Minseung Kang

The brand image of the popular non-fungible token (NFT) project Pudgy Penguins (PENGU) is spreading across the profile images of major virtual asset projects’ X (formerly Twitter) accounts. According to crypto-specialized media outlet Odaily on the 12th, recently, several projects’ official accounts—including OpenSea, MoonPay, Awaken, and Polkadot—simultaneously changed their profile photos to Pudgy Penguins images. Previously, Coinbase and VanEck had made similar moves. Following this trend, the price of the PENGU token once rose to $0.024. As of 16:55 on the 12th, PENGU is trading at $0.023181 (about ₩31.9) on the Binance USDT market, up 11.39% from the previous day.

Sweden-based virtual asset (cryptocurrency) investment firm Bitcoin Treasury Capital recently acquired an additional 4.4 Bitcoin (BTC). According to specialized cryptocurrency media outlet AInvest on the 12th, Bitcoin Treasury Capital has recently purchased an additional 4.4 BTC. The average purchase price is reported to be $118,159. With this transaction, the company's total Bitcoin holdings have increased to 152 BTC. The media outlet added that, "Amid a trend where institutional investors are increasingly adopting Bitcoin as a long-term store of value, Treasury Capital continues to pursue portfolio diversification strategies."

Global cryptocurrency exchange Binance has announced that the PEAQ token will be listed on Binance Alpha. On the 12th, Binance announced through its official X (formerly Twitter), "Binance Alpha has added PEAQ and started an airdrop for its users." To apply for the airdrop, 15 Alpha Points must be used, and applications must be completed within 24 hours. If you do not apply, your eligibility will automatically expire. Additionally, Binance has also announced a trading competition with a total reward of 10,505,000 PEAQ. Detailed information on the participation method and schedule will be provided in a separate notice. Meanwhile, Binance selects tokens for Binance Alpha by considering market trends, among initial cryptocurrency projects. Listing on Binance Alpha does not necessarily mean a listing on Binance.

Binance Coin (BNB) continues its upward momentum thanks to reduced supply and increased on-chain transaction demand. According to AMB Crypto, a media outlet specializing in virtual assets (cryptocurrency), Binance Chain recently conducted its 32nd quarterly burn, removing approximately 1,595,600 BNB from the network. The burn amounted to around $1.02 billion (about ₩1.4035 trillion). Currently, about 139.28 million BNB are in circulation, and more than 30% of the total supply has been burned over the past three years. On this day, the price of BNB traded around $692, marking about a 15% rise from last month’s low. Meanwhile, some analyses suggest that the upward trend in BNB is not only due to reduced supply but also linked to increased on-chain activity. According to DeFi Llama, DEX trading volume within the BNB Chain reached an all-time high of $170 billion last month.

Nasdaq-listed e-commerce company Upexi is seeking to raise a total of $273 million (approximately ₩376.6 billion) to acquire Solana (SOL)-based digital assets. According to cryptocurrency-focused media outlet Coindu on the 12th, Upexi is raising the funds through both a stock issuance and a bond issuance. Upexi plans to use a portion of the raised capital for operating expenses, but the majority will be focused on further purchasing Solana. Through this fundraising, Upexi aims to expand its digital asset reserves and accelerate its Solana-centric strategy. The company plans to expand its cumulative Solana holdings to a total of 1.65 million units, which is more than twice its current holdings. Meanwhile, the stock offering is scheduled to be completed by the 14th, and the bond issuance will be finalized by the 16th.

The open interest on the decentralized derivatives exchange Hyperliquid has exceeded $10.6 billion (approximately ₩14.62 trillion). On the 12th, Hyperliquid announced on its official X (formerly Twitter), "Open interest on our platform has surpassed $10.6 billion, setting a new all-time high." Open interest refers to the number of derivative contracts in the market that traders have not yet closed. An increase in open interest indicates that new capital is flowing into the market.

