Minseung Kang

Hyperliquid-based 'whale' investor James Wynn argued that the market's focus is shifting from Bitcoin (BTC) to altcoins. On the 25th, Wynn stated via X (formerly Twitter), "The recent decline in Bitcoin's price is due to market makers' selling, which may indicate a transition period from the Bitcoin season to the altcoin season." He added, "Right now, with market makers selling Bitcoin, long leverage traders and retail investors have entered a state of panic. Even at this moment, some retail investors are selling altcoins in response to the decline in Bitcoin's price, but whales are buying up these coins." He continued, "Currently, Bitcoin dominance (the proportion of Bitcoin's market cap in the total crypto market cap) is falling together with Bitcoin's price. In the past, altcoins would have dropped sharply as well, but this time it's different. The game is on."

The global cryptocurrency exchange Binance is listing Treehouse (TREE) on Binance Alpha. On the 25th, Binance announced through its official X (formerly Twitter), "We will be adding TREE to Binance Alpha on the 29th and also conducting an airdrop for users. More details will be announced soon." Meanwhile, Binance selects tokens for Binance Alpha among early-stage crypto projects based on market trends and other factors. Listing on Binance Alpha does not necessarily lead to a spot listing on Binance.

UK-listed company Smarter Web Company (SWC) has reportedly purchased an additional 225 Bitcoins (BTC). On the 25th (local time), Smarter Web Company announced on its official website, "As part of our '10-year plan' of ongoing Bitcoin acquisitions, we have purchased 225 BTC," adding, "The total Bitcoins we currently hold has reached 1,825." Previously, Smarter Web Company had stated, "We believe Bitcoin will become a core of the global financial system," and "We will proactively implement a Bitcoin treasury strategy."

BitMine Immersion Technologies, a mining company listed on the New York Stock Exchange, was revealed to be holding approximately $2 billion (about ₩2.75 trillion) worth of Ethereum. According to Blockhead, a media outlet specializing in virtual assets (cryptocurrencies), as of the 23rd (local time), BitMine currently holds a total of 566,776 ETH. The unit price per token is $3,643.75, making the total value $2 billion (about ₩2.75 trillion). Previously, BitMine announced a plan to purchase $500 million worth of Ethereum and began acquiring Ethereum in earnest. Thomas Lee, Chairman of the Board at BitMine, stated, "BitMine secured more than $2 billion worth of ETH just 16 days after raising funds," adding, "Our goal is to secure and stake 5% of the total ETH supply." He also noted that this approach is similar to MicroStrategy's Bitcoin strategy.

The virtual asset (cryptocurrency) project 'World Liberty Financial (World Liberty Financial, WLFI),' led by the Trump family, has changed its policy regarding the immediate unlock of tokens that were supposed to be distributed to public sale participants. On the 19th (local time), World Liberty announced through its official X (formerly Twitter) that "only a portion of tokens for purchasers in the $0.015~$0.05 public sale tranche will be initially unlocked, while the remaining allocations and OTC tokens will have their unlock decided by a community vote." The statement continued, "Unlocking for allocations belonging to founders, the team, and advisors will also be determined through a separate vote at a later time." World Liberty added, "Rather than launching in haste, we aim to proactively secure large-scale partnerships to build a foundation for the project's long-term success," and stated, "We are currently collaborating with major centralized exchanges (CEX) and DeFi partners, and plan to announce our overall launch roadmap soon." Previously, on the 18th, World Liberty had announced that the WLFI token is expected to be tradable on exchanges within 6~8 weeks.

The market capitalization of stablecoins such as Tether (USDT) and USDC has seen a slight increase compared to the previous week. According to the decentralized finance (DeFi) dashboard DeFiLlama on the 19th, the market capitalization of stablecoins including USDT was recorded at about $261.318 billion (approximately ₩364.1466 trillion). This is an increase of 1.25% from the previous week. Currently, Tether accounts for 61.99% of the total stablecoin market capitalization. Typically, an increase in the issuance and holdings of stablecoins can be seen as a bullish signal, as it may lead to increased buying pressure in the market. Conversely, a decrease can be interpreted as a decline in demand for virtual assets.

Bitdeer, a Bitcoin (BTC) mining company, has reportedly mined 65 BTC over the past week and sold 27.4 BTC during the same period. On the 19th, Bitdeer announced its mining and holdings status as of the 18th via its official X (formerly Twitter) account. Over the past week, Bitdeer mined 65 BTC and sold 27.4 BTC, resulting in a net increase of 37.5 BTC in its holdings. Excluding customer deposits, Bitdeer's total net Bitcoin holdings were recorded at 1,601.4 BTC.

