Minseung Kang

There is analysis that Bitcoin (BTC) has entered a short-term technical correction phase. As trading volume slows and funding rates fall, investor sentiment has become subdued, and the market is paying attention to the possibility of a US interest rate cut in September. On the 8th, cryptocurrency analytics firm Matrixport stated in its weekly report, "The recent Bitcoin market has seen a decrease in trading volume and overall liquidity has weakened. Amidst seasonal uncertainties in August and external factors, investors are exhibiting a cautious attitude." Some in the market argue that whether the technical support line will hold is a key point. The report analyzed, "$112,000 was the zone where a rebound was attempted after the first correction, but as momentum has weakened recently, it may be tested again. If this level fails, the $106,000 range could serve as the next major support." The report also stated, "The key factor for Bitcoin is the market's reassessment of US economic growth rates. If the US central bank, the Fed, does not signal a clear rate cut amid weak economic indicators, the correction trend may continue." Furthermore, the report noted, "The expansion of Bitcoin holdings by listed companies is also being constrained by the recent lackluster volatility. This leads to a decrease in the asset value (NAV) of Bitcoin relative to share prices, thereby weakening the capacity for new purchases." It continued, "While Bitcoin has entered an oversold technical zone and a short-term rebound is possible, there is a lack of catalysts for a strong trend reversal. Until a clear direction emerges, the price is likely to remain range-bound," the report projected.

With Bitcoin (BTC) and Ethereum (ETH) approaching technical resistance zones, market attention is rising. However, there are also analyses suggesting it remains uncertain whether this movement will lead to an actual trend reversal. On the 8th, cryptocurrency analytics firm 10X Research commented through X (formerly Twitter), "Recently, Bitcoin rebounded after confirming support at $111,673 and climbed to the $117,000 level," adding, "While this could trigger a short-term technical rally, the current market faces a seasonal bearish phase and a lack of momentum." 10X Research also analyzed, "Ethereum is witnessing a surge in the number of active wallet addresses and an upward price trend, but these movements are currently driven primarily by psychological factors based on narratives such as expectations, rather than solid fundamentals." They further stated, "Recent moves by President Donald Trump to permit cryptocurrency investments in retirement funds (401k) and expand gold investments have also influenced some investor sentiment, but the response so far has been limited," and added, "Since both Bitcoin and Ethereum have reached critical boundaries, depending on future movements, momentum could either strengthen or sharply decline."

London-listed technology company The Smarter Web Company announced that it has acquired an additional 50 Bitcoin (BTC). On the 8th (local time), The Smarter Web Company stated in an official announcement, "We continue to pursue a Bitcoin-focused treasury strategy," and added, "The company has purchased a total of 50 Bitcoin at an average price of £86,650 ($116,276) per 1BTC." With this acquisition, The Smarter Web Company's total Bitcoin holdings have reached 2,100 BTC. The average purchase price stands at £81,472 ($109,327). The company explained, "Bitcoin is an asset poised to become central to the global financial system, and we are complementing our M&A and organic growth strategies with a Bitcoin treasury strategy." Meanwhile, The Smarter Web Company is a technology-based firm providing web design, web development, and online marketing services and has officially introduced Bitcoin payment and enhanced related strategies since 2023.

As the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is effectively coming to an end, there is growing speculation that the world's largest asset management company, BlackRock, may submit an application for an XRP-based exchange-traded fund (ETF). According to CoinKu, a cryptocurrency-focused media outlet, on the 8th, Nate Geraci, president of NovaDius Wealth Management, stated, "BlackRock may pursue an XRP ETF application after the lawsuit between Ripple Labs and the SEC ends," adding, "This would be part of BlackRock’s strategy to diversify its ETF products beyond Bitcoin and Ethereum." Earlier the same day, the SEC and Ripple Labs agreed to withdraw their appeal and to cover their respective litigation costs. Geraci commented, "We're getting close to the finish line," reflecting the market’s growing expectations. As of 16:35 on Binance’s USDT market, XRP was trading at $3.3448, up 11.26% from the previous day.

