Minseung Kang

There are observations that the volume of long-term unmoved Bitcoin (BTC) supply is steadily increasing. On the 18th, the on-chain data analytics company Sentora (formerly IntoTheBlock) stated, "More than 30% of all Bitcoin has not been moved in over 5 years." This suggests that a significant portion of the supply is either being held long-term or might be lost. Sentora also added, "It is estimated that more than 7.5% of the total supply has been permanently lost." This includes factors such as lost private keys or irrecoverable wallets.

Australian-listed company DigitalX announced that it has purchased additional Bitcoin (BTC). On the 18th, DigitalX stated in an official announcement that it has recently acquired an additional 57.5 Bitcoins at an average price of $118,275 per Bitcoin. As a result, the company’s total holdings have increased to 425.1 BTC. Currently, DigitalX directly holds 232.1 BTC and indirectly holds 193 BTC through its in-house Bitcoin ETF, BTXX. Notably, including this purchase, the company has acquired a total of 167 BTC this month, purchasing approximately $30.7 million worth of Bitcoin in a single month. DigitalX stated, “As a leading company among Australian-listed firms providing institutional-grade Bitcoin exposure, we will further solidify our position.”

Bitcoin (BTC) has surpassed the +1 standard deviation (approximately $120,000) from the average cost basis of short-term holders. This level has historically served as a key resistance during previous bull markets. On the 18th, on-chain data analytics platform Glassnode announced on X (formerly Twitter), "BTC has reached the upper band of +1 standard deviation from the Short-Term Holder cost basis, which is about $120,000." This point has repeatedly acted as resistance during bullish phases. Glassnode stated, "If this trend continues, the next resistance will be the +2 standard deviation zone, around $136,000."

Bitcoin (BTC) dominance has been on a downward trend over the past week, recording 61.71%. According to TradingView on the 18th, Bitcoin dominance dropped by 4.8% points in a week, coming to 61.67%. During the same period, the total cryptocurrency market capitalization increased by 4.43%, while the market cap excluding Bitcoin (TOTAL2) rose by 13.19%. Furthermore, the market cap excluding both Bitcoin and Ethereum (TOTAL3) also showed a 10% increase. In the market, it is interpreted that Bitcoin's share of market capitalization has decreased as the rebound led by altcoins has become more pronounced.

Bitcoin (BTC) temporarily fell below the $119,000 level. As of 17:33 on the 18th, BTC is trading at $118,851 in the Binance USDT market (₩161,020,000 on Upbit). Meanwhile, according to the virtual asset data platform Cryprice, the Kimchi Premium for Bitcoin was recorded at -2.64% today. This means that it is being traded at a lower price on domestic exchanges compared to the global market.

Global cryptocurrency exchange Binance is listing the AI data network project Chainbase (Chainbase, C). On the 18th, Binance announced, "Binance will list Chainbase (C) spot at 23:00 (KST) today." Trading will be supported on the USDT, USDC, BNB, FDUSD, and TRY markets, and the C token will have a 'seed tag' applied. The circulating supply at the time of listing will be about 160 million (16%) out of a total of 1 billion tokens. The seed tag is applied to tokens with more price volatility compared to those already listed. On this day, the price of C showed a short-term surge following the news of the token listing. According to cryptocurrency-focused media outlet Blockbit, C recorded a 46.6% jump from the previous day, reaching $0.242. Meanwhile, Chainbase is a hyperdata network that provides high-precision data for AI applications across multiple chains. It currently supports smart contracts based on Base Chain and BNB Chain.

Bifrost has officially launched its Web3 investment infrastructure platform, 'StableDAO', and announced new tokenomics that include token burning. On the 18th, Bifrost stated on its official Medium channel, "StableDAO is an investment infrastructure that supplies stablecoin-based funds to Web3 projects to solve liquidity issues." Participants in the decentralized autonomous organization (DAO) collectively decide which projects to invest in, with 30% of profits allocated to BFC token burn and 2% to BiFi token burn. The platform supports staking based on BTC, stablecoins, and BFC, with deposited BFC utilized in the form of wstBFC (staked BFC). Users receive a share of StableDAO's profits in addition to staking rewards. While traditional deposit products have only provided yields, StableDAO is designed so that a portion of profits is used for BFC and BiFi burning, thereby making the act of depositing itself contribute to ecosystem deflation. Bifrost explained, "StableDAO is designed not merely as an investment fund, but as a structure that connects Web2 capital with Web3 technology," and, "As participation in DAO increases, the burn amount will also rise, thus simultaneously enhancing token value and ecosystem trust."

