Minseung Kang

Global financial firm JPMorgan's subsidiary Kinexys, the on-chain US Treasury project Ondo Finance, and oracle network Chainlink (LINK) announced the successful completion of a settlement experiment for US Treasury tokens connecting public and private blockchains. According to crypto-specialized media outlet Cointelegraph on the 12th (local time), Chainlink officially stated, "We have completed a cross-chain experiment that processes both US Treasury token (OUSG) and fiat settlements between Kinexys' digital payment network and the OndoChain testnet." The transaction was conducted via Delivery vs. Payment (DvP), where assets and payments are exchanged in real time across different chains. Chainlink explained that it utilized its own off-chain compute technology, Chainlink Runtime Environment (CRE), for this experiment. CRE automatically coordinates transaction flows, verifies the fulfillment of conditions, and executes settlement commands to ensure safe transfers of assets between the two chains. Ondo's OUSG is a tokenized asset based on real US Treasuries and was used as a live-traded asset between Kinexys' private payment network and the public OndoChain in this experiment. Chainlink further explained, "CRE can process various forms of single and multi-chain DvP transactions, which can serve as a foundation for more complex financial activities in the future."

Trident, a Nasdaq-listed digital technology company based in Singapore, has announced a plan to raise up to $500 million to accumulate XRP. On the 12th (local time), StreetInsider reported, "Trident announced an initiative to raise up to $500 million to establish an XRP reserve and appointed Chaince Securities LLC as its strategic advisor." Trident explained that "this plan aims to accumulate XRP as a long-term holding asset and to expand its presence in the DeFi (decentralized finance) sector through collaboration with the Ripple ecosystem." They also plan to utilize the secured XRP as a means of generating income, including staking. Meanwhile, the company stated that it intends to raise funds through its own stock issuance, strategic partnerships, and structured finance, and is currently in discussions with several blockchain infrastructure companies and institutional investors. The initial XRP acquisition-related operations are expected to commence in earnest in the second half of this year. Soon Huat Lim, founder and CEO of Trident, said, "We believe decentralized financial assets will play an important role in global capital allocation and cross-border remittances."

The dollar-based stablecoin USD Coin (USDC) has been officially launched on XRP Ledger. On the 12th (local time), Circle, the stablecoin issuer, announced via its official X (formerly Twitter), "USDC is now fully operational on XRP Ledger," adding, "With this, USDC receives native support across a total of 22 blockchains." It explained that USDC can now be used directly on XRP Ledger without a separate bridge. Circle stated, "USDC can be applied to various demands including enterprise B2B payments, DeFi liquidity provision, and integration of custody and wallet infrastructure," adding, "In particular, USDC's utility is expected to increase for market making to secure token pair and foreign exchange liquidity."

US-listed DDC Enterprise has reportedly acquired an additional 38 Bitcoins (BTC). According to Newswire on the 12th (local time), DDC stated, "With this latest Bitcoin purchase, the total amount of Bitcoin held by the company has increased to 138 BTC. Our (investment) return rate has increased by 22% compared to the end of last month." Media reports estimate DDC’s average Bitcoin purchase price at $78,582. Norma Chu, founder and CEO of DDC, said, "This additional Bitcoin purchase demonstrates our focus on executing our strategy," adding, "By acquiring Bitcoin, we are expanding our shareholders’ exposure to digital scarcity. Going forward, we aim to become one of the most aggressive holders of Bitcoin among global listed companies."

The Cardano (ADA) Foundation has officially announced the launch of 'Originate,' a blockchain-powered solution for product authenticity verification and certification tracking. On the 12th (local time), the Cardano Foundation stated on its official blog, "Originate is a scalable blockchain-based verification platform designed to enhance transparency and trust," adding, "It can be applied to a variety of industries, including food & beverage, luxury goods, pharmaceuticals, and automotive parts." The Cardano Foundation recently secured a real-world use case by collaborating with Georgia's wine industry and explained that this partnership demonstrates the on-site applicability and effectiveness of Originate. The Foundation emphasized, "This project is a leading example of a digital twin-based verification system that connects grape-to-glass," and highlighted the potential for broader applications such as streamlining industry certification processes and improving supply chain transparency.