The price of Ethereum Classic (ETC) has recently surged 17%, hitting its highest level in six months. As the overall cryptocurrency market enters a correction phase, analyses suggest that ETC is showing a strong upward trend supported by robust buying pressure and a sharp rise in trading volume. On the 19th, cryptocurrency news outlet AMB Crypto, citing data from on-chain analytics firms CoinGlass and Coinalyze, reported, “Ethereum Classic recently soared to $25.59, setting a 6-month high,” adding, “During the same period, trading volume exceeded $1 billion, rising approximately 290% from the previous day, and market capitalization also hit a 6-month high of $3.9 billion.” In contrast, in the futures market, counter bets against the upward trend are also expanding. According to CoinGlass, ETC’s open interest (OI) increased by 28.2% to $313 million, and derivatives trading volume jumped 213% to $2.43 billion. Nevertheless, the long-short ratio remains below 1 (0.97), indicating short (sell) positions are dominant. Profit-taking movements have also emerged. The media outlet analyzed, “Holders who have been waiting for a profitable window over the past six months are now actively selling.” They further noted, “If ETC maintains its buying momentum, attempts to break through $29 may continue,” while also projecting, “Conversely, if momentum weakens, a correction down to $20.80 is also possible.” Meanwhile, open interest refers to contracts in derivatives like futures and options that have not yet been settled. An increase in open interest indicates capital is flowing into the market.

It is reported that the Hyperliquid whale James Wynn has opened a 40x leveraged short position in Bitcoin (BTC). On the 19th, the cryptocurrency-focused media outlet BlockBeats stated, "According to on-chain data, investor James Wynn opened a 40x leveraged short position in Bitcoin (BTC) futures contracts." According to the report, the size of James Wynn's position is about $32,458,820 (approximately ₩4.52 billion), with an entry price of $118,078.3 and a liquidation price of $119,490. Currently, this position is recording an unrealized loss of around $105,000 (about ₩146 million).

After Bitcoin (BTC) hit its all-time high of $123,000, analysis indicates that major holders engaged in large-scale selling activity. On the 19th, cryptocurrency-specialized media outlet BeInCrypto cited on-chain analytics platforms CryptoQuant and Glassnode, reporting that, as of the 15th, Bitcoin miners transferred 16,000 BTC to exchanges in a single day. This is the largest single-day transfer volume since April 7, when there was a movement of 17,000 BTC. Consequently, miners’ holdings dropped from 68,000 BTC to 65,000 BTC, marking the lowest level in a month. According to the report, whale investors also participated in large-scale selling. On the 15th, total inflows to exchanges sharply increased from 19,000 BTC to 81,000 BTC in a short period, with transfers from whale addresses rising from 13,000 BTC to 58,000 BTC. Notably, signs were detected that 40,000 BTC were moved to exchanges from long-term dormant addresses dating back to the Satoshi era. According to on-chain analytics firm Glassnode, the total realized profit for the day on the 15th was calculated to be $3.5 billion. Of this, long-term holders realized profits amounting to $1.96 billion, while short-term holders accounted for $1.54 billion. Despite these waves of selling, the media outlet added that market experts view recent crypto-friendly legislation in the United States and growing global institutional demand as positive signals, suggesting further upside potential remains.

The funding rate in the virtual asset (cryptocurrency) derivatives market has returned to a neutral level. On the 19th, the specialized virtual asset media outlet BlockBeats, citing data from the on-chain data platform CoinGlass, reported that as of this day, the funding rates at major centralized exchanges (CEX) and decentralized exchanges (DEX) were maintaining the baseline at around 0.01%, indicating that the market is showing a neutral trend. As the funding rate, a representative indicator of bullish or bearish sentiment in the perpetual futures market, forms near the baseline, it is interpreted that the market has cooled down from an overheated state. Generally, when the funding rate exceeds the baseline of 0.01%, it suggests a bullish market with long positions prevailing, while a drop below 0.005% indicates a bearish market where short positions are dominant. The media added, "When the funding rate is located near the baseline as it is now, it can be interpreted as a signal that the overall position imbalance in the market is easing."

If the price of Bitcoin (BTC) surpasses $120,000, an analysis suggests that major cryptocurrency exchanges could see approximately $1.5 billion worth of short liquidations. On the 19th, the crypto-focused media outlet BlockBeats cited on-chain data platform CoinGlass, reporting that "if Bitcoin breaks above $120,000, cumulative short positions totaling $1.53 billion could be under liquidation pressure on major centralized exchanges (CEXs)." Conversely, if Bitcoin drops below $116,000, it is estimated that long positions worth about $1.31 billion could be liquidated. This indicates that Bitcoin is currently entering a zone near important psychological resistance and support levels with significant liquidation pressure. The outlet added, "CoinGlass's liquidation chart does not show the exact number of unsettled contracts or amounts at specific price ranges, but rather provides a relative visualization of how much each liquidation cluster might affect adjacent ranges," and noted, "the larger the liquidation volume, the greater the potential for liquidity shocks at that level."