Global virtual asset (cryptocurrency) exchange Binance announced the listing of Baby Shark Universe (BSU) on Binance Alpha and previewed an Alpha Point-based airdrop event. On the 8th, Binance announced on its official X (formerly Twitter), "Binance Alpha will list BSU on the 9th," adding, "After Alpha trading opens, users who meet the conditions can claim BSU token airdrops with Binance Alpha Points on the Alpha Event page." Detailed information will be provided separately at a later date. Meanwhile, Binance selects tokens to be listed on Binance Alpha from initial virtual asset projects, taking into account market trends and other factors. A Binance Alpha listing does not automatically lead to a main Binance listing.

U.S. President Donald Trump signed an executive order allowing investments in virtual assets (cryptocurrencies) through retirement pensions (401K), spreading expectations for a market rebound after a bearish turn at the beginning of August. Traditionally, August is a seasonally bearish period, but this month there are projections that the trend could shift. The leading altcoin, Ethereum (ETH), as of August 8th, 15:18, is trading at $3,908 (₩5,384,000 on Upbit), up 7.29% from the previous day in the Binance Tether (USDT) market. The ETH/BTC ratio has also risen to 0.03353, maintaining its upward trend. Meanwhile, major altcoins have been attempting limited rebounds after ending their decline, but significant supply-demand improvement has not yet been observed. The market notes that selling pressure has somewhat eased, but additional capital inflows are likely needed for a sustained reversal. On this day, Bitcoin dominance (BTC Dominance, the share of Bitcoin in the overall virtual asset market capitalization) stood at 60.853%, having decreased by about 1.7%p since August 2. As Bitcoin's price has risen, this slight drop in dominance is interpreted as some capital rotating from Bitcoin to altcoins. ETF inflows & whale accumulation, Ethereum expected to break $4,000 On the 7th (local time), President Trump signed an executive order permitting investments in alternative assets, including virtual assets, private funds, and real estate, through retirement pensions (401k). Accordingly, the U.S. Department of Labor will, within six months, re-examine the definition of eligible assets for 401k and its management guidelines, including alternative assets. If necessary, the Department of Labor may consult with the Securities and Exchange Commission (SEC) and the Treasury Department, among others, to comprehensively review the relevant internal regulations and guidelines on allowing alternative assets. As the scale of 401k funds—operated through automatic payroll deductions each month—reaches about $9 trillion (₩12,465 trillion), such institutional changes could result in large-scale capital inflows into alternative assets, including virtual assets. In particular, Ethereum has seen its rally accelerate further since the mid-July passage of the U.S. stablecoin regulation bill, the GENUIS Act. As major stablecoins like USDC are issued on the Ethereum network, this has positively contributed to trust in the ecosystem. Additionally, the increase in companies such as Sharplink Gaming and Bitmine accumulating Ethereum as a strategic asset is also considered favorable. The on-chain data analysis platform Swissblock recently stated in a research report, "Ethereum recorded the strongest net inflow since ETF approval in July, showing a significant rebound," and "ETH surged nearly 50% last month, rising to 25th place in global market capitalization and surpassing P&G, Bank of America, and Samsung Electronics." There have also been observations that whales have been steadily accumulating Ethereum. On-chain analytics firm Santiment recently mentioned via a YouTube broadcast, "Over the past three weeks, about 0.5% of