Minseung Kang

Global virtual asset (cryptocurrency) exchange Binance announced that it has listed Walrus (Walrus·WAL) on Binance Alpha and will conduct an airdrop event based on Alpha points. Binance said on X (formerly Twitter), "Walrus (WAL) has been newly listed on Binance Alpha," and "within 24 hours of the start of trading, you can claim 150 WAL tokens on the Alpha event page." Receiving the airdrop consumes 15 Binance Alpha points. The event runs in two stages. Stage 1 (the first 18 hours) is open to users holding at least 210 Alpha points, and Stage 2 (the final 6 hours) allows users holding at least 195 points to participate on a first-come, first-served basis. If the reward supply is not exhausted, the point threshold will automatically decrease by 15 points every hour. Meanwhile, Binance Alpha selects listing targets among early-stage virtual asset projects based on marketability, trends, and so on. An Alpha listing does not necessarily lead to a Binance listing.

Binance co-founder Changpeng Zhao (CZ) revealed his meeting with SoftBank chairman Masayoshi Son. On the 9th, according to cryptocurrency-focused outlet Odaily, CZ posted a photo with Chairman Son on his X (formerly Twitter) account. In the post he wrote, "It's not AI, it's a meeting of BNB and Japan." The meeting took place shortly after news that Japan's SoftBank Group-affiliated financial services company PayPay had agreed to acquire a 40% stake in Binance Japan. PayPay, Japan's largest cashless payment service with more than 70 million users, is seeking to expand into the digital asset payments and remittances field.

The Ethereum Foundation is reported to have formed a 47-member research team called the 'Privacy Cluster' to strengthen on-chain privacy technology. On the 9th, according to The Block, a crypto asset (cryptocurrency) specialized media outlet, the newly established Privacy Cluster is led by Igor Barinov, the founder of Blockscout and xDai. The team is composed of cryptographers, engineers, and researchers, and aims to establish privacy as a "first-class property" of Ethereum. The foundation said on its official blog, "Ethereum was designed as a foundation of digital trust," and "for this trust to be maintained at a civilizational scale, privacy must be at its core." The foundation released a roadmap for strengthening privacy. Major items included △ Layer 1 (L1)-level confidential transfer functionality △ prevention of RPC node metadata exposure △ encryption research based on Zero-Knowledge Proofs (ZKP) △ development of tools related to anonymous payments, wallets, and digital identity (Identity). Meanwhile, the 'Privacy Cluster' is expected to operate by expanding and integrating the foundation's 'Privacy & Scaling Explorations' team, which has been active since 2018. The outlet added, "This measure is intended to respond to concerns that transaction transparency on the Ethereum network can lead to privacy infringements," and noted that it focuses on laying the technical foundation to protect user data from surveillance and collection.

