Minseung Kang

Virtual asset (cryptocurrency) company Ripple, as its long-standing lawsuit with the US Securities and Exchange Commission (SEC) enters its final stages, is accelerating the expansion of real-world asset tokenization and payment infrastructure centered in the Middle East. On the 29th, specialist virtual asset media Odaily reported, "Ripple has joined as a technology partner in the real estate tokenization project promoted by the Dubai government of the United Arab Emirates (UAE), and the XRP Ledger (XRPL) has been selected as the foundational blockchain for this initiative." This is evaluated as a sign that Ripple's real-world asset tokenization (RWA) strategy, in combination with public collaboration, has entered the business development stage. Previously, the Dubai Land Department (DLD) announced the launch of the tokenization platform 'PRYPCO' in cooperation with Ctrl Alt. The platform is planned to issue real estate assets on-chain on the XRP Ledger. The media added, "Ripple reached a settlement with the SEC in early May, including a $50 million fine," and "Since then, Middle Eastern capital, such as a $100 million investment led by a Saudi prince, has continued to flow into the XRP ecosystem."

Peter Schiff, known as a prominent opponent of Bitcoin (BTC), once again displayed his reputation as a "Bitcoin hater." This time, he made a self-deprecating remark, saying, "I’ve contributed the most to Bitcoin’s adoption." According to the crypto-specialized media outlet Coinpedia on the 29th, Schiff, right after the 'Bitcoin 2025' conference in Las Vegas, stated on X (formerly Twitter), "Every time I tell you not to buy Bitcoin, you buy even more," adding, "In the end, I’ve led more people to buy Bitcoin than anyone else." He added that while he often hears that many people have lost out because he didn’t recommend buying Bitcoin, he actually thinks his warnings have caused even more people to buy it. He also noted that attendees at the event shared this firsthand. Furthermore, he argued, "Bitcoin is a massive cult, and it’s just a structure where wealth is transferred from later investors to early buyers." Meanwhile, Schiff has been recognized as a prominent critic who has called Bitcoin a bubble for over a decade.

It has been revealed that Bitcoin (BTC) whale investors have made net purchases of more than 120,000 Bitcoins over the past six weeks. On the 29th, cryptocurrency-focused media platform AMB Crypto, citing on-chain analytics firm Santiment, reported that "mid-tier whale wallets holding 100~1000 BTC have additionally accumulated a total of 122,330 BTC over the past six weeks." According to Santiment, the number of these wallets increased by 2.1% (337) over the same period. Meanwhile, some market participants interpret that individual investors are still maintaining a cautious trading stance, and in the short term, bearish sentiment is dominant. The outlet analyzed, "If individual fund inflows do not pick up, the sustainability of a rebound may be limited," adding, "In particular, if it is the late phase of a market cycle, after whale accumulation, there is also the possibility of transitioning to a distribution phase (distribution)."

It has been observed that whale investors have accumulated a large amount of Cardano (ADA) over the past week. On the 29th, on-chain analyst Ali announced on X (formerly Twitter) that "whale investors have accumulated more than 180 million Cardano (ADA) in the past week." As of 17:44 on this day, ADA was trading at $0.7518 on CoinMarketCap, down 0.12% from the previous day. Over the past week, it has declined by 5.74%.

