Minseung Kang

Ethereum (ETH) has surpassed $2,400, with its market capitalization exceeding $295.3 billion (approximately 413 trillion won), and has risen 24 places in the global major asset rankings. According to the market data platform Infinity Market Cap on the 9th, Ethereum has overtaken the French luxury brand Hermès to rank 41st in the global asset market capitalization rankings. Ethereum continues its upward trend following the 'Pectra' upgrade on the 7th. Analysts suggest that it is rapidly expanding its position in terms of asset value.

Global cryptocurrency exchange Binance has listed Doodles (DOOD) perpetual futures and added it to the Binance Alpha project. Doodles is a community-driven storytelling project that brings art, music, and animation to the blockchain. On the 9th, Binance announced through its official channel, "Binance will list DOOD on Binance Alpha at 22:00 (KST) today," adding, "30 minutes later, we will list DOOD perpetual futures. The maximum leverage is up to 50x." Meanwhile, Binance has stated on its official website that selection for Binance Alpha does not guarantee the project's listing.

Ethereum (ETH) temporarily surpassed $2400. As of 17:29 on the 9th, based on the Binance USDT market, Ethereum is trading at $2446, up 26.82% from the previous day. This is the first time Ethereum has exceeded $2400 since March. Previously, on the 7th, Ethereum expanded the maximum staking limit per validator to 2048 ETH through the Pectra update. Ethereum has continued its upward trend since the upgrade was applied.

Bitcoin (BTC) temporarily surpassed $104,000. As of 4:44 PM on the 9th, BTC is trading at $103,881 on the Binance USDT market, up 4.66% from the previous day (145,770,000 KRW on the Upbit exchange). The upcoming trade negotiations in Switzerland between U.S. Treasury Secretary Scott Bessent and Chinese officials are expected to ease tensions between the two countries, which is seen as having a positive impact on risk assets overall. Meanwhile, according to Cryprice, the Kimchi Premium for major cryptocurrencies, including Bitcoin (BTC), is at 0.14%.

Ju Ki-young, CEO of CryptoQuant, has retracted his previous bearish outlook on the Bitcoin (BTC) market, stating that large-scale capital inflows through ETFs are changing the market trend. On the 9th, Ju stated on his X (formerly Twitter), "I said two months ago that the bull market was over, but that judgment was wrong," adding, "The selling pressure on Bitcoin is easing, and large-scale capital is flowing in through exchange-traded funds (ETFs)." He explained, "In the past, the Bitcoin market was a simple liquidity cycle among miners, whales, and new individual investors," adding, "At that time, when individual funds were exhausted, whales would cash out, and simultaneously, market peaks were easily formed. It was like a game of musical chairs where everyone tried to escape at once. Those who failed to escape got caught." In contrast, he sees the current market as much more complex. He analyzed, "Now is the era where ETFs, MicroStrategy, institutional investors, and even government agencies are buying and selling Bitcoin," adding, "Rather than the past chain reaction of whale sell-offs, the funds flowing in from institutions and ETFs are changing the structure to one that can overwhelm whale sell-offs." Ju emphasized, "The current market is still in a stage of absorbing new liquidity," adding, "Most indicators remain on the borderline, and it is neither a clear bull nor bear market. The recent price trend is very bullish, but what I want to talk about is the change in the 'profit-taking cycle.'" He stated, "Just because my prediction was wrong doesn't mean on-chain data itself is meaningless," adding, "There were analysts like Minolet who had different opinions from mine at the time. Data is just data, and interpretations can vary." He continued, "I apologize for the wrong prediction and will provide more sophisticated analysis in the future."