Bitcoin (BTC) prices surpassed $125,000 amid expectations of a U.S. federal government shutdown and interest-rate cuts, and increased inflows into exchange-traded funds (ETFs). On the 5th (local time), Forbes reported that Bitcoin exceeded $125,000 per coin and set a new record high. This is interpreted as the result of a rapid influx of buying as expectations for accelerated interest-rate cuts by the U.S. Federal Reserve (Fed), expanded ETF investment on Wall Street, and concerns over a prolonged U.S. government shutdown overlapped. David Siemer, CEO of Wave Digital Assets, said, "Bitcoin hitting an all-time high is the result of multiple factors acting at the same time," adding, "Institutional inflows via ETFs are reaching record levels, and the Fed's shift toward rate cuts is widening dollar weakness and preference for risk assets." He added, "With macro uncertainty from a government shutdown added on, an environment where prices surge despite limited demand has been created." Earlier, U.S. President Trump said on the 2nd (local time) that he is considering a 'Tariff Dividend' payment plan similar to the 'COVID-19 stimulus payments' form, providing up to $2,000 per person. He said, "While repaying America's debt is a top priority, we are discussing returning $1,000~$2,000 to the people using tariff revenue." The market expects that if the policy is actually implemented, it could reproduce a Bitcoin and stock market rally similar to the cash payments during the COVID-19 period. Analysts at crypto exchange Bitfinex also said, "The fact that President Trump is considering subsidies using tariff revenue can act as upward pressure on Bitcoin," diagnosing, "This could reproduce flows similar to the market response after the COVID-19 stimulus payments." Institutional inflows are also driving this rally. Jake Kennis, a research analyst at Nansen, said, "Bitcoin rose more than 13% last week and is showing a breakout trend," adding, "ETF-driven institutional demand is leading the rise, and if previous highs are broken, retail investor inflows could also get underway in earnest." The market is evaluating this surge as a 'matured bull market.' Jasper De Maere, a strategist at Wintermute, said, "In 2020, institutional infrastructure was lacking and the surge was led by retail, but now ETFs and custody systems are in place and institutional-centered capital flows have taken root." The outlet added, "Harvard Kennedy School's 2023 research found that during past stimulus payment periods, individual investors' allocations to Bitcoin and cryptocurrencies increased significantly," adding, "If the Trump administration's policy review materializes, analysts also argue that a similar phenomenon could be reproduced." Meanwhile, Bitcoin is currently trading in the $125,000 range, continuing a 2.1% rise from the previous day.

XRP (XRP) has broken back above the psychological resistance level of 3 dollars and continues its upward trend. This is attributed to strengthened buying across the altcoin market in line with Bitcoin (BTC)'s record-high rally. On the 5th (local time), according to cryptoasset (cryptocurrency) CoinDesk, XRP recovered the 3-dollar level, and traders view the 3.10~3.30 dollar range as a short-term key inflection point. Some say that if this range is broken upward, it could rise to 4.00~4.20 dollars. The price, which had fallen to 2.95 dollars the previous day, turned into a rebound accompanied by large trading volume on the day. In the market, it is expected that the recent XRP exchange-traded fund (ETF) filings will act as a key variable for fourth-quarter price movements. The seven XRP ETF filings currently pending with the U.S. Securities and Exchange Commission (SEC) may have results announced in October. Also, SBI, Ripple's Japanese partner, expanded last week its XRP-linked lending program, increasing expectations for institutional adoption in the Asian market. Meanwhile, last week XRP wallet inflows were reported to have increased by more than 160 million during the same period. This is interpreted as whale investors (large holders) buying at low prices. The outlet analyzed, "Technically, the 2.95~3.00 dollar range is acting as short-term support, 3.03 dollars is short-term resistance, and the area above 3.30 dollars is cited as the main breakout point." It added, "If XRP settles above 3 dollars, attempts to break 3.30~3.50 dollars will follow," and forecasted, "Whether the SEC approves the ETF, whale wallet movements, and increased liquidity in the Asian market are the key variables for the short-term uptrend."

Bitcoin (BTC) price has surpassed 125,000 dollars and set a new record high. According to Binance on the 5th, as of 1:50 p.m., bitcoin was trading at 125,568 dollars (178,380,000 won on Upbit), up 2.47% from the previous day. Intraday, bitcoin reached a record high of 125,708 dollars. According to crypto asset data platform Cryprice, bitcoin's kimchi premium was recorded at 1.12% that day. This means it is trading at a slightly higher price on domestic exchanges compared to the global market. Just a week earlier, bitcoin had remained in the 100,000 dollar range, but after the U.S. federal government's shutdown (temporary suspension of operations) took effect, buying inflows surged and it recovered to the 120,000 dollar level in a short time. Market analysts say the disruption of government functions is weighing on confidence in the dollar, causing funds to move into bitcoin, gold and other 'alternative stores of value'. Bloomberg reported that Wall Street investors are interpreting this flow as a 'Debasement Trade.' This refers to the phenomenon in which assets move from the dollar into bitcoin or gold as concerns about currency devaluation grow. They explain that as fiscal uncertainty expands, dollar weakness worsens and alternative assets like bitcoin benefit. CNBC also reported that major investors are increasing allocations to nontraditional assets such as gold and crypto assets to hedge political and economic risks. Seasonal factors are also supporting the uptrend. There is strong anticipation for 'Uptober,' when bitcoin tends to be strong every October. In fact, bitcoin has posted gains in October in 9 of the past 10 years.

