Minseung Kang

Global investment markets have remained steady despite weak US economic indicators, leading to analysis that institutional investors’ demand for virtual assets (cryptocurrencies) is actually strengthening. On the 5th (local time), the cryptocurrency specialist firm QCP Capital stated via X (formerly Twitter), "Although the ADP employment report and ISM manufacturing index released the previous day both fell short of market expectations, risk assets largely ignored this and maintained robust momentum." QCP added, "Even amid macroeconomic instability, institutions are accelerating their acceptance of virtual assets," noting, "J.P. Morgan is currently accepting crypto exchange-traded funds (ETFs) as collateral assets, and listed companies like K Wave Media and Treasure Global are also including Bitcoin (BTC) in their financial assets." Furthermore, "Although ETF inflows slowed temporarily after a surge in May, Bitcoin’s total supply is capped, and Ethereum (ETH) issuance growth is lower than the US money supply growth rate," the firm analyzed. QCP further commented, "ETH remains above a key support level, and the ETH/BTC ratio stays near the highs, maintaining an upward trend."

Ripple unlocked 1 billion XRP through its regular token lockup release this month, with the XRP price dropping about 2% as a result. According to the crypto-focused media outlet Coinpedia on the 5th (local time), Ripple released a total of 1 billion XRP from escrow through three transactions that day. Of these, 670 million tokens were immediately returned to escrow. Therefore, only about 330 million new XRP actually entered the market, amounting to about one-third of the total unlocked supply. Following the unlock, XRP is trading at around $2.19, down approximately 2%. The 24-hour trading volume is $2 billion, a decrease of 18%. Meanwhile, since 2017, Ripple has maintained an operational model in which 55 billion XRP were locked up, with 1 billion tokens released each month and a portion re-deposited into escrow. This is said to aim at securing operational funds while stabilizing supply.

The United Kingdom-based gold mining development company, Bluebird Mining Ventures, announced that it will simultaneously adopt Bitcoin (BTC) as a financial asset. According to financial analysis platform TipRanks on the 5th (local time), Bluebird Mining Ventures has formalized a plan to convert its future gold mining revenue into Bitcoin and hold it as such. The company explained that as its gold mining development projects advance in the Philippines, it plans to hold gold mining revenue in Bitcoin. Bluebird Mining Ventures stated, "With a strategy that combines gold and digital gold (Bitcoin), we will secure new investor groups and expand our shareholder base." The company added that it will adopt a financial management approach that invests in both traditional assets and virtual assets.

The global virtual asset (cryptocurrency) exchange Binance assigned a 'monitoring tag' to four altcoins—Rain (BIFI), StarFi (FIS), Komodo (KMD), and Measurable Data Token (MDT)—causing the prices of these tokens to plummet sharply. According to the crypto-specialized media outlet BeInCrypto on the 5th, Binance announced that it would apply a monitoring tag to BIFI, FIS, KMD, and MDT. This tag indicates the possibility that a token may not meet trading standards, and serves as a warning that actions such as delisting may be considered in the future. Immediately after this measure, these tokens all recorded double-digit declines. According to CoinMarketCap on the same day, BIFI was trading at $162.85, down 10.7% from the previous day, while FIS dropped 19%, KMD 20%, and MDT 20.9% respectively. Binance explained, "These tokens have more risk factors than other listed assets in terms of volatility, regulation, and network stability."

A wallet address, believed to be associated with HTX (formerly Huobi), has attracted market attention after withdrawing 400 million Tether (USDT) in a large-scale transaction from the decentralized finance (DeFi) lending platform Aave. On the 5th, on-chain analyst IX stated on X (formerly Twitter), "A wallet address suspected to belong to HTX withdrew 400 million USDT from Aave just an hour ago," adding, "As a result, the USDT lending interest rate (APY) on Aave surged to 28.86%, and the deposit rate also soared to 24.65%." He commented, "Such large-scale capital outflows in a short period are rare," and questioned, "What could the intention possibly be?" He further added, "Yet, seeing many arbitrage addresses already starting to deposit USDT to take advantage of the surging rates only brings a smile to my face."

