firm Swissblock also predicted, "The shock from large-scale selling will act as a precursor to the next upward movement." The recent surge in altcoin exchange-traded fund (ETF) listing applications in the United States is also forming expectations for an altcoin price rebound. Earlier this month, 21 applications for new cryptocurrency ETF listings were submitted to the U.S. Securities and Exchange Commission (SEC). Besides those ETFs, the SEC must decide this month whether to approve the listings of 16 cryptocurrency ETFs including Solana, XRP (formerly Ripple), and Litecoin. Although federal government operations, including the SEC, have been temporarily suspended due to a recent shutdown, there is considerable speculation that altcoin ETFs will be approved. Jamie Kutz, Real Vision's senior cryptocurrency analyst, said, "The macro trend of the exponential spread of blockchain infrastructure and the 'debasement trade' is unchanged," diagnosing, "This plunge is not 'game over' but merely a temporary risk readjustment." Tom Lee, chairman of Bitmain, the world's largest Ethereum-holding company, also said, "The market's structural bullish factors remain," adding, "This plunge is a healthy correction process and there is a high possibility that altcoin prices will rebound within a week." Kang Min-seung, Bloomingbit reporter minriver@bloomingbit.io

The market capitalization of major stablecoins such as Tether (USDT) and USDC has shown a slight increase compared to the previous week. On the 11th, according to decentralized finance (DeFi) data platform DeFiLlama, the total market capitalization of all stablecoins including USDT was about $304,569,000,000 (about 428 trillion won). This is a 0.67% increase from the previous week. Currently, Tether's share of the total stablecoin market capitalization is 58.87%, slightly up from the previous week. Typically, an increase in stablecoin issuance and holdings acts as a factor increasing market buying pressure and is interpreted as a bullish signal. Conversely, a declining trend can be seen as meaning a reduced demand for crypto assets.