Minseung Kang

Today, approximately ₩5.2 trillion worth of Bitcoin (BTC) and Ethereum (ETH) option contracts are set to expire, raising expectations that short-term market volatility may increase. On the 6th, Adam, a researcher at Greeks.live, a digital asset (cryptocurrency) options analytics firm, announced via X (formerly Twitter) that "around 31,000 Bitcoin option contracts and 241,000 Ethereum option contracts are expiring today." The nominal value of these contracts is reported to be about $3.18 billion (approximately ₩4.32 trillion) and $590 million (approximately ₩800 billion), respectively. He explained, "This week, the digital asset market was mostly range-bound. However, public conflict between President Trump and Elon Musk, CEO of Tesla, triggered a sharp drop in Tesla’s share price, leading both the US stock market and the cryptocurrency market to experience a simultaneous correction, increasing volatility." Meanwhile, according to Greeks.live data, the max pain price for the expiring Bitcoin options is $105,000, and for Ethereum, it is $2,575. Typically, coin prices tend to move toward the max pain price—the price at which the largest number of option contracts are settled.

Robert Kiyosaki, author of the global bestseller "Rich Dad Poor Dad," projected a bullish outlook on gold, silver, and bitcoin, calling them "assets of winners." In particular, he remarked that this year will present the most attractive buying opportunity for silver. According to cryptocurrency-specialized media outlet U.Today on the 6th, Kiyosaki stated on X (formerly Twitter) that "those who possess gold, silver, and bitcoin are winners, while those who save fake money are losers." He emphasized, "You are a winner. Act like a winner." Previously, Kiyosaki claimed that bitcoin could rise to over $1,000,000 within the next 10 years. He also foresaw the price of gold reaching $30,000 per ounce. Meanwhile, in his latest remarks, he especially highlighted silver’s potential for further gains. He stated, "Silver recently hit $35 per ounce," and added, "There is a possibility that it could double to $70 within this year," citing the wide range of uses for silver in industries such as solar panels, electronics, and healthcare. Meanwhile, bitcoin plunged from $105,600 to the $100,000 level the previous day, before partially rebounding to $103,210 at present. U.Today analyzed that the conflict between President Trump and Tesla CEO Elon Musk on social media influenced this decline. When Musk openly criticized Trump’s tax expenditure plan, Trump in turn indicated the possibility of reducing government subsidies to Tesla.

Japanese-listed company Metaplanet has announced a Bitcoin (BTC)-dedicated capital increase worth approximately ₩7.27 trillion (about ¥770.9 billion). This is the largest Bitcoin-only capital increase ever conducted in Asia. On the 6th, Simon Gerovich, CEO of Metaplanet, stated on X (formerly Twitter), "We plan to raise funds by issuing 555 million Moving Strike Warrants at a premium price, leveraging our unique share price volatility and liquidity." This approach involves issuing rights to buy shares at predetermined terms in the future instead of selling shares directly, thus raising funds. It is one of the financing methods frequently utilized by companies with high share prices and active trading. He added that the company aims to hold 100,000 Bitcoins by 2026 and 210,000 by 2027 through this plan. This would account for about 1% of the total Bitcoin supply in the long term. Metaplanet added, "We are accelerating toward the future with Bitcoin at the center."

As major economic indicators in the United States slow down, overall market uncertainty is expanding, and there is an analysis suggesting that Bitcoin (BTC) may also see its short-term uptrend capped. On the 6th, the cryptocurrency service provider Matrixport stated in its weekly report, "Recently, two key economic indicators (the labor market and inflation) have dropped to their lowest levels in months, suggesting the possibility of structural changes within the market." The report added, "Futures funding rates and stablecoin activity, among other indicators, are also hinting at a larger-scale transitional period." The report suggested that the recent increase in market demand may have been a result of orders being moved forward in response to President Trump's tariff policies, and that this uptick could be temporary. "Currently, this demand is reverting to more normal flows, and policymakers are likely to remain cautious about early rate cuts, given that tariffs could once again increase inflationary pressures," the report analyzed. Additionally, the report stated, "As long as Bitcoin does not fall below $96,719, the bullish structure remains intact," but cautioned that "with momentum weakening and this support level approaching, some profit-taking flows may emerge first." Given the trends in initial economic indicators, the report forecasted, "The market may enter a highly volatile phase over the next two months or longer, and unless interest rate cuts by the Federal Reserve (Fed) – the US central bank – get fully underway, it will not be easy for Bitcoin to continue its uptrend without external shocks."