The U.S. Producer Price Index (PPI) for May came in below market expectations. Producer prices are considered a leading indicator for consumer prices, as they are reflected in final consumer prices after a certain period. According to the U.S. Department of Labor on the 12th (local time), the U.S. PPI for May increased by 0.1% compared to the previous month. This is lower than the market expectation of a 0.2% rise. Year-on-year, it increased by 2.6%, in line with the market consensus (2.6%). With the release of data indicating that wholesale prices, a leading indicator of consumer prices, are cooling, Bitcoin (BTC) saw a slight increase. As of 21:32 on the same day, immediately after the data was released, the BTC price surged by 0.17% to $107,124 on the Binance USDT market. At the same time, the number of new unemployment claims in the U.S. for the previous week was tallied at 248,000, surpassing the market forecast of 242,000.

The U.S. Dollar Index (DXY) has dropped below 98 for the first time in three years, creating an environment seen as favorable for risk assets, including virtual assets (cryptocurrencies). On the 12th (local time), CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), reported that "the U.S. Dollar Index has fallen below 98 for the first time since early 2022", adding that "the weak dollar trend may improve global liquidity and have a positive impact on speculative assets such as Bitcoin". The recent decline in the Dollar Index is interpreted as resulting from the U.S. headline Consumer Price Index (CPI) for May coming in at 2.4% year-on-year, slightly below the forecast of 2.5%. With expectations for monetary easing by the U.S. central bank (Fed) rising, the market is increasingly betting on a possible rate cut in June. According to CME FedWatch, the interest rate futures market is pricing in a 99.8% probability that the federal funds rate will be cut to 4.25~4.50% at the June Federal Open Market Committee (FOMC) meeting. The media explained, "In recent years, when the Dollar Index has been above 100, dollar strength and risk aversion have weighed on the virtual asset market, but conversely, if it declines, financial conditions may ease and preference for risk assets may emerge."

Ethereum (ETH) futures open interest has reached an all-time high, while BlackRock continues its spot purchases, signaling expanding institutional demand. On the 12th (local time), crypto media BeInCrypto reported, citing on-chain analytics firm Glassnode, "Ethereum's futures open interest (OI) has surpassed $20 billion, reaching an all-time high." This figure suggests that leverage demand is rising even as Ethereum consolidates. Glassnode stated, "Open interest in cash-margined Ethereum futures contracts has reached a record high," adding, "Traders are expanding their positions using stablecoins." CryptoQuant also noted, "The frequency of retail investors' futures trading has exceeded the yearly average," and analyzed, "While on-chain transactions in Bitcoin remain sluggish, leverage and speculative sentiment are strengthening in Ethereum." Meanwhile, demand in the futures market aligns with the trend of institutional spot purchases. According to blockchain analytics platform Lookonchain, global asset management firm BlackRock has made net purchases of Ethereum for two consecutive weeks. Its accumulated purchases amount to $163.6 million (about ₩216.7 billion).

Bitcoin (BTC) volatility has fallen to an all-time low, raising the possibility that its future returns compared to gold or stocks may be adjusted. On the 12th (local time), Mike McGlone, Bloomberg commodity strategist, stated on X (formerly Twitter), "Bitcoin's 60-day volatility is at a record low compared to the S&P 500, and its price relative to the stock index has historically reached high levels," adding, "This suggests that, considering a recovery of balance between assets, an adjustment trend favorable to gold may appear." He explained that, given the balance between Bitcoin and traditional assets, Bitcoin could hint at an upcoming correction. The strategist pointed out, "In the past, periods of low volatility often formed amid extreme pessimism, but this time, since market optimism dominates, systemic risk could become more pronounced." He also added, "The annual volatility gap with gold has also hit a record low," stating, "This implies Bitcoin's maturity and can also be interpreted as a sign that a sharp price rise over the long term may become difficult."

Bitcoin (BTC) temporarily fell below $107,000. As of 8:42 PM on the 12th, based on the Binance USDT market, BTC is trading at $107,091—a 1.92% drop from the previous day (₩146,900,000 on Upbit). Recent tensions in the Middle East have led to a decreased appetite for risk assets, according to analysts. Meanwhile, according to Cryprice, the Kimchi Premium on major crypto assets (cryptocurrencies) such as Bitcoin (BTC) is recorded at 1.29% today.

