Minseung Kang

BlackRock’s spot Bitcoin (BTC) exchange-traded fund (ETF) posted its largest-ever monthly inflow in May. According to Bloomberg on the 30th (local time), BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), recorded net inflows totaling over $6.35 billion (approximately ₩8.7725 trillion) this month. This is the largest amount since its launch in January 2024, and the total assets under management (AUM) have surpassed $71 billion (about ₩98 trillion). Kirill Kretov, a CoinPanel trading automation specialist, analyzed, “This surge in ETF demand is mainly due to institutional investors seeking regulated Bitcoin exposure amid economic uncertainty and inflation concerns,” adding, “BlackRock’s own bond fund, the Strategic Income Opportunities Portfolio, also increased its IBIT holdings, contributing to this trend.” Bitcoin hit an all-time high of $111,980 earlier this month. This upward trend is believed to have been driven by improving regulatory conditions such as progress on the U.S. stablecoin bill, as well as increased demand for alternative assets due to heightened geopolitical risk like the escalating U.S.-China trade tensions. The media outlet noted, “Uncertainty in the market persists as the U.S. Court of Appeals temporarily allowed Trump’s tariffs to be enforced on the 29th (local time),” but added, “As the view of Bitcoin as a store of value continues to spread, institutional demand for related ETFs and investment products is likely to keep increasing.”

Bitcoin (BTC) has retraced to the $105,000 level, drawing market attention as participants wonder whether this is a 'healthy pause' or a turning point that could lead to further declines. According to cryptocurrency-focused media outlet Cointelegraph on the 30th (local time), Nick Foster, the founder of the on-chain options protocol Derive, said, "Bitcoin appears to have entered a correction phase after briefly surpassing $111,000 recently," but also diagnosed, "This is not a short-term downturn, but rather a healthy resting period where the market digests gains and resets." On the other hand, conflicting decisions by US courts regarding tariff policy are also heightening market uncertainty. Foster assessed, "After the US District Court on the 28th (local time) ruled that President Trump's tariff-imposing authority was excessive, the Court of Appeals temporarily allowed the enforcement of Trump's tariffs on the 29th (local time), resulting in mixed signals for the market." He analyzed, "Traditionally, Q3 has been seen as a bearish phase, but this year, with positive drivers including entry into institutional channels, regulatory shifts, and inflows of institutions, there is the potential for exceptional movement." He further projected, "The next Fed benchmark interest rate decision, set for June 18, could serve as a key turning point for the market." Bitcoin, after hitting an all-time high of $111,980 on the 22nd of this month, has undergone a correction and is trading at around $104,900 as of today. The 30-day rate of increase was recorded at 11.72%.

China's global chauffeured car service company Webus International (Webus International) announced that it plans to raise up to $300 million (about ₩414.1 billion) in funding via a non-equity method to integrate an XRP-based payment system. According to crypto-specialized media outlet CoinDesk on the 30th, Webus is set to establish an XRP reserve for its global ride-hailing payment system by utilizing methods such as loans, credit lines, and shareholder guarantees—without issuing new shares. The funds will be used to integrate XRP's cross-border payment capabilities into Webus's on-chain reservation system and Web3-based loyalty program. Nan Zheng, CEO of Webus, explained, "This reserve formation is structured so that the payment system can be upgraded without diluting shareholder value," adding, "We aim to achieve the company's growth potential and ecosystem expansion simultaneously." Meanwhile, Webus has renewed its partnership with Chinese online travel giant Tongcheng Travel Holdings and is also working to settle joint operations of the ‘Wetour x Tongcheng’ line via the XRP Ledger (XRPL) system. Through this, the company seeks to enhance both driver settlement and cross-border payment efficiency. The outlet added, "This round of fundraising has not yet been finalized and will be subject to a final decision after contract signing and due diligence," it reported.