Coinbase has added FARTCOIN and SQD to its listing roadmap. According to crypto-focused media outlet Coinku, Coinbase announced on the 6th that it has included the two tokens in its list of listing candidates. The listing schedule has not yet been finalized, and a separate notice will be issued later depending on liquidity and technical readiness. FARTCOIN is a project developed on the Solana (SOL) platform, while SQD is built on Arbitrum (ARB). Immediately following this announcement, the price of FARTCOIN rose by 19.32% in a single day. Its 24-hour trading volume reached approximately $404 million (about ₩558.9 billion). As of 16:00 on the same day, FARTCOIN was trading at $1.04, with a market capitalization around $1.04 billion. SQD showed a relatively limited reaction, but it is observed that both tokens are drawing investor demand due to the possibility of being listed. Coinbase stated, "Once liquidity and technical stability are secured, we will announce the start of trading for these tokens." The outlet added, "Adding tokens to the listing roadmap may stimulate short-term trading sentiment, but post-listing trends could diverge depending on liquidity and regulatory issues."

If the U.S. central bank, the Fed (Federal Reserve System), lowers interest rates faster than the market expects, there is an analysis suggesting that Bitcoin could rise as high as $112,000. According to cryptocurrency media outlet Cointelegraph on the 6th, Carlo Fruscino, a CMC Markets analyst, stated, "If two rate cuts occur sooner than anticipated, it would significantly impact the price flow of cryptocurrencies such as Bitcoin," adding, "The psychological resistance level traders are watching is $112,000." After hitting an all-time high of $111,970 on May 22, Bitcoin has since undergone a slight correction, now standing at $102,766. The U.S. jobs report to be released today is expected to be a key indicator for gauging the Fed's interest rate policy and Bitcoin's short-term movement. Fruscino noted, "While some recent U.S. economic indicators have slowed, if employment figures come out stronger than expected, a rate cut could be further delayed." He added, "For example, if new jobs exceed 250,000, it would signal to the market that 'the Fed may not cut rates within this year.'" The Fed is set to decide on its benchmark rate on the 18th. According to the CME FedWatch Tool, 97.5% of the market expects no change to rates. Fruscino analyzed, "Although the Fed has enough data for its decision, uncertainty remains over President Donald Trump's tariff policies." Previously, President Trump had doubled tariffs on imported steel and aluminum; while the U.S. court temporarily blocked this, it has been reinstated on appeal. Fruscino said, "For Bitcoin to surpass $112,000, a broader increase in risk appetite needs to be in place," adding that "a clear policy catalyst will be necessary to drive further gains."

Global digital asset (cryptocurrency) exchange Binance will list perpetual futures for Skate (SKATE). On the 6th (local time), Binance announced in an official notice, "Binance is scheduled to list Skate (SKATE) perpetual futures (SKATEUSDT) on the 9th at 19:30 (KST)." On the same day at 19:00 (KST), SKATE will also be listed on the Binance Alpha platform. Binance explained, "This perpetual futures contract offers up to 50x leverage." Meanwhile, SKATE is a project that connects various dApps based on a Multi-VM infrastructure that bridges Ethereum Virtual Machine (EVM) and non-EVM chains. It also features integration of liquidity across multiple blockchains through an Automated Market Maker (AMM).