the total Ethereum supply has been added to whale wallets holding more than 10,000 ETH," explaining that "this is the result of whales absorbing the ETH sold by individual investors taking profits." As of the 1st, the total Ethereum held in these wallets increased by about 3.87 million ETH over three months, reaching 118.66 million ETH. Analysts see Ethereum continuing its upward trend over the mid-to-long term. Aayush Jindal, a researcher at NewsBTC, analyzed, "Ethereum saw short-term price corrections as profit-taking occurred, but the drop was limited," noting, "Resistance levels for further gains are located at $3,820, $4,000, and $4,120, respectively." He also estimated that support levels for declines are around $3,620~$3,580 and $3,540~$3,440. Rakesh Upadhyay, a researcher at Cointelegraph, said, "Investors are maintaining positions in anticipation of further gains," and projected, "If the resistance at $3,745 is breached, moves to $3,941 and possibly to $4,094 are possible." Cryptocurrency analyst Benjamin Cowen predicted, "Ethereum may form a higher bottom in September and possibly reach new highs by December." "Altcoins: expectations and concerns coexist… Decrease in trading volume & investor wait-and-see mood" Market experts diagnosed that, after a short-term correction, the altcoin market has entered a phase of searching for a bottom. The derivatives market is also continuing a wait-and-see approach without clear directionality. Alex Kuptsikevich, senior market analyst at FXPro, commented, "August is seasonally one of the worst months for Bitcoin. Altcoins are also being tested," adding, "The crypto fear and greed index has dropped to 53, recording a six-week low. The sell-off that started at the end of last month is weighing down the market, while the market is waiting for growth momentum and external catalysts to time its rebound." Crypto analyst Benjamin Cowen also noted on his YouTube channel, "Altcoins experienced brief attention, but a sustained 'alt season' supported by continuous capital inflows and upward movement has yet to appear," observing, "Recently, even Ethereum has been absorbing capital from the (small and mid-sized) altcoin market." He added, "For now, investors are recommended to focus on preserving assets rather than seeking excessive profits." There is also an opinion that the altcoin market is still under the influence of Bitcoin. Crypto strategist Michael van de Poppe observed, "The altcoin market has been in a prolonged sideways phase for the past 12 months, and many investors have become psychologically frustrated due to portfolio returns," analyzing, "Although altcoin volatility has increased recently, a clear upward trend is yet to be seen." He projected, "If Bitcoin dominance (its share in the market) remains high and Bitcoin stably holds the $115,000 level, altcoins could also continue to rebound going forward." There is also an analysis that the recent decrease in trading volume could increase market caution regarding the continuity of the rally. Crypto analytics firm Matrixport stated in its research report, "Total cryptocurrency market capitalization reached a record high of $3.85 trillion at the end of July, but daily trading volume dropped significantly to $178 billion compared to the beginning of the year," adding, "With August lacking special catalysts, the market could enter a phase of short-term correction or move sideways." Some argue that the recent increase in stablecoin issuance may contribute to long-term upward momentum. On-chain analytics firm Santiment recently highlighted via YouTube, "USDT stablecoin issuance increased 6.5% over ten days to $83.24 billion," analyzing, "A large portion of the issued coins have flowed into whale wallets, fueling expectations of further accumulation." Kang Min-seung, Bloomingbit reporter minriver@bloomingbit.io