Last week, inflows to U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) recovered significantly, recording the second-highest weekly net inflow since their launch. On the 4th (local time), according to crypto-focused media The Block, U.S. spot Bitcoin ETFs saw a total net inflow of $3.24 billion (about KRW 4.57 trillion) last week. This is the second-largest amount after the fourth week of November last year ($3.38 billion). Of these, BlackRock's Bitcoin ETF IBT pulled in $1.8 billion, accounting for more than half of total inflows. IBIT's assets under management were counted at $96.2 billion. Next, Fidelity's FBTC attracted $692 million, making it the second-largest fund absorber. ETF trading volume was also led by BlackRock. Last week, IBIT saw daily trading in the billions of dollars, while FBTC's daily volume was up to $715 million. This inflow reverses last week's net outflow (about $1 billion). The outlet said, "Uncertainty from a U.S. government shutdown (temporary work stoppage) is strengthening Bitcoin buying demand," and "As Bitcoin again approached the record high it set in August ($124,000), ETF investor sentiment was revived."

Ethereum scaling rollup project Taiko(Taiko) announced on the 5th that it has appointed three global experts as DAO Board Directors to coincide with the launch of on-chain governance. Taiko said this personnel move is part of efforts to develop its decision-making structure beyond simple community operations to an institutional level. The newly joined board members are authorities in fields such as blockchain, finance, strategy, and research, and will advise the DAO's Security Council and community decisions. To address centralization concerns of Layer 2 (L2) networks, Taiko adopted a structure that executes all governance procedures transparently on-chain. Taiko said that with this launch the community can exercise "binding (legally binding) voting rights" on protocol changes. It also explained that the Security Council has the right to propose but cannot change or invalidate the community's decisions. Joy Lam is a former Global Head of Regulatory Affairs at Binance and an expert who has led the institutionalization of the digital asset industry amid complex global legal and regulatory environments. She launched Asia's first tokenized fund and led the first tokenization case of London prime real estate backed by physical assets. She currently serves as an informal member of the Hong Kong government's "Web3 Development Task Force" and, through advisory firm Clarient Advisory, connects regulatory strategies between traditional financial institutions and Web3 projects. With 15 years of experience in traditional finance and digital assets, she is expected to provide practical insights into Taiko's entry into the institutional sector. Felix Oberholzer-Gee, a professor at Harvard Business School, is a world-renowned strategist and an authority on digital transformation research. He teaches competitive strategy in Harvard's MBA program and leads the Senior Executive Leadership Program for China and the course "Driving Digital Strategy." Professor Oberholzer-Gee has researched how corporate digital expansion strategies and technological innovation affect organizational performance, and he is regularly cited in major media such as the Financial Times, The New York Times, and The Wall Street Journal. He is also well known as a co-host of the popular TED podcast "After Hours." Wen Yonggang is a professor in the Department of Computer Engineering at Nanyang Technological University (NTU), Singapore, and the founder of the Center for Computational Finance and Financial Technology (CCFinTech). An IEEE Fellow, he has published more than 300 papers in the convergence fields of blockchain, distributed computing, and artificial intelligence (AI), and has received multiple research awards, including NTU's Innovation and Entrepreneurship Award. He currently oversees blockchain technology education and research at NTU and is building an academic and industry collaboration network across Asia. Ren Jang, a Korean-origin expert, has been appointed as an advisor. He currently serves as Chief Strategy Officer at centralized exchange Flipster and began his career as a corporate valuation specialist at Ernst & Young. He has worked on DeFi protocols, Web3 venture capital, and served as head of research at the Upbit exchange. A graduate of Seoul National University's Department of Philosophy, he founded the Korean Web3 community "Localhost:web3" and has worked to expand a nonprofit ecosystem centered on the Gangnam area. Daniel Wang, CEO of Taiko Labs, said, "Most layer 2s maintain centralized control via multisig or upgrade keys, but Taiko allows token holders to directly veto governance decisions," adding, "We are creating a true DAO that returns real authority to the community." Joy Lam, a Taiko DAO director, said, "True decentralization begins with relinquishing control," and added, "Taiko's governance gives token holders a meaningful veto over protocol changes, enabling the community to have a sense of ownership." She continued, "By embedding transparency and accountability into on-chain decision-making structures, Taiko is setting a new standard for Layer 2 governance. This aligns with the core principles of sustainable systems that I have confirmed through years of dealing with global regulatory frameworks." Meanwhile, Taiko said it has already initiated the first binding vote and that all technical decisions are made transparently on-chain. The community can vote directly or delegate voting rights through the governance portal 'dao.taiko.xyz'. Taiko said, "With the rapid spread of RWA (real-world asset tokenization) and institutional blockchain adoption, through this appointment we have established a professional governance system encompassing global regulation, strategy, and research," and added, "We will present a model of large-scale decentralized governance that combines institutional-level judgment while maintaining the DAO's autonomy and transparency."