Bitcoin (BTC) is undergoing a correction, falling below the $105,000 mark. As of 4:46 PM on the 30th, Bitcoin was trading at $104,969 on the Binance USDT market, down 2.68% from the previous day. On Upbit, the price stood at 147.12 million won. Previously, the Federal Court of the United States judged that President Trump’s authority to impose tariffs was excessive, but today the Court of Appeals temporarily allowed the enforcement of the tariffs, leading to mixed signals over macro uncertainty in the market, according to analysts. Meanwhile, according to market data provider Cry Price, the Kimchi Premium was recorded at 1.63% as of today.

WEMIX announced its position regarding today's decision by the Seoul Central District Court to dismiss the injunction to suspend the termination of trading support, stating, "We respect the court's decision" and expressing its full commitment to restoring and growing the ecosystem. On the 30th, the WEMIX team issued an official statement, saying, "We deeply apologize to holders and the community for the concern caused by the Play Bridge asset theft incident and the domestic exchanges' decision to terminate trading support," adding, "Since the incident, we have actively responded by strengthening our security measures, resuming services, and working to recover losses." WEMIX protested the decision of major domestic exchanges including Upbit, Bithumb, Coinone, and Korbit to end trading support announced on May 2, and filed for an injunction to suspend its effect at the Seoul Central District Court on May 9. Although WEMIX argued that the measure was unfair, the court dismissed the request on this day. The WEMIX team stated, "While we are very disappointed, we respect the court's decision," adding, "No outside factor can undermine our resolve to sustain and expand the WEMIX ecosystem." The statement continued, "We will proceed with planned projects without delay and strive to build an ecosystem that provides real value both domestically and globally." WEMIX explained it will soon announce short-term plans to respond to pending issues such as the termination of trading support on June 2 and the end of withdrawal support on July 2. Longer-term growth strategies will also be disclosed step by step. The WEMIX team said, "We are deeply grateful to the community for standing with us during this difficult time, and we will do our utmost with a strong sense of responsibility to ensure a swift recovery and stabilization." Meanwhile, as a result of today's dismissal of the injunction request, trading of the WEMIX token will end on the 2nd of next month. The WEMIX token was listed on four DAXA (Digital Asset eXchange Alliance) member exchanges: Bithumb, Coinone, Korbit, and GOPAX.

James Wan, a Bitcoin (BTC) trader renowned for his 'ultra-high leverage betting,' is facing a forced liquidation crisis. In the market, he is referred to by the nickname 'moonpig,' and at one point, he was a symbolic figure managing positions worth $1 billion. According to cryptocurrency-specialized media outlet CoinDesk on the 30th, James Wan recently suffered a loss of about $100 million (approximately ₩137.8 billion) amid Bitcoin’s downturn. His currently held long position of 1,690 BTC is valued at about $17.878 million, with an average leverage ratio reportedly as high as 40 times. According to data analytics platform Hyperdash, Wan's margin usage rate is currently near 100%. This means that even a slight price drop could trigger full automatic liquidation of his position, and it is reported that Wan recently deposited an additional $376,000 to defend against liquidation. Wan's estimated liquidation price is said to be around $104,607. Should he fail to maintain his position, the resulting market selling pressure could be significant, according to analysts. The outlet added, "Wan's current position is recording an unrealized loss of about $3.5 million, which equates to a -77% return. Active mainly on the Hyperliquid exchange, he gained fame for his aggressive bets in the past, but now appears to be hitting the limits of high-risk strategies with the market's momentum waning." Meanwhile, as of 16:10 that day, the price of Bitcoin was trading around $106,000.

The Seoul Central District Court has dismissed the injunction request to suspend the delisting of WEMIX. According to the industry on the 30th, the 50th Civil Division of the Seoul Central District Court decided not to accept the injunction request filed by WEMIX against the major domestic virtual asset (cryptocurrency) exchanges regarding the suspension of the delisting decision. Previously, major domestic exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax collectively proceeded to delist WEMIX on the 2nd. WEMIX contested this by filing for an injunction with the court; however, with this decision, the measures to end trading support are expected to remain in place. Following today’s dismissal of the injunction request, WEMIX tokens will cease trading on the 2nd of next month. WEMIX tokens were listed on four member companies of DAXA: Bithumb, Coinone, Korbit, and Gopax. Meanwhile, according to CoinMarketCap, the price of WEMIX fell 22% on this day to $0.2651.

