Minseung Kang

The downward trend across the cryptocurrency market has become more pronounced, with cryptocurrency market capitalization decreasing by 2.81% in a single day. According to CoinMarketCap on the 31st, the total cryptocurrency market capitalization recorded $3.25 trillion on this day, a decline of 2.81% from the previous day. The cumulative decline in total market capitalization over the past 7 days has reached 4.6%. Along with this, there is an interpretation that Bitcoin has entered a correction phase after falling for four consecutive days. On this day, Alex Kuptsikevich, chief analyst at FxPro, stated, "Bitcoin's decline is having an even greater impact on major altcoins by market cap, with Ethereum down 3.5%, XRP down 4%, Solana down 4.6%, and Dogecoin retreating by 8.5%," he said.

Mega Matrix, which operates the video streaming platform FLEX TV, has decided to adopt Bitcoin and Ethereum as treasury reserve assets. On the 31st, PR Newswire announced, "Mega Matrix (MPU) has decided, following approval from the board of directors, to purchase and hold Bitcoin or Ethereum as treasury reserve assets." Yucheng Hu, CEO of Mega Matrix, explained, "Bitcoin and Ethereum are next-generation financial assets and serve as a strategic means to strengthen our company's long-term financial position. While continuing to focus on our core business of short drama streaming, we believe this decision will support our future financial structure."

'Ultra-high leverage trader' James Wynne has once again recorded a massive loss by closing his high-multiplier long positions. On the 31st (local time), OnchainLens announced via X (X, formerly Twitter) that "James Wynne closed both his 40x Bitcoin (BTC) long position and 10x Pepe (PEPE) long position, resulting in a $2.81 million loss from this liquidation." According to OnchainLens, Wynne's cumulative losses now total $17.72 million.

Binance has officially listed the Taiko (TAIKO) token on Binance Alpha and announced a point-based airdrop and a large-scale trading competition. On the 31st (local time), Binance stated, "Users with at least 205 Alpha Points can claim 130 TAIKO tokens through the Alpha Events Page starting at 6:00 a.m. on May 31 (local time)." However, 15 Alpha Points will be deducted upon claiming, and the airdrop must be confirmed within 24 hours to remain valid. If confirmation is not completed within the period, the user will be considered to have forfeited the reward. Binance also added, "In addition to the airdrop, a trading competition with total rewards of 1,495,000 TAIKO is being prepared," and stated, "Users can participate in Taiko token trading through this opportunity and receive rewards."

The spread of stablecoins is driving an increase in demand for short-term US Treasuries, according to analysis. It is also observed that stablecoins help reinforce the dominance of the US dollar. On the 30th (local time), according to cryptocurrency-focused media outlet CoinDesk, Citigroup stated in a research report that “As the use of stablecoins increases, demand for short-term US Treasuries, which are managed as reserves, is also rising.” However, some of this demand is a replacement from existing Money Market Funds (MMFs), so the net increase may be more limited than expected, the report added. The report also projected that the ‘Genius Law,’ a stablecoin regulatory bill currently under discussion in the US Congress, could institutionally support this trend. The bill contains requirements that stablecoin issuers must include reserves in safe assets such as short-term US Treasuries. The report stated, “Dollar-based stablecoins such as Tether (USDT) play a central role in crypto trading and on-chain payments. Traditional payment companies such as PayPal and Visa are also attempting to introduce their own stablecoins, and the related market is expanding.” The report forecasted that the stablecoin market could grow to between $1.6 trillion and $3.7 trillion by 2030.