There is analysis suggesting that the positions of large Bitcoin (BTC) investors, or 'whales,' are shifting from the recent accumulation phase to a distribution phase. The market is watching closely to see how this movement will impact short-term price trends and liquidity flows. On the 29th, the crypto-focused media platform CoinDesk reported, "Whales holding more than 10,000 Bitcoins are now moving from an accumulation phase into a distribution phase." As the price of Bitcoin stays range-bound between $107,000 and $109,000, some major investors appear to be preparing to realize profits with a short-term top in mind. According to the blockchain data analytics firm Glassnode, the 'Accumulation Trend Score,' which quantifies the buying intensity of the entire investor cohort, has dropped to about 0.4 among whale addresses. The closer this score is to 1, the more aggressive the accumulation; the closer it is to 0, the stronger the selling pressure. Glassnode added, "These whale addresses began accumulating in mid-April, when Bitcoin was trading in the $75,000 range, and recently have increased deposit activity to exchanges." This is in contrast to the withdrawal trend seen over the past several weeks. Some interpret this as an indication that certain whales may be moving holdings with the intention of liquidating in the market. The outlet noted, "Market analysts believe this trend could signal greater short-term volatility and at the same time indicate the possibility of increased sell orders after the recent peak," and added, "While mid-size and small wallet groups continue to accumulate, the shift in whale behavior could put some downward pressure on the price of Bitcoin."

Open interest in the derivatives market for Toncoin (TON) has surged sharply, raising the possibility of increased volatility. On the 29th (local time), on-chain data analytics platform Glassnode stated via X (formerly Twitter) that "in the past 24 hours, the open interest in Toncoin perpetual futures has surged by about 33%, from $143 million to $190 million." According to Glassnode, this is the highest level since February 18. Glassnode noted, "In the past, such sharp rises in open interest have often preceded price corrections," and pointed out that "caution is needed regarding the short-term direction of the Toncoin market." An increase in open interest means that funds are flowing into the market. Generally, as open interest rises, the potential for increased price volatility also grows.

In the market, while spot trading of Ethereum (ETH) is cooling down, futures trading is showing signs of overheating, leading to increased caution regarding short-term volatility. On the 29th, the virtual asset (cryptocurrency) analytics company CryptoQuant announced via X (formerly Twitter), "The 'Volume Bubble Map' of Ethereum shows that while the spot volume of Ethereum (ETH) is cooling down, the futures volume has entered an overheated state." CryptoQuant warned that this is a "potential warning signal that requires caution for ETH traders." Meanwhile, the Volume Bubble Map is a tool that visually displays the concentration of trading volumes by crypto exchange.

K33, a virtual asset (cryptocurrency) brokerage headquartered in Oslo, Norway, has raised $6.2 million (about ₩8.5 billion) to include Bitcoin as a strategic reserve asset. The company plans to launch new financial products for the Nordic market based on this Bitcoin reserve. According to Crypto News, a specialized virtual asset media outlet, on the 29th (local time), K33 announced it had secured a total of SEK 60 million (approximately $6.2 million) through the issuance of convertible bonds and new shares/warrants. Of this, approximately SEK 46 million was raised through zero-interest convertible bonds maturing in June 2028, and the remaining SEK 15 million was secured through the issuance of new shares. K33 plans to use the entire amount to purchase Bitcoin. At current prices, this would secure about 57 BTC. Based on this, K33 plans to offer cryptocurrency-based lending and other financial products in the Norway region. Bull Jenssen, CEO of K33, emphasized, "There’s no need to wait for the government to prepare. We will start with our own Bitcoin reserve," adding, "Bitcoin will be the best-performing asset over the next decade." The media noted, "K33 has joined the roster of global companies, such as GameStop and the French Blockchain Group, that have adopted BTC in their financial strategies." However, it added, "On the day of the announcement, K33’s stock price fell by 2%, indicating a limited immediate market response."

According to analysis, the XRP futures product launched by the Chicago Mercantile Exchange (CME) is showing active trading momentum among global investors. According to CoinDesk, a digital asset (cryptocurrency) media outlet, a total of 4,032 contracts had been traded over six sessions since CME launched the XRP futures last week. The trading volume reportedly reached approximately $86.6 million. Notably, 46% of trading volume occurred outside of U.S. hours, and about half of the participants were based outside the U.S. as well. The futures product consists of a standard contract (50,000 XRP per contract) and a micro contract (2,500 XRP per contract). Investors can gain exposure without holding actual XRP. A CME spokesperson stated, "The fact that nearly half the early activity in the XRP futures market comprises non-U.S. participants and non-U.S. trading hours indicates that XRP is functioning as a global asset."