Bitcoin (BTC) has surpassed $118,000 and recorded its all-time high, while Ethereum (ETH) has also crossed the $3,000 mark, sparking strong activity in the market, according to analysis. On the 11th, Adam, a researcher at the crypto options analytics firm Greeks.live, said, "Bull runs of this magnitude only come every few months," adding, "After a period of subdued sentiment, the market is now exploding all at once. Expectations that Ethereum could rise above $4,000 are growing." Adam also noted, "Some investors anticipated the period of low implied volatility (IV) and bought call options in advance, yielding up to 13 to 17 times returns." However, he added, "Ethereum has now entered a 'high volatility zone' where prices could rapidly surge or plunge in the future."

Pudgy Penguins (PENGU) surged 32%, driven by anticipation over a spot ETF approval and news of its Hyperliquid (Hyperliquid) listing. According to The Defiant, a cryptocurrency-focused media outlet, the U.S. Securities and Exchange Commission (SEC) has reportedly begun reviewing the 'PENGU spot ETF' application submitted the previous day by Canary Capital (Canary Capital). Following this news, PENGU's price jumped 32%. On the same day, PENGU also began spot trading on Hyperliquid, a decentralized derivatives exchange. Meanwhile, PENGU is the official meme coin of the Pudgy Penguins ecosystem, and its cumulative increase over the past month has exceeded 80%.

TRON (TRX) has signed an official partnership with the Binance Alpha ecosystem. On the 11th, TRON founder Justin Sun announced on X (formerly Twitter), "The TRON ecosystem has officially partnered with Binance Alpha." He added, "Through this collaboration, I hope that more TRON projects will be able to participate in Binance Alpha, and that this will contribute to the mutual prosperity of both ecosystems."

Stablecoin issuer Tether announced that it will discontinue support for stablecoin USDT on five blockchains—Omni, Bitcoin Cash SLP, Kusama, EOS, and Algorand—starting September 1. On the 11th, Tether stated on its official website, "As part of an infrastructure strategy review, we will halt USDT issuance and redemption support for these blockchains." As a result, remaining tokens on the respective networks will be frozen, and new issuance or conversion will no longer be possible. Tether explained that this decision reflects reduced USDT circulation on each chain, declining user activity, and a shrinking development ecosystem. Tether emphasized, "As the digital asset ecosystem evolves, resources must be reallocated to chains with higher real-world usage," adding, "We will focus on blockchains with strong scalability and active developer communities to further drive stablecoin adoption." Tether also revealed a strategy to strengthen support for chains boasting high speed and interoperability, such as the Lightning Network or DeFi-oriented blockchains. Tether urged, "Users currently holding USDT on these chains should redeem as soon as possible or request a transfer to supported blockchains."

Reports indicate that the meme coin Official Trump (TRUMP), themed after President Donald Trump, is set for a large-scale unlock next week. On the 11th, blockchain analytics company Centora (formerly IntoTheBlock) announced via X (formerly Twitter) that "TRUMP tokens amounting to about 9% of the total supply will be unlocked next week, corresponding to a market value of about $900 million (approximately ₩1.239 trillion)." Centora added, "The total value of all tokens being unlocked next week is $1.49 billion, and the scheduled TRUMP token unlock accounts for 45% of that total." Meanwhile, there are concerns in the market that this unlock could create short-term selling pressure.

BlackRock's spot Bitcoin (BTC) Exchange-Traded Fund (ETF) 'IBIT' has surpassed $80 billion (approximately ₩114 trillion) in Assets Under Management (AUM), making it the 21st largest ETF overall. On the 11th, Eric Balchunas, a Bloomberg ETF analyst, announced via X (formerly Twitter), "IBIT surpassed $80 billion on the 10th (local time), achieving this milestone five times faster than any previous record for a well-known ETF." The previous record belonged to Vanguard's 'VOO', which took 1,814 days to reach $80 billion. IBIT reached this figure in just 374 days, and as of today, its assets total $83 billion. Balchunas further stated, "For the first time, the total assets under management across all spot Bitcoin ETFs have also exceeded $140 billion (approximately ₩192.5 trillion)," adding, "Over $1 billion flowed in within a single day on the 11th, and the recent surge in Bitcoin price has played a major role in increasing the asset value."