Ethereum (ETH) has undergone several feature improvements recently, but there is analysis suggesting that actual usage has not increased significantly. According to the cryptocurrency-focused media outlet CoinDesk on the 30th (local time), J.P. Morgan recently stated in a report that "even after the series of network upgrades on Ethereum, neither the daily transaction count nor the number of active wallet addresses has shown meaningful growth." The report notes that both the average and total fees on Ethereum have decreased since the Dencun upgrade in March. This is analyzed as a result of users moving to Layer 2 chains. The report highlighted, "As Ethereum's circulating supply has increased since Dencun, concerns are mounting that Ether could become an inflationary asset given the sluggish transaction volume." At the beginning of this month, the Pectra upgrade was also applied, but observers noted that this did not lead to substantial growth in network activity. This upgrade focused on improving overall efficiency, including enhancements in staking and wallet functionalities. The report analyzed, "(Increasing the staking limit) may be a factor that enhances Ethereum's appeal to institutional investors," but added, "the fact that the upgrades have not resulted in actual network activity growth remains a limitation."

The mining difficulty of the Bitcoin (BTC) network is expected to soon break its all-time high. Recent analyses indicate that while the hash rate has surged over the past two weeks, on-chain transaction fees are still staying at low levels. According to CoinDesk, a cryptocurrency-focused media outlet, on the 30th (local time), the Bitcoin mining difficulty is anticipated to reach 126.95T—about a 4% increase—in the adjustment process within the next 100 blocks. This figure surpasses the previous record high of 123T. The difficulty began the year at the 109T level and has continued its steady upward trend. This increase is reported to be linked to the recent rapid rise in mining hash rate. According to Glassnode, Bitcoin's seven-day average hash rate climbed from 840EH/s two weeks ago to 918EH/s recently, approaching last year's peak of 925EH/s. The media noted, "Although mining performance is rising, on-chain fees remain notably low," adding, "Even in the phase of stagnant user activity, investments in mining infrastructure continue. This suggests that long-term trust in Bitcoin remains strong." Meanwhile, hash rate refers to the total computing power dedicated across the entire network to mine Bitcoin. The mining difficulty is automatically adjusted every 2,016 blocks based on this metric.

Whale address James Wynn—also known as the crypto trader Moonpig (Moonpig)—has reportedly re-entered the Bitcoin (BTC) futures market with a massive long position. On the 30th (local time), on-chain analyst EmberCN (EmberCN) observed that James Wynn transferred a total of 344.7 Ethereum (ETH) from multiple wallet addresses to Binance and sold it. He then withdrew $500,000 worth of USD Coin (USDC) from Binance, sent it to the Hyperliquid (Hyperliquid) exchange, and opened a 40x leveraged long position on Bitcoin. His current BTC position size is 437 BTC, with an estimated value of around $46.1 million. The entry price is $105,560, and the liquidation price is $102,713, placing his high-risk bet within a relatively tight stop-loss range. In addition to Bitcoin, he is also confirmed to be holding a 10x leveraged long position in the meme coin derivative kPEPE (1000PEPE). This position amounts to about 1,010,000,000 kPEPE, valued at $13.02 million. The entry price is $0.0129, with a liquidation price of $0.0116. Previously, Moonpig held a similar high-leverage BTC long position on Hyperliquid last week, which faced a liquidation risk. However, as BTC's price has recently rebounded from its short-term lows, he is rebuilding his position—demonstrating strong conviction in a market recovery.

XRP has continued its bearish trend, plummeting by more than 6% amid heightened global macroeconomic uncertainty. According to CoinDesk, a media platform specializing in virtual assets and cryptocurrencies, on the 30th (local time), XRP dropped from $2.305 to as low as $2.163 at one point during the day, recording a decline of 6.16% in a single day. XRP's trading volume surged to 174.7 million XRP, reaching about four times the 24-hour average trading volume. This decline is believed to be due to the U.S. Court of Appeals' ruling allowing the temporary enforcement of Trump's tariff measures during the appellate trial period. This decision acted as a backdrop that generally dampened investment sentiment in risk assets. However, as some institutions move to establish reserves using XRP, this is seen as partially easing the downward pressure on prices. Renewable energy company VivoPower announced that it had raised funds totaling $121 million to establish a strategic reserve centered on XRP. Chinese Web3 company Webus International also signaled plans to create an XRP strategic fund of up to $300 million. The media reported, “Technically, XRP formed a short-term support line near $2.16 and attempted a rebound up to $2.22, but failed to break through the $2.23 resistance,” adding, “Currently, the price is moving sideways within the $2.195~2.196 range.”