Bitcoin (BTC) temporarily recovered to $103,000. As of 15:13 on the 6th, the BTC price is trading at $103,051 on the Binance USDT market, down 1.42% from the previous day (₩143,630,000 on Upbit). After having fallen to around $100,500 at one point due to tensions between former U.S. President Donald Trump and Elon Musk, CEO of Tesla, Bitcoin later regained strength and partially recovered its losses. Meanwhile, according to Cryprice, the Kimchi Premium for major virtual assets (cryptocurrencies) such as Bitcoin (BTC) is slightly up, currently recorded at 1.46%.

There are reports that even within the US Securities and Exchange Commission (SEC), there are differing interpretations as to whether exchange-traded funds (ETFs) based on staking yields from virtual assets (cryptocurrencies) fall under securities regulations. On the 5th (local time), Bloomberg reported, "There are differing opinions within the US Securities and Exchange Commission (SEC) on whether staking ETFs utilizing Ethereum (ETH), Solana (SOL), etc., can actually be regarded as 'investment companies.'" According to the outlet, REX Financial and Osprey Funds recently went through the application process with the SEC to list staking-based ETFs, but on the same day, SEC staff reportedly warned that these products may not meet the requirements under the Investment Company Act. Staking is a method of participating in the operation of a blockchain network to receive rewards. It is reported that there was also an internal assessment within the SEC that staking yields could conflict with requirements under the Investment Company Act. Adam Gana, an attorney at Gana Weinstein Law Firm, pointed out, "If an ETF is based on staking yields, the ETF itself could be classified as a traditional investment company," adding, "This becomes a structure that the SEC may perceive as within its regulatory purview." He further added, "The SEC will not overlook the issue simply because the ETF contains only a few stocks." Meanwhile, there also appear to be differing views within the SEC. Hester Peirce, Director of the SEC's Virtual Asset Task Force (TF), recently stated on X (formerly Twitter), "I too have the same question as to whether these products qualify as investment companies." Previously, last month, SEC staff indicated that staking activities may not generally fall under the scope of securities regulations under federal law. On the other hand, the emergence of the opposite interpretation in this case has led to concerns of increasing market confusion. Corey Frayer, former SEC advisor, noted, "There is room for criticism in the regulatory authorities' approach of regarding certain assets as securities only when necessary."

Bitcoin (BTC) has temporarily given back $104,000. As of 23:25 on the 5th (Binance USDT market), the BTC price is trading at $104,186 (₩144,430,000 on Upbit), down 0.40% from the previous day. On this day, the news of a phone call between Donald Trump, President of the United States, and Xi Jinping, President of China, fostered optimism, but signals of a cooling U.S. job market have brought renewed concerns, keeping the market in a bearish trend. Meanwhile, according to Cryprice, the kimchi premium on major virtual assets (cryptocurrencies) such as Bitcoin (BTC) is recorded at 2.24%.

The amount of Bitcoin (BTC) held by global listed companies has more than doubled over the past year. On the 5th (local time), cryptocurrency specialist media outlet CoinDesk reported, citing a Binance Research report, that "as of the end of last month, the total amount of Bitcoin held by listed companies worldwide reached 809,100 BTC," and added, "This is approximately $8.5 billion (about ₩115,132.5 billion) by market value, more than twice the 312,200 BTC held during the same period last year." In particular, this growth accelerated following Donald Trump’s election as President. According to the report, about 100,000 Bitcoins have been newly added to the assets of listed companies since April alone. Previously, President Trump pledged during his campaign to make the United States the "capital of cryptocurrency," and since being elected, has initiated the formation of a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. Additionally, the decision by the U.S. Securities and Exchange Commission (SEC) to drop lawsuits against major crypto companies has been cited as a factor raising market expectations. Recently, new companies incorporating Bitcoin into their assets include GameStop and PSG, while the previous largest holder, Strategy (formerly MicroStrategy), still possesses more than 70% of the total amount held by listed companies.

