Minseung Kang

The SEI ecosystem is pushing to enter the U.S. exchange-traded fund (ETF) market. On the 4th (local time), according to the SEI Foundation, asset managers REX Shares and Osprey Funds recently submitted Form N-1A to the U.S. Securities and Exchange Commission (SEC) to list a 'staking SEI ETF'. The ETF is part of its 'ETF Opportunities Trust' portfolio and holds major crypto assets such as Chainlink (LINK), Sui (SUI), and Hyperliquid (HYPE). Meanwhile, Form N-1A is a pre-registration procedure with the SEC that registers a product's structure and operation prior to an ETF listing; it is a pre-registration draft that specifies the fund's establishment plan and basic composition.

The Sui Foundation announced on the 1st (local time) that Citadel Wallet, a developer specializing in hardware wallets for virtual assets (cryptocurrencies), has launched Sui's first native hardware wallet 'SuiBall'. At the recently held SuiFest event, Citadel Wallet introduced SuiBall as a hardware wallet for a new generation of users. It is equipped with a 'Clear Signing' feature that allows transaction information to be verified directly, which the company says enhances security compared to the previously invisible signing method. It is also designed to naturally integrate major assets and applications of the Sui ecosystem. SuiBall supports Sui-based tokens (WAL, DEEP, NS, etc.) and NFTs, as well as decentralized finance (DeFi) services such as Suilend, Bluefin, Cetus, and Ika. In the future, it is expected to expand to Bitcoin DeFi (BTCfi) and payment and gaming areas. Adeniyi Abiodun, co-founder and CTO of Sui developer Mysten Labs, said, "SuiBall is a product that takes Sui's device strategy one step further," and added, "As high-value on-chain transactions are increasing, including Bitcoin-based DeFi (BTCfi), Clear Signing will provide essential transparency." Andy Kulikyan, founder of Citadel Wallet, said, "SuiBall natively supports Sui ecosystem assets and all use cases, and implements personalized security and convenience at the same time."

Mantle (MNT) announced on the 2nd (local time) that it will introduce tokenization-as-a-service (TaaS), hold a global RWA hackathon series, and introduce a scholarship program to train developers in order to target the global real-world assets (RWA) market. World Liberty Financial (WLFI), led by the family of U.S. President Donald Trump, said at the "Mantle Mixer" event held during Token2049 week in Singapore that it will launch its flagship stablecoin USD1 on the Mantle blockchain. WLFI co-founders, including Donald Trump Jr., were present at the event to deliver the announcement. Industry sees this as a sign that Mantle has established itself as a blockchain for large-scale asset tokenization within a regulatory-compliant environment. Mantle aims to establish itself as a financial platform usable by institutions and corporations. Mantle's TaaS provides a comprehensive tokenization framework that includes licensing, customer identity verification (KYC), legal structure design, smart contract deployment, security audits, and a regulatory-compliance user interface to enable companies and institutions to easily put assets on the blockchain. Mantle's decentralized finance (DeFi) infrastructure also supports traditional financial firms to pursue asset tokenization more safely and efficiently. In addition, Mantle will hold an RWA hackathon series at major developer hubs around the world and has launched a scholarship program aimed at training global talent for regulatory-compliant tokenization technology development. To expand liquidity and market access, it will provide DEX liquidity through Hyperliquid and offer derivatives trading opportunities via Coinbase International Exchange. It also plans to prepare a listing on Revolut targeting European retail and fintech users to build layered entry routes that encompass both retail and institutional investors. Emily Bao, a key adviser to Mantle, said at the 2025 Myken Asia Summit, "The RWA market is now mainstream, not niche. Currently worth $26 billion, this market is expected to grow to trillions of dollars by 2030," and "Mantle will lead this demand through regulatory-compliant infrastructure, liquidity, and a developer ecosystem." Ben Zhou, co-founder and CEO of Bybit, also emphasized, "Mantle is at the core of the Bybit ecosystem and is building a complete institution-grade bridge that connects traditional finance (TradFi) and DeFi. RWA stands at its center."