The NFT (Non-Fungible Token)-based project Magic (MAGIC) is adjusting its distribution schedule and accelerating its reorganization toward an AI-centric business structure. On the 5th (local time), Upbit announced in a notice, "We are providing information on the changed distribution schedule at the request of Magic (MAGIC)," adding, "Upbit is releasing this for the sake of transparent information disclosure." According to the revised distribution schedule, this adjustment is due to a reorganization of the project's strategy. Magic's existing Treasure Chain has been terminated, and the related TIP-42 governance proposal has also been withdrawn. As a result, the proposal that had originally allocated 10,000,000 MAGIC will become void, and those tokens are expected to be transferred to the Treasury. The team's distribution schedule stated, "The new direction has been confirmed through the approval of the TIP-49 governance," and added, "Going forward, we plan to shift our focus to the marketplace, Smolworld, Bridgeworld, and expanding technologies using tens of thousands of AI agents."

After the South Korean cryptocurrency exchange platform Upbit announced its plan to list Raven (RVN), the token has experienced a sharp rally of over 80%. On the 5th, Upbit announced that RVN tokens would be listed on the KRW market at 5 PM today. According to CoinMarketCap, the price of RVN is trading at $0.02048, up 82.41% from the previous day. Meanwhile, Raven is a blockchain optimized for asset transfer, designed based on the UTXO model of the Bitcoin protocol. The block generation interval is 1 minute, and the total token supply is set at 21 billion. The blockchain also supports asset issuance and messaging features. This project is characterized by prioritizing security, privacy, and censorship resistance.

Global virtual asset (cryptocurrency) exchange Coinbase has launched wrapped tokens cbDOGE and cbXRP, based on Dogecoin (DOGE) and XRP. Both tokens can be traded on Base, Coinbase's layer-2 network. According to CryptoPolitan on the 5th (local time), Coinbase announced via its official X (formerly Twitter) that it is introducing cbDOGE and cbXRP. These assets are wrapped tokens issued with a 1:1 collateral method for each Dogecoin and XRP, and are based on Coinbase's custody service. When users send DOGE and XRP from their Coinbase accounts to the Base network, they are automatically converted to cbDOGE and cbXRP in the ERC-20 Ethereum-compatible token format. Through this, users can access Ethereum's decentralized finance (DeFi) services. Coinbase advised, "There may be impersonator assets during the token swap process. Please make sure to check the official smart contract address."

Cryptocurrency 'high-leverage trader' James Win reportedly recorded a massive loss as his roughly $25 million (about ₩33.95 billion) long position in Bitcoin (BTC) futures was liquidated. On the 5th (local time), cryptocurrency-focused media outlet Cointelegraph reported that Win was liquidated after running a long position of 240 BTC using 40x leverage on the Hyperliquid platform. Immediately after the loss, he took to X (formerly Twitter) to claim, "My position was pushed out due to market manipulation," and asked for support funds. According to on-chain analytics firm Lookonchain, Win held 770 BTC (about $10.85 million) at the time of liquidation. It is also reported that he is currently sitting on an unrealized loss of about $1 million.

Global cryptocurrency exchange Binance has added monitoring tags to certain tokens including BIFI and FIS, urging caution due to their volatility. On the 5th (local time), Binance announced through its official channels that it would assign monitoring tags to four tokens: Rain (BIFI), StarFi (FIS), Komodo (KMD), and Measurable Data Token (MDT). The monitoring tag is applied to assets that require caution during trading due to relatively high volatility and flexible listing criteria. Binance added, "We regularly review projects to decide whether to maintain the monitoring tags."

Global cryptocurrency exchange Binance is listing Lagrange (LA) perpetual futures. According to Binance on the 5th (local time), Binance announced that it would list Lagrange (LA) perpetual futures at 18:00 (KST) that day. LA is already listed on Binance Alpha. Binance added, "This perpetual futures contract offers up to 50x leverage."