The circulation of the US dollar-based stablecoin USDC increased by approximately $1.8 billion (about ₩2,586.3 billion) over the past 7 days. On the 22nd, the cryptocurrency-focused media outlet Odaily, citing official data from Circle, the issuer of USDC, reported: "Circle issued approximately $7.5 billion worth of USDC and redeemed about $5.7 billion worth of USDC over the past week. As a result, USDC's circulation increased by approximately $1.8 billion." As of this day, the total USDC in circulation stands at $64.5 billion (about ₩92,655.2 billion). The total reserves held by Circle amount to $64.7 billion, of which about $10.1 billion is in cash and the remaining $54.7 billion is managed through the Circle Reserve Fund. Typically, an increase in stablecoin issuance and reserves is considered a sign of buying pressure in the market, often interpreted as a bullish signal. Conversely, a decrease can be read as a sign of reduced demand for cryptocurrencies.

It has been found that long-term investors who have held Bitcoin (BTC) for an extended period are recording much higher returns than short-term holders. On the 19th, an analyst from Arab Chain at CryptoQuant, a virtual asset (cryptocurrency) analysis platform, stated in a Quicktake report, "A Bitcoin SOPR ratio (SOPR Ratio: LTH-SOPR/STH-SOPR) of 1.90 indicates that large-scale holders have gradually begun to realize their profits, while small-scale holders have either not yet achieved significant gains or are not actively selling." According to CryptoQuant, the SOPR ratio of Bitcoin stood at 1.90 on this day. This metric compares the realized returns of long-term holders, who have held Bitcoin for over 155 days, with those of short-term holders. Generally, a ratio above 1 means profit realization, while below 1 means selling at a loss. The analyst explained, "Currently, some long-term holders are observed to be realizing profits, but it is too early to consider this a large-scale distribution trend." He added, "However, if this ratio rises above 3, heightened price volatility could occur due to substantial selling by major investors."

A total net inflow of $2,386,000,000 (about ₩3.32 trillion) was recorded in the U.S. Bitcoin (BTC) spot Exchange-Traded Fund (ETF) market this week. In particular, BlackRock’s IBIT drove the inflow with $2,569,000,000 (about ₩3.58 trillion). On the 19th, the virtual asset (cryptocurrency) media outlet BlockBeats, citing data from Farside Investors, reported this development. According to the report, $2,569,000,000 flowed into BlackRock’s Bitcoin ETF IBIT, which is greater than the total net inflow for the week. Meanwhile, Fidelity’s FBTC saw a net outflow of $48,700,000, and ARK Invest’s ARKB also lost $119,600,000. Grayscale’s GBTC recorded a net outflow of $122,500,000, continuing the capital outflow trend. Additionally, Bitwise’s BITB ($18,000,000), Invesco’s BTCO ($7,100,000), Franklin’s EZBC ($6,800,000), VanEck’s HODL ($30,900,000), WisdomTree’s BTCW ($3,100,000), and Grayscale Mini BTC ($41,900,000) saw slight inflows. In contrast, when excluding IBIT, other ETFs recorded a net outflow totaling $183,000,000 this week. The market analysis suggests that, given the outflows from most ETFs except IBIT, BlackRock’s dominance is strengthening.

Cardano (ADA) trading volume has surged, particularly in the derivatives market, while ADA is currently undergoing a short-term correction. According to AMB Crypto, a media outlet specializing in virtual assets (cryptocurrencies), ADA's 24-hour futures trading volume jumped by 92.42% from the previous day to $4.53 billion. Open interest (OI) also increased by 12.06%, reaching $1.45 billion. With the volume spike, ADA hit an intraday high of $0.895. Currently, there is a correction trend due to profit-taking. As of 15:45 that day, according to the Binance USDT market, ADA was trading at $0.8224, down 5.36% from the previous day.

Bitcoin (BTC) temporarily dropped below the $118,000 mark. As of 11:30 p.m. on the 18th, Bitcoin is trading at $117,876 in the Binance USDT market (₩160,990,000 on Upbit). Meanwhile, according to the cryptocurrency data platform Cryprice, Bitcoin's Kimchi Premium was recorded at -1.67% on this day. This means the price in Korean exchanges is lower than in the global market.