The global virtual asset platform Crypto.com announced on the 30th that it has signed a strategic business agreement (MOU) with Nexpace (NEXPACE), the Web 3.0 and blockchain subsidiary of the global gaming company Nexon. Through this agreement, Crypto.com’s payment solution ‘Crypto.com Pay’ is set to be integrated into Nexpace’s vast gaming ecosystem. With this integration, users will be able to experience smoother and more secure payments using cryptocurrency across Nexpace’s existing and future games, as well as its digital marketplace. In addition, the two companies plan to explore various collaborative opportunities that will transform the future of digital games and marketing, including customer reward programs, NFT strategies, joint marketing campaigns, and co-development of new blockchain-based content. Nexpace is a subsidiary responsible for Nexon’s blockchain-based initiatives and Web 3.0 strategy, and it recently launched the blockchain ecosystem ‘MapleStory Universe’. Nexpace owns globally popular IPs such as ‘MapleStory’, ‘Dungeon & Fighter’, and ‘KartRider’, and operates over 100 live games across more than 190 countries. Éric Anziani, President and Chief Operating Officer of Crypto.com, said, “We are very pleased to form a partnership with the innovative company Nexpace, which shares the possibilities of digital payments,” adding, “Integrating Crypto.com Pay into the Nexpace ecosystem will be a major milestone in providing next-generation gamers with a seamless payment infrastructure.” Hwang Sun-young, CEO of Nexpace, said, “With this partnership, we can further realize our vision of building an intuitive and open digital economy for global users,” and added, “By integrating with Crypto.com Pay, we will lower barriers in the blockchain gaming environment and continue to improve user experience.” Crypto.com emphasized, “This agreement is an example of the accelerating convergence of the Web3 gaming ecosystem and real-world payment infrastructure,” and added, “By combining Crypto.com’s cryptocurrency payment solutions with Nexpace’s blockchain-based platform, we will provide enhanced accessibility and user convenience, leading the innovation of the gaming industry.”

Bitcoin (BTC) temporarily gave up the $107,000 level. As of 23:23 on the 29th, BTC price is trading at $106,981 (₩149,410,000 on Upbit exchange), down 0.89% from the previous day according to Binance USDT market. Earlier today, Kevin Hassett, chairman of the White House National Economic Council (NEC), said in connection with the recent U.S. court ruling that blocked President Trump’s tariffs that the decision would be overturned. This statement is also analyzed to potentially trigger heightened risk aversion in the market. Meanwhile, according to Cryprice, the Kimchi Premium on major digital assets (cryptocurrencies) such as Bitcoin (BTC) stands at 1.69%.

After the recent release of the May minutes from the U.S. Federal Open Market Committee (FOMC), prices of virtual assets (cryptocurrencies) including Bitcoin (BTC) experienced a temporary adjustment, but analysis suggests that expectations for a resumed upward trend are growing thanks to institutional demand. On the 29th (local time), the digital asset news media The Block reported, "After the release of the FOMC May minutes in the United States, major crypto assets including Bitcoin underwent a short-term correction, but the continued demand from institutions and increased corporate buying could lead to a rebound." According to these FOMC minutes, members of the Federal Reserve reaffirmed the need for a cautious policy approach due to persistent inflation and the possibility of an economic downturn. Bitcoin's price fell below $107,800 immediately after the minutes' release but rebounded to $108,500 thereafter. Ethereum closed higher on the 28th and then rose to $2,711, while Dogecoin rose, but XRP and Solana fell. The BRN Research Team diagnosed, "Institutional demand remains strong, and the U.S. Bitcoin Spot Exchange-Traded Fund (ETF) has recorded net inflows for 10 consecutive trading days." It added, "Following Trump Media's announcement of plans to form a private Bitcoin treasury worth $2.5 billion, GameStop and Strategy (formerly MicroStrategy) also announced BTC purchases this week." The analysis is that corporate demand could support buying pressure. On-chain analytics firm Glassnode also stated, "While profit-taking has increased compared to previous major highs, it is still not at extreme levels," and diagnosed, "This is far from the widespread profit-taking seen at past bull market peaks." The media added, "The market is keeping a close eye on the U.S. Personal Consumption Expenditures (PCE) price index scheduled for release on the 30th," and, "If the data comes out soft, expectations for a Fed rate cut may rise, but if it only slightly exceeds expectations, the market could overreact."