Bitcoin (BTC) price surpassed $124,000. According to Binance on the 5th, as of 12:32 p.m. that day Bitcoin was trading at $124,125 (₩176,530,000 on Upbit), up 1.66% from the previous day. According to the crypto asset data platform Cryprice, Bitcoin's kimchi premium that day was 1.12%. This means it is trading at a somewhat higher price on domestic exchanges than the global rate. Just a week ago Bitcoin remained in the $100,000 range, but after the U.S. federal government shutdown took effect, buying pressure surged and it recovered the $120,000 level in a short period. Market analysts say the suspension of government functions is weighing on confidence in the dollar, and funds are moving into alternative stores of value such as Bitcoin and gold. Bloomberg reported that Wall Street investors interpret this flow as a 'Debasement Trade'. This refers to the phenomenon where assets move from the dollar to Bitcoin or gold when concerns about currency value decline rise. They explain that as fiscal uncertainty widens, dollar weakness deepens and alternative assets like Bitcoin benefit. CNBC also reported that major investors are increasing allocations to nontraditional assets such as gold and crypto assets to prepare for political and economic risks. Seasonal factors are also supporting the uptrend. There is significant expectation for 'Uptober', when Bitcoin tends to be strong every October. In fact, Bitcoin has recorded gains in October in 9 out of the past 10 years.

Privacy protocol Voidify said it has officially partnered with the decentralized mixer service Tornado Cash and plans to implement privacy features on the Solana (SOL) network. On the 4th (local time), Voidify said via X·formerly Twitter, "We have become an official partner of Tornado Cash," and "Through Proposal 64(Proposal 64) we will deploy Tornado Cash-level privacy technology to Solana and proceed with user interface (UI) integration." Voidify said, "The two protocols combining will form a single integrated ecosystem," and "this will be the start of 'Void Storm (Void Storm),' a new phase for strengthening privacy." Meanwhile, Voidify operates centered on the Solana ecosystem token Ø(Void), and token holders can act as relayers, stakers, and miners. The project's development direction will be determined through DAO governance in the future.

A whale investor opened a new wallet, deposited a large amount of funds into Hyperliquid, and then purchased HYPE tokens. On the 5th, on-chain analytics platform Lookonchain said on X (formerly Twitter) "the whale investor created a new wallet address starting with 0xb0a0 and deposited approximately $4 million worth of USDC into Hyperliquid," and "has so far purchased about 58,778 HYPE tokens (about $2.89 million)." Meanwhile, Hyperliquid is a decentralized exchange (DEX) based on perpetual futures, and has recently attracted attention due to a surge in trading volume and fee revenue.