Planet Ventures, an investment company listed on the Canadian stock exchange, has expanded its holdings by additionally purchasing 3 Bitcoins (BTC). According to The Newswire on the 18th, Planet Ventures announced that it had invested a total of CAD 500,000 from its existing cash reserves to purchase an additional 3.0164 BTC. As a result, the company's total Bitcoin holdings have increased to 25.83 BTC. The average purchase price for this transaction was calculated at CAD 165,760.99 per Bitcoin (USD 120,528.47). The company's total cumulative Bitcoin investment amounts to CAD 4,000,000 (about USD 2,908,500), and the overall average Bitcoin purchase price is about USD 112,603.66. Planet Ventures emphasized, "With the rising global demand for digital assets and growing interest in decentralized financial infrastructure, holding Bitcoin is a strategy to enhance corporate value in the medium to long term."

Virtual asset (cryptocurrency) investment firm Matrixport has assessed that Bitcoin may be entering a sideways phase during the summer. With the price nearing its technical ceiling, the analysis suggests that a consolidation phase could occur in the short term before further gains. According to the virtual asset-specialized media outlet Blockbit on the 18th, Matrixport stated in a research report released that day, "With the recent positive trend in U.S. policies and economic indicators, Bitcoin (BTC) has entered a new price range." However, they projected that "the current price is close to upper resistance, and technical indicators suggest that a phase of stagnation may unfold over the next 1–2 months." It is interpreted that although Bitcoin remains in an upward trend, it could enter a phase of searching for direction near the peak in the short term. The report explained that over the past 18 months, BTC has exhibited a staircase-like upward trend of roughly $16,000 increments. The first quarter peak of $106,000 has turned into a support level in the second quarter, while $122,000 is now presented as the next target price. Recently, Bitcoin temporarily broke through this level but was pushed back again. From a technical perspective, Bitcoin's Relative Strength Index (RSI) has surpassed 70, entering an overbought phase, and some reversal signals have also been detected. The report stated, "Bitcoin may stabilize and consolidate in the $106,000–$108,000 range in the short term," and added, "If this range is maintained, it could establish the technical basis for further advances." Meanwhile, Matrixport does not see a high probability that the U.S. central bank, the Fed, will directly announce an interest rate cut at the upcoming meeting on the 30th. The report added, "Ahead of a rate adjustment in September, there could be signals that help align market expectations."

The native token UNI of the decentralized exchange (DEX) Uniswap has surged over 20% in a single day, attracting significant market attention. As of 16:13 on the 18th, according to CoinMarketCap, UNI is trading at $10.73, up 20.29% from the previous day. Analysts say that expectations are increasing for a simultaneous rise alongside the strong performance of Ethereum (ETH). The market has also noted that on this day, the U.S. House of Representatives passed the 'GENIUS Act,' a stablecoin regulatory bill. There is growing optimism in the industry that this bill could create a favorable environment for altcoins overall. On the same day, Yi Lihua, founder of LD Capital, remarked, "UNI still has more than three times the upside potential compared to its previous all-time high," adding, "Once Ethereum establishes its uptrend, UNI will become one of the most compelling leveraged assets." He further noted, "From the perspective of tokenomics, including proposals for platform fee sharing, structural upgrades are also anticipated." LD Capital currently holds UNI as its third-largest investment position.