Bitcoin (BTC) has surpassed $118,000, setting a new all-time high, but on-chain data analysis suggests it has not yet entered an overheated zone. On the 11th, on-chain analytics firm Glassnode said, “Although Bitcoin broke through $118,000 and set a new record high, the Net Unrealized Profit/Loss (NUPL) indicator for long-term holders remains at 0.69, which means it has not yet reached the 'euphoria' zone.” They added, “During this cycle, the period when the NUPL indicator exceeded 0.75 lasted only about 30 days. This is significantly shorter compared to 228 days in the previous cycle (2021), which suggests that the market has not yet reached its peak.” The NUPL indicator estimates the potential profit level of long-term Bitcoin holders and is generally considered to indicate a speculative overheated zone when above 0.75. The market often uses the NUPL indicator to determine when selling pressure may increase.

Swedish digital asset brokerage and research firm K33 recently announced the purchase of 50 additional Bitcoins (BTC) as part of its ongoing strategic Bitcoin acquisition. On the 11th (local time), K33 revealed in an official press release that it had acquired 50 more Bitcoins. Following this purchase, K33's total Bitcoin holdings have reached 85. K33 described this latest purchase as a "key milestone in the execution of our BTC Treasury Strategy," explaining that "this strategy is part of our broader plan to secure 'operating alpha' in the brokerage business, underpinned by our long-term conviction in Bitcoin's value." Torbjørn Bull Jenssen, K33 CEO, stated, "Our Bitcoin accumulation strategy is only just beginning," and added, "We are moving quickly toward our goal of reaching 1,000 BTC." K33 is listed on the First North Growth Market and provides digital asset investment services throughout the EMEA region (Europe, the Middle East, and Africa).

Universal Digital, a technology company based in Canada, has reportedly purchased 10 Bitcoins (BTC). According to NLNico, a cryptocurrency news channel, on the 11th (local time), Universal Digital recently announced through a disclosure that it had bought 10 Bitcoins. The disclosure stated, "We have purchased 10.02935 BTC for a total of $1,047,591 (at an average of $104,452.56 per Bitcoin)." The funds for the purchase were reportedly raised by selling existing Solana, Cardano, and AI16Z tokens. Tim Chan, CEO of Universal Digital, commented, "This purchase marks the full-scale start of our Bitcoin-focused asset strategy," and added, "We view Bitcoin as an excellent long-term asset, and this move aligns with our goals for capital preservation and the ongoing transition to global digital currency."

Layer 1 blockchain SEI is planning to officially introduce native USDC and the Cross-Chain Transfer Protocol (CCTP) V2. On the 11th (local time), USDC issuer Circle announced via its official X (formerly Twitter), "The stablecoin USDC and CCTP V2 will soon be integrated into the SEI Network." Circle explained that by supporting USDC, users will be able to access USDC liquidity more easily, quickly, and safely without the need for a separate token swap bridge. In addition, leveraging CCTP V2 will enable faster and more efficient USDC transfers between blockchains, including SEI. Cross-chain application development and liquidity routing are also expected to become significantly easier. Meanwhile, CCTP is an on-chain utility that supports USDC transfers across blockchains, allowing transactions using USDC between various blockchains to proceed in a safer and more capital-efficient manner.

SharpLink Gaming, a Nasdaq-listed company that has adopted Ethereum (ETH) as a reserve asset, has directly purchased 10,000 Ethereum from the Ethereum Foundation. According to Investing.com on the 11th, SharpLink Gaming secured a total of 10,000 ETH for $25,723,680 (approximately ₩37.8 billion) through a transaction with the Ethereum Foundation on the 10th (local time). The purchase price per ETH was $2,572.37. SharpLink Gaming is a sports betting and online gaming platform operator headquartered in Minneapolis, USA. Joseph Lubin, Chairman of SharpLink Gaming, said, "This acquisition is not for short-term investment purposes, but is part of responsible participation toward a long-term industry vision," adding, "The acquired Ethereum will be utilized for staking and restaking, which will contribute to reducing the circulating supply and stabilizing the Ethereum ecosystem."