Lido (LDO), the world's largest Ethereum (ETH) staking protocol, announced on the 2nd that it has started operating its Community Staking Module v2 (CSM v2) on mainnet. This upgrade focuses on expanding the share of individual stakers and encouraging user participation by offering various incentives. The updated CSM v2 introduces several new features. First, Entry Gates were established to allow node operators to choose participation methods according to circumstances. A new operator type called "Identified Community Stakers" (ICS) was also added. They receive improved conditions such as increased rewards, lower deposit requirements, and prioritized access while maintaining privacy. A Strikes System to remove underperforming validators was also introduced. In addition, the system's stability was enhanced by supporting direct withdrawals from the execution layer if a validator encounters issues. To participate as an ICS operator in CSM v2, a user cannot simply claim to be an individual; they must prove a certain level of experience and activity history. Participants who pass this screening are given more favorable conditions than regular operators. For example, rewards for the initial 16 keys are significantly increased, and capital efficiency can be up to 2.36 times higher than before. The minimum deposit was also lowered from 2.4 ETH to 1.5 ETH, reducing the burden. Dmitry Gusakov, a Lido protocol contributor and CSM technical lead, said, "The core of CSM v2 is finding a balance that increases user accessibility while ensuring responsible participation," adding, "CSM v2, as part of the Lido protocol, expands opportunities for more individual stakers and provides appropriate benefits while preserving privacy through the ICS framework." He also emphasized, "The verification mechanisms built into the protocol maintain the system's soundness," and said, "This upgrade will take open (permissionless) participation one step further in a sustainable way." A Lido representative said, "As CSM v2 becomes fully operational, the role of individual stakers will grow," adding, "the participation share is expected to expand up to 10% and the operator composition will become more diverse." In fact, with this upgrade, the share of open participation in the Lido protocol increased from about 3% (approximately $1.1 billion) to 5% (approximately $1.8 billion), and it was decided that it could be expanded to 10% (approximately $3.5 billion) by early next year. Meanwhile, more than 450 people have registered for the Community Staking Module (CSM), introduced in October last year, of which 377 are actively operating. Demand surged, and the cap was reached within months of launch. Together with the Simple DVT module, CSM increased the number of operators by 1.8 times to secure more than 730 operators, accounting for about 7% of total Ethereum staking.

SK Planet announced on the 2nd that it plans to introduce issuance and verification of credentials (identity verification information) based on the Moca Network's decentralized identity information network by purchasing Moca (MOCA) coins on the open market. It also announced plans to offer MOCA coins as a new reward mechanism to OK Cashback Oki Club users. The Moca Network is the flagship project of Animoca Brands, a global Web3 company headquartered in Hong Kong, and is the world's largest decentralized digital identity information network. Earlier in February, SK Planet integrated AIR, the Moca Network's core product, into its membership service 'Oki Club', unveiling a service that links traditional membership data such as points and subscription history to blockchain accounts. SK Planet said the purchase is part of a strategic move to adopt the Moca Network's enterprise decentralized identity infrastructure. At the same time, the company will integrate AIR, the Moca Network's core product, into its ecosystem to provide zero-knowledge proof-based identity verification services, and will offer services that guarantee data sovereignty and interoperability to 29 million SK Planet users. The newly purchased MOCA will also be used in the user reward system. SK Planet is applying AIR to its platform as part of expanding the decentralized identity information network. By integrating Moca Network's AIR into its platform, SK Planet has ensured that private data is verified only when a user explicitly approves it at 95,000 partner merchants. This guarantees data sovereignty, and information generated on SK Planet can be directly verified by other AIR partners on the Moca Network, securing interoperability between platforms. Kim Gyosu, Head of Business at SK Planet (CBO), said, "Through cooperation with the Moca Network, we can actively roll out decentralized identity information and private verification services to users and merchants," and added, "We plan to expand Oki Club benefits to be paid in MOCA coins while returning data management rights to users. This is a strategic measure to meet privacy and global digital identity standards." Kenneth Shek, representative of Moca Network, said, "SK Planet's purchase of MOCA coins to diversify customer benefits, and its adoption of AIR's infrastructure integration and zero-knowledge proofs, is an important milestone in returning data sovereignty to users at the corporate level." He added, "With SK Planet joining the Moca Network's identity information ecosystem, and merchants verifying information through user consent, large-scale user platforms can adopt decentralized identity information to guarantee privacy and provide utility."