Bitcoin (BTC) briefly recovered $108,000. As of 16:20 on the 29th in the Binance USDT market, BTC is trading at $107,892 (₩150,320,000 on Upbit), down 0.90% from the previous day. Meanwhile, according to Cryprice, the Kimchi Premium for major virtual assets (cryptocurrencies) including Bitcoin (BTC) has slightly increased to 1.46%.

Ethereum (ETH) has surged nearly 50% over the past month, and technical indicators are pointing to further upside, according to recent analysis. On the 29th, crypto-specialized media outlet NewsBTC reported that CryptoQuant analyst Ibrahim Kosar stated in a recent report, "Currently, Ethereum is forming a typical 'bull flag' pattern, which is a signal for the continuation of an upward trend." The media explained, "Previously, Ethereum underwent a period of consolidation within the $2,400–$2,700 range over the last three weeks. The fact that it remains consistently above the 200-day exponential moving average (EMA) is also seen as a positive factor. Technically, there is room for the price to rise to the $3,000–$3,500 range." On-chain indicators point to similar signals. Another CryptoQuant analyst, elcryptotavo, stated, "Currently, Ethereum's open interest (OI) still has not surpassed that of Bitcoin. This means typical market top signals have yet to appear." He added, "Retail investor trading volume also remains at low levels, indicating that this rally is being led primarily by institutions and large investors." The report also noted, "If Ethereum recovers the $3,000 level, the market is paying attention to the possibility of a bull run reminiscent of 2020–2021."

Ripple's stablecoin 'RLUSD' will be listed on the global virtual asset (cryptocurrency) exchange Bitget. On the 29th, Bitget announced through its official channels, "We will list RLUSD simultaneously in the Web3 Zone and Innovation Zone of the exchange. Spot trading for RLUSD/USDT and RLUSD/USDC will begin at 19:00 (KST) on the same day. Withdrawals will be possible from the following day, the 30th." Meanwhile, RLUSD is backed 1:1 by United States dollar and cash equivalents, highlighting trust, liquidity, and regulatory compliance as its core values.

On-chain analysis shows that the number of whale addresses holding at least 1,000 but less than 10,000 Bitcoin (BTC) is on the rise. On the 29th, on-chain data analytics firm CryptoQuant announced via its official X (formerly Twitter) that "the number of pure holding wallets with balances between 1,000 and 10,000 BTC—excluding addresses belonging to major exchanges and miners—is once again trending upward." This is interpreted as a signal that long-term holders and institutional-grade investors are actively accumulating Bitcoin again, indicating a recovery in market confidence. CryptoQuant emphasized, "In the past as well, this kind of large-scale wallet growth has been associated with price increases over the medium to long term."

Bitcoin (BTC) options worth approximately $10 billion (about ₩13,763,000,000,000) are set to expire at the end of this month. In the industry, the $95,000~$105,000 range is emerging as a key axis for directional price movement. According to the cryptocurrency-specialized media CoinDesk, on the 31st at 8:00 AM (local time), about 93,131 Bitcoin options (totaling $10 billion) will expire on the global derivatives exchange Deribit. Of these, call options account for 53%, indicating a predominance of bullish sentiment among investors. As per the media, currently, strike prices with concentrated risk based on open interest (OI) are gathered at $95,000, $100,000, and $105,000. This range is expected to serve as a key variable for market direction and volatility before and after expiry. The DeFi (Decentralized Finance)-based options platform Volmex commented, "Nearly $2.8 billion worth of Deribit BTC options nearing expiration are concentrated in this range, which could trigger rapid rebalancing across the market right before expiry." They added, "Even small moves can prompt aggressive hedging by market makers, making the environment highly sensitive." However, views on volatility remain mixed. Deribit's 30-day volatility index (DVOL) continues to decline, suggesting that structural concerns over this particular options expiry are limited. Meanwhile, as of 15:38 on this day, Bitcoin is trading at around $107,700. This represents a slight decrease compared to last week's all-time high of $111,970. Open interest refers to contracts in derivatives like futures and options that remain unsettled. Typically, an increase in open interest implies the potential for heightened price volatility in a coin.