Ethereum·Solana·XRP Retracement and Rebound Turning Point After Gains Unusual Volatility Could Occur in Summer Uncertainty surrounding tariff policies by the Trump administration in the U.S. is causing turbulence in the altcoin (cryptocurrencies other than Bitcoin) market. As Bitcoin enters a correction after hitting a record high, some analysts say the altcoin market is at a strategic turning point between retracement and rebound. According to domestic cryptocurrency exchange Upbit on the 4th, Ethereum is trading at around ₩3,680,000, up about 65% since its April low. During the same period, Solana saw just a 44% increase and XRP only 14%. On the 29th of last month, the cryptocurrency media outlet CoinDesk analyzed, "Solana, which has been regarded as a challenger to Ethereum, has shown technical signals marking the end of its 18-month rally," and "Ethereum is increasingly likely to enter a period of relative strength, while XRP (formerly Ripple) is ending its rebound and coming under renewed downward pressure." Some also analyze that right after leading cryptocurrency Bitcoin reached a new high, investor sentiment has shifted back towards a wait-and-see approach. On-chain data platform Santiment stated in a recent research report, "A day after Bitcoin set an all-time high at $111,980, the rally sentiment was rapidly dampened by President Trump's tariff remarks," adding, "Due to unpredictable trade and tariff risks, many traders are shifting their strategies toward observation." Cryptocurrency strategist Michaël van de Poppe diagnosed on his YouTube channel, "The current altcoin market has entered a 'stealth phase' where the perception that markets will decline again is spreading." He added, "In past cycles—early 2020, September 2019, summer 2016—Ethereum showed strong surges after bottoming out against Bitcoin, and now is likely a similar period. If Bitcoin continues with a gentle rise rather than a sharp surge, market conditions may allow altcoins to outperform Bitcoin returns." Cryptocurrency analyst Benjamin Cowen also forecasted, "If Bitcoin fails to surpass previous highs through the summer and faces downward pressure in August–September, Ethereum is also likely to retest its lows." He added, "Currently, the altcoin index relative to Ethereum is also near a cycle high," and, "As in the past, as funds disperse, altcoins could show declines." He further advised, "Investors need to prepare for both upside and downside scenarios." There is also analysis that this summer's market could see unusual volatility. Cryptocurrency data analytics firm Kaiko projected in a recent research report, "Although summer is traditionally a quiet time for markets, major policy events this year may usher in unusual market volatility." The next Federal Open Market Committee (FOMC) meeting of the U.S. central bank (Federal Reserve) is scheduled right before the tariff implementation announced by President Trump, on the 9th of next month. The U.S. Congress is also likely to handle legislation related to stablecoins before the August recess. Kang Minseung, Bloomingbit reporter

The market capitalization of stablecoins such as Tether (USDT) and USD Coin (USDC) showed a slight increase compared to the previous week. According to the decentralized finance (DeFi) dashboard DeFiLlama on the 31st, the market cap of stablecoins—including USDT—was tallied at about $247.585 billion (approximately ₩342.6081 trillion). This figure represents a 0.54% increase from last week. Currently, Tether accounts for 62.06% of the total stablecoin market capitalization. Generally, an increase in the issuance and holdings of stablecoins can act as a factor for rising buying pressure in the market and is seen as a bullish signal. Conversely, a decrease may be interpreted as a drop in demand for virtual assets.

Bitcoin (BTC) temporarily recovered to $104,000. As of 22:00 on the 31st, based on the Binance USDT market, the BTC price is trading at $103,991 (₩147,750,000 on Upbit exchange), down 1.61% from the previous day. Earlier in the day, the European Union (EU) Commission expressed deep regret over recent high tariffs imposed by President Donald Trump of the United States on steel and announced the start of preparations for countermeasures. Meanwhile, according to Cryprice, the kimchi premium—the price gap for major crypto assets (cryptocurrencies) such as Bitcoin (BTC)—has slightly increased to 2.61%.

Michael Saylor, CEO of Strategy (formerly MicroStrategy), emphasized that the adoption of Bitcoin (BTC) by businesses is expanding throughout the industry, but there is still an analysis that Wall Street's perspective remains cold. According to US business outlet CNBC on the 31st (local time), Saylor stated at the Bitcoin conference 'Bitcoin 2025,' "There are a series of attempts around the world to imitate financial strategies like mine." He added, "In regions such as Hong Kong, Korea, Abu Dhabi, and the United Kingdom, companies are designing financial structures centered around Bitcoin." He further emphasized, "It has been proven in the long term that the strategy of incorporating Bitcoin into balance sheets is extremely popular." He also described Bitcoin as "digital capital and the most explosive idea of the era," adding, "Even at this very moment, Bitcoin ambassadors are planting orange flags across the world." Recently, Trump Media and GameStop each announced plans to purchase Bitcoin, worth $2.5 billion and $500 million, respectively. Tether, SoftBank, and Strike's Jack Mallers have established a new company, 'Twenty One,' which holds about 42,000 Bitcoins. Saylor evaluated, "These moves are more than just simple financial strategies and are a sign that the paradigm of global corporate finance is shifting." However, Wall Street's reactions are mixed. Trump Media's stock price fell by more than 20% after the news of its Bitcoin acquisition plan, and GameStop dropped by nearly 17%. The outlet reported, "Market participants are still not convinced whether these companies can become a 'second Strategy.'"