Today, approximately $6 billion of large-scale contracts expired in the virtual asset (cryptocurrency) options market, with analysis suggesting that Ethereum’s (ETH) sharp rally is driving market optimism. According to Adam, a researcher at the cryptocurrency options data analysis platform Greeks.live, 41,000 Bitcoin (BTC) options and 240,000 Ethereum options reached maturity today. The notional values were $4.93 billion (about ₩6.87 trillion) and $880 million (about ₩1.227 trillion), respectively, totaling $5.8 billion (about ₩8 trillion). This accounts for about 10% of the total options market open interest (OI). Adam explained, "Recently, the ongoing upward trend without significant corrections has further fueled expectations among market participants." While Bitcoin is stabilizing around $120,000 today, Ethereum has surpassed $3,650 and is leading a rebound across altcoins. In today’s options indicators, Ethereum’s implied volatility (IV) — a measure of its volatility — rose to as high as 70% in major segments, reflecting growing expectations for more gains. Bitcoin’s IV rebounded slightly at around the 40% level. However, as Ethereum continues to demonstrate large price swings in both directions, selective responses are required if sell pressure emerges. Adam analyzed, "Over the past two weeks, substantial call option (bullish bet) trading has persisted," adding, "on most trading days, call options account for more than 30% of total large-volume trades, and institutions are also gradually shifting their positions." For reference, a call option is a financial contract granting the right to purchase a specific underlying asset at a predetermined strike price. Call option buyers can exercise the option at maturity if the market price of the underlying product exceeds the agreed strike price, capturing the price difference as profit. Conversely, a put option confers the right to sell an asset at a pre-specified strike price.

U.S. NASDAQ-listed company ThumbsUp Media has officially approved a strategy allowing it to hold up to $250 million in major virtual assets (cryptocurrencies), including Bitcoin (BTC). According to cryptocurrency-focused media outlet CryptoNews on the 18th, ThumbsUp's board of directors passed a strategy yesterday to permit the inclusion of various virtual assets—such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), Litecoin (LTC), and USDC—as assets on its balance sheet. The company explained that this strategy is a measure to participate more actively in the digital asset economy. ThumbsUp operates a social media-based advertising reward platform. It is also developing an AI-based lifestyle marketplace. The company stated that this asset inclusion plan will be implemented in stages following board approval. Meanwhile, prior to this announcement, it was also reported that Donald Trump Jr., the eldest son of President Donald Trump, purchased 350,000 shares of ThumbsUp. It is known that Trump Jr. is not involved in management but made the investment on the recommendation of an advisory firm.

The relative value of Ethereum (ETH) compared to Bitcoin (BTC) is surging. As of 15:17 on the 18th, on Binance, ETH/BTC is trading at 0.03035, up 6.7% from the previous day. This follows a steady rise from the level of 0.025, where it hovered on the 14th. Meanwhile, the market is paying attention to the fact that the United States House of Representatives passed the 'GENIUS Act', a stablecoin regulatory bill, on this day. The industry is forming expectations that this bill could create a favorable environment for altcoins overall.

An unusual 'reverse premium' phenomenon continues in the domestic virtual asset (cryptocurrency) market. According to Cryprice on the 12th, all major virtual assets such as Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) are showing a reverse premium state, with domestic prices lower than international prices. The Kimchi Premium indicator has remained around the -1.5% level across all assets. The Kimchi Premium shows, as a percentage, how much more expensive virtual assets are on Korean exchanges compared to international ones. Generally, if it is 0% or above, it is considered a premium; if it is below 0%, it is considered a reverse premium. Meanwhile, in the market, the recent sharp rise in the domestic stock market is being cited as a reason for the relative weakness of the domestic virtual asset market. Recently, the KOSPI Index surpassed the 3,200 mark for the first time in 3 years and 10 months, and the total market capitalization of domestic stocks exceeded ₩3,000 trillion for the first time ever. As a result, it is analyzed that funds from investors are flowing into the stock market, causing a temporary decline in demand for virtual assets.

The market capitalization of stablecoins such as Tether (USDT) and USD Coin (USDC) showed a slight increase compared to the previous week. According to DeFiLlama, a decentralized finance (DeFi) dashboard, on the 12th, the total market capitalization of stablecoins, including USDT, was approximately $257,751,000,000 (about ₩355,768,400,000,000). This figure represents a 1.06% increase from the previous week. Currently, Tether accounts for 62.13% of the total stablecoin market capitalization. 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. On the contrary, a decrease could be interpreted as reduced demand for digital assets.