Bitcoin (BTC) briefly regained the $106,000 level. As of 21:50 on the 30th (Binance USDT market), BTC price is trading at $105,860 (₩148,140,000 based on Upbit exchange), a 2.42% decrease from the previous day. The Core PCE index released on the same day matched market expectations, leading to interpretations that expectations for a rate cut are only partially reflected. Meanwhile, according to Cryprice, the Kimchi Premium for major crypto assets (cryptocurrencies) such as Bitcoin (BTC) has slightly increased, recording 1.39%.

Stablecoin issuer Tether has announced plans to invest billions of dollars into the Bitcoin (BTC) mining industry over the next several years. According to a report by Forbes on the 30th (local time), Paolo Ardoino, CEO of Tether, stated in his keynote speech at the 'Bitcoin 2025' conference held in Las Vegas, USA, that "Tether will soon become the world’s largest Bitcoin mining company." He emphasized, "We are continually reinvesting profits generated from net operating income—not USDT reserves—into Bitcoin." Tether currently holds over 100,000 Bitcoins, which is worth about $10.5 billion at market value. The company also plans to reinvest up to 15% of its net profits into additional Bitcoin acquisitions and the procurement of mining equipment. Previously, in 2023, Tether announced a $500 million plan to build mining infrastructure in countries such as Uruguay, Paraguay, and El Salvador. This plan is now resulting in the development of new mining facilities on the scale of several gigawatts. These projects are operated using eco-friendly energy sources like hydro, wind, and geothermal power, and aim to meet sustainability standards in line with the European Union's MiCA regulations. Tether is also making strategic investments in companies such as Bitdeer, with goals to secure 450MW of power capacity by the fourth quarter of this year, aiming to account for 1% of the global hashrate. This figure surpasses listed mining companies such as Marathon Digital Holdings (25 EH/s) and Riot Platforms (21 EH/s). CEO Ardoino stated, “Bitcoin is a perfect digital asset, and mining is our hedge strategy for these assets. We are not only holders, but also participants contributing to the security of the network.” Meanwhile, hashrate refers to the total computational power used by the entire network to mine Bitcoin.

As the price of Bitcoin (BTC) significantly exceeds the average purchase price of most investors, an analysis suggests that the market has entered a phase in which profit-taking has increased and price movement is experiencing a temporary pause. On the 30th (local time), on-chain data analytics firm Glassnode announced via X (formerly Twitter) that "Bitcoin has entered a price range where, statistically, it has often stayed before reaching previous 'local peaks.'" Glassnode explained, "Currently, Bitcoin is trading in the range of +0.5 standard deviation ($102,000) to +1 standard deviation ($119,400) based on the MVRV metric," and added, "This range has frequently been observed before short-term price corrections in the past." They further stated, "The MVRV ratio is an indicator that shows how much Bitcoin’s Market Price exceeds the average purchase price (Realized Price)," and "This value helps determine whether investors are holding excessive unrealized profits." Glassnode additionally noted, "Although Bitcoin is approaching an overheated territory, it has not yet surpassed the +1 standard deviation MVRV band, where large-scale profit realization typically begins. Until this line is breached, there may still be room for further market gains."

It is reported that the Ethereum Foundation has transferred Ethereum to an external wallet. On the 30th, the on-chain analysis platform Lookonchain stated, "The Ethereum Foundation transferred 1,000 Ethereum to a wallet starting with 0xc061 ten minutes ago." This amounts to approximately $2.61 million (about ₩3.6 billion).