 Arf and Huma said they are joining the Circle Payment Network (CPN) as new financial service providers to the network and will offer credit services available to eligible institutions. At the 'Circle Forum Singapore' held in Singapore on the 30th of last month, Arf announced that it will join CPN based on Huma's PayFi network and plans to add credit functionality to the network. Arf is a global liquidity platform regulated in Switzerland that supports liquidity enabling same-day payment and settlement of USDC. With this addition, eligible participating institutions will be able to process payments using USDC on credit when needed, without having to prefund. CPN is a stablecoin-based global payment infrastructure built by Circle that enables financial institutions and businesses to settle real-time payments in USDC and EURC. Previously, cross-border payments had the inconvenience of funds being tied up due to prefunding, but with Arf and Huma joining, eligible participants can immediately access USDC credit in certain regions without prefunding. Circle said CPN has added various services including credit, liquidity, custody, fraud prevention, and settlement, providing an environment where participants can move funds faster and more cheaply. Ali Erhat Nalbant, Arf's co-founder and chief executive officer (CEO), said, "We are pleased to provide our liquidity infrastructure to CPN," and added, "We are helping many financial institutions reduce their reliance on prefunding based on Huma's PayFi network." He also added, "This integration will allow eligible CPN participants to access our services smoothly." Irfan Ganchi, Circle's Senior Vice President (SVP) of Product Management, said, "One of CPN's design principles is that it is an open network that can be continuously upgraded," and added, "With Arf and Huma added as service providers, eligible CPN participants will enjoy a smoother experience when sending funds immediately."

Tether (USDT), USDC and other stablecoins saw their market capitalization increase compared with the previous week. On the 27th, according to the decentralized finance (DeFi) dashboard DeFiLlama, the market capitalization of stablecoins, including USDT, was approximately $297.064 billion (approximately KRW 418.8602 trillion). This represents a 1.52% increase from the previous week. Currently, Tether accounts for 58.63% of the total stablecoin market capitalization. Generally, increases in stablecoin issuance and holdings can act as a factor that raises market buying pressure and are regarded as a bullish signal. The opposite case can be interpreted to mean that demand for crypto assets has decreased.

Global asset manager Grayscale forecasted that a new upward driver could emerge in the digital asset (cryptocurrency) market in Q4 this year. It said that a U.S. market-structure bill (the Clarity Act) and a trend of altcoin ETF approvals by the U.S. Securities and Exchange Commission (SEC) could serve as catalysts. On the 27th (local time), according to crypto-focused media Coindoo, Grayscale said in a recent research report that "legislative progress, ETF approvals, and expanded institutional adoption will shape the market's trajectory not only in Q4 but into next year," and diagnosed that "these factors are likely to act as short-term catalysts." It explained that optimism has been spreading as the SEC recently approved a multi-asset fund holding Bitcoin, Ethereum, XRP, Solana (SOL), and Cardano (ADA). The report also assessed that digital assets could become more attractive investments in tandem with the U.S. central bank (Fed)'s interest-rate cut stance. However, it pointed out that, compared with traditional assets such as gold and stocks, reaching new all-time highs is still delayed, and increased stablecoin outflows from exchanges have been identified as a factor constraining upward momentum. The report evaluated that "although Bitcoin exceeded $120,000 in Q3, the extent of the rally was limited; meanwhile, the passage of stablecoin legislation and increased trading volume on centralized exchanges drove demand for altcoins, creating a distinctive rotation." It explained that this is a pattern different from the traditional altcoin rally caused simply by a decline in Bitcoin dominance.

Analysts have suggested that Bitcoin (BTC) miners' recent shift to selling could create short-term price pressure. On the 27th, a ChainSpan analyst at cryptoasset (cryptocurrency) analytics firm CryptoQuant said in a QuickTake report, "Current data show that miners are moving back toward selling," adding, "This can cause short-term downward pressure, but in the long term it can increase market liquidity and become the foundation for a new upward trend." The analyst explained, "Miners are one of the largest holder groups in the market, and transferring their holdings to exchanges is considered a signal that selling pressure is beginning."

Global virtual asset (cryptocurrency) exchange Crypto.com has received license approval from the US Commodity Futures Trading Commission (CFTC) to offer margin derivatives. According to virtual asset-focused media Chaincatcher on the 27th, Crypto.com's US affiliate Crypto.com Derivatives North America (CDNA) has, as a CFTC-registered exchange and clearinghouse, amended its existing Derivatives Clearing Organization (DCO) license to handle margin derivatives. Previously, CDNA operated fully collateralized derivatives and prediction market services. The outlet explained, "With this approval, Crypto.com has secured the legal basis to offer margin derivatives not only for virtual assets but also for a range of asset classes."