The Bitcoin (BTC) valuation gains held by Strategy (formerly MicroStrategy) led by Michael Saylor have surpassed $28 billion (about ₩38.5 trillion). On the 11th (local time), cryptocurrency-focused media outlet Bitcoin Magazine reported that "Strategy's unrealized profit from Bitcoin investment has exceeded $28 billion." The report explains that as Bitcoin briefly surpassed $118,000 on this day, Strategy's valuation gains significantly increased. Currently, Strategy holds a total of 597,325 BTC, with an average purchase price of about $70,982.

Eric Trump, the second son of former U.S. President Donald Trump, reacted to the surge in Bitcoin by suggesting, 'I was right.' On the 11th (local time), Eric Trump quoted his own post from February on X (X, formerly Twitter), along with a short comment: "You're welcome!" Previously, in February, Eric Trump stated, "Now is a good time to buy Bitcoin."

It has been revealed that the Japanese fashion company ANAP has acquired an additional 28.74 Bitcoin (BTC). According to the virtual asset (cryptocurrency) news channel NLNico on the 11th (local time), ANAP purchased an additional 28.74 BTC. The company's current Bitcoin holdings amount to 229.23 BTC. Previously, ANAP announced its plan to purchase and hold more than 1,000 BTC long-term by this coming August.

Bitcoin (BTC) touched $118,869 during intraday trading, marking a new all-time high. As of 18:43 on the 11th, based on the Binance USDT market, Bitcoin was trading at $118,550, up 6.75% from the previous day. Bitcoin once again set a new record high, reaching an intraday peak of $118,869 (₩160,601,000 on Upbit). Unlike previous bull markets, analysts note that this rally is supported by strong institutional inflows, including spot ETFs, as well as aggressive buying pressure. In addition, some opinions suggest that the crypto-friendly policies of U.S. President Donald Trump have also acted as a major catalyst for this uptrend.

Bitcoin (BTC) has hit successive all-time highs, driving the daily trading volume of the domestic virtual asset (cryptocurrency) market to exceed ₩8 trillion. Analysts say the recent strength of altcoins is injecting renewed vitality into the market. According to virtual asset data platform CoinGecko on the 11th, the 24-hour cumulative trading volume of the top five domestic exchanges (Upbit, Bithumb, Coinone, Korbit, GOPAX) totaled ₩8.6776 trillion. This marks the first time the daily volume has returned to the ₩8 trillion level since May 31. Of this, Upbit accounted for 74.1% of the total, while Bithumb and Coinone logged 23.7% and 1.8%, respectively. In the market, there is an assessment that Bitcoin's steep rise is driving domestic investor sentiment. Bitcoin's market capitalization has once again surpassed the combined total of KOSPI and KOSDAQ. Although there has been ongoing competition between Bitcoin and the Korean stock market in terms of market cap since the beginning of the year, the recent rebound in virtual assets has strongly favored Bitcoin. The background to Bitcoin's strength includes an expansion of capital into spot Bitcoin ETFs in the United States and continued institutional buying. Additionally, anticipation for a possible interest rate cut by the US central bank, the Fed, in September is also being formed.

It has been revealed that the amount staked on the Ethereum (ETH) network has reached an all-time high compared to the total supply. On the 11th (local time), the on-chain data platform Unfolded announced on X (formerly Twitter), "Currently, 29.26% of the total Ethereum supply is staked. This is an all-time high based on the Ethereum staking ratio." Generally, as staking volume increases, a stronger tendency toward long-term holding causes more ETH to be locked up, which can reduce the circulating supply of Ethereum.

An analysis has found that the Bitcoin (BTC) holdings of major virtual asset (cryptocurrency) exchanges have decreased by about 360,000 so far this year. On the 11th, on-chain analyst 'Ai' stated on X (formerly Twitter), "Currently, centralized exchanges (CEX) hold about 2.4 million Bitcoins, which is approximately 360,000 fewer than at the beginning of the year." He explained, "This shows that the amount of Bitcoin held by retail investors is gradually decreasing."