The virtual asset (cryptocurrency) trading platform Uphold has officially announced that it has begun developing monetization products based on XRP. On the 31st (local time), Uphold stated via X (formerly Twitter) that "various measures are being explored to enable XRP earnings features, including staking tests based on Flare Network." It continued, "We are currently exploring smart contract and decentralized finance (DeFi) opportunities for XRP and plan to unveil a beta version soon." First, Uphold plans to provide XRP rewards through the direct deposit feature as a service for U.S. users. Up to 4% XRP rewards will be offered for direct deposits, and RLUSD stablecoin holders (issued by Ripple) will receive an additional 5% reward. Meanwhile, Flare Network is a layer-1 blockchain compatible with Ethereum, and has recently gained attention for introducing the USDT0 stablecoin. Uphold launched its own wallet service supporting XRP, called 'Vault', at the end of 2023. Additionally, Uphold plans to relaunch its cryptocurrency debit card, which had previously only been available in the United Kingdom, in the United States as well. By using this card, users can make purchases at real stores with cryptocurrency stored in their wallets.

Bitcoin (BTC)-based fintech company Matador Technologies has secured a strategic investment from Arrington Capital. Matador is a Canadian-listed company developing Bitcoin network-based gold and precious metal products. According to GlobeNewswire on the 31st (local time), Matador raised a total of C$1.5 million (approximately $1.1 million) in a funding round that included Arrington Capital. The funds will be split roughly one-third each for Bitcoin acquisition, securing gold and managing the company's 'Grammies' project, and general operating expenses. Matador stated, "Arrington Capital's investment is not just a capital injection, but a signal that major global digital asset investors share Matador's vision."

'Ultra-high leverage trader' James Win, who has accumulated a loss of $17.72 million (about ₩24.5 billion) from liquidating Bitcoin (BTC) and Pepe (PEPE) long positions, has directly shared his position. On the 31st (local time), Win stated through X (formerly Twitter), "I will start again, as I always have, and I enjoy the process," adding, "I love this game, and I love the ups and downs. Ultimately, wealth is a matter of mindset." He continued, "In the end, I am still wealthier than 99.9% of people on Crypto Twitter, and I placed calculated billion-won bets that most people wouldn’t even dare to try," noting, "Even among those in a position to make such bets, it is rare. Most don’t have that kind of mindset." Additionally, he emphasized, "True wealth is not money, but peace, happiness, family, love, loyalty, health, nature, sunshine, and dogs. I fully enjoy all of those." He went on to say, "Each month, I receive passive income that most people won’t earn in an entire year. Right now, I am freer than ever."

The United States government argued that it does not need to accept the cryptocurrency record protection lawsuit filed by Coinbase user James Harper. On the 31st (local time), cryptocurrency-focused media outlet Cointelegraph reported, "The United States Department of Justice stated that Harper's lawsuit is not subject to constitutional privacy protection, and that the Internal Revenue Service (IRS) requested customer information from Coinbase through proper procedures." Previously, Harper had traded Bitcoin (BTC) on Coinbase in 2016, and later filed a lawsuit after learning that his information had been handed over to the government. On the other hand, the government countered, "Because Harper voluntarily handed over the information to Coinbase, it is no longer his personal information, and the government can legally access it." If the United States Supreme Court does not take up this case, Harper will lose according to the previous ruling.

Bitcoin (BTC) has been rapidly leaving centralized exchanges, with exchange-held reserves reaching an all-time low. On the 31st (local time), Cointelegraph, a crypto-specialized media outlet, reported, "The amount of Bitcoin held by exchanges has once again marked an all-time low," adding, "This is a signal that major investors such as whales, institutions, and governments are transferring their assets to non-custodial storage for long-term holding." Meanwhile, Bitcoin fell below the $104,000 level as US–China trade tensions reignited, and is showing a short-term bearish trend.