The price of Bitcoin (BTC) has fallen below the $110,000 level, putting significant pressure on the altcoin market. However, some say that, based on past cases, early bottom signals are appearing across the market. On the 27th (local time), crypto asset (cryptocurrency) specialized media CoinPotato reported that market analysis firm Altcoin Vector said, "The market phase has ended 79 days of an Ethereum- and small-to-mid-cap altcoin-led rally and has returned to being Bitcoin-centric." Ethereum (ETH)'s uptrend lasted a total of 68 days, and its price surged from $2,200 to $4,900. However, the firm added, "This cycle does not mean that the altcoin rally is completely over." Cryptocurrency analysis firm Swissblock said, "The current market is in a reset phase," and reported that the 'Aggregated Impulse' indicator it calculates is currently 22%. It also explained that when this indicator reached the 15~25% range in the past, it acted as a signal that the market was near the bottom. Swissblock analyzed, "When the same signal activated in the past, Bitcoin rebounded on average 20~30% and altcoins rebounded 50~150%." Swissblock forecasted, "Once this reset is completed, Ethereum and altcoins may lead the next cycle," adding, "It could be an opportunity for patient investors."

Global asset manager BlackRock(BlackRock) has increased its Bitcoin(BTC) holdings despite a volatile market and is preparing to launch a new ETF. On the 27th (local time), according to crypto asset (cryptocurrency) specialized media CoinDo, BlackRock reportedly purchased approximately 700BTC, roughly 77 million dollars, through Coinbase Prime. Recently, BlackRock also filed for a new 'iShares Bitcoin Premium ETF(iShares Bitcoin Premium ETF)'. While BlackRock's Bitcoin spot ETF IBIT was structured to track the spot price, this ETF is characterized by applying a covered-call strategy to strengthen its income-generating function. The industry views this as a follow-up product to IBIT rather than diversification into altcoins. Meanwhile, a covered call seeks stable returns by buying a stock while selling the right to buy that stock at a specific price (a call option). For example, you buy an A share priced at 10,000 won and sell the right to buy the same share at 11,000 won. In this case, you must forgo gains when the stock price exceeds 11,000 won, but when the stock price moves below 11,000 won, you can obtain both capital gains and option premiums.

Korean retail investors are concentrating their investments on cryptocurrency mining company Bitmine instead of traditional big tech. According to the KSD Securities Information Portal, from September 1 to 26, Bitmine ranked first among the top 50 U.S. stocks by net purchases from domestic individual investors. The net purchase amount surpassed $276 million. Bitmine, which listed on the U.S. stock market last June, has attracted investors' attention as its stock price surged more than 500%. Being known as the world's largest holder of Ethereum and its shift from a 'sell immediately after mining' approach in the past to a recent long-term holding strategy have worked in its favor. The company operates both mining and management businesses based in Las Vegas, using its own equipment to accumulate Bitcoin and Ethereum. The market sees that, with crypto-based ETFs not permitted domestically, investors have chosen U.S.-listed companies as an alternative. Experts said, "As Bitcoin and Ethereum prices surge, mining companies expanding their business with a 'coin accumulation' strategy have become more attractive to investors."

Bitdeer, a Bitcoin (BTC) mining company, mined 108.3 BTC over the past week, and sold 76.9 BTC of that. On the 27th (local time), Bitdeer said on its official X (formerly Twitter), "Bitdeer mined 108.3 BTC over the past week, and sold 76.9 BTC of that, increasing its net holdings by 31.4 BTC." Bitdeer's purely held Bitcoin assets, excluding customer deposits, totaled 1997.5 BTC. The value of Bitdeer's Bitcoin holdings is about $315 million (about 444.6 billion won).

U.S. asset manager Cyber Hornet applied for a new exchange-traded fund (ETF) that combines the S&P500 index and XRP. On the 26th (local time), according to crypto-focused media CoinPedia, Cyber Hornet submitted a total of three hybrid ETFs to the U.S. Securities and Exchange Commission (SEC). Each product consists of S&P500 constituents 75% and a specific crypto asset 25%. Specifically, ▲S&P500·Ethereum (ETH) ETF (ticker EEE), ▲S&P500·Solana (SOL) ETF (ticker SSS), and ▲S&P500·XRP (XRP) ETF (ticker XXX). The market is noting that through this application, XRP has been included for the first time in a U.S. S&P500-linked ETF. The outlet evaluated, "If the hybrid ETF is approved, it could lead to increased participation from institutional investors, pension funds, and hedge funds." Meanwhile, in October, review schedules for several XRP ETFs are planned, including Grayscale (18th), 21Shares (19th), Bitwise (20th), CoinShares·Canary Capital (23rd), and WisdomTree (24th), and there is discussion that some may be concluded collectively.