There are observations that the bullish outlook for Bitcoin (BTC) is gaining strength as the United States court has blocked President Trump's imposition of tariffs. According to the cryptocurrency-focused media outlet Cointelegraph on the 29th, the U.S. Court of International Trade has curbed most of the emergency tariff measures enacted by President Trump last April, citing abuse of authority. Analysts say that, with hopes for a resolution to macroeconomic uncertainty, expectations for a rebound toward the $120,000 level for Bitcoin are rising once again. Pav Hundal, Chief Analyst at Swyftx, assessed, "This ruling served as a decisive turning point for the market atmosphere, and as a result, significant buy-side flows led by institutional funds and ETFs are pouring in." He added, "A new all-time high is imminent, and a trend reversal has already entered a definitive phase." Previously, a total of $2,750,000,000 flowed into spot Bitcoin ETFs listed in the United States last week. Jeff Kendrick, Global Head of Digital Assets at Standard Chartered, forecasted, "In the first half of 2025, Bitcoin could break above $120,000 and then aim for $200,000 by the end of the year." Meanwhile, Bitcoin, after hitting its all-time high of $111,970 on the 22nd, has slightly declined and is currently trading around $107,750. The outlet added, "Some in the market expect an upward trend to resume as tariff uncertainties are resolved."

Pepe (PEPE) coin appeared in a social media post by President Trump of the United States, showing a short-term surge. On the 29th, President Donald Trump posted an image on his social media Truth Social that included the frog meme ‘Pepe (PEPE)’ in the background. The photo contained the phrase, "He is on a mission from God, and nothing can stop what is coming." Following this post, PEPE saw a short-term jump. Based on the Binance USDT market, the price of PEPE is trading at $0.00001450, up 5.01% from the previous day.