USD1 token has been newly listed on DWF Labs' institutional cryptocurrency trading platform, DWF Liquid Markets. On the 5th, DWF Labs announced on X (formerly Twitter), "Investors can now trade USD1 on DWF Liquid Markets." They also explained, "We are collaborating with over 1,000 institutions and trading partners and supporting institutional-grade trading volume." Meanwhile, USD1 is a dollar-based stablecoin launched by WorldLibertyFinancial (WLFI), a decentralized finance (DeFi) project led by the family of former U.S. President Donald Trump.

Bitcoin (BTC) briefly surpassed its all-time high of $111,800, but as profit-taking activity increased, the bullish momentum is reportedly slowing down. On the 5th, on-chain analytics firm Glassnode stated in a research report: "In this adjustment phase, investors' realized profits per day surged to $1.47 billion. This marks the fifth largest large-scale profit-taking phase in this cycle." In particular, it was reported that long-term holders are clearly increasing their selling activity, acting as a source of market pressure. The report stated, "Profit-taking is mainly being led not by short-term investors, but by long-term holders who have kept their assets for over 12 months," and evaluated, "This wave of selling, coinciding with the formation of a cycle peak, can be interpreted as a signal that capital rotation is in full swing."

The Nasdaq-listed Bitcoin (BTC) mining company Iris Energy mined a total of 627 Bitcoins in May, setting a new monthly record for revenue. According to GlobeNewswire on the 5th (local time), Iris Energy announced that their May mining revenue reached $64.7 million (about ₩89,120,000,000), driven by higher Bitcoin prices and increased hashrate. This figure represents an increase of approximately 29% compared to the previous month. During this period, the average hashrate rose to 38.4 EH/s from 36.6 EH/s in the previous month, and the average revenue per Bitcoin was $103,345 (about ₩142,300,000). Meanwhile, the electricity cost per Bitcoin mined was recorded at $27,033, and the overall hardware profit margin was 74%. Daniel Roberts, Co-CEO of Iris Energy, said, "Following our record quarterly performance, May also saw our highest results ever. This demonstrates the strength of our platform," adding, "The AI data center construction project in Childress, Texas, is also progressing smoothly as planned."

It has been reported that Trump Media & Technology Group, owned by Donald Trump, has submitted an S-1 form for the listing of a Bitcoin (BTC) spot exchange-traded fund (ETF). According to Blockbit, a media outlet specializing in virtual assets (cryptocurrency), on the 5th, Truth Social officially submitted the S-1 filing to the United States Securities and Exchange Commission (SEC) for the launch of a Bitcoin spot ETF. The product aims to be listed on the New York Stock Exchange (NYSE). Meanwhile, the S-1 filing is an official document that U.S. companies submit to list securities. It is a procedure for disclosing detailed information to investors about the structure, risks, and profitability of the securities being issued.

ATIF Holdings Limited, a US Nasdaq-listed company, has officially entered the Bitcoin (BTC) market and announced a strategy to secure up to 1,000 BTC over the next five years. According to Investing.com on the 5th, ATIF Holdings Limited has established a five-year plan for Bitcoin investment and intends to secure Bitcoin through a hybrid approach that combines direct acquisition and mining. The company plans to expand its business by directly buying Bitcoin in the market as well as by constructing its own mining facilities or acquiring existing mining infrastructure. ATIF Holdings Limited is currently prioritizing West Texas as a candidate for mining operations, citing its mining-friendly regulatory environment and affordable electricity costs. Kamal Khan, CEO of ATIF Holdings Limited, stated, "Bitcoin is a long-term store of value and a strategic asset for growth and business diversification," and added, "By establishing mining infrastructure in highly energy-efficient regions such as West Texas, we can reduce costs and maximize scalability."

