Minseung Kang

Competition to launch spot Exchange Traded Funds (ETFs) based on XRP appears to be intensifying. According to the cryptocurrency-focused media outlet Coinpedia on the 23rd (local time), seven asset management companies—Grayscale, Bitwise, Canary, CoinShares, Franklin Templeton, 21Shares, and WisdomTree—have submitted revised applications for XRP spot ETFs to the U.S. Securities and Exchange Commission (SEC). These firms are reported to have increased the flexibility of ETF creation and redemption methods by incorporating feedback from the SEC. Eleanor Terrett, a journalist for Fox Business, commented, "This batch submission was likely made with the SEC's October approval deadline in mind." James Seyffart, a Bloomberg ETF analyst, also evaluated, "It's highly likely that these amendments directly reflect the SEC's requirements." Nate Geraci, president of Novadius Wealth, remarked, "It is very unusual for multiple asset managers to act at the same time," and added, "Such collective action could become a pressure factor making it more difficult for the SEC to delay its approval decision." However, BlackRock, the world's largest asset management company, did not participate in this round of revised filing submissions. While BlackRock has taken a leading role in the Bitcoin and Ethereum ETF markets, it has clarified that it currently has no plans for an XRP product. The media outlet stated, "The market's response was immediate. XRP's price surged by 7% on the day, trading at $3.08, reflecting investor expectations," adding, "Experts predict that if the ETF is approved, institutional demand could accelerate, becoming a long-term growth driver for XRP."

El Salvador has been consistently purchasing additional Bitcoin (BTC). According to cryptocurrency-focused media outlet CoinTrackDaily on the 23rd (local time), the government of El Salvador recently purchased 8 more Bitcoins, increasing its total holdings to 6,277.18 BTC. This is valued at $727 million. The latest acquisition took place as Bitcoin hovered around $115,000, experiencing fluctuations. Meanwhile, since becoming the world's first country to adopt Bitcoin as legal tender in September 2021, El Salvador has continued to accumulate Bitcoin in its national reserves. Despite international organizations such as the International Monetary Fund (IMF) criticizing the move and highlighting risks of high volatility, El Salvador has maintained its long-term holding policy.

The leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), saw surges in price following remarks by Jerome Powell, Chair of the Fed. On the 22nd (local time), Bloomberg reported, “When Powell left open the possibility of a rate cut in September during his speech at the Jackson Hole Symposium, the market reacted immediately.” According to Binance, Bitcoin is currently trading up 2.32% at $115,841 (about ₩160,000,000 on Upbit). Notably, Ethereum at one point soared to $4,866.73, breaking its previous all-time high ($4,866.40) set in November 2021. Since the start of this year, Ethereum has risen more than 40% and firmly maintained its position as the second-largest cryptocurrency by market capitalization. The market response was clear. Katalin Tischhauser, Head of Research at Sygnum Bank in Switzerland, analyzed, “The digital asset market immediately reacts to dovish signals in a liquidity-driven bull run,” and stated, “Powell’s remarks played that role.” Institutional demand is also supporting the strength. According to Bloomberg’s tally, over $2.5 billion in net inflows have been recorded into US spot Ethereum ETFs this month, while Bitcoin funds saw net outflows of $1.3 million. Companies that accumulate Ethereum—so-called DATs (Digital Asset Treasuries)—have purchased $17 billion worth of Ethereum to date.

Bitcoin (BTC) briefly recovered to the $116,000 mark. As of 23:40 on the 22nd in the Binance USDT market, Bitcoin is trading at $116,065, up 2.55% from the previous day. Earlier, Fed Chair Jerome Powell assessed the state of employment and inflation in his Jackson Hole speech, suggesting a cautious adjustment in policy direction. Powell remarked, "The labor market remains close to maximum employment, and although inflation is still somewhat elevated, it has come down significantly from its pandemic peak." The market had expected a hawkish tone from Powell, but interpreted his remarks as a dovish signal, leading to a rise.

Hong Kong-listed Huaxing Capital has officially approved a strategic plan to add $100 million worth of Binance Coin (BNB) to its asset portfolio. This marks the first case among Hong Kong-listed companies to include BNB as a strategic asset. According to cryptocurrency-focused media outlet CoinKu on the 22nd (local time), Huaxing Capital entered into a strategic partnership with Easy Labs (formerly Binance Labs) and approved a plan to invest about $100 million in BNB going forward. In particular, this plan is said to include the listing of BNB on regulated Hong Kong virtual asset exchanges, as well as support for Web3-based projects and the launch of real-world asset (RWA)-backed products.