Canary Capital Group LLC has submitted an application for a spot staking exchange-traded fund (ETF) based on Chronos (CRO) as its underlying asset. According to the U.S. Securities and Exchange Commission (SEC) Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) on the 30th (local time), Canary Capital Group LLC submitted a registration statement (S-1) for the 'Canary Staked CRO ETF.' This ETF is designed to allow general investors to access CRO holdings and staking revenue through a listed exchange. According to the filing, the ETF employs a dual-income model by directly holding CRO using Chronos chain's proof-of-stake (PoS) system, while simultaneously obtaining additional CRO through validator activities. Furthermore, the ETF is structured for direct holding of the underlying asset, Chronos (CRO), distinguishing it as a spot-based structure compared to a futures ETF. Meanwhile, the ETF's ticker symbol and listing exchange have not been determined yet, and the launch timing will be decided according to the SEC's review schedule. Chronos is the core blockchain infrastructure of the Crypto.com ecosystem. On this day, the price of CRO is trading at $0.09303, down 5.06% from the previous day according to CoinMarketCap.

HashKey Group has officially listed XRP on its trading platform. According to digital asset (cryptocurrency) media outlet CoinDesk on the 30th (local time), HashKey Group announced that it has started spot trading of XRP on HashKey Exchange, its Hong Kong-based institution-only exchange. The trading supports the XRP/USD pair, and its trading volume during the first hour after listing was about $4,000. HashKey holds a Hong Kong Securities and Futures Commission (SFC) license and primarily provides services to professional investors in the Asia region.

The global cryptocurrency exchange Binance has announced the listing of Bondex (BDXN) perpetual futures. On the 30th, Binance announced on its official website, "Binance will list BDXN perpetual futures at 19:30 (KST) on the 3rd of next month." Binance added, "The perpetual futures contracts will offer up to 50x leverage."

Recent profit-taking activities in Bitcoin (BTC) are being analyzed not as a mere end to the uptrend, but as a positive sign that could keep the rally going. According to the cryptocurrency-focused media platform Cointelegraph on the 30th (local time), on-chain data analytics firm Santiment stated, "The Mean Dollar-Invested Age (MDIA) indicator for Bitcoin has been steadily declining since mid-April," and added, "This follows the same trend seen in previous bull markets, suggesting a continued uptrend." MDIA is a metric measuring the average period coins have remained in wallets without movement. A decline in this number indicates that Bitcoins held for an extended period are re-entering the market. Santiment explained, "Typically in bull markets, older coins are circulated again and the MDIA decreases," adding, "This forms a positive structure that supports the rally in terms of increased real-world use and network growth." In fact, over the past six weeks, Bitcoin's MDIA has decreased slightly from 443 days to 426 days. Santiment further commented, "There have been some recent moves to realize profits," but emphasized, "This is evidence that the market remains active. As price gains are now accompanied by network-based circulation rather than short-term speculation, it can be viewed positively."

Downward pressure is mounting across the virtual asset (cryptocurrency) market ahead of the release of the key U.S. inflation indicator (Core PCE). On the 30th (local time), according to cryptocurrency-specialized media CoinDesk, Bitcoin (BTC) briefly fell below the $105,000 mark during European trading hours, recording a decline of approximately 3% over 24 hours. Analysis platform SoSoValue explained, "For the first time since May 13, there was a net outflow totaling $358 million (about ₩4,939 billion) from all 11 spot Bitcoin ETFs," adding, "This marks the largest daily outflow since March 11." The reignition of U.S.-China trade conflict concerns, following President Trump's tariff-tightening policy stance, also appears to have dampened investor sentiment. Major altcoins such as Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) also declined collectively, while some tokens like OP, ARB, BONK, and PEPE recorded drops of more than 10%. The payment-specialized token XRP also fell below its 200-day simple moving average (SMA) on the same day. The media noted, "Market participants are focusing on the upcoming release of the U.S. April personal consumption expenditures (PCE) price index and, in particular, on the Core PCE, which excludes volatile food and energy prices," adding, "This index is a key factor influencing the U.S. Federal Reserve (Fed)'s interest rate decisions." Valentin Fournier, Senior Research Analyst at BRN, stated, "If signs of easing inflation emerge, the market may again reflect expectations of interest rate cuts, which could have a positive effect on Bitcoin and other risk assets."