Global web3 wallet service MetaMask has unveiled a large-scale on-chain reward program distributing $30 million worth of Linea (LINEA) tokens. On the 4th (local time), according to crypto-focused media The Block, MetaMask said on X (formerly Twitter), "It will be one of the largest on-chain reward programs ever," and "We plan to distribute $30 million worth of Linea tokens in the first season." MetaMask plans to officially launch the program within two weeks. MetaMask rewards will be offered in various forms, including referral rewards, mUSD incentives, partner-only rewards, and token access rights. Linea is an Ethereum Layer 2 network led by MetaMask's developer Consensys, and it was launched last September with an airdrop of 9.4 billion tokens. MetaMask said, "Long-term wallet users are not excluded. They will receive special benefits," and explained, "This reward program will have meaningful connections to the MetaMask token to be issued in the future." It added, "This will not be a simple farming event but a substantive program that returns rewards to the community." Earlier, Joseph Lubin, CEO of Consensys, stated in mid-September that "they are preparing to issue the MASK token to partially decentralize the MetaMask platform." MetaMask recently launched the stablecoin 'mUSD' issued by Bridge under Stripe, and approximately $87.7 million is currently in circulation.

The market capitalization of major stablecoins such as Tether (USDT) and USDC has increased compared to the previous week. On the 4th, according to the decentralized finance (DeFi) data platform DeFiLlama, the total market capitalization of all stablecoins, including USDT, was about $302,559,000,000 (about ₩426,269,800,000,000). This is an increase of 2.03% from the previous week. Currently, Tether accounts for 58.39% of the total stablecoin market capitalization. Generally, increases in stablecoin issuance and holdings act as factors that raise market buying pressure and are interpreted as bullish signals. Conversely, a decline can be seen as meaning that demand for crypto assets has decreased.

Bitcoin (BTC) has overtaken Amazon to rank 7th in the global asset market capitalization. On the 4th, CompaniesMarketCap reported that Bitcoin's market capitalization was about $2.439 trillion, surpassing Amazon. As a result, Bitcoin recorded the 7th highest market capitalization among major global assets. Market analysts say that concerns about a prolonged U.S. government shutdown and inflows of ETF funds have combined to continue Bitcoin's upward trend.

Bitcoin (BTC) has continued its rally amid the effects of the U.S. federal government's shutdown (work stoppage), raising the prospect that it could briefly exceed $135,000. On the 4th (local time), according to crypto outlet CoinDesk, Standard Chartered said that if ETF (exchange-traded fund) inflows accelerate through the end of the year, Bitcoin could reach $200,000. Geoffrey Kendrick, head of digital asset research at Standard Chartered, analyzed, "Bitcoin has recently risen to around $124,500, putting a record high breakout within reach," and said, "the U.S. government shutdown is acting as a catalyst for the short-term rally." He explained, "This shutdown is having a greater impact on the market than past ones," adding, "As the correlation between the U.S. Treasury premium (term premium) and Bitcoin prices has increased, government uncertainty is acting as a bullish factor for Bitcoin." Kendrick also noted the potential for ETF investors' flows to shift from gold to Bitcoin. He said, "Net inflows into spot Bitcoin ETFs this year amount to about $23 billion, with $2.25 billion added just this week," and forecasted, "If an additional $20 billion flows in by year-end, the $200,000 breakout scenario would also be valid."

Global asset manager VanEck said that as institutional investors increase their purchases of Ethereum (ETH), ordinary holders who do not stake (deposit) may increasingly be at a disadvantage. According to cryptoasset (cryptocurrency) specialist media BlockBeats on the 4th, VanEck said in a recent report, "Ethereum will increase transaction efficiency through the 'Fusaka' upgrade in December and make Layer2 expansion easier," and "this will further encourage institutional participation," it forecasted. It added, "Institutions are steadily buying ETH through exchange-traded funds (ETFs) or digital asset management funds, and staking it to earn rewards," and analyzed, "Meanwhile, investors who simply hold without staking can be exposed to the risk of relative asset value 'dilution' over time." Meanwhile, the Fusaka upgrade is designed to increase network efficiency by reducing the data burden validators must process. VanEck added, "If transaction costs fall and the user experience improves, ETH's utility will increase, but mainnet fee revenue may decrease," and "ultimately, Ethereum could increasingly take on the character of an asset that is 'deposited to earn returns.'"