Arthur Hayes, co-founder of BitMEX, predicted that if Fed Chair Powell makes hawkish remarks during today's scheduled speech at Jackson Hole, Ethereum (ETH) could be adjusted down to $4,000. According to virtual asset (cryptocurrency) specialist media BlockBeats on the 22nd (local time), Hayes appeared on the podcast 'Crypto Banter' and analyzed, "If Fed Chair Powell of the U.S. central bank takes a hawkish (monetary tightening) stance during the Jackson Hole speech, Ethereum (ETH) could temporarily adjust down to $4,000." He stated, "Personally, I don't trade based on the assumption of interest rate cuts," adding, "Even if Powell doesn't lower rates, the government will eventually find a way to provide liquidity." He continued, "The market could repeat a situation similar to 2022. At that time, there were also expectations for a rate cut, but the market plunged due to sudden hawkish remarks," he added.

The iShares Bitcoin Trust (IBIT), BlackRock's Bitcoin exchange-traded fund (ETF), has surpassed major cryptocurrency exchanges to become the largest Bitcoin holder. There is analysis that market leadership is shifting from exchanges focused on individual investors to institution-centered financial products. According to DailyCoin, a cryptocurrency media outlet, on the 22nd (local time), on-chain analytics firm CryptoQuant reported, "IBIT has become the largest Bitcoin custodian, with steady inflows after surpassing Coinbase's holdings in May." Currently, IBIT holds about 781,160 BTC, exceeding Coinbase (about 703,110 BTC) and Binance (about 558,070 BTC). The media noted, "Unlike typical exchange deposits, ETF holdings are essentially removed from market liquidity, so continuous accumulation by institutional investors could intensify supply shortages," and explained, "It is the long-term holdings of institutional investors, rather than individuals, that are driving the market."

Bitcoin (BTC) briefly fell below the $112,000 mark. As of 21:32 on the 22nd, BTC is trading at $111,825 on the Binance USDT market (₩156,810,000 on Upbit). Meanwhile, according to the cryptocurrency data platform Cryprice, Bitcoin’s kimchi premium was recorded at 0.88% today. This indicates that BTC is trading at a slightly higher price on domestic exchanges compared to the global average.

SharpLink Gaming, which declared plans to accumulate Ethereum (ETH), has announced a large-scale share repurchase plan. On the 22nd (local time), SharpLink announced via its official website that its board of directors has approved a share repurchase program of up to $1.5 billion. The company stated, "If the share price trades below the value of held Ethereum (ETH), we may buy back shares to prevent a decline in shareholder value," and added, "Through this, we aim to utilize capital efficiently and enhance long-term shareholder returns." SharpLink can purchase shares on the open market, through private transactions, or in any legally allowed manner under this program, with the specific timing and size of purchases to be adjusted based on market conditions and trading volumes. Joseph Chalom, SharpLink Co-CEO, said, "This program provides the flexibility to respond quickly and decisively depending on the market situation." The company also clarified that it is not obligated to buy a specific number of shares and that the program may be suspended if necessary.

As the volatility of Bitcoin (BTC) has sharply decreased, reports indicate that short-term investors are turning their attention to Ethereum (ETH). According to Bloomberg on the 22nd (local time), Bitcoin's volatility has dropped from previous levels as high as 200% to the current 38%. This is a similar level to some large-cap stocks such as Starbucks and Goldman Sachs. Some observers note that Wall Street's 'buy and hold' approach is contributing to increased stability in the Bitcoin market. As Bitcoin's price volatility increasingly resembles that of 'blue-chip assets,' funds seeking short-term profits are heading to Ethereum. Recently, Ethereum spot ETF trading volumes have surpassed Bitcoin's several times. Jeff Dorman, CIO of Arca, explained, "Recent trading activity is focused on Bitcoin and Ethereum," adding, "Bitcoin is increasingly being regarded as a long-term holding asset, while Ethereum remains exposed to high volatility." Meanwhile, some experts are cautioning about a short-term correction in Ethereum. Arthur Azizov, founder of B2 Ventures, analyzed, "ETH may stay within the $3,900~4,400 range short-term," and warned, "If leveraged liquidations occur, it could fall to the low $3,000s." Bradley Duke, Head of Europe at Bitwise, also commented, "Ethereum has entered a risk-off phase," and noted, "While there is the possibility of a short squeeze in the short term, many institutional investors are instead preparing for a correction." The outlet commented, "In past cycles, Bitcoin and Ethereum both led the uptrend together, but this time, the market's focus is narrowing to just these two assets," and added, "While Bitcoin serves as a stable anchor, Ethereum is absorbing the market’s volatility."