Ethereum (ETH) surged following the implementation of the 'Pectra' upgrade, surpassing the $2200 mark with a 20% increase from the previous day. This marks the largest daily gain since May 2021. On the 9th, the cryptocurrency-focused media outlet The Block reported, "Ethereum continued its upward trend after the Pectra network upgrade was fully implemented on the 7th," adding, "This upgrade brought structural changes improving staking efficiency, validator operations, and Layer 2 scalability, making it the largest since the 2022 Merge." Min Jung, an analyst at Presto Research, stated, "Ethereum has underperformed compared to Bitcoin (BTC) for most of this year, but investor confidence has partially recovered with this upgrade," analyzing that "considering the ETH/BTC ratio has fallen about 40% from the beginning of the year to around 0.02, the inflow of buying pressure at this stage is a natural flow." Nick Luck, director at LVRG Research, explained, "The Pectra upgrade has led to a buying spree across altcoins," adding, "Coupled with macroeconomic improvements, the cryptocurrency market has once again secured momentum for a rebound." He added, "As risk appetite recovers, cryptocurrencies are once again being perceived as a hedge against market uncertainty." Meanwhile, Bitcoin rose 4% on the same day, reaching $102,526. The anticipation of Swiss trade negotiations between U.S. Treasury Secretary Scott Bessent and Chinese officials is interpreted as positively affecting risk assets overall, with expectations of eased tensions between the two countries.

Global bank Standard Chartered stated that the previous target price of $120,000 for Bitcoin (BTC) might be overly conservative, considering the flow of institutional funds, which suggests a significant potential for further increase. On the 8th (local time), according to US economic media CNBC, Geoffrey Kendrick, head of digital asset research at Standard Chartered, said in an investor letter, "I apologize as the previous forecast of $120,000 by the second quarter of this year seems to have been too low," adding, "Now that figure seems very achievable." Kendrick previously predicted, "Recently, investors are reducing their US asset holdings, and large holders are continuing to buy Bitcoin," and "This trend will lead Bitcoin to break its all-time high." He foresaw Bitcoin reaching $120,000 during the second quarter and possibly $200,000 by the end of the year. At that time, he also added, "The upward trend will continue throughout the summer." He assessed the recent market sentiment by stating, "The core flow surrounding Bitcoin has changed again." In the past, Bitcoin showed a similar trend to risky assets like stocks, then it was noted as a means to hedge US assets. However, now the inflow of funds itself is the most important factor. He said, "Funds are now flowing into Bitcoin in various ways." Kendrick positively evaluated the inflow of $5.3 billion into US spot Bitcoin ETFs over the past three weeks. Additionally, he viewed the additional BTC purchase by MicroStrategy, the Abu Dhabi sovereign wealth fund's holding of BlackRock's IBIT ETF, and the Swiss National Bank's purchase of MicroStrategy shares as major institutional moves supporting the upward trend. On this day, Bitcoin once rose to an intraday high of $99,897. The market is focusing on the timing of breaking the psychological resistance level of $100,000.

Ethereum (ETH) has been analyzed to continue its price surge following the application of the Pectra upgrade. On the 8th, the cryptocurrency-focused media outlet CoinJournal reported, "Ethereum surged following the Pectra upgrade conducted on the 7th, surpassing $1900." On this day, based on the Binance USDT market, Ethereum is trading at $1968, up 8.02% from the previous day. Recently, Ethereum has significantly expanded the maximum staking limit per validator through the Pectra update. It is now possible to stake up to 2048 ETH in a single account. The media outlet evaluated, "(With large-scale staking) the need to configure multiple nodes has disappeared," adding, "This is creating a structure that can induce institutional participation and optimize compound rewards." Meanwhile, there is also a forecast that the ETH price trend, which had been sluggish for five consecutive months, could rebound. On this day, the cryptocurrency analysis platform CryptoQuant analyzed, "Ethereum is currently in an extremely undervalued section compared to Bitcoin, and there is a possibility of a price rebound if demand recovers."

The global cryptocurrency exchange Binance has announced the listing of Space and Time (SXT) perpetual futures. On the 8th, Binance announced on its official website, "Binance will list SXT perpetual futures at 22:00 (KST) today." Binance added, "The perpetual futures contract will have a maximum leverage of 5x."

Global cryptocurrency exchange Binance has selected Space and Time (SXT) as a Binance Alpha project. On the 8th, Binance announced that Space and Time (SXT) has been selected as a Binance Alpha project. The token can be found in the Alpha section of the Binance Wallet. Meanwhile, Binance has stated on its official website that being selected as a Binance Alpha does not guarantee the project's listing.