US Tariff Delay Relieves Bitcoin Market Continued Caution Amid Interest Rate and Tariff Uncertainty At a Crossroads of Rebound vs. Readjustment As US President Trump postponed the deadline for imposing high tariffs on the European Union (EU) from June to July, Bitcoin (BTC), which had been hovering around $107,000, slightly rebounded to the $109,000 level. While market caution has temporarily eased, short-term strategies require cautious entry and agile response due to ongoing uncertainties surrounding tariff negotiations and monetary policy. Market experts assessed that if Bitcoin maintains the support range of $107,500 to $108,000 and settles at $109,000, it is likely to continue its bullish trend. Conversely, if $103,600 is breached, the decline could extend to $94,000, passing through the psychological support level of $100,000. As of 12:30 PM on the 26th, Bitcoin is trading at 152.35 million won on the Upbit KRW market, up 0.15% from the previous day (equivalent to $109,480 on the Binance USDT market). At the same time, the Kimchi Premium (the price difference between foreign and domestic exchanges) slightly increased to 1.84%. Relief from Trump's Tariff Delay… Continued Caution Amid Interest Rate Uncertainty Global stock and cryptocurrency markets recently showed a temporary decline due to Trump's high tariff remarks. However, as the EU entered negotiations, Trump slightly softened his hardline stance by postponing the imposition date from June 1 to July 9. Meanwhile, senior officials from the US Federal Reserve (Fed) also expressed cautious positions on interest rate cuts, drawing attention from market participants to signs of expanding uncertainty. On the 25th (local time), US President Donald Trump postponed the deadline for imposing a 50% tariff on the European Union (EU) from June 1 to July 9. As the EU expressed its willingness to actively engage in negotiations, Trump adjusted the imposition date within two days. Trump announced on his social media platform, Truth Social, "I have agreed to extend the tariff imposition deadline to July 9. The EU Commission President said negotiations will begin quickly. Thank you for your interest in this matter." Previously, on the 23rd (local time), President Trump stated, "I recommend imposing a 50% tariff on the European Union (EU) starting June 1, 2025," adding, "It has been very difficult to deal with the EU, which was established with the primary purpose of taking advantage of the US in trade." He continued, "I expect an agreement within 9 days (by June 1), but can it be done? I do not expect an agreement," showing a hardline stance. Additionally, US Treasury Secretary Scott Bessent, who plays the role of 'firefighter' within the Trump administration, attempted to calm the situation by saying, "I think we will announce several big agreements in the coming weeks." He added, "We have also postponed tariffs with China for 90 days, and we expect to negotiate face-to-face with China again." Meanwhile, senior officials from the US Federal Reserve (Fed) are maintaining cautious positions regarding the timing of interest rate cuts. Chicago Fed President Austan Goolsbee said, "I had expected interest rates to be cut around the end of April," but added, "The timing of the cut may be delayed by 10 to 16 months from now. In the short term, it is necessary to wait until the situation is sorted out rather than moving immediately." St. Louis Fed President Alberto Musalem also pointed out, "Corporate executives are struggling to manage increased uncertainty surrounding supply chains, inventories, and inflation," and emphasized, "The Fed should be careful not to let short-term inflation expectations affect long-term inflation expectations." Market participants are paying attention to the US Core Personal Consumption Expenditures (PCE) Price Index for April, which will be released at 9:30 PM (KST, 8:30 AM local time) this Friday (30th). Core PCE is a key inflation indicator that the Fed focuses on and can influence the pace and magnitude of future interest rate cuts. Meanwhile, the Chicago Mercantile Exchange (CME) FedWatch predicts a 94.4% chance that the Fed will keep the benchmark interest rate unchanged in June, as of 11 AM on the same day. The first interest rate cut is likely in September, with a 47.7% probability. Surge in ETF Funds and Trading Volume Amid Stablecoin Legislation Expectations… Focus on Policy Variables A total of $2.75 billion (approximately 3.762 trillion won) flowed into Bitcoin spot exchange-traded funds (ETFs) last week. The news that the US Senate's stablecoin bill, the 'Genius Act,' has passed procedural voting and is set for a formal vote in the plenary session has strengthened the bullish trend. However, as President Trump warned of imposing a 50% tariff on all EU items, the market also faced short-term adjustment pressure. There is also an analysis that investor sentiment is tilting back towards caution after Bitcoin hit a new high. On-chain data platform Santiment evaluated in a research report on the 24th, "The rally sentiment quickly waned a day after Bitcoin hit an all-time high of $112,000 due to President Trump's tariff remarks." The report added, "Many traders are shifting their strategies to holding and observing due to unpredictable trade and tariff risks." Along with this, market participants are seeing the possibility of unusual movements in the summer market. Cryptocurrency data analysis firm Kaiko recently predicted in a research report, "Although the summer is traditionally a quiet period for the market, this year, major policy events may overlap, leading to unusual volatility." Typically, the