Michael Saylor, CEO of Strategy (formerly MicroStrategy), recently emphasized at the 'Bitcoin 2025' event in Las Vegas that Bitcoin is a complete and incorruptible form of capital and will become the centerpiece of the digital age. According to multiple foreign media outlets including The Block, a cryptocurrency-specialized outlet, on the 30th (local time), Saylor predicted, "In the future, artificial intelligence (AI) will fundamentally change the structure of capital, labor, and resources, and in the process, the demand for digital capital will surge." He added, "If you cannot apply AI to your business, you might as well buy Bitcoin." He continued, "Inferior assets such as bonds, real estate, and fiat currency should be replaced with Bitcoin," and argued, "This is not just asset allocation, but the direction of civilization's evolution." He further stated, "The 21st century will be the era of the Bitcoin Standard, and as time goes by, Bitcoin will develop into an even more stable and conservative network." Saylor revealed that Strategy currently holds a total of 580,250 Bitcoins. The cumulative investment in Bitcoin is $40,610,000,000, with an average purchase price of $69,979. He said, "While we secured 2.5% of the total, Bitcoin rose from $10,000 to $100,000," adding, "If Wall Street comes to hold 10% of the total, the era of $1 million Bitcoin will open."

Virtual asset (cryptocurrency) company Ripple, which recently acquired the prime brokerage platform Hidden Road, has officially launched an over-the-counter (OTC) virtual asset trading service for US institutional investors. According to cryptocurrency-specialized media CoinDesk on the 30th (local time), Hidden Road plans to operate the service through a local entity regulated by the Financial Conduct Authority (FCA) of the United Kingdom, and aims to support cash-settled OTC swap transactions for US institutional investors. OTC swaps are a type of cryptocurrency deal conducted privately rather than through a public exchange. Institutional investors typically use this method to buy and sell large quantities of cryptocurrency, which allows them to trade without heavily impacting the market price. This service from Hidden Road is seen as a first step to fill the previous lack of such transaction methods in the United States. Michael D. Higgins, Global Head of Corporate Development at Hidden Road, stated, "OTC swaps account for a significant portion of global digital asset trading volume, but practical access has been limited for US institutions. With this service launch, we can now offer a broader range of products and solutions." Previously, Ripple acquired Hidden Road in April for $1.25 billion (approximately ₩1,723.7 billion). This deal is considered Ripple's strategic move to strengthen its position as a non-bank prime broker in the digital asset prime brokerage market.

6,500 Bitcoin (BTC) have been deposited into the global virtual asset (cryptocurrency) exchange Kraken. According to Whale Alert, a cryptocurrency transaction tracking site, at around 17:53 on the 30th, 6,500 BTC were deposited into Kraken. This amounts to approximately $684,680,000 (about ₩945,200,000,000). Typically, large deposits of coins into exchanges can lead to increased selling pressure, which may cause short-term volatility.

The global cryptocurrency exchange Binance has announced that it will list Hyperliquid (HYPE) perpetual futures. On the 30th, Binance officially announced on its website, "Binance will list HYPE perpetual futures at 19:30 (KST) on this day." Binance added, "The perpetual futures contract offers up to 75x leverage."

It has been analyzed that the PEPE (PEPE) whale wallet took action for short-term profit-taking. According to on-chain analysis firm Lookonchain, on the 30th (local time), a wallet address starting with '0x3c9E' deposited approximately 502.5 billion PEPE (about ₩8.93 billion) into the global virtual asset (cryptocurrency) exchange Binance around 20 minutes ago. This whale still holds 497.5 billion PEPE (about ₩8.84 billion). Meanwhile, Lookonchain analyzed that this address made a profit of $7.47 million (about ₩10.3 billion) in just one month. The total amount of PEPE held by this whale is valued at about $12.88 million (about ₩17.77 billion).