The U.S. asset manager BlackRock's spot Bitcoin exchange-traded fund (ETF), IBIT, has rapidly attracted assets at an unprecedented rate, with its assets under management (AUM) surpassing $70 billion (approximately ₩97,977,000,000,000). On the 29th, crypto-specialized media Bitcoin Magazine announced on X (formerly Twitter) that "BlackRock, which has $1.15 trillion in assets under management, currently manages more than $70 billion in its Bitcoin ETF." It further highlighted, "This is the fastest-growing ETF in history."

The decentralized finance (DeFi) market is showing its strongest recovery since 2021, with analyses suggesting that both total value locked (TVL) and stablecoin market capitalization are approaching all-time highs. On the 29th, Sentora (formerly IntoTheBlock) stated via X (formerly Twitter), "The TVL in DeFi is nearing $178 billion, approaching historic highs." Ethereum (ETH) still maintains over 50% TVL dominance, and among individual protocols, Aave (AAVE) commands the largest share at approximately $25 billion. Sentora added, "The industry is increasingly hopeful for a new 'DeFi Summer.'" In particular, they described stablecoins as "this year's most powerful killer app," noting, "Total market capitalization stands at around $250 billion, up 56% from $160 billion a year ago." Sentora also noted, "The U.S. stablecoin regulatory bill (Genius Act) and follow-up legislation to FIT 21 are expected to be introduced this year," adding, "Depending on subsequent guidance from the U.S. Securities and Exchange Commission (SEC) and U.S. Commodity Futures Trading Commission (CFTC), a regulatory framework permitting bank custody and establishing formal DeFi regulations could be in place by 2027."

There are signs that Solana (SOL)'s 18-month rally may be coming to a technical end, whereas Ethereum (ETH) appears to be shifting to a relatively stronger trend, according to analysis. XRP is also said to be finishing its rebound and once again facing downward pressure. On the 29th (local time), crypto-specialized media outlet CoinDesk reported, "Solana's relative value against Ethereum (the SOL/ETH ratio) has broken below the uptrend line connecting the lows of September 2023, June 2024, and December," adding, "this suggests that Ethereum could show relative strength over Solana going forward." Technical analysis indicates that XRP's downward pressure is also intensifying. The media stated, "XRP, as well, is winding down its short-term uptrend and is facing correction pressure. Recently, it broke below the lower end of its rising channel," and added, "Currently, the $2 level—which has served as support several times—is the primary downside support zone. If this area is breached, there is additional downside potential toward $1.60."

Volta (formerly EOS) is partnering with a Fosun affiliate to establish blockchain-based digital asset infrastructure in the Hong Kong financial market. According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrency), digital financial platform Volta has entered into a strategic alliance with Fosun International’s subsidiary, Fosun Wealth Holdings. This collaboration will revolve around Fosun's leading virtual asset project, FinChain. Volta plans to utilize its digital banking platform, exSat, to provide on-chain financial services such as asset issuance, revenue generation, and cryptocurrency payments. Fosun will support regulatory-compliant financial operations infrastructure based on its existing financial licenses and capabilities in real-world asset (RWA) tokenization. The two companies explained that this partnership lays the foundation for expanding institutionalized virtual asset services in Hong Kong. Zhao Chen, Head of Digital Assets at Fosun Wealth, stated, "Volta and exSat both possess the product vision and digital financial capabilities necessary to realize FinChain."