third quarter is considered the period with the lowest trading volume in both the cryptocurrency and stock markets, often aligning with the saying 'Sell in May and go away.' However, there is also an analysis that major policy schedules this year could directly impact market direction. The Federal Open Market Committee (FOMC) meeting is scheduled just before President Trump's announced July 9 tariff implementation, and the US Congress may handle stablecoin-related legislation before the August recess. Kaiko explained, "In the options market, there is a concentration of buy positions on call options with strike prices of $110,000 and $120,000 expiring on June 27, reflecting expectations that Bitcoin may retest its high during the summer." Bitcoin Recovers to $109,000… At a Crossroads of Rebound vs. Readjustment Bitcoin is drawing attention as it recovers to the $109,000 level amid eased tariff risks, raising the question of whether it can continue its upward trend. Market experts diagnosed that if Bitcoin maintains the range of $107,500 to $108,000, it can continue its rebound trend, but if $103,200 is breached, the decline could extend to the $94,000 level. Previously, in the derivatives market, Bitcoin futures open interest (OI) surpassed $80 billion (approximately 109 trillion won), increasing by more than 10% in a short period, raising caution about short-term volatility. There is an analysis that Bitcoin is attempting to rise again after a short-term correction. Ayushi Jindal, a researcher at NewsBTC, predicted, "Bitcoin is trading above $109,000 after successfully rebounding from around $106,700," and "If it breaks through the resistance levels of $110,750 and $111,800, it can rise further to $113,000 to $115,000." He added, "If the upward trend does not continue, $108,000 and $107,500 can act as short-term support levels," and "If these levels are breached, it can further decline to $106,500 and $105,000." He also noted, "If the downtrend deepens, the key support level of $103,200 could also be tested." There is also an analysis that although prices are showing a rebound, a deeper correction may occur if short-term support levels are breached. Rakesh Upadhyay, a researcher at Cointelegraph, diagnosed, "Bitcoin has fallen below $109,688 after breaking through, and recent selling pressure is pulling the price below the breakout line, making the buy positions that joined the short-term rise burdensome." He predicted, "If the downward trend strengthens, Bitcoin may sequentially test the supports of $107,500 and $106,500, and if the decline deepens, it could retreat to the $94,000 level, passing through $103,200 and $100,000." He continued, "If the rebound trend is confirmed, Bitcoin can attempt to break through $111,980 again, and if this area is also broken, the rally can continue to the short-term target of $130,000." There is also an analysis that risk has expanded after Bitcoin's short-term surge, and observation is needed for the time being. Katie Stockton, founder of Fairlead Strategies, a famous market analyst, said, "Bitcoin broke through the last resistance level on the chart around $108,000 after hitting an all-time high," but added, "To determine if this breakout is real, we need to see Bitcoin settle above this level for several weeks." She explained, "In technical analysis, not only the simple price breakout but also the temporal sustainability is important," and "We are currently maintaining a neutral stance." She advised investors to wait until the breakout is confirmed rather than rushing to buy. Stockton added, "Breakouts that occur after strong rises are often fake," and "There are many emotional elements involved in the market right now, which further increases this risk." She also analyzed, "Short-term momentum is weakening in overall risk assets, including the S&P 500, and Bitcoin is also likely to show counter-trend signals in the short term." She evaluated, "At the current point, risk management is a priority, and Bitcoin's risk-reward ratio is not very attractive." She also predicted that if Bitcoin maintains the level it has broken through, it could rise further to the $130,000 level in the future. Stockton said, "If this breakout is confirmed, the current price range will be a zone where buying can be initiated," and "Assuming Bitcoin's upward trend continues, the target price is around $134,000, and it may take more than six months to reach it." Christopher Lewis, a researcher at FX Empire, also predicted, "Bitcoin has recently broken below the $110,000 support level but still maintains a bullish structure, and this correction is likely to be seen as a buying opportunity," adding, "If given time, Bitcoin can reach $120,000 and beyond." However, he cautioned, "I do not expect the rise to happen quickly," and "Rather than worrying about the decline now, a strategy of selecting buying opportunities during the correction phase seems valid."

The market capitalization of stablecoins such as Tether (USDT) and USDC has shown a slight increase compared to the previous week. According to the decentralized finance (DeFi) dashboard DeFiLlama on the 24th, the market cap of stablecoins including USDT is estimated at approximately $246.19 billion (about 336 trillion 667.3 billion KRW). This is an increase of 0.95% from the previous week. Currently, Tether accounts for 62.3% of the total stablecoin market cap. Typically, an increase in the issuance and holding of stablecoins can act as a factor for rising buying pressure in the market, which is considered a bullish signal. Conversely, it can be interpreted as a decrease in demand for virtual assets.