Bitcoin (BTC) briefly fell below the $113,000 mark. As of 23:39 on the 5th, BTC is trading at $113,077 on Binance's USDT market (₩158,650,000 according to Upbit), down 1.83% from the previous day. Meanwhile, according to virtual asset data platform Cryprice, Bitcoin's kimchi premium was tallied at 0.84% on this day. This indicates that prices on domestic exchanges are traded slightly higher than the global market.

U.S.-listed company CEA Industry announced that it has completed a $500 million private placement (PIPE) as it formalizes a financial strategy centered on Binance Coin (BNB) as a core asset. According to GlobeNewswire on the 5th (local time), CEA Industry recently raised a total of $500 million through a private equity offering, and stated that the funds will be used for BNB purchases and implementation of its treasury strategy. In addition, the company announced that starting from the 6th, it will change its NASDAQ ticker symbol from 'VAPE' to 'BNC' and its company name to 'BNB Network Company (BNB Network Company)'. This fundraising round was led by digital asset specialist investment firm YGI Labs, with over 140 institutions participating, including Pantera Capital, Arechi Capital, and Arrington Capital. CEA emphasized, "We aim to go beyond just holding BNB by participating in the BNB ecosystem and establishing a transparent SEC reporting framework."

The Brazilian government plans to hold a hearing on the 20th to discuss designating Bitcoin as a national strategic reserve asset. On the 5th, cryptocurrency publication CoinDesk reported via X (formerly Twitter) that “Brazil is planning to hold an official hearing on the 20th to discuss issues related to a 'strategic Bitcoin reserve.'” Previously, Brazil has officially considered the introduction of a national Bitcoin reserve (RESBit).

Bit Mining, a cryptocurrency infrastructure company, announced that it has established its own validator and purchased 27,191 SOL as part of its strategy to expand into the Solana (SOL) ecosystem. According to PR Newswire on the 5th, Bit Mining officially launched its Solana validator, which is operated by its own infrastructure team, and has begun staking the entire amount of acquired SOL to the node. Previously, the company announced on the 10th of last month that it had raised up to $300 million to expand Solana infrastructure and purchase tokens. Bo Yu Wei, Chairman and Chief Operating Officer (COO), stated, “The launch of this validator goes beyond simply holding tokens—this demonstrates our commitment to participating as a key operator in the Solana network,” and added, “We plan to pursue both financial and strategic achievements through SOL staking and ecosystem participation.” Previously, on the 10th of last month, the company announced a strategic shift to focus on purchasing Solana tokens and developing infrastructure by raising funds of up to $300 million.

U.S.-listed company SharpLink Gaming, Inc. announced that it has expanded its cumulative Ethereum (ETH) holdings to 521,939. All ETH held are currently staked. On the 5th, SharpLink Gaming, Inc. stated via its official X (formerly Twitter), "From the 28th of last month to the 3rd of this month, we purchased a total of 83,561 ETH at an average purchase price of $3,634 per coin." The total purchase value amounts to $264.5 million (approximately ₩366.2 billion). The company explained, "Since implementing our ETH concentration strategy in June, our ETH concentration per share has risen from 3.40 to 3.66, marking an 83% increase since the start of the strategy." Meanwhile, SharpLink Gaming, Inc. is staking all of its ETH holdings and has received 929 ETH in cumulative staking rewards.

U.S. publicly traded mining company CleanSpark announced that it mined 671 new Bitcoins in July alone, pushing its total self-held reserves past 12,700. According to PR Newswire on the 5th (local time), CleanSpark released its monthly update on its Bitcoin mining and operational status for the previous month, making this announcement. Zach Bradford, CEO of CleanSpark, stated, "July was a strong month for both Bitcoin and the company," adding, "As Bitcoin reached an all-time high above $120,000, our cumulative Bitcoin strategy has proven its merit." He also commented, "Without diluting shareholder equity or raising external funds, we fully covered all operational expenses through strategic Bitcoin sales, and we continue to increase our long-term holdings." Meanwhile, CleanSpark is scheduled to unveil its Q3 2025 fiscal results via an earnings webcast on the 7th (local time).

U.S.-listed company Exodus Movement increased its holdings by purchasing 29 additional Bitcoins (BTC) during July. On the 5th, the cryptocurrency-focused media outlet BlockBeats reported, "Cryptocurrency wallet developer Exodus Movement acquired a total of 29 BTC last month, raising its total holdings to 2,087 BTC as of the end of the month." Exodus is a company providing wallet services and asset management platforms mainly for individual investors, and it holds Bitcoin directly on its own balance sheet.

U.S.-listed company 180 Life Sciences announced that it has completed a private placement of $425 million (approximately ₩589 billion) and will embark on Ethereum (ETH)-based financial strategies. According to PR Newswire on the 5th (local time), 180 Life Sciences said that on the 4th, it raised a total of $425 million through a private investment in public equity (PIPE) offered to listed companies, instead of a public offering, by issuing shares and pre-funded warrants. The funds raised will be used for ETH purchases, trading activities, executive bonuses, maintaining the existing iGaming business, monetizing existing bio intellectual property (IP), and general operating expenses. The company also reportedly plans to begin large-scale ETH purchases in the coming weeks. Board Chairman McAndrew Rudisill stated, "We are restructuring the company around the Ethereum community," and added, "We will collaborate with ecosystem pioneers to help shape the future of Ethereum." Meanwhile, the company is also considering an additional issuance of fixed-income securities worth $150 million.

