Minseung Kang

BitMine Immersion Technologies (BMNR), a mining company listed on the New York Stock Exchange, has announced a plan to repurchase up to $1 billion worth of its own shares. According to crypto-focused media outlet Odaily, BitMine stated that it plans to purchase up to $1 billion of its shares on the open market. Share buybacks are a common strategy for boosting prices and rewarding shareholders, typically employed by firms with ample cash reserves. BitMine has not disclosed specific timing or duration for the buyback and explained that the scale of repurchases could change depending on management decisions. Meanwhile, BitMine currently holds a total of 566,800 Ethereum (ETH). At current market value, this is worth approximately $2.2 billion.

A Bitcoin (BTC) whale wallet that had long been inactive has been observed moving a large amount of assets after about 12 years. According to on-chain analytics platform Lookonchain, a Bitcoin whale wallet that received 343 BTC (worth about $29,600 at the time) roughly 12 years ago transferred the amount externally 18 hours ago. Of this, 130.77 BTC (worth about $15.45 million) was deposited to the cryptocurrency exchange Kraken. Lookonchain explained, "This whale acquired BTC when it was $86 per coin, and based on the current price, has earned a profit of about 1,368 times."

Analysis suggests that speculative interest among investors in Ethereum (ETH) is rising again. On the 29th, on-chain analytics platform Glassnode announced, "Ethereum's open interest (OI) share is nearing 40%, marking its highest level since April 2023." Statistically, this figure is within the top 5%, indicating that investor sentiment in the market is shifting from Bitcoin towards Ethereum. Glassnode stated, "Capital is gradually rotating from Bitcoin into Ethereum," and added, "This shift is a clear signal that speculative demand is concentrating on ETH." Meanwhile, open interest refers to outstanding contracts in derivatives such as futures and options that have not yet been settled. An increase in open interest indicates that capital is flowing into the market.

Recently, there has been analysis indicating a marked slowdown in buying demand from U.S. investors. In a Quicktake report on the 29th from digital asset (cryptocurrency) analytics platform CryptoQuant, analyst Arabchain explained, "Although the Coinbase Premium Index of Bitcoin is still holding in positive territory, the strong buying momentum that was seen below the $105,000 level has weakened," adding, "This indicates that U.S. investors perceive the current price range as burdensome and are waiting for lower entry points." This indicator measures U.S. investor demand based on the price difference of Bitcoin between Coinbase and other exchanges. Generally, when the value is positive, it means strong buying demand in the U.S.; when it turns negative, it signals waning demand. Analyst Arabchain further added, "If the Coinbase Premium indicator rises together with the price, it's a positive signal, but conversely, if the decline continues, it could suggest the possibility of a correction."

Global cryptocurrency exchange Binance will list perpetual futures for Playstout (PLAY). According to Binance on the 29th (local time), Playstout will be listed on the Binance Futures (USDⓈ-M) market at 18:30 on the 31st (KST), offering up to 50x leverage. Playstout is a mini-game infrastructure and publishing platform that can be integrated into super apps such as WeChat and TikTok. It is designed so that modular game systems can be inserted into various apps. Playstout will also be added to Binance Alpha on the same day. Meanwhile, Binance selects tokens for Binance Alpha among early-stage cryptocurrency projects, considering market trends and other factors. Listing on Binance Alpha does not necessarily mean a full Binance listing.

As Bitcoin (BTC) is being traded near the $120,000 resistance line, on-chain data has revealed that some long-term holders are reducing their positions. On the 29th, Burak Kesmeççi, an analyst at the virtual asset (cryptocurrency) analytics platform CryptoQuant, stated in a Quicktake report, "Recently, the net position of long-term holders has shifted to a sell-side bias around $120,000," and added, "There are signs that investors who have experienced previous bull markets are realizing profits at this point." However, the overall scale of selling is still considered to be limited. Kesmeççi commented, "There is evidence that Galaxy Digital has sold about 80,000 BTC, which is a scale entirely different from that of individual investors," and emphasized, "Further on-chain analysis is required to assess the medium- to long-term trend."

Omni Network's native token, OMNI, surged 130% intraday following the news of its listing on Upbit. According to BlockBeats, a media outlet specializing in virtual assets (cryptocurrencies), OMNI at one point soared over 130% compared to the previous day, reaching $6.62. This was explained as a market reaction to Upbit's announcement of listing the OMNI/KRW trading pair. Meanwhile, Omni Network is a layer 1 blockchain developed to solve issues of fragmentation of users, liquidity, and developer assets arising from the proliferation of rollups within the Ethereum (ETH) ecosystem. It aims to process cross-chain transactions between rollups quickly and efficiently. OMNI is used for paying transaction fees, staking and delegation, and participating in on-chain governance.

Bitcoin (BTC) market share (dominance) has dropped by 6.30 percentage points over the past month, breaking below a three-year upward trendline. In the market, there are observations that the strength of Ethereum and the weakness of Bitcoin dominance are marking the early stage of a capital rotation phase. According to BeInCrypto, a virtual asset (cryptocurrency) media outlet, cryptocurrency market analyst Ash Crypto commented, "Bitcoin dominance has departed from its three-year trend," evaluating that "this is the biggest signal for an altseason and parabolic rise." Cryptocurrency trader Merlin analyzed, "Patterns similar to the 2021 altcoin surge are being reproduced." Recently, Bitcoin dominance has shown a technical decline. As the three-year maintained upward trendline is breached, the possibility of a structural shift is being raised. At the same time, the Ethereum/Bitcoin (ETH/BTC) pair is showing relative strength, which is interpreted as capital gradually moving from Bitcoin into altcoins. Some investors are also seen readjusting their positions, expecting high returns from mid- to small-cap altcoins. However, there is also a view that if dominance is supported in the 60~61% range and rises again, the shift to altcoin strength may be delayed. Cryptocurrency analyst Crypto Candy explained, "If this demand zone remains intact, a full-fledged rise in altcoins could be postponed," adding, "It is important to closely observe the short-term price movements and capital inflows."

Global cryptocurrency exchange Binance is listing perpetual futures for Zircuit (ZRC) and ESPORTS (ESPORTS). According to Binance on the 29th (local time), the ZRC perpetual futures will be listed at 18:45 (KST) and ESPORTS at 19:00. Binance added: "These perpetual futures contracts offer up to 50x leverage."

The cryptocurrency project 'World Liberty Financial (World Liberty Financial, WLFI)', led by the Trump family, has reportedly made an additional purchase of Ethereum (ETH). According to on-chain analysis platform Lookonchain on the 29th, World Liberty used approximately $1,000,000 worth of USDC around 23 hours ago to acquire 256.75 ETH. The purchase price was about $3,895 per coin. To date, World Liberty has purchased a total of 77,226 ETH (about $296,000,000), with an average acquisition price of $3,294. As of now, they are recording approximately $41,700,000 in unrealized gains at the current market price.

The notion has been raised that holding Bitcoin (BTC) as a financial asset represents a 'contrarian bet' on the function of the dollar as a store of value. According to Benzinga Crypto, a leading financial media outlet, on the 29th, crypto investor and entrepreneur Anthony Pompliano stated in an interview with CNBC, "The U.S. dollar has lost about 30% of its purchasing power in the past five years," adding, "Holding Bitcoin could be a better choice than holding dollars over the next decade." Pompliano commented, "While integrating Bitcoin into balance sheets may seem counterintuitive today, it will eventually become mainstream in the market," and pointed out, "Companies' excessive dependence on the dollar is actually undermining shareholder value." Meanwhile, Pompliano recently founded a Bitcoin treasury strategy firm called ProCap BTC LLC, which currently holds approximately 4,932 BTC (worth about $587 million). The company is now working towards an initial public offering (IPO) and is preparing to go public under the name ProCap Financial through a SPAC merger.

The virtual asset (cryptocurrency) management firm CoinShares has launched a new exchange-traded product (ETP) based on the Sei (SEI) token. This product automatically distributes an annual staking yield of 2% with no management fees. According to the virtual asset media outlet CoinDesk on the 29th, CoinShares listed the product on the SIX Swiss Exchange under the ticker 'CSEI'. This is the first regulated investment product that enables investment in the SEI blockchain, designed so that institutional investors can access SEI without the need for complex custody or management procedures. The product is 100% backed by physical SEI tokens. Holders are also provided with a 2% annual staking yield. CoinShares has obtained an official license under the European crypto asset framework 'MiCA'. Therefore, the product can be sold simultaneously in multiple countries through the European passporting system. CoinShares currently manages over $8 billion in assets under management (AUM) and is one of Europe's leading crypto asset management firms.

An analysis indicates that trading volumes in the virtual asset (cryptocurrency) market are slowing down. On the 29th, virtual asset management firm Matrixport released a research report stating, "While recent trading volumes have stagnated, signs of typical summer season fatigue are emerging," adding that "Bitcoin could enter a short-term consolidation phase." According to the report, the total market capitalization of virtual assets hit a record high of $3.85 trillion as of June, but the average daily trading volume that month dropped significantly to $178 billion compared to the beginning of the year. In particular, trading volumes surged along with major upward trends, such as in January 2024 ($260 billion) and January 2025 ($372 billion), but then followed a pattern of sharp periodic declines. Matrixport noted, "Over the past 18 months, there have been three clear surges in trading volume accompanied by distinct price rallies, but their frequency was low," suggesting that "investors need to be more sensitive to market signals." The report also projected, "With a lack of special catalysts in August and a traditional vacation season when retail investor participation decreases, trading volume is likely to decline further," and forecast that "Bitcoin could enter a short-term correction or sideways trend."

Interest in stablecoins is surging. With the stablecoin market cap reaching an all-time high of $272 billion, Google search volume has also hit a record. According to Cointelegraph, a cryptocurrency-focused media outlet, Google searches related to stablecoins peaked in mid-July. This is seen as an effect of the 'GENIUS Act,' a U.S. stablecoin regulation bill passed by Congress on the 18th. The previous record was right after the TerraUSD (USTC) depegging event in May 2022. Bitwise, a digital asset manager, stated, “The stablecoin market is following a parabolic (exponential) growth curve,” and “both issuance and trading volumes are hitting all-time highs.” The current stablecoin market capitalization is $272 billion, which is about 7% of the overall digital asset market. Of this, 98% is linked to the U.S. dollar, and Tether (USDT) accounts for over 60%, representing the largest share.

If Bitcoin (BTC) breaks through $120,000, there is an outlook that the cumulative liquidation pressure on short positions on major centralized exchanges (CEX) could reach $1.04 billion. On the 29th, cryptocurrency industry media outlet BlockBeats, citing Coinglass data, reported that "if Bitcoin's price exceeds $120,000, large-scale short position liquidations on major exchanges could be triggered, totaling as much as $1.04 billion." Conversely, if Bitcoin falls below $117,000, it is estimated that the liquidation pressure on long positions would be about $784 million. Currently, Bitcoin is fluctuating around $119,000.

Bitcoin (BTC) briefly recovered to $119,000. On the 29th, as of 15:25 on the Binance USDT market, the BTC price was trading at $118,927 (₩163,700,000 based on Upbit), down 0.48% from the previous day. Meanwhile, according to Cryprice, the Kimchi Premium for major virtual assets (cryptocurrencies) such as Bitcoin (BTC) recorded –1.01%.

It has been observed that the market capitalization of stablecoins, such as Tether (USDT) and USD Coin (USDC), has slightly increased compared to the previous week. According to the decentralized finance (DeFi) dashboard DeFiLlama on the 26th, the market cap of stablecoins including USDT was recorded at around $265 billion (approximately ₩382.75 trillion). This figure represents an increase of 1.48% from the previous week. Currently, Tether accounts for 61.85% of the total stablecoin market cap. Typically, an increase in the issuance and holdings of stablecoins can act as a factor raising buying pressure in the market and is regarded as a bullish signal. Conversely, a decrease can be interpreted as a decline in demand for virtual assets.

Recently, it was reported that Galaxy Digital sold 80,000 Bitcoin (BTC) in a single transaction. Galaxy Digital clarified that the sale was made at the request of a client who had held the Bitcoin for over 10 years. On the 26th, crypto media BeInCrypto reported, “This sale by Galaxy Digital represents one of the largest single Bitcoin liquidations in history. On-chain analysis shows that the assets moved from addresses linked to the now-defunct wallet service ‘MyBitcoin’.” The previous day, Galaxy Digital had repeatedly transferred large amounts of Bitcoin to exchanges. Galaxy Digital stated through the Bitcoin blockchain’s metadata (op_return field), “Galaxy Digital disposed of 80,000 BTC on behalf of early Satoshi-era holders,” adding, “This will likely be one of the largest exit events ever.” They further commented, “The transaction is part of the investor’s asset management strategy.” On-chain analysts believe most of the Bitcoin came from addresses related to the MyBitcoin wallet service, which was shut down after a 2011 hack. Ki Young Ju, CEO of CryptoQuant, suggested, “The wallet had been inactive since April 2011, and the seller may be either the hacker or, as known, the founder Tom Williams.” Eric Balchunas, a Bloomberg ETF analyst, remarked, “Handling such a large sale as a single transaction is unusual and raises concerns about slippage,” also noting, “The unclear motivations behind the urgent cash-out are a point of question.” Eliezer Ndinga, Vice President of Digital Asset Strategy at 21Shares, commented, “If Galaxy Digital acted as an intermediary, they would have conducted thorough KYC procedures,” assessing that suspicions about the source of funds are likely overstated.

ChatGPT estimated that there is a 30–40% chance that the price of Bitcoin (BTC) could fall below $100,000 in the coming weeks. According to the finance media outlet Finbold on the 26th, OpenAI's ChatGPT projected, "Bitcoin is currently trading near the key support level of $116,000, and if this support breaks down, it could fall to the $105,000–$108,000 range. In the worst case, there is also a possibility of dropping below $100,000 in August or September." Additionally, it analyzed, "Due to weakened ETF inflows and correction in the United States stock market, along with increased selling pressure, there is a 30–40% probability that Bitcoin could fall below $100,000 in August or September." The market interprets that the slowdown in ETF inflows and market correction in the United States could exert further downward pressure on Bitcoin. The media explained, "Bitcoin ETF inflows drove the all-time high of $123,000, and as of June 25, net ETF inflows reached $130.8 million." Meanwhile, Citigroup analyzed, "If ETF inflows continue, Bitcoin could target $135,000 by year-end, but in contrast, if inflows decrease, it could plunge to as low as $64,000." Cryptocurrency analyst Michael van de Poppe added, "If Bitcoin defends the $116,800 support, it could attempt to retest its all-time high in the short term, but if ETF flows slow down, downside pressure may intensify."

Bitdeer, the Bitcoin (BTC) mining company, has mined 63.1 BTC and sold 26.8 BTC over the past week. On the 26th, Bitdeer announced its mining and holdings status as of the 25th via its official X (formerly Twitter) account. During the reported period, Bitdeer mined 63.1 BTC and sold 26.8 BTC, increasing its net holdings by 36.4 BTC. Excluding customer deposits, Bitdeer's pure Bitcoin holdings totaled 1,637.8 BTC.

A wallet associated with the Ethena (ENA) project has reportedly transferred about 150 million ENA tokens (approximately $77.35 million) to Binance and Bybit over the past five days. On the 26th, cryptocurrency analyst EmberCN shared via X (formerly Twitter), "Soon after Ethena announced its plan to launch a stablecoin based on ENA on the 21st, large amounts of ENA began to be transferred from a project-related address (starting with 0xB2af)." The most recent transfer appears to have occurred about two hours ago. Previously, Ethena Labs announced through its subsidiary that it would buy back approximately $260 million worth of ENA from the market over six weeks. At the time, the foundation stated that their priority was accumulation and that there were no planned sales. Meanwhile, with transfers intensifying after the buyback announcement, some in the market are closely watching the background of these transactions.

The circulating supply of the US dollar-based stablecoin USDC has increased by approximately $500 million (about ₩692.2 billion) over the past 7 days. On the 26th, Circle, the issuer of USDC, announced, "Over the past week, we issued approximately $4.8 billion worth of USDC and redeemed around $4.3 billion worth," adding, "As a result, USDC's circulating supply increased by about $500 million." As of this day, the total circulating supply of USDC stands at $65 billion (about ₩89.9925 trillion). Circle's total reserves amount to $65.2 billion. Typically, an increase in the issuance and reserves of stablecoins can translate into buying pressure in the market and is viewed as a bullish signal. Conversely, a decrease may be interpreted as a sign of waning demand for virtual assets.

Bitcoin (BTC) temporarily recovered the $118,000 level. As of 19:48 on the 26th, Bitcoin is trading at $117,972 in the Binance USDT market (₩160,920,000 on Upbit). This is a 1.41% increase compared to the previous day. Meanwhile, according to Cryprice, the Kimchi Premium for Bitcoin recorded -1.52% today. This indicates that cryptocurrencies are being traded at lower prices on domestic exchanges than in the global market.

Recently, XRP whale investors have reportedly accumulated as much as 280 million XRP over a span of 10 days. According to cryptocurrency-focused media outlet Coinpaper on the 26th (local time), market analyst Vlad Hryniv stated, "From the 5th to the 15th of this month, whale wallets purchased 280 million XRP, accounting for approximately 0.56% of the total circulating supply." It was further explained that this period coincided with a short-term price crash from the $3.10 support level for XRP. During this same period, individual investors’ liquidations amounted to $594 million, while large investors were seen to buy in the $3.00–$3.10 range, viewing this as a technical support level. However, some on-chain indicators show a bearish trend. The media reported, "As of the 24th, the number of new XRP users decreased to 1,899, with daily transactions dropping to 286,000," and added, "The NVT ratio, which indicates the market capitalization relative to transaction volume, was 699—an indication that the asset may be overvalued compared to actual usage."