A bill has been submitted in the Philippine House of Representatives to establish a national-level Bitcoin (BTC) reserve. According to cryptocurrency-focused channel NLNico on the 22nd (local time), Philippine Representative Migz Villafuerte introduced 'HB 421.' The bill stipulates that the Bangko Sentral ng Pilipinas will purchase 2,000 BTC annually for 5 years, amassing a total of 10,000 BTC as a strategic national reserve. Per the bill, Bitcoin will be held for at least 20 years as part of a long-term asset strategy to secure national security and debt stability.

As Jerome Powell, Chair of the Fed (the U.S. central bank), prepares to deliver a speech at the Jackson Hole Economic Policy Symposium, there are predictions that Bitcoin (BTC) is facing a test of short-term volatility. According to CoinDesk, a media outlet specializing in crypto assets (cryptocurrencies), Pulkit Goyal, Head of Trading at Orbit Markets, an options specialist firm for cryptocurrencies, analyzed, "The options market reflects the possibility of Bitcoin moving about ±2% before and after Powell's remarks." In recent days, Bitcoin's short-term implied volatility (IV) reached 49% annualized, the highest since the end of May. This suggests a potential 2.5% price swing over 24 hours—a level that far exceeds the average daily range (1.18%) of the past 30 days. Goyal noted, "If the speech is not as dovish (favoring monetary easing) as the market expects and is instead neutral, there is a high chance of a short-term correction. As a result, demand for put options is rising," he said. As of 20:00 on this date, Bitcoin is trading at around $112,295, and on the daily chart, it has failed to break through the $114,000 resistance level. The media outlet commented, "This is similar to phases when medium-term corrections occurred in previous cycles." Meanwhile, Powell's speech is scheduled for 23:00 on the 22nd (KST). Market participants are watching closely to see whether the Fed will signal a rate cut directly, or maintain a more cautious stance.

The virtual asset (cryptocurrency) project Aptos (APT) has been listed on the global exchange Backpack. On the 22nd, Aptos announced via the official X (formerly Twitter), "Aptos has been officially listed on Backpack Exchange," adding, "The Aptos ecosystem is expanding further. It has become easier for funds to move within Aptos." Meanwhile, Aptos is a Layer 1 blockchain known for fast transaction processing speed and stability, supporting various dApps and decentralized finance (DeFi) projects.

A dormant Bitcoin (BTC) whale wallet that had been inactive for seven years has reactivated and reportedly converted a large amount of funds to Ethereum (ETH). According to cryptocurrency-focused media outlet The Block on the 22nd (local time), blockchain analytics firm Lookonchain reported: "The whale wallet that once received 107,784 BTC has recently purchased 62,914 ETH (about $270 million, approximately ₩375 billion) in spot trades, and has also built a long position in derivatives for an additional 135,265 ETH (about $580 million)." Lookonchain suggested that there are six other whale wallets exhibiting similar patterns, possibly linked to the same entity, and noted that these wallets collectively hold 83,585 BTC (worth about $9.45 billion). In recent weeks, so-called 'ancient Bitcoin holders' have been reactivating their wallets near market highs, resulting in movements of assets worth billions of dollars. This shift from selling to buying coincided with Bitcoin being adjusted to around $112,000. Meanwhile, Ethereum is gradually approaching its all-time high of $4,878 recorded in 2021. Additionally, a similar trend is being observed in the ETF market. The media added: "As of the 21st, there was a net outflow of $194.3 million from spot Bitcoin ETFs, while spot Ethereum ETFs saw a net inflow of $287.6 million."

The global cryptocurrency exchange Binance is listing perpetual futures based on Plasma (Plasma, XPL). On the 22nd (local time), Binance announced in an official notice, "The Binance Futures platform is launching pre-market trading for XPL perpetual futures on this day." The launch of trading is scheduled for 6:30 PM KST. This product offers up to 5x leverage. Meanwhile, Plasma is an Ethereum Virtual Machine (EVM) compatible Layer 1 blockchain designed for global large-scale stablecoin payments. The total issuance is set at 10 billion, with no fixed maximum issuance cap. The settlement asset for the contract is Tether (USDT).