The Ether.fi Foundation said it continues its buyback (repurchase) program for its ETHFI token. On the 27th (local time), via the foundation's official X (formerly Twitter), it said, "This week, 51 ETH (about $205,000) of the (Ether.fi) protocol's revenue was used to purchase a total of 127,000 ETHFI." The foundation said it continues the strategy of using part of its revenue to buy tokens on the market to reduce circulating supply and increase token value. It added, "The cumulative ETHFI purchase amount has now exceeded approximately $7.1 million."

UXLINK, which recently suffered a hacking incident, disclosed the progress of token migration and security upgrades. On the 26th, UXLINK said on X (formerly Twitter), "We have completed security solution upgrades approved by a third-party security advisory team," and "Starting next week, we will carry out a phased token migration for exchanges and on-chain users." Earlier on the 22nd, UXLINK experienced a security incident related to a multisignature wallet, and circumstances were reported that a significant amount of virtual assets (cryptocurrencies) had been transferred to exchanges. UXLINK said it plans to carry out compensation procedures in stages because regulations and operating procedures differ by exchange (CEX). It has already completed the new token issuance process, and amounts for exchanges where the swap has not been completed will remain locked until the migration time. For on-chain users, UXLINK will cover gas fees to support the migration. UXLINK also said it will pay staking participants all tokens and annual percentage yield (APY) accrued up to October 31. Token distribution and vesting (vesting) schedules will remain the same as the existing whitepaper. In addition, the new UXLINK smart contract will include a function that locks the maximum supply at the code level. UXLINK said, "We will continue transparent and prompt communication with the community and partners."

Justin Sun, the founder of TRON (TRX), is suspected of holding about 64% of the total TRX supply. On the 26th (local time), Zoomer, a channel specializing in virtual assets (cryptocurrencies), cited Bloomberg and reported, "According to records of cryptocurrencies held by Sun, he is estimated to hold 64% of the TRX supply." That day, Bloomberg Businessweek, citing analysis by the Bloomberg Billionaires Index team, reported that Justin Sun holds about 60 billion TRX. This figure was calculated based on the asset records and the wallet address list that Sun's side provided to Bloomberg in February. Sun filed an injunction to prohibit publication in court, arguing that the estimate was incorrect, but it was dismissed, and the lawsuit is currently ongoing.

Two early Ethereum (ETH) wallets that had been inactive for a long time have awakened and moved large-scale assets. On the 26th, according to on-chain analytics firm Lookonchain, the two dormant wallets, unused for more than 8 years, recently transferred 200,000 ETH (about $785,000,000·1,107,000,000,000 won) to two new addresses. The owner of the wallets is understood to have primarily sourced ETH from the Bitfinex exchange in the past. It was confirmed that, to date, a total of 8 wallets hold approximately 736,316 ETH (about $2,890,000,000·4,000,000,000,000 won).

A sharp drop in Ethereum (ETH) prices has resulted in a large decrease in open interest (OI) in the derivatives market. Some market observers say this represents the largest-scale leverage liquidations since last year. On the 26th, virtual asset (cryptocurrency) analyst Coin Bureau cited data from on-chain analytics firm CryptoQuant, saying, "Ethereum is experiencing the largest open interest reset since 2024." They explained that the recent ETH price decline forcibly liquidated heavy leveraged positions, serving as a catalyst to ease market overheating. Coin Bureau also forecasted, "After shedding excessive leverage, the market could enter a new phase." Open interest refers to contracts in derivatives such as futures and options that have not yet been settled. Generally, when its size increases, it is interpreted as capital flowing into the market; conversely, when it decreases, it shows existing positions are being liquidated and leverage is being unwound.

U.S. Nasdaq-listed Empery Digital (Empery Digital) has entered into a new $50 million loan agreement and has fully repaid its existing debt. The company said it will use the remaining funds to continue repurchasing shares to enhance shareholder value. On the 26th (local time), Business Wire reported that Empery Digital used the funds to repay its existing borrowings without fees and allocated some to stock repurchases. As of the 25th, the company had purchased a total of 4,446,844 treasury shares, with an average purchase price of $7.48 per share. Empery Digital still has capacity to buy about $67 million worth of treasury shares. The company said, "When the stock is trading below net asset value (NAV), buying shares can return greater benefits to shareholders," and added, "Through this process, we will increase Bitcoin (BTC) holdings per share to raise long-term value." Meanwhile, Empery Digital originally started as a powersports company producing electric off-road vehicles, and still continues its electric vehicle business under the 'Empery Mobility' brand. Since July, it has adopted a Bitcoin treasury strategy, allocating a significant portion of its assets to Bitcoin accumulation and focusing on enhancing shareholder value.