Blockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
Bitcoin (BTC) briefly gave up the $113,000 level. As of 11:47 PM on the 2nd, Bitcoin is trading at $113,070 on Binance's USDT market, down 2.03% from the previous day (₩158,740,000 on Upbit). Meanwhile, according to the cryptocurrency data platform Cryprice, Bitcoin's Kimchi Premium was recorded at 0.96% that day.
The circulating supply of stablecoin Tether (USDT) has seen a significant increase this year. In particular, an additional 6 billion USDT was issued in July. According to the crypto-focused media outlet BlockBeats on the 2nd, Tether issued a total of 6 billion new USDT during July 2025. The overall USDT circulating supply has increased by more than $20 billion so far this year. As of June 30, the total USDT circulating supply stood at $157 billion (approximately ₩218,495,900,000,000). Tether’s Q2 financial report shows that the company currently holds $127 billion worth of U.S. Treasury Bonds. Of these, $105.5 billion are held directly and $21.3 billion are held indirectly. This represents an increase of approximately $8 billion compared to Q1. Additionally, in Q2 Tether recorded a net profit of $4.9 billion, with a total net profit in the first half of the year reaching $5.7 billion.
The circulation of the US dollar-based stablecoin USDC has decreased by $1.1 billion (approximately ₩1,528.6 billion) over the past week. According to crypto-focused media O’Daily on the 2nd, Circle, the issuer of USDC, minted approximately $5.4 billion worth of new USDC in the past seven days, while redeeming (burning) about $6.4 billion. As a result, the total circulating supply dropped to $63.9 billion (about ₩88,738.9 billion). Typically, an increase in stablecoin issuance is interpreted as implying greater purchasing power for cryptocurrency, but if the circulating supply shrinks, it is seen as a sign that investment demand has temporarily contracted. As the crypto market enters a correction phase, the decrease in USDC circulation is drawing attention in connection with the market's wait-and-see sentiment.
Eric Trump, the second son of former U.S. President Donald Trump, urged investors to view declines in Bitcoin (BTC) and Ethereum (ETH) as buying opportunities. On the 2nd (local time), Eric Trump posted on X (formerly Twitter), "I'll say it again: ₿uy the dips!!!" He previously encouraged purchasing virtual assets (cryptocurrencies) with the same phrase in February. His statement comes as Bitcoin has recently experienced a short-term drop, correcting down to the $114,000 level.
There is a projection that Ethereum (ETH) will surpass $4,000 within the year. In particular, the fact that selling pressure has dropped to its lowest level in two years is seen as supporting its upward potential. On the 2nd (local time), according to cryptocurrency-focused media outlet AMB Crypto, Mike Novogratz, CEO of Galaxy Digital, said, "Although Ethereum is currently staying within the $3,000–$4,000 range, the likelihood of surpassing $4,000 by year-end is greater." Institutional investor demand is also lending support to the bullish outlook. According to the outlet, inflows into spot Ethereum ETFs in July totaled $5.3 billion, marking the highest monthly inflow since the product's launch. Currently, ETFs hold approximately 5.84 million ETH, and financial companies such as Bitmine and Sharplink Gaming have increased their holdings to 2.73 million ETH. This corresponds to about 2.26% of the total supply. On-chain data is also backing up the bullish signals. According to CryptoQuant on the same day, net Ethereum inflows to exchanges recently hit a two-year low. This suggests that buying activity continues to outweigh selling even near recent highs. However, the outlet added, "Given current macroeconomic variables, short-term direction for Ethereum could be highly volatile," and noted the need to closely monitor major factors such as Federal Reserve monetary policy and inflation indicators.
Peter Schiff, known as a financial market pessimist, has warned about the possibility of a rate cut by the U.S. central bank, the Federal Reserve System (Fed). Contrary to the easing effect the market anticipates, he claims it could actually lead to an increase in inflation and long-term interest rates. On the 2nd (local time), Peter Schiff, CEO of Euro Pacific Capital, stated on X (formerly Twitter), "If you think things seem bad now, just wait until the Fed cuts rates," and pointed out, "Many people are harboring the false hope that a Fed rate cut will rescue the situation." He said, "However, the effects of a rate cut will not be what the market expects," adding, "Ultimately, it will result in rising consumer prices and higher long-term interest rates."
Global payment companies Visa and Mastercard have assessed that, despite the recent rise of stablecoins, their impact on these companies’ payment networks remains limited. On the 2nd (local time), cryptocurrency-focused media outlet Coinpedia reported, "Visa and Mastercard stated that stablecoin payments are not currently a substantial threat." In fact, Visa's annual payment processing volume is $15 trillion, far exceeding the entire stablecoin market capitalization. According to Reuters on the 1st (local time), the two companies analyzed that about 90% of stablecoin transactions are still confined to crypto exchanges, with limited usage in everyday payments. They emphasized, "Card networks still have a strong advantage in areas such as predictability, wide acceptance, and anti-fraud infrastructure." However, it is known that Visa and Mastercard are paying close attention to stablecoin technology and investing in related integrated infrastructure. The media added, "Some US merchants are paying attention to stablecoins, but most usage still remains within crypto exchanges," stating, "Stablecoins are still considered to have limitations as a mainstream payment method."
Bitcoin has dropped to the $114,000 level, raising concerns in the market. However, as on-chain indicators and institutional buying continue, some analyses suggest the structural bullish trend remains intact. On the 2nd (local time), cryptocurrency news outlet Coinpedia reported, "Bitcoin fell as low as $114,000 following the U.S. Securities and Exchange Commission (SEC)'s announcement of the 'Project Crypto' plan, increasing concerns about the overall economy," adding, "Despite the decline, the market still holds a strong position." According to the outlet, the premium on CME Bitcoin and Ethereum futures remains above 8%. This indicates that institution-driven arbitrage (carry trade) is active and there are no signs yet of large investors exiting. Also, the M2 indicator, which represents global liquidity, is on the rise, and its strong correlation with Bitcoin's price leaves open the possibility of a rebound in the future. The 'Pi Cycle Top' indicator, which estimates price peaks, has not yet shown any signs of overheating in the market. Institutional investors also see the decline as a buying opportunity. Strategy (formerly MicroStrategy) increased its holdings by 20% in the second quarter and now owns a total of 628,800 BTC. It also announced plans to raise additional funding worth $4.2 billion. BlackRock's spot Bitcoin ETF, IBIT, recently attracted one million new investors, recording $87 billion in inflows. Coinbase was also reported to have purchased an additional 259 BTC. According to a recent Deloitte survey, 99% of CFOs at companies with more than $1 billion in assets plan to use cryptocurrencies for the long term. Among them, 40% responded they intended to use it for payment or investment within two years. The outlet analyzed, "The bullish rally that continued until last month has lost some steam, but it is too early to conclude that this correction will lead to a structural downtrend," adding, "The upcoming Federal Reserve meeting on the 7th and the CPI release on the 12th will be key variables that determine the market direction."
Canadian e-cigarette company CEA Industries saw its stock price soar over fivefold in a short period after declaring a transition to the virtual asset (cryptocurrency) sector, only to plummet soon after, increasing overall volatility. According to the industry on the 2nd, shares of CEA, listed on the NASDAQ in the United States, closed at $57.59 on the 28th of last month (local time), up 548.85% from the previous trading day. At one point during the session, the price surpassed $77, drawing attention as a meme stock in a short span. However, as profit-taking sell-offs accelerated, the closing price on the 31st of last month plummeted 27.02% to end at $42.04. The surge was triggered after the company announced its transition plan. On the 27th of last month, CEA revealed plans to collaborate with virtual asset investment companies 10X Capital and YZi Labs to raise a total of $500 million and make Binance Coin (BNB) its main asset. This led to a wave of buying from institutional and individual investors, causing the rapid price increase. In addition to accumulating Binance Coin and establishing asset vaults, CEA plans to expand investments up to $1.25 billion in the future, and pursue various revenue models such as staking and lending of virtual assets. The management team was also completely overhauled, with David Namdar—who has a background in virtual asset investment firms—appointed as the new CEO. However, there are concerns in the market about such a drastic business shift and the associated stock surge. Originally, CEA was an agriculture company focused on tobacco cultivation and had no prior experience in IT or virtual asset-related businesses. Experts warned: "A price structure that fluctuates with virtual asset volatility without a solid core business base is highly risky." CNBC reported, "Recently, beginning with Stratiti (formerly MicroStrategy), more companies are seeking to drive up their stock prices by acquiring virtual assets. CEA is an example of joining this trend, but whether it can secure real competitiveness remains uncertain."
Korean investors who trade in overseas stocks, commonly referred to as ‘Korean Ants,’ have recently been focusing their funds on emerging U.S. companies involved in virtual assets (cryptocurrencies). According to data from the Korea Securities Depository on the 2nd, the overseas stock with the largest net purchases by domestic investors in July was 'Bitmine,' with a net purchase value reaching $241 million (approximately ₩336.5 billion). Bitmine is a virtual asset mining and investment company headquartered in Las Vegas, USA, and it was listed on the NYSE American (formerly AMEX) in early June. The company’s business model is particularly based on accumulating Ethereum (ETH) strategically. Expectations for benefits are rising amid ongoing discussions in the U.S. regarding stablecoin regulations. The market is noting that about half of all stablecoins are distributed on Ethereum-based platforms. In fact, between June and July, the price of Ethereum surged about 46%, rising from $2,529 to $3,696. Some observers say that the investment fervor for Bitmine is reminiscent of the interest shown in November last year towards Strategy (formerly MicroStrategy). At that time, Strategy drew attention for strategically accumulating Bitcoin, leading to a significant upward trend in its stock price and a sharp rise in domestic net purchases. Meanwhile, as of last month, most of the top 10 net purchased stocks by Korean Ants, excluding ETFs, were digital asset-related companies. Robinhood ($105 million in net purchases), web marketing firm SharpLink Gaming (which holds Ethereum as an asset, $102 million), and crypto exchange Coinbase ($92 million) each ranked 8th to 10th.
In the Bitcoin futures market, a persistent selling dominance has been observed following a short-term downturn. On the 2nd, analyst Axel Adler Jr. stated on X (formerly Twitter), "Since the 31st of last month, traders began actively unwinding long positions, and a strong selling trend has appeared in the futures market over the past 24 hours." According to CryptoQuant, right after the Bitcoin price dropped to a short-term low of $112,000, the net selling amount over six hours reached $175 million. Even though the market partially rebounded, the net selling amount remained at around $78 million, suggesting that sellers remain dominant. Adler added, "Open Interest over the past 24 hours has increased to $3.04 billion," further stating, "The move to expand short positions continues." Meanwhile, open interest refers to the number of contracts in positions that traders have not yet closed in the derivatives market. Generally, the larger the open interest, the higher the potential for increased volatility in the coin price.
Global cryptocurrency exchange Binance has announced the listing of Darkstar (DARK) on Binance Alpha, along with an upcoming Alpha Points-based airdrop event. On the 2nd, Binance stated through its official X (formerly Twitter), "Darkstar (DARK) will be listed for the first time on Binance Alpha on the 4th," and added, "Users can apply for the airdrop on the Alpha Event Page using Alpha Points as soon as trading opens." Details and participation requirements for the airdrop will be announced later via official channels. Meanwhile, Binance selects tokens for Binance Alpha by considering market trends among early-stage crypto projects. Listing on Binance Alpha does not always guarantee a main Binance listing.
Bitdeer, a Bitcoin (BTC) mining company, reportedly mined 63.1 BTC and sold 26.8 BTC in the past week. On the 2nd, Bitdeer disclosed its Bitcoin mining and holding status as of July 25 through its official X (formerly Twitter) account. During this period, it mined 63.1 BTC and sold 26.8 BTC, resulting in a net increase in holdings by 36.4 BTC. Excluding customer deposits, Bitdeer's net Bitcoin holdings totaled 1,637.8 BTC.
Arthur Hayes, co-founder of BitMEX, forecasted that, due to the burden of US tariffs in the third quarter, Bitcoin (BTC) and Ethereum (ETH) could test their support levels. On the 2nd, Hayes stated on his X (formerly Twitter), "The US tariff bill is expected to arrive in the third quarter, and after the recent release of the Nonfarm Payrolls (NFP) indicator, the market is coming to terms with this reality." He further commented, "No major economic bloc is currently creating credit at a sufficient pace to boost nominal GDP," adding, "Ultimately, in such an environment, Bitcoin will test $100,000 and Ethereum will test $3,000." He continued, "More details will be shared during my keynote at WebX Asia in Tokyo on August 25."
Raphael Bostic, president of the Boston Fed, stated that he maintains his earlier outlook that there will be one policy rate cut this year. According to Walter Bloomberg, an international economic news channel, on the 1st (local time), Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said, "At this point, I still expect one policy rate cut this year." President Bostic met with reporters that day, stating, "The employment indicators released this week likely did not affect the Federal Open Market Committee (FOMC) decision," adding, "My stance may be adjusted depending on the flow of future indicators."
It has been reported that the profitability of Bitcoin mining companies reached its highest level since the halving, as of last month. According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), on the 1st (local time), JPMorgan stated in a recently published research report that "the daily average block reward revenue in July reached $57,400 per EH/s," noting this is "the highest level since the April 2024 halving." Mining revenue was analyzed to have increased by about 4% compared to the previous month. The report said, "Daily revenue and total profit per EH/s are still 43% and 50% lower, respectively, compared to before the halving," adding, "Profitability pressures remain across the industry." Meanwhile, out of the 13 U.S.-listed mining companies tracked by JPMorgan, 10 recorded stock price growth outpacing the price of Bitcoin in July. Among them, Argo Blockchain rose by 66%, showing the highest increase, while Core Scientific fell by 21%, exhibiting the weakest performance.
The Financial Conduct Authority (FCA) in the UK has lifted the ban on trading virtual asset (cryptocurrency) exchange-traded notes (ETNs) for retail investors. From October 8, companies in the UK will be able to offer virtual asset ETN products to general consumers. According to the crypto-focused media outlet Cointelegraph on the 1st (local time), the FCA explained the reasoning behind this measure by stating that “markets and products have become more mainstream, and the level of understanding has increased.” David Geale, Director of Payments and Digital Finance at the FCA, said, “The ban was imposed in the past due to extreme volatility and lack of necessity for retail investment, but the environment has now changed.” Unlike exchange-traded funds (ETFs), virtual asset ETNs do not directly hold underlying assets and are traded as debt securities issued by the issuer. Through this, investors can earn returns linked to virtual assets using their existing brokerage accounts. However, since there is no direct control over the underlying assets, investing through a reliable institution is recommended. Meanwhile, the FCA still prohibits retail investors from accessing virtual asset derivatives. The FCA stated, “We will continue to review our approach towards high-risk investment products.”
Over the past hour, Bitcoin (BTC) worth approximately ₩2 trillion has been transferred to cryptocurrency exchanges. According to a CryptoQuant alert, a total of 16,009.59 BTC (valued at about ₩2 trillion) moved to multiple futures exchanges in the last hour. The majority of these funds flowed into Kraken. Specifically, 15,748 BTC (98%) were deposited into Kraken, while 84 BTC and 65 BTC were transferred to Bitfinex and OKX, respectively.
Bitcoin (BTC) temporarily dropped below the $114,000 level. As of 23:07 on the 1st, Bitcoin was trading at $114,895 (₩159,370,000 on Upbit), down 2.98% from the previous day on the Binance USDT market. During the session, Bitcoin briefly widened its drop to $113,988. Meanwhile, according to the crypto asset data platform Cryprice, the Kimchi Premium for Bitcoin was recorded at 0.15% on this day.
The US ISM Manufacturing Purchasing Managers' Index (PMI) for July fell short of expectations. According to the manufacturing PMI report released on the 1st (local time) by the Institute for Supply Management (ISM), the US manufacturing PMI for July came in at 48.0, below both the expected value (49.5) and the previous month's figure (49). ISM analyzed that "the weakening of supplier deliveries and employment indicators had a major impact on the overall decline of the PMI." ISM conducts a monthly survey of 400 companies across 20 industries to assess manufacturing activity and calculate the PMI index. A reading above 50 indicates more respondents expecting economic expansion, while a reading below 50 means more expect economic contraction.
The July Manufacturing Purchasing Managers' Index (PMI) for the United States slightly exceeded expectations. On the 1st (local time), the Manufacturing PMI announced by S&P Global registered at 49.8, slightly above Wall Street's expectation of 49.5. S&P Global's report stated, "Concerns about tariffs are dominating the overall manufacturing environment, and together with stagnant demand, overall business conditions have deteriorated for the first time in 2025." The Purchasing Managers' Index (PMI) uses 50 as the baseline to gauge whether the business climate is expanding or contracting. If the PMI is above 50, it indicates economic expansion, while below 50 signals economic contraction.
Nick Timiraos, a journalist at The Wall Street Journal (WSJ) who is known as the unofficial spokesman of the U.S. central bank, the Fed, recently assessed that the slowdown in the job market could become a major test for the Fed's policy stance on benchmark interest rates. According to crypto-specialized media BlockBeats on the 1st (local time), Timiraos said, "The recent three-month slowdown in jobs has opened up room for the Fed to consider a rate cut at the September Federal Open Market Committee (FOMC) meeting." Earlier that day, the U.S. July nonfarm payroll figure rose by 73,000 compared to the previous month but fell short of expectations. Furthermore, the increases for May and June were also revised down by 258,000 compared to previous announcements. Timiraos emphasized, "With the May and June employment data being significantly revised downward, the Fed's long-standing perception of a 'solid job market' is now being shaken." Recently, some senior Fed officials have also publicly raised concerns about labor market weakness and mentioned the need for a rate cut.
BofA (Bank of America) has assessed that the tokenization of real-world assets (RWA) has entered a full-scale expansion phase. According to CoinDesk, a crypto-focused news outlet, on the 1st (local time), BofA stated in its research report, "Although USD-backed stablecoins remain central to the market, discussions with investors have shown a clear rise in interest toward real-world asset tokenization." The analysis added that there is a growing trend of various assets—including real estate, bonds, and deposits—being migrated to blockchain-based platforms. The report explained, "These changes could lead to regulatory compliance enabled by smart contracts, global 24/7 accessibility, instant settlement, and improved liquidity." BofA introduced the case of real estate tokenization promoted by the Dubai Land Department (DLD) in the United Arab Emirates (UAE). This platform plans to digitize USD 16 billion worth of real estate by 2033 and implement a fractional ownership model. The report also mentioned, "There are concerns that the adoption of blockchain technology could impact Citibank's transaction services division (which accounts for about 40% of total revenue), but Citi's adaptability may be underestimated in the market." BofA concluded, "The tokenization of real-world assets marks a critical turning point for the integration of blockchain technology into traditional asset markets."
Bitcoin (BTC) temporarily recovered the $116,000 level. As of 22:18 on the 1st, Bitcoin is trading at $115,677 on the Binance USDT market, down 2.27% from the previous day ($160,700,000 on Upbit). Meanwhile, according to the digital asset data platform Cryprice, Bitcoin's kimchi premium was recorded at 0.23%.
U.S. venture capital firm a16z has urged a complete review, warning that the 'ancillary asset' concept in the cryptocurrency regulatory bill draft released by the United States Senate Committee on Banking, Housing, and Urban Affairs could create serious loopholes. According to Cointelegraph, a digital asset-focused media outlet, a16z stated in a letter to the Senate Banking Committee on the 1st (local time), "This draft undermines investor protection and conflicts with the core principles of existing securities laws." The draft is based on the CLARITY Act and has been made public by the Senate Banking Committee to gather feedback from market participants. a16z explained, "The ancillary asset concept refers to tokens issued based on investment contracts but without including equity, dividends, or governance rights," adding, "Excluding such assets from securities law could become a loophole for insider advantages or regulatory evasion." The firm further argued, "The act of technological operation itself should not be considered a financial activity under securities law," and emphasized, "Core blockchain technologies such as mining, staking, and smart contract execution should be clearly specified as not subject to regulation."
Michael Saylor, CEO of MicroStrategy (formerly MicroStrategy), mentioned the possibility that MicroStrategy could purchase up to 1.5 million Bitcoin (BTC). According to cryptocurrency-focused media outlet Bitcoin Archive on the 1st, Saylor stated, "I don't think it's excessive for MicroStrategy to hold 3-7% of the total supply of Bitcoin." This statement is interpreted as suggesting that there is leeway for the company to purchase up to 1.5 million BTC, which corresponds to about 7% of Bitcoin's maximum supply limit of 21 million BTC.
Last month, U.S. employment figures fell short of market expectations. The U.S. Department of Labor announced on the 1st (local time) that nonfarm payroll employment increased by 73,000 in July compared to the previous month. This figure is 33,000 below the market forecast of 106,000. Notably, the total number of jobs revised for May and June over two months amounted to 258,000. Such a significant revision by the U.S. Department of Labor is considered highly unusual. Additionally, the unemployment rate last month was 4.2%, matching expert forecasts. Compared to the June unemployment rate of 4.1%, this is a 0.1%-point increase. Average hourly earnings rose 3.9% year-over-year, exceeding the market forecast of 3.8% by 0.1%-point. Average hourly earnings are an indicator that offers insight into wage inflation. Meanwhile, the price of Bitcoin (BTC) temporarily increased following the release of the employment figures. As of 21:33 on the day, Bitcoin was trading at $115,650, up 0.36% immediately after the data was announced.
Chinese auto trading platform Cango mined 142.8 Bitcoin (BTC) in the past week, increasing its total holdings to 4,529.8 BTC. On the 1st, Cango announced on its official X (formerly Twitter), "We mined 142.8 BTC this week," adding, "Our cumulative Bitcoin holdings now stand at 4,529.8 BTC." Previously, Cango acquired mining equipment worth $256 million from Bitmain.
A total of $5,430,000,000 (approximately ₩7,620,000,000,000) flowed into U.S. spot Ethereum (ETH) ETFs during the month of July. This marks the largest monthly net inflow since their launch and sets a new record of 20 consecutive trading days of inflows. On the 1st, the crypto-specialized media outlet Cointelegraph reported this, citing data from the ETF analytics platform SoSoValue. According to the report, the July net inflow for Ethereum spot ETFs surged by 369% compared to the previous month ($1,160,000,000). This is a significant increase from May ($564,000,000) and April ($66,250,000), and also completely offset the net outflow recorded in March (-$403,000,000). In addition, the July net inflow for Bitcoin spot ETFs stood at $6,020,000,000, with the gap between the Ethereum ETF and Bitcoin ETF narrowing to about $600,000,000. In June, Bitcoin ETF inflows amounted to $4,600,000,000. Notably, BlackRock's Ethereum ETF, ETHA, alone recorded an accumulated net inflow of $9,740,000,000, leading the market. The fund’s net assets stand at $11,370,000,000. Meanwhile, over the past month, Ethereum surged by about 60% to reach $3,933. This is a sharp rise from the end-of-June price of $2,469. There is growing analysis in the market that a virtuous cycle between ETF inflows and the appreciating price is forming.
While the price of Bitcoin (BTC) is undergoing an adjustment, an analysis based on past buying points suggests that the $105,000 level could be a key support zone. On the 1st, on-chain data analytics firm Sentora (formerly IntoTheBlock) announced via its official X (formerly Twitter) that "about 7.9% of the current Bitcoin in circulation is at a loss," adding, "This indicates that strong buying interest has formed between the current price and the $121,000 range." Sentora further stated, "If an additional adjustment occurs, the $105,000 level, where around 900,000 BTC was purchased, is likely to serve as a strong support level."