Wallet groups holding less than 100 Bitcoin (BTC)—the so-called 'shrimp, crab, and fish' wallets—have been net-buying as many as 19,300 Bitcoins per month. This figure surpasses the amount issued through mining during the same period (13,400 BTC). On the 12th, on-chain data analytics firm Glassnode stated via X (formerly Twitter), "Wallet groups made up of shrimp, crab, and fish have been accumulating approximately 19,300 BTC every month." The monthly mining output issued through the Bitcoin network during the same period is about 13,400 BTC. Glassnode added, "As consistent net-buying continues among these relatively small wallets, a tangible reduction in supply-side liquidity has emerged."

Pump.fun, a Solana (SOL)-based meme coin issuance platform, has acquired Kolscan, a real-time transaction tracking analytics tool. According to CoinKu, a media outlet specializing in cryptocurrency (virtual assets), Pump.fun announced that it acquired Kolscan to strengthen real-time on-chain trading analytics features. The specific acquisition amount was not disclosed. Kolscan is a tracking tool that analyzes the trading patterns of top on-chain traders, and with this acquisition, Pump.fun plans to enhance accessibility and utility of trading information within its platform.

The number of listed companies quietly incorporating Bitcoin (BTC) into their financial assets is increasing. Unlike high-profile announcements of large-scale purchases made by companies like MicroStrategy (formerly MicroStrategy) or Tesla, there is a growing trend of companies converting a portion of their assets into Bitcoin with relatively little attention. According to Cointelegraph, a media outlet specializing in virtual assets (cryptocurrencies), at least 10 listed companies—including Norwegian investment giant Aker ASA (holding 754 BTC), Brazilian fintech platform Méliuz (595.7 BTC), and Thai telecommunications company Jasmine International (506.4 BTC)—have allocated a portion of their assets to Bitcoin. These firms reflect Bitcoin as an asset in their financial statements without separate disclosure, and each company’s holdings are estimated to reach up to several million dollars. In particular, Aker added Bitcoin as part of its portfolio diversification and sustainable investment strategy. Méliuz chose Bitcoin as a means to counter domestic currency volatility. Jasmine International, together with its subsidiary JTS, is trying to expand its revenue models based on Bitcoin. The media noted, “These companies continue their strategic asset transitions quietly, without issuing market-driving press releases like Tesla or MicroStrategy,” adding, “The role of Bitcoin in corporate financial strategy is evolving from a mere investment asset to a macro-level hedge.” Meanwhile, according to digital asset analytics platform BitcoinTreasuries.net, 26 listed companies newly incorporated Bitcoin last month, bringing the total number of companies holding Bitcoin to 250 as of the 4th.

This week, a total of $2.7175 billion (about ₩3.7493 trillion) flowed into US-listed Bitcoin (BTC) spot Exchange-Traded Funds (ETFs). According to Farside Investors on the 12th (local time), BlackRock’s Bitcoin spot ETF, IBIT, attracted $1.759 billion (about ₩2.4273 trillion), while Fidelity’s FBTC saw $399.9 million (around ₩551.5 billion) inflows, leading the capital movement. In addition, ARK Invest and 21Shares' ARKB brought in $339.1 million (about ₩467.9 billion), Bitwise’s BITB attracted $86.6 million (about ₩119.4 billion), VanEck’s HODL received $35.2 million (about ₩4.86 billion), Galaxy’s BRRR saw $3.7 million, and Invesco’s BTCO attracted $14.8 million. On the other hand, Grayscale’s GBTC was the only one to record a negative figure this week, with a net outflow of $50.4 million (about ₩69.5 billion).

Arthur Hayes, the co-founder of BitMEX, was recently found to have purchased Ethena (ENA) tokens through multiple accounts and channels. On the 12th, on-chain analyst EmberCN reported on X (formerly Twitter), "It appears that Arthur Hayes recently bought ENA worth $1,505,000 (approximately ₩2 billion)." According to EmberCN, Hayes recently transferred 755,000 USDC to Binance and withdrew 2.1 million ENA, sent 248,000 USDC to Wintermute and received 700,000 ENA, and is also believed to have transferred 502,000 USDC to Galaxy Digital to withdraw 1.4 million ENA.