Bitcoin (BTC) briefly surpassed $118,000 on this day, reaching a new all-time high again, while short positions worth 1.5 trillion won were liquidated in just one day. According to the cryptocurrency-specialized media CoinJournal on the 11th (local time), the total liquidation volume in the global crypto market over the past 24 hours reached $1.2 billion (about 1.65 trillion won). Of this, the liquidation amount for short positions alone reached $1.11 billion (about 1.52 trillion won). As Bitcoin surged more than 5% in a short period and hit $118,400 on this day, short positions across the market were swept out in succession. Out of the liquidations that occurred, Bitcoin derivatives accounted for approximately $635 million, and Ethereum liquidations amounted to $208 million. The total liquidation volume increased by about 140% compared to the previous day. Some whales injected additional funds to avoid liquidation. According to the on-chain analytics platform Lookonchain, one whale deposited an extra $5.5 million in USDC into the Hyperliquid exchange to raise the liquidation price to $121,080, aiming to prevent losses on a 1,135 BTC (about $132 million) short position. There is also analysis in the market suggesting Bitcoin’s supply is rapidly declining. On-chain analytics firm Glassnode explained, "the cumulative buying by long-term holders and small investors is outpacing new issuance," and "the combination of low volatility and supply shortage is reinforcing Bitcoin’s bullish momentum."

Ethereum (ETH) is seeing analysis suggesting that short-term selling pressure could rise near $3,100. On the 11th (local time), blockchain analytics platform Sentora (formerly IntoTheBlock) announced on X (formerly Twitter), "Ethereum is currently attempting to re-enter the $3,000 range, which is the first time the asset has reached this level since February, about five months ago." They continued, "Wallets holding around 4.1 million ETH have been at a loss for about six months, and will reach their break-even region near $3,100," and added, "If these holdings are sold to take profits, short-term selling pressure could intensify."

Bitcoin (BTC) has reached a new all-time high, and this surge, unlike previous bull runs, is being driven primarily by institutional capital inflows and crypto-friendly policies, according to analysts. On the 11th (local time), the cryptocurrency service provider Matrixport stated in a research report, "This rally in Bitcoin is supported by institutional capital inflows and strong buying momentum, which differentiates it from past surges." The report added, however, that "the Fed’s interest rate policy and next week’s Consumer Price Index (CPI) announcement schedule are also important variables." Matrixport explained that in this rally, individual investors are not using excessive leverage, and funding rates have only seen a slight uptick. The report stated, "Open interest in Bitcoin is increasing gradually, but there is not yet any notable new leveraged long positions", adding, "This surge should be seen as a structural upward trend rather than speculation." The report further noted that President Trump’s tariff policies and improvement in industry regulations have played a significant role in this rally. "Changes in the regulatory environment are one of the main factors sustaining Bitcoin’s bullishness," the report stated, predicting, "Policy changes will continue to support the ongoing rise of Bitcoin." The report also analyzed that Bitcoin is likely to maintain its upward momentum in the future. Matrixport added, "If the seasonal strength in July and expectations for the Bitcoin ETF persist, the upward move could become even more pronounced." With the U.S. House of Representatives set to announce progress in related legislation through 'Crypto Week' starting on the 14th, the report explained that there is a chance for momentum to continue.

Immediately after the announcement by the South Korean cryptocurrency exchange Upbit that it would list Ethena (ENA), the price of ENA surged by 20%. On the 11th (local time), crypto-specialized media BeInCrypto reported, "Right after Upbit announced it would list ENA on its KRW, Tether, and Bitcoin markets today, the price of ENA jumped 19%." The ENA price is now trading at $0.3512 on the Binance USDT market, up 20.36% from the previous day. The media added, "As of the 9th, Ethena Protocol recorded a total network revenue of $290.2 million and is growing at the fastest rate after major global stablecoin issuers such as Tether."