BlackRock, the world’s largest asset management firm, has announced plans to raise its asset under management (AUM) in the virtual asset (cryptocurrency) sector to over $50 billion (approximately ₩67 trillion) by 2030, with the aim of becoming the largest global virtual asset manager. On the 12th (local time), the international economic news channel Walter Bloomberg reported, “BlackRock has set a goal of becoming the world’s largest virtual asset manager by 2030. BlackRock’s target AUM is over $50 billion.” Meanwhile, after launching the spot Bitcoin Exchange-Traded Fund (ETF) ‘iShares Bitcoin Trust (IBIT)’ last January, BlackRock has been attracting assets at a rapid pace. The ETF has been absorbing institutional demand quickly since its listing. It is being regarded as one of the most successful Bitcoin ETFs in the industry.

Reports indicate that the auction for 10-year US Treasury bonds recorded higher demand than expected, easing concerns about US fiscal soundness. According to CoinDesk, a US media outlet specializing in virtual assets (cryptocurrencies), the Treasury auction held on the 11th issued $39.2 billion in 10-year bonds, with a bid-to-cover ratio exceeding 2.5 times. The primary dealer absorption rate was only 9%, suggesting that general investors stepped in to buy significant amounts. A $30 billion auction for 30-year Treasury bonds is scheduled for the 12th. This will serve as an indicator of how investors view US government fiscal policy. The media stated, "Currently, the total US national debt has surpassed $36 trillion, exceeding 120% of the gross domestic product (GDP). Such a structural debt problem could lead to a fiscal crisis in the long term. Some experts have mentioned Bitcoin alongside gold as a store of value," it added.

As speculation arises over Tencent's potential acquisition of Nexon, 'NexSpace (NXPC)', a token reportedly linked to the deal, soared by 11%. On the 12th, virtual asset (cryptocurrency) specialized media BlockBeats reported, "Immediately after news circulated of Tencent considering the acquisition of Nexon, the NXPC token briefly surged by more than 11%, reaching $1.33." Earlier that day, Bloomberg reported that Tencent had approached the family of the late Nexon founder, Kim Jung-ju, to explore the possibility of purchasing shares in the domestic gaming company. However, it is reported that neither the actual success nor the structure of the deal has been finalized. Meanwhile, NXPC is a virtual asset connected to Nexon's blockchain-based game, MapleStory N.

Japanese listed company ANAP is rapidly increasing its Bitcoin (BTC) holdings by acquiring an additional total of 50.56 BTC over two days. According to the virtual asset (cryptocurrency) news channel NLNico on the 12th (local time), ANAP purchased 23.06 BTC the previous day and an additional 27.5 BTC on this day. With this, ANAP's total Bitcoin holdings rose to 153.4627 BTC. Previously, on the 9th, ANAP announced through an official statement, "The company will comprehensively shift its financial strategy to focus on Bitcoin." The company added that it aims to secure at least 1,000 BTC by August. NLNico further stated, "The Bitcoin acquisition trend among Japanese companies is gaining momentum."

While the Bitcoin (BTC) options market is reflecting low volatility, on-chain indicators are warning that the likelihood of short-term price swings has increased. According to NewsBTC, a cryptocurrency-focused media outlet, on the 12th (local time), on-chain analysis firm Glassnode cited 'Realized Supply Density' data in its weekly research report, stating, "Currently, the market sensitivity of Bitcoin is increasing," and added, "Even minor price movements could affect a large number of investors, increasing the likelihood of expanded volatility." The report said this indicator has shown a steady rise over the past few weeks. In contrast, the options market is showing the exact opposite trend. On this day, the implied volatility (IV) of Bitcoin options showed a downward trend across many segments, suggesting that market participants do not expect significant volatility for now. Glassnode noted, "This kind of 'complacency about volatility' has historically served as a sign of upcoming increased volatility," and assessed that, "There is currently a phase in which on-chain data and options market expectations are in conflict."

An address suspected to be held by a large whale or institution has reportedly purchased $40 million worth of World Liberty Finance (WLFI) tokens. Some interpret this as whale activity ahead of WLFI's potential listing. According to crypto-specialized media Cryptopolitan on the 12th, a wallet address holding about 800 million WLFI recently acquired $40 million (about ₩54,440,000,000) worth of WLFI through an over-the-counter (OTC) transaction. WLFI is the governance token for World Liberty Fi, with the first governance vote scheduled to begin on June 16. Within the community, there are expectations that the first voting agenda could be related to the token listing. The outlet stated, "Currently, WLFI is not listed. This appears to be a preparatory step for trading on a decentralized exchange (DEX)," adding, "Within the community, the move is interpreted as an attempt to secure tokens after OTC distribution, in anticipation of the initial price at listing."