US-listed pharmaceutical company MEI Pharma announced that it has acquired a total of ₩110.4 billion (approximately $110.4 million) worth of Litecoin (LTC). According to BusinessWire on the 5th (local time), MEI Pharma revealed that it purchased 929,548 Litecoins at an average price of $107.58 each between the 30th of last month and the 4th of this month. Based on the current market price, the total value of these assets reaches approximately $110.4 million (about ₩143 billion). This strategy was jointly developed with virtual asset investment firm GSR, and Charlie Lee, the creator of Litecoin and a current MEI board member, participated as an advisor in the formulation of the strategy. Charlie Lee stated, "Litecoin has functioned as a stable and scalable decentralized currency for a long time," and evaluated, "MEI's strategy represents a move to recognize and actively utilize this within the institutional financial system." According to the media, MEI is also considering future plans such as a potential corporate name change and entering the Litecoin mining business.

Binance's virtual asset (cryptocurrency) futures trading volume has reached the highest level in seven months. On the 5th, CryptoQuant, an on-chain analysis platform for virtual assets (cryptocurrencies), analyst maartunn delivered through a Quicktake report, "Binance's futures trading volume reached $2.55 trillion in July," adding, "This is the highest figure since January this year." Major virtual assets, including Bitcoin, have experienced significant price swings recently, which indicates that user participation in the futures market has become active again. Maartunn explained, "After the recent price breakout, more investors are becoming active again." During the same period, Bybit recorded a futures trading volume of $929 billion, and OKX reported $1.09 trillion. However, Binance accounted for more than half among all major exchanges, maintaining an overwhelming market share in the futures sector. Maartunn analyzed, "The reason Binance continues to be preferred in the futures market is due to its high liquidity and rapid listing of altcoins," adding, "The active trading environment has greatly contributed to the recent surge in trading volume."

It was found that 49,000 Ethereum (ETH) were net withdrawn from major virtual asset (cryptocurrency) exchanges in a single day. On the 5th, crypto-specialized media BlockBeats reported, citing Coinglass data, that "49,000 ETH were net outflowed from major centralized exchanges (CEX) over the last 24 hours." Among them, Kraken had the largest outflow, with 26,500 ETH leaving the exchange. This was followed by 26,000 ETH withdrawn from Coinbase Pro and 24,400 ETH from OKX. On the other hand, Bitfinex recorded a net inflow of 35,800 ETH, ranking first in terms of net inflows. Usually, it is known that the more a particular coin is withdrawn from crypto exchanges, the higher the likelihood of its price increase.

Movements among Bitcoin (BTC) investment entities are diverging. Corporate wallets are engaging in buying, while exchange-traded funds (ETFs) are showing a selling trend. On the 5th (local time), the virtual asset (cryptocurrency) media outlet Cointelegraph, citing data from digital asset investment firm Capriole Investments, reported that "corporate holders of Bitcoin purchased an additional 630 BTC (about $72 million) the previous day." This marks the largest daily net purchase so far in August, indicating that corporations are continuing to accumulate BTC. In contrast, on the same day, a total of $323.5 million (about ₩450 billion) flowed out from U.S. spot Bitcoin ETFs. Of this, $292.2 million was withdrawn from BlackRock's IBIT alone, recording one of the largest daily net outflows this year. Capriole explained, "The net buying of Bitcoin by corporate wallets has continued since last month," and added, "On the 21st of last month alone, there was a massive purchase of 26,700 BTC (about $3 billion)." Charles Edwards, founder of Capriole, stated on X (formerly Twitter), "On most days in previous cycles when corporate wallets sold more than 1,500 BTC in a day, those days usually coincided with short-term local bottoms," and added, "This could be a (potential) 'buy signal.'" Meanwhile, some analysts are cautioning against excessive pessimism despite recent market conditions such as ETF outflows. Eric Balchunas, a Bloomberg ETF analyst, noted, "Recent bottom-fishing has been an effective strategy for decades."