Bitcoin (BTC) is showing a pattern similar to previous cycles, raising the outlook for heightened short-term volatility. Experts particularly pointed to the next 2–3 weeks as potentially a crucial turning point for the market. According to the cryptocurrency-specialized media outlet Coinpedia on the 22nd (local time), cryptocurrency analyst Benjamin Cowen stated, "In Bitcoin’s previous two cycles, it took about 1,060 days to reach the peak," and "Currently, about 1,016 days have passed, so if historical patterns repeat, the peak may occur between October and December." He added, "Although Bitcoin has never recorded its peak in October before, this cycle may make October a notable period." Rekt Capital, another analyst, also analyzed the weekly price trend, stating, "Bitcoin tends to experience peak volatility in the 6th to 8th weeks of its cycle," and "currently, it has entered a zone where volatility could again increase." He mentioned that in the past there have been △ corrections after 6 weeks of rises and a correction in the 7th week in 2013, △ a 34% drop in the 8th week after 7 weeks of gains in 2017, and △ a 30% drop after 6 weeks of increases from 2020–21. He explained, "In the 6th to 8th weeks, there are often short-term dips and turbulence, but these periods have frequently led to bullish phases afterward." The media outlet added, "From a technical perspective, Bitcoin is showing a correction as it fails to break through the $114,000 resistance on the daily chart," and "this resembles a typical mid-term correction that has appeared during previous bullish trends."

Arthur Hayes, co-founder of BitMEX, has presented a bullish outlook for Ethereum (ETH). According to cryptocurrency-specialized media outlet CoinEdition on the 22nd (local time), Hayes recently stated in a CNBC interview, "The chart indicates further upside," and predicted, "Ethereum's price could rise to $10,000–$20,000 within 3–4 years." He explained, "Although reaching that level in the very short term during this cycle is difficult, asset-friendly policy direction during the Trump administration and capital inflows from digital asset treasury firms will drive the uptrend." Hayes especially regarded President Trump's focus on economic achievement as a positive factor for the digital asset market. For virtual asset tokens, he favored Ethereum over Solana (SOL), evaluating, "In the short term, Solana may offer higher returns, but in terms of market size and stability, Ethereum has better risk-adjusted return profiles." Previously, he predicted ETH would break through its peak after testing $3,000. In addition, he accumulated Ethereum-related tokens worth $14.37 million between the 10th and 20th of last month.

Large-scale options for Bitcoin (BTC) and Ethereum (ETH) expired today. The total value of these expiries amounts to $5 billion. According to the cryptocurrency options data platform Greeks.live on the 22nd, 34,000 Bitcoin options expired on this day, with a notional value of $3.82 billion. On the same day, 220,000 Ethereum options expired, with a notional value reaching $950 million. This expiration represents about 8% of total open interest, which is historically a low proportion. Greeks.live evaluated, "Although BTC and ETH have experienced price corrections near their all-time highs, the overall sentiment in the derivatives market remains optimistic." They also added, "There is a clear divergence of opinions regarding short-term volatility in the options market," and stated, "Amid frequent large block deals and a mix of buying and selling positions, the outlook for (medium- to long-term) volatility is predominantly for lower levels going forward." Meanwhile, short-term implied volatility (IV) showed a marked rebound. Bitcoin’s medium- and short-term IV rose above 35% across the board, while Ethereum’s short-term IV exceeded 80%.

Eric Trump, the second son of President Trump, is scheduled to attend the shareholders meeting of the Japanese Bitcoin (BTC) holding company Metaplanet. According to BlockBeats, a media outlet specializing in virtual assets (cryptocurrencies), Eric Trump will be present at Metaplanet’s annual general shareholders meeting on September 1st. He joined Metaplanet as a strategic advisor this past March. Metaplanet was originally a hotel operator, but since early 2024 it began pursuing a Bitcoin-focused financial strategy and has accumulated a total of 18,888 BTC to date. This amounts to approximately $2.1 billion. The company maintains the goal of increasing its Bitcoin holdings to 30,000 this year, and it is reported that a vote on new financing measures will take place at this shareholders meeting. Previously, Simon Gerovich, CEO of Metaplanet, stated, "Our goal to accumulate Bitcoin remains unchanged," adding that, "We will continue expanding our holdings through future fundraising."

Wemade has been ordered to pay billions of won in damages to its former and current employees. According to the industry on the 22nd, the 42nd Civil Division of the Seoul Central District Court (Presiding Judge Jeong Hoe-il) ruled in favor of some of the plaintiffs in a lawsuit filed by 27 former and current employees of Wemade against the company for damages. The court ruled that Wemade must pay a total of 9,939,280,000 won. These employees filed a lawsuit worth about 16.2 billion won in July last year. They are personnel who previously worked at Wemade's blockchain subsidiary, Wemade Tree, and took legal action claiming that the company failed to deliver the promised virtual asset, WEMIX. Meanwhile, Wemade Tree is a subsidiary established by Wemade in 2018 to enter the blockchain business, which was merged back into the parent company in 2022. Currently, the WEMIX Foundation continues to perform the same role.