The UK company The Smarter Web Company (The Smarter Web Company, SWC) announced that it has additionally purchased Bitcoin as part of its corporate financial strategy. On the 29th, SWC stated on X (X, formerly Twitter), "We have purchased an additional 24.53 Bitcoin in accordance with our '10 Year Plan', under which we continuously acquire digital assets." This plan outlines the continuous inclusion of digital assets, including Bitcoin, into the company's finances. Meanwhile, it was reported that as of today, SWC holds a total of 83.24 BTC.

Mike McGlone, a strategist at Bloomberg, said that Bitcoin may be signaling the upcoming trend of U.S. interest rates in advance, and that the recent upward momentum may pause temporarily. On the 29th, Mike McGlone, Bloomberg's commodity strategist, posted on X (X, formerly Twitter), "Bitcoin is sometimes called 'the fastest horse in the race,' and as of the closing price on the 22nd of this month, it reached an all-time high of 111,000 dollars," adding, "Bitcoin's price movement may be reflecting future trends of interest rates, especially U.S. Treasury yields, ahead of time." He said, "The Bloomberg Economics model is currently suggesting selling Bitcoin," indicating the potential for a short-term peak.

As Bitcoin (BTC) briefly surpassed $110,000 and has since been moving sideways, there are observations of signs of rally fatigue emerging in the options market. On the 29th (local time), CoinDesk, a cryptocurrency-focused media outlet, reported, "In the options market based on BlackRock’s Bitcoin spot ETF (IBIT), the 1-year maturity put-call skew indicator has rebounded from -3.8 to near 0. Investors are no longer aggressively chasing the upside through call options." A similar atmosphere has also been sensed at the digital asset derivatives exchange Deribit. According to Amberdata on the same day, the prices of short-term call and put options have become similar, confirming a balanced sentiment in the market. In particular, there is analysis that bullish bets have decreased in options expiring within two weeks. As of 8:45 p.m. today, the price of Bitcoin is trading around $108,734. It has remained within a range without a clear trend reversal since recording an all-time high last week. Meanwhile, a call option is the right to buy a specific underlying asset at a predetermined strike price. The buyer of a call option can exercise the option at maturity if the market price of the underlying product is higher than the predetermined strike price, thus profiting by the difference. Conversely, a put option is the right to sell an asset at the predetermined strike price. Also, skew refers to the difference in implied volatility between call and put options. A positive skew means that call options dominate over put options, while a neutral or near-zero skew indicates that demand for bullish and bearish bets is balanced.

Canadian listed company SOL Strategies Inc. will launch funding of up to $1 billion (approximately ₩1.375 trillion) over the next two years to expand Solana (Solana) blockchain infrastructure. According to Quoinkoo, a media outlet specializing in virtual assets (cryptocurrencies), on the 29th (local time), SOL Strategies Inc. has submitted a preliminary base shelf prospectus to Canadian securities authorities for a securities offering worth up to $1 billion. The issuance targets include common shares, warrants, and other securities, but the specific schedule and structure are yet to be determined. Leah Wald, CEO of SOL Strategies Inc., stated, "We will focus on expanding the institutional investment base, including Solana validator infrastructure and staking solutions," and added, "As part of strengthening strategic leadership for next-generation staking solutions, Michael has been appointed as Chief Strategy Officer (CSO)."

It is reported that the United States government holds approximately $20.9 billion (about ₩28,747.9 billion) worth of virtual assets (cryptocurrencies), including Bitcoin. According to The Washington Post (WP) on the 29th (local time), about $20.4 billion of the U.S. government’s holdings in virtual assets is comprised of Bitcoin, while the remaining $493 million consists of Ethereum, Stablecoin, and other digital assets. It is known that these assets were obtained through confiscation of criminal proceeds, and, as per an executive order signed by President Trump in March, will be incorporated into the 'Strategic Bitcoin Reserve' and the 'U.S. Digital Asset Stockpile'. Meanwhile, aside from Bitcoin, the assets are said to include Ethereum, Stablecoin, and tokens related to FTX and Binance.