There are observations that transfers from whale wallets holding large amounts of Bitcoin (BTC) to virtual asset (cryptocurrency) exchanges are increasing again. On the 18th (local time), on-chain data analysis firm Glassnode stated, "The 7-day moving average (SMA) of the amount moved from Bitcoin whale addresses to exchanges is approaching about 12,000 BTC," adding, "This is among the highest levels this year and is similar to the spike seen in early November last year." Glassnode analyzed, "Although it is still lower than last year’s peak, it may be a signal indicating the possibility of profit-taking or capital reallocation."

Leading U.S. securities firm Charles Schwab is reportedly set to support spot trading for Bitcoin (BTC) and Ethereum (ETH). According to BWE News, a media outlet specializing in virtual assets (cryptocurrencies), on the 18th (local time), Charles Schwab CEO Wurster stated, "We plan to include spot trading for Bitcoin and Ethereum on our platform." No specific timeline or details regarding the implementation were mentioned.

Singaporean healthcare company Basel Medical Group has temporarily put its plan to purchase Bitcoin (BTC) on hold. According to GlobeNewswire on the 18th (local time), Basel Medical Group agreed, after deliberation, to temporarily suspend the purchase process. This is due to ongoing reviews by U.S. regulators of digital asset regulations and uncertainty about how future policies may affect the transaction. Basel Medical Group stated, "We believe it is prudent to defer the transaction until there is clear regulatory guidance," adding that, "We will closely monitor future policy developments and will reconsider if circumstances become appropriate again."

David Bailey, known as the figure who championed former President Donald Trump's support for digital assets (cryptocurrencies), reportedly achieved a 640% return with his hedge fund over the last year. According to Bloomberg on the 18th, 210k Capital, managed by Bailey, posted a net return of approximately 640% for the 12 months between July 2024 and June 2025. This performance far surpasses the rise of Bitcoin (BTC) during the same period. As of the end of June, assets under management totaled $433 million. Notably, 210k Capital has pursued a strategy of persuading listed companies unrelated to cryptocurrencies, such as those in hotels or web design, to purchase Bitcoin, transforming these firms into 'Bitcoin-holding companies' to drive up their stock prices. For example, a pre-IPO investment in the UK's Smarter Web Company led to a 14,000% increase. The fund also reportedly achieved over 100x returns by investing in Japan's hotel chain, Metaplanet, immediately after a strategic pivot in April 2024. The fund focuses investments in Bitcoin-holding companies across Japan, the United States, Canada, Australia, and Sweden, with these companies making up 95% of the total portfolio. Bailey is seen as the main lobbyist behind President Trump's own remarks about 'turning pro-Bitcoin,' and was also the host of the 'Crypto Ball,' an event celebrating Trump’s inauguration. Last July, during the Bitcoin Conference held in Nashville, Trump praised Bailey on stage, saying, "David, whatever you did, you did really well." Meanwhile, 210k Capital has recently been seeking new investment opportunities, primarily in countries without a spot Bitcoin ETF, such as India, Korea, Southeast Asia, and Latin America.

U.S.-listed digital asset company Bit Digital acquired an additional 19,683 Ethereum (ETH), expanding its total holdings to approximately 120,000. According to PR Newswire on the 18th (local time), Bit Digital announced that it purchased an additional 19,683 Ethereum using funds raised through a recent institutional investor rights offering totaling $67.3 million. Following this transaction, the company’s total ETH holdings have reached 120,306. Sam Tabar, CEO of Bit Digital, explained, "Ethereum will be at the center of the future digital asset ecosystem in the long term," and added, "We have made it a core element of our treasury strategy, considering staking yields, programmable structure, and growing institutional adoption."

dYdX, a decentralized derivatives exchange, has acquired the cryptocurrency social trading platform 'Pocket Protector.' This acquisition marks dYdX's first external acquisition. According to The Block, a media outlet specializing in virtual assets (cryptocurrencies), dYdX has acquired Pocket Protector, and Pocket Protector's co-founders Eddie Zhang and Kaiser Kinbote will be joining dYdX as President and Head of Growth, respectively. Zhang previously led Messenger products at Meta (formerly Facebook), while Kinbote is known for his over 10 years of experience in the cryptocurrency industry. Pocket Protector is a social trading platform founded last year that enables users to trade with friends or follow top traders. dYdX plans to integrate social features into its core products through this acquisition, but no specific roadmap has been disclosed. The acquisition price has not been revealed, and the transaction was conducted using a mix of cash and dYdX tokens. dYdX founder Antonio Juliano explained, "This acquisition is a strategic decision to expand our team's composition."