Although Ethereum (ETH) whales have engaged in large-scale accumulation, market prices have reportedly shown little reaction. According to AMBCrypto, a digital asset (cryptocurrency) media outlet, three whale wallets purchased approximately $364.36 million (about ₩503 billion) worth of ETH in the past 24 hours. Among these, it is reported that one wallet address is associated with Consensys, an Ethereum development company. Some interpret this whale accumulation as potentially sparking short-term rebound expectations. On the other hand, overall whale trading volume across the market is actually declining, and there is also analysis suggesting that individual investor buying is becoming more pronounced. The outlet stated, "There have not yet been clear reversal signals for a rebound in the market," but also projected, "If some whale accumulation continues, it could have a significant impact on the future price of ETH."

The UK company The Smarter Web Company (SWC) recently announced that it has purchased additional Bitcoin. On the 5th, The Smarter Web Company stated via X (formerly Twitter), "We recently made an additional purchase of 39.52 BTC for approximately $4.15 million (about ₩5.73 billion)." As a result, the company's total Bitcoin holdings have increased to 122.76 BTC. Previously, the company revealed it would continue to purchase additional Bitcoin over the next 10 years as part of its corporate financial strategy.

The legal dispute between Ripple and the United States Securities and Exchange Commission (SEC) may enter a critical phase starting on the 16th (local time), according to recent outlooks. According to the crypto-specialized media outlet CryptoPolitan on the 5th, pro-Ripple attorney Bill Morgan claimed, "A definitive conclusion must be reached in the lawsuit between the two parties by the 16th." Previously, the United States Court of Appeals suspended the case for 60 days on April 15th at the request of both sides, which has been interpreted as an indication that both parties are open to negotiation and possible settlement. Additionally, the SEC is required to submit an official report on the progress of the settlement to the United States court by the 16th. Attorney Morgan explained, "If no report is submitted or no substantial progress is recognized, the appeal and cross-appeal processes will automatically resume, and Ripple will also have to respond in writing to the court."

The official X (formerly Twitter) account for 'Trump Wallet', reminiscent of former U.S. President Donald Trump, has been frozen again. Previously, Donald Trump Jr., the eldest son of President Trump, had clarified that this service "is not our official wallet." According to virtual asset (cryptocurrency) specialist media Blockbit on the 5th (local time), the X account (@TrumpWalletApp) linked to the official Trump Wallet website was found to be frozen again that day. Previously, this account had faced temporary activity restrictions but was restored to normal at that time. Meanwhile, Trump Wallet has been introduced as a jointly developed wallet by Magic Eden and the Trump Meme Project. However, Donald Trump Jr., the eldest son of President Trump, recently stated, "This product has no connection with the Trump Group," and added, "The official wallet will be launched separately by World Liberty Financial (WLFI)."

US stablecoin issuer Circle Internet Financial has officially listed on the New York Stock Exchange (NYSE). This listing is considered a symbolic event that marks the entry of virtual asset (cryptocurrency) companies into the institutional mainstream. According to the crypto-focused media Cryptonomist on the 5th, on the 4th (local time), Circle raised a total of $1.05 billion (approximately ₩1.4489 trillion) by selling 34 million shares at $31 per share via its initial public offering (IPO). This result exceeds the previously announced expected range of $27~$28 per share. After listing, Circle’s corporate value is estimated at about $8 billion. With this listing, Circle plans to strengthen its business foundation, including its stablecoin USD Coin (USDC), and further expand its ties with the traditional financial market. The market sees this as the most notable IPO of a virtual asset company since the Coinbase listing in 2021. Major investment banks such as JPMorgan, Citigroup, and Goldman Sachs acted as lead underwriters for this IPO. Analysts also note that institutional investors are expressing a preference for stablecoins and related infrastructure firms over highly volatile cryptocurrencies. Currently, Circle has issued over $61 billion worth of USDC in market capitalization. Among dollar-based stablecoins, it is the second largest globally, after Tether (USDT). Circle also operates the euro-based stablecoin EURC. The media outlet commented, "Circle’s successful listing demonstrates that if a cryptocurrency company has a stable model and asset structure, it can attract capital from traditional markets."