As Ethereum (ETH) surpassed $1,900, the possibility of institutional funds flowing in is gaining weight as large-scale withdrawals from exchanges and massive stablecoin issuance coincide. On the 8th, Amr Taha, an analyst at the virtual asset (cryptocurrency) analysis platform CryptoQuant, stated in a Quicktake report, "Just before the recent Ethereum price surpassed $1,900, more than 85,000 ETH were withdrawn from Binance," adding, "This is likely one of the largest withdrawals in recent months." Analyst Taha explained, "In past cases, such large withdrawals have often led to reduced liquidity within exchanges and thinner sell orders, which often triggered or accompanied upward volatility." Meanwhile, Tether, the world's largest stablecoin issuer, issued $1 billion worth of USDT on the Tron (TRX) blockchain on the 7th. The analyst analyzed, "The simultaneous occurrence of ETH withdrawals and large USDT issuance can be interpreted as a flow of institutional accumulation and liquidity inflow preparing for an upward trend." Typically, USDT issuance often reflects the demand of institutional investors or OTC desks preparing to enter the market, and is thus considered a precursor to capital inflow into cryptocurrency assets.

Ethereum (ETH) has entered an extremely undervalued zone compared to Bitcoin (BTC) for the first time since 2019, according to analysis. On the 8th, the virtual asset (cryptocurrency) analysis platform CryptoQuant stated through X (formerly Twitter) that "Ethereum (ETH) is currently extremely undervalued compared to Bitcoin (BTC), a level not seen since 2019," adding, "In past cases, Ethereum has shown a trend of recording excess returns after such zones." However, it is also pointed out that other conditions in this cycle may act as variables. CryptoQuant added, "Selling pressure on the supply side, weak demand, and slowed network activity may delay the rebound."

Arthur Hayes, co-founder of BitMEX and Chief Investment Officer (CIO) of Maelstrom, predicted that Bitcoin will reach $1 million by 2028. He foresaw that global liquidity expansion and geopolitical restructuring would be the main drivers of this increase. According to CoinDesk, a cryptocurrency-focused media outlet, Hayes predicted, "As liquidity floods the global market due to U.S. policies, Bitcoin will reach $1 million by 2028." He analyzed that "the real monetary policy is held by Treasury Secretary Scott Besant, not Jerome Powell," and that "the Treasury's bond purchases and liquidity supply strategy will be the real variables moving the market." Hayes also cited geopolitical factors as a reason for the increase. He explained, "There will be an abundance of money globally, and Bitcoin will absorb that liquidity." He also stated, "The market now wants coins that actually work," and revealed, "My portfolio is composed of 60-65% Bitcoin, 20% Ethereum, and the rest in altcoins with practical use." Meanwhile, he assessed that the U.S.-China trade agreement is likely to remain political rhetoric without substantial change. Hayes said, "President Trump wants a tough image against China, and President Xi Jinping wants to show he hasn't been pushed by the West," adding, "Both countries will only sign face-saving agreements."

Bitcoin (BTC) briefly surpassed $99,000, nearing the psychological resistance level of $100,000. Analysts suggest that positive macroeconomic signals and increased institutional demand are driving the upward trend. On the 8th, the cryptocurrency-focused media outlet The Block reported, "Bitcoin briefly surpassed $99,000 today, with $100,000 in sight," adding, "The rise is backed by a positive macro environment and institutional buying pressure." Rachel Lucas, a cryptocurrency analyst at BTC Market, assessed, "This rise is not just a psychological milestone but a strong signal of conviction." She explained, "If Bitcoin settles above $100,000 in the coming trading days, it could attempt to reach an all-time high again," adding, "This rally is the result of a combination of factors beyond investor sentiment, including post-halving supply constraints, expansion of institutional infrastructure, and macro interest in non-correlated assets." The rise in Bitcoin's price is interpreted as being catalyzed by expectations of renewed US-China trade negotiations. Minjeong, an analyst at Presto Research, stated, "Headlines related to trade negotiations during the Asian session on Wednesday stimulated investor sentiment." She noted, "The US Federal Reserve's decision to keep the benchmark interest rate unchanged also supports the preference for risk assets," and predicted, "Market volatility could further increase depending on what President Trump announces in his major trade-related speech scheduled for 10 a.m. the next day." Meanwhile, US Treasury Secretary Scott Vessent and Trