Minseung Kang

Following Robinhood’s cryptocurrency transfer reward program, there has been an observed trend where venture capitalists (VCs) and investors are moving staked Ethereum (ETH) to other companies. On the 26th (local time), Cathie Wood, CEO of Ark Invest, stated on X (formerly Twitter), "Robinhood is offering 2% rewards to customers who transfer cryptocurrency," and added, "VCs and investors are moving staked ETH to 'Digital Asset Treasury' (DAT) companies." She explained that this is a strategy aimed at achieving greater returns when the lock-up period is lifted. Wood further mentioned, "Shares of these companies, similarly to MicroStrategy (MSTR), provide a way to indirectly invest in Bitcoin and Ethereum."

Major social media platforms are showing signs of overheated investment sentiment toward Ethereum (ETH), raising the possibility of a short-term correction. According to cryptocurrency media outlet Cointelegraph on the 26th, on-chain analytics firm Santiment stated, "With Ethereum increasing more than 50% over the past 30 days, mentions on social networking services (SNS) have also surged," and analyzed that "such 'extreme euphoria (optimism)' could be a precursor to a price crash." Santiment said, "Since early May, the Ethereum/Bitcoin price ratio has increased by approximately 70%, and accordingly, Ethereum's social dominance has expanded abnormally." Generally, a sharp rise in the social dominance of a particular asset is interpreted as a sign of an overheated market. Ethereum is currently trading at the $3,750 level, having risen 51.84% over the past 30 days. However, Santiment noted, "There are no clear signs of overheating in meme coins at this time," and assessed that "this bull run may not yet have reached its peak." Expansion of demand at the corporate level can also act as a positive signal, according to the analysis. Some companies, such as SharpLink Gaming and Bitmine Immersion Technologies, have included Ethereum as a financial asset. Maksim Balashevich, an analyst at Santiment, said, "Such moves are creating the 'Ethereum version of Michael Saylor' narrative and could act as a catalyst for ETH price appreciation." Additionally, Galaxy Digital CEO Michael Novogratz also remarked, "There is currently not much Ethereum in circulation," and said, "There is a possibility that over the next 3–6 months, it could record higher returns than Bitcoin."

Despite the strong selling pressure in the market this week, there was an analysis that Bitcoin (BTC) prices recovered rapidly. On the 26th, CryptoQuant contributor Axel Adler Jr. stated on X (formerly Twitter), "This week saw the strongest selling pressure during the entire current bull market," adding, "Such a level of selling pressure has only occurred for 12 weeks throughout the entire cycle, placing it in the top 7.3%." He also added, "Despite these strong sell-offs, the fact that Bitcoin has already rebounded to $117,000 can be viewed as a positive sign."

Bitcoin Treasury Capital, a Sweden-based virtual asset (cryptocurrency) investment firm, recently acquired 10 additional Bitcoin (BTC). On the 25th (local time), Bitcoin Treasury Capital announced on X (formerly Twitter), "Bitcoin Treasury Capital has purchased an additional 10 Bitcoin at an average buying price of $119,687." As a result, the company's total Bitcoin holdings have increased to 166.

The American mobility company Volcon has recently made an additional purchase of Bitcoin (BTC). On the 25th (local time), the virtual asset (cryptocurrency) news channel NLNico announced on X (formerly Twitter), "Volcon has acquired an additional 2,903 BTC. The company's total Bitcoin holdings have reached 3,183 BTC."

Grayscale, a cryptocurrency asset management firm and spot exchange-traded fund (ETF) issuer, has transferred 5,953 ETH to Coinbase Prime. According to the blockchain analytics platform Arkham Intelligence on the 25th, Grayscale sent 5,953 Ethereum (ETH) to Coinbase Prime. This amounts to approximately $22.17 million (about ₩30.4 billion). As of 22:26 on this day, ETH is trading at $3,706 on the Binance USDT market, up 1.65% from the previous day.

A claim has emerged that the long-held '4-year cycle theory', once considered a standard in the virtual asset (cryptocurrency) market, is no longer valid. On the 25th (local time), Matt Hougan, Chief Investment Officer (CIO) of Bitwise, stated on X (formerly Twitter) that "the forces that previously drove the 4-year cycle have weakened, and more powerful forces are now at play over a long-term timeline." Hougan also believes that inflows from Exchange Traded Funds (ETFs) and institutional funds are shaping trends distinct from the 4-year cycle. He said, "ETF fund inflows are a structural shift spanning 5–10 years, which started last year," and added, "Institutional investors are only now beginning to consider cryptocurrency access via pensions, endowments, and the like." He also commented that the market is still in its early stages from a regulatory standpoint in the United States. He explained, "Comprehensive regulatory alignment started in earnest this January, and infrastructure investments from Wall Street are just beginning," predicting, "This month's passage of the (stablecoin bill) Genius Act will boost billions of dollars in investments from Wall Street." Hougan emphasized, "I could be wrong and significant volatility can be expected along the way," but overall, he foresees "a sustained and steady boom rather than a 'supercycle.'" However, he added, "The emergence of companies using Treasury-style Bitcoin strategies could represent a new risk. That is something that warrants close attention."

According to analysis, despite market corrections, long positions in the Bitcoin (BTC) futures market are actually expanding. On the 25th, virtual asset (cryptocurrency) specialist media outlet DL News reported that Bitcoin futures and perpetual contracts open interest (OI) surpassed $44.6 billion, hitting an all-time high. Even when Bitcoin temporarily dropped below $115,000 recently, investor sentiment remained bullish. According to data from the on-chain analysis platform CryptoQuant, the funding rates on major exchanges remain slightly positive, suggesting that most traders are cautiously projecting upward movement rather than downward. In the perpetual futures market, positive funding rates indicate bullish market sentiment, while negative rates signal bearishness. On the decentralized prediction market PolyMarket, the largest bet for Bitcoin’s price at the end of this month is concentrated at $125,000. Arthur Hayes, co-founder of BitMEX, recently commented in his blog that “Bitcoin is the optimal asset in an era of declining fiat currency value,” and projected that “it could reach $250,000 by year-end.” However, the media noted that “some traders are concerned that Bitcoin might retest the unfilled CME futures gap ($113,900–$116,100) that occurred in early July.” Meanwhile, open interest refers to the number of contracts for positions that have not been closed in the derivatives market. A rise in open interest means that capital is flowing into the market. Generally, as open interest increases, the potential volatility of coin prices also rises.

The virtual asset (cryptocurrency) trading platform Robinhood US has started offering spot trading services for Hedera (HBAR). According to virtual asset-focused media outlet Blockbit on the 25th, Robinhood began supporting spot trading for HBAR on its US platform starting today. Meanwhile, Robinhood has previously phased in the trading of various altcoins, such as Solana (SOL) and Avalanche (AVAX).

Virtual asset (cryptocurrency) mining company Cango announced that it mined 147 BTC this week. On the 25th, Cango stated on X (formerly Twitter), "We mined 147 BTC this week" and added, "We are in 'full hold mode,' holding all our Bitcoin without selling any. With the new leadership team officially launched, we are entering a new era." Currently, Cango's total Bitcoin holdings amount to 4387.1 BTC.

More than 8,000 Bitcoins (BTC) flowed into Binance in a short period, leading to heightened concerns in the market over potential selling pressure. On the 25th, Amr Taha, an analyst at the virtual asset (cryptocurrency) analytics platform CryptoQuant, stated in a Quicktake report, "The net amount of Bitcoin deposited to Binance as of today exceeded 8,000 BTC." The analyst explained, "Such large inflows into a single exchange, especially major global platforms like Binance, are often indicative of selling activity or short-term trades."

The global cryptocurrency exchange Binance has listed perpetual futures for ZORA (ZORA) and TAG (TAG). According to Binance on the 25th (local time), the exchange listed ZORA perpetual futures at 20:00 (KST) and TAG perpetual futures at 20:15 (KST) on the same day. Binance added, "These perpetual futures contracts offer up to 50x leverage."

Justin Sun, founder of Tron, stated that Tron Inc., spearheaded by Tron (TRX), aims to be included in the Nasdaq-100 index. On the 25th, Justin Sun announced via X (formerly Twitter), "A Nasdaq listing is only the beginning; joining the Nasdaq-100 index, which includes NVIDIA, Apple, and Google, is our real goal," adding, "We are aiming to join the Nasdaq-100 within three years." Previously, Tron entered Nasdaq by acquiring SRM Entertainment. As payment for the stake, 355,096,845 TRX tokens were paid. Subsequently, the company changed its name to Tron Inc. Tron Inc. is implementing a financial strategy utilizing TRX tokens. The company intends to generate staking revenue from TRX held in custodian wallets designated by the board of directors and plans to introduce a dividend policy in the future.

It has been observed that the virtual asset (cryptocurrency) management firm Galaxy Digital has distributed and transferred 1,130 Bitcoin (BTC) to Binance, Wintermute, and others. On the 25th, on-chain analyst The Data Nerd stated via X (formerly Twitter), "Of the 3,715 BTC transferred to 12 new addresses one hour ago, 1,130 BTC (worth approximately $131 million) was deposited into the hot wallets of the global cryptocurrency exchange Binance and the market maker Wintermute," adding, "The remaining Bitcoin was distributed to four other wallets." Earlier that day, Galaxy Digital transferred about 30,000 BTC to external wallets. A large portion of these funds flowed into centralized exchanges, and some are believed to have been sold.

It has been reported that Bitcoin (BTC) miners have transferred a large amount of Bitcoin to major virtual asset (cryptocurrency) exchanges. According to an alert from the virtual asset (cryptocurrency) analytics platform CryptoQuant on the 25th, miners sent 3,726.55 BTC to virtual asset exchanges at around 18:24 on this day. This amounts to approximately ₩588.3 billion. Typically, large deposits of coins into exchanges can lead to an increase in selling pressure, which may result in short-term volatility.

Virtual asset (cryptocurrency) management firm Galaxy Digital was observed dispersing $428 million (approximately ₩591.1 billion) worth of Bitcoin (BTC) to multiple addresses over the past 15 minutes. On the 25th, on-chain analyst ai_10929 stated on X (formerly Twitter), "Galaxy Digital has distributed a total of 3,715 BTC to 12 new addresses in the past 15 minutes," and added, "These recipient addresses have had no further activity and currently remain unidentified." Previously, Galaxy Digital transferred about 30,000 BTC to external wallets earlier today. A significant portion of these funds reportedly flowed into centralized exchanges, with some believed to have been sold. Meanwhile, Galaxy Digital currently holds 18,504 BTC on-chain, amounting to approximately $2.13 billion (around ₩2.943 trillion).

A report stated that after approximately ₩241.9 billion worth of XRP was moved from a wallet presumed to be owned by Ripple co-founder Chris Larsen, the price of XRP fell by nearly 14%. According to CoinDesk, a specialized cryptocurrency media outlet, blockchain analyst ZachXBT reported that "from the 17th to the 24th, a total of 50 million XRP (about $175 million, or ₩241.9 billion) was moved from Chris Larsen’s wallet," and that "$140 million (about ₩193.6 billion) of this sum was transferred to centralized exchanges." Previously, last week, XRP pulled back from a high of $3.64 to the current level of about $3.08. The cumulative decline for the past week stands at 14%. In particular, some analysts noted that more than $105 million (about ₩145.2 billion) of large-scale long positions were liquidated, intensifying the sharp short-term drop. ZachXBT also stated, "Wallets associated with Larsen still hold 2.81 billion XRP (about $8.4 billion, or ₩1.16146 trillion), which amounts to about 4.6% of the total XRP market capitalization." So far, neither Ripple nor Chris Larsen has released an official statement regarding these transfers.

Virtual asset (cryptocurrency) management firm Galaxy Digital has reportedly transferred Bitcoins worth approximately ₩4.8 trillion ($3.5 billion) to external destinations. The majority of this amount was moved to exchanges, with indications that some of it was liquidated. On the 25th, on-chain analytics platform Lookonchain announced that Galaxy Digital transferred nearly 30,000 BTC to external wallets that day. A large portion of these assets flowed into centralized exchanges, and it is analyzed that some were sold. Afterward, Galaxy Digital reportedly withdrew 1.15 billion USDT (about ₩1.58 trillion) from a virtual asset exchange. Galaxy Digital currently holds 18,504 BTC (worth approximately $2.14 billion, or ₩2.95 trillion). This represents a decrease of about 60% from the previous day's holdings.

The number of listed companies holding over 1,000 Bitcoins has increased to as many as 35. Analysis suggests that, in line with the spread of dispersed institutional buying, corporate-level Bitcoin holdings are continuing to expand. On the 25th, Chris Kuiper (CFA), VP of Fidelity Digital Assets Research, announced on X (formerly Twitter) that "as of the end of Q1 2025, there were 24 companies holding 1,000 BTC or more, but by the end of Q2 that number rose to 30, and now it stands at 35." Kuiper added, "The total Bitcoin held by these companies reaches approximately 900,000 coins," and explained, "This is a clear sign that corporate Bitcoin exposure is expanding." Kuiper continued, "Not only has the overall purchase volume increased, but if you look at the quarterly pie charts, you can see that the buyers have become much more diverse," adding, "Corporate-level Bitcoin strategies are now spreading from major firms to a wider range of listed companies."

Bitcoin (BTC) briefly gave up the $115,000 level. As of 16:53 on the 25th, Bitcoin was trading at $114,700 on the Binance USDT market (₩157,790,000 on Upbit). Meanwhile, according to the virtual asset data platform Cryprice, the Kimchi premium for Bitcoin was recorded at -0.29% on this day. This indicates that prices on local (Korean) exchanges are lower than the global market.

An analysis indicates that as expectations for US interest rate cuts have weakened, selling pressure is spreading across risky assets, including Bitcoin (BTC). According to Bloomberg on the 25th, Bitcoin fell to $114,667 on this day, marking its lowest point since the 11th. On the same day, Ethereum (ETH) declined by about 3%, and XRP dropped by 5.3%. Previously, Bitcoin reached an all-time high of $123,205 last week, driven by the passage of crypto-related regulations in the US House of Representatives' 'Crypto Week' and increased capital inflows into virtual asset investment products. In contrast, recent market evaluations suggest that in light of tempered expectations for rate cuts, further upward momentum is weakening, prompting investors to remain on the sidelines. While the uptrend continues, the market notes a slowdown in momentum and the possibility of a short-term correction. Rachel Lucas, a BTC market analyst, analyzed, "The upward trend is being maintained, but as momentum slows, traders are becoming cautious." Tony Sycamore, analyst at IG Australia, projected, "Unless Bitcoin breaks through the monthly trendline resistance (around $125,000), a correction phase may continue for the time being." The media explained, "The US employment data released on the 24th exceeded market expectations, lowering the likelihood of a US rate cut," and added, "Accordingly, Asia’s stock markets’ seven-session winning streak has ended, and the virtual asset market has also come under pressure."

It has been analyzed that Galaxy Digital is intensifying downward pressure by continuing to sell large amounts of Bitcoin (BTC). According to on-chain analyst Ai on the 25th, Galaxy Digital has transferred a total of 17,123 BTC (worth about $2 billion) to virtual asset exchanges over the past 12 hours. In the previous transaction, 5,153 BTC (worth about $596 million) was sent, of which 3,313 BTC (worth about $383 million) was confirmed to be deposited at the exchange. The rest are presumed to have moved to unidentified wallets. In addition, signs were also detected that Galaxy Digital has withdrawn a total of $456 million USDT from major exchanges such as Binance, Bybit, and OKX and is transferring it to Coinbase. Ai explained, "It seems they keep throwing (selling)." Galaxy Digital's on-chain BTC balance has now decreased to 18,504 BTC ($2.13 billion) as of now.