Domestic virtual asset (cryptocurrency) exchange Upbit announced that it will temporarily suspend deposit and withdrawal services for digital assets based on the Sui (SUI) network. According to Upbit on the 4th, this measure is due to an inspection of the wallet system for the Sui network series, and deposits and withdrawals will resume once the inspection is complete and stability is confirmed. Trading will be supported normally. The assets with suspended deposits and withdrawals are five: Lumiwave (LWA), Wallus (WAL), Deepbook (DEEP), Haedal Protocol (HAEDAL), Sui (SUI). Upbit stated, "During the inspection period, deposit and withdrawal address registration procedures will be temporarily suspended," and "After deposits and withdrawals resume, they will be processed sequentially." It also advised, "During the deposit and withdrawal suspension, deposit reflection may be delayed due to blockchain network congestion, or even if a transaction is completed on the blockchain, there may be a time lag until it is reflected in the system." It added, "If a deposit occurs while deposits and withdrawals are suspended, it may not be reflected in the account, and in this case recovery may be impossible," urging users to be cautious.

Withdrawals of Ethereum (ETH) from major cryptocurrency centralized exchanges (CEX) have increased, prompting observations that net outflows are continuing. On the 4th, crypto-focused media BlockBeats, citing CoinGlass data, reported "a total of 3115.95 Ethereum were net withdrawn from major exchanges in the past 24 hours." By exchange, OKX had the largest amount with 9229.13, followed by Bybit with 4927.56 and Bithumb with 3123.38. Meanwhile, Bitfinex recorded net inflows of 10,190 Ethereum, ranking first in inflow volume. It is generally known that the more a particular coin is withdrawn from cryptocurrency exchanges, the more likely that coin is to rise.

As the U.S. federal government entered a shutdown (temporary work stoppage) as of the 1st, market safe-haven preference strengthened and Bitcoin (BTC) also showed an upward trend. On the day, Bitcoin surpassed 123,000 dollars intraday, approaching an all-time high. According to global market site CoinMarketCap at 4:52 p.m. on the 4th, Bitcoin was trading at 122,318 dollars. That morning it had risen as high as 123,850 dollars, nearing the previous all-time high in the 124,000-dollar range. Recovering to the 123,000-dollar level is the first time in about two months since mid-August. Earlier, Bitcoin remained in the 100,000-dollar range until the 28th of last month, but after the shutdown took effect the upswing accelerated and it recovered to the 120,000-dollar level in a short period. Market analysts say that the interruption of government functions is weighing on confidence in the dollar and promoting the movement of funds into alternative assets such as virtual assets and gold. Bloomberg reported that Wall Street investors view this flow as a 'Debasement Trade.' This refers to the phenomenon in which funds move into stores of value such as Bitcoin or gold amid fears of a decline in currency value. It is assessed that as fiscal uncertainty in the U.S. government increases, this flow of funds may accelerate alongside dollar weakness. U.S. economic outlet CNBC also reported that major investors are increasing their allocations to non-traditional assets such as gold and virtual assets in preparation for political and economic risks. Meanwhile, Bitcoin's seasonal strength is also supporting the uptrend. Bloomberg explained that Bitcoin has shown a prominent upward flow every October, giving rise to the term 'Uptober.' Bitcoin has recorded rallies in October nine times over the past decade.

Global crypto exchange OKX plans to actively develop on-chain payment services centered on stablecoins. On the 4th, industry sources reported that OKX recently officially announced its own payment solution 'OKX Pay' at the Alpha Summit 'The New Money Era' held in Singapore. This announcement is part of a strategy to expand stablecoins into everyday payment infrastructure. According to the company, OKX Pay supports users paying with stablecoins they hold (USDT, USDC, etc.) via QR codes at partner stores in Singapore. It offers an annual percentage yield (APY) of about 4% when depositing assets, and up to 4% cashback on payments. In addition, OKX plans to introduce a debit card developed in collaboration with the McLaren F1 Team in the future. The card will support stablecoin payments at major merchants worldwide and aims to build an ecosystem that enables global travel and spending without a bank account. In particular, OKX Pay is designed as a self-custody system. Users manage their private keys directly, and OKX cannot move assets without separate consent. At the same time, it has established regulatory compliance measures such as customer due diligence (KYC) and compliance monitoring systems. Star Xu, founder of OKX, said, "Bitcoin and stablecoins are the greatest achievements created by blockchain," and added, "Stablecoins, with low fees and fast transfer speeds, will be the core of the next-generation global payment system." Meanwhile, OKX Pay runs on its own Ethereum layer-2 network 'X Layer' and plans to expand service areas to Brazil, Europe, the United States, and others in the future.

In the first week of October, major virtual asset (cryptocurrency) exchanges saw new projects with various themes such as games, artificial intelligence (AI), memes, and RWA (real-world asset tokenization) being listed. Industry observers say signs of theme rotation in the market are reappearing. Recently, domestic virtual asset exchanges began trading a number of new projects, including Superbus (SUPER), Orderly (ORDER), Falcon Finance (FF), Somnia (SOMI), Open Eden (EDEN), and Ape & Pepe (APEPE). First, Superbus is a game-centric blockchain platform that integrates multiple web3 games, NFTs, and governance features. Orderly provides trading infrastructure that aggregates multi-chain liquidity into a single order book, and Falcon Finance is an on-chain liquidity protocol that issues the synthetic stablecoin USDf backed by collateral assets. Somnia is an Ethereum Virtual Machine (EVM)-compatible layer-1 blockchain capable of processing millions of transactions per second, specialized for building high-throughput dApps. At the same time, Open Eden is an RWA project that tokenizes U.S. Treasuries on-chain and provides cash management solutions for institutional investors. Ape & Pepe is a community-centric token that combines Ape and Pepe meme cultures and has strengthened social and entertainment features. Meanwhile, market analysis suggests that newly listed coins are dispersing investment demand through different narratives such as web3, DeFi, RWA, and memes, and that trading flows, which had been concentrated in specific sectors, are gradually diversifying.

A withdrawal trend of Bitcoin (BTC) is continuing at major crypto exchanges. On the 4th, crypto-focused media BlockBeats cited on-chain data platform Coinglass and reported "A total of 5739.82 BTC was net withdrawn from major centralized exchanges (CEX) in the past 24 hours." Specifically, OKX recorded the largest net outflow at 6441.77 BTC. Binance followed with 2042.13 BTC, and Bybit with 294.26 BTC. Meanwhile, Coinbase Pro saw a net inflow of 1808.20 BTC, ranking first in inflow volume. Generally, it is known that the more a coin is withdrawn from crypto exchanges, the more likely that coin is to rise.

There is a possibility that if Bitcoin (BTC) breaks above $124,000, short positions totaling about $898,000,000 could be liquidated on major centralized exchanges (CEX). On the 4th, according to crypto-specialized media BlockBeats, on-chain data platform Coinglass analyzed that when Bitcoin exceeds $124,000, the cumulative short liquidation intensity would reach $898,000,000. Conversely, if the price breaks below $121,000, the cumulative long position liquidation intensity is expected to reach $1,106,000,000. Meanwhile, the liquidation map is not an indicator that directly shows actual liquidation amounts, but rather relatively indicates how much liquidation pressure appears at specific price levels. Generally, the higher the liquidation intensity in a given range, the more likely market liquidity will shift sharply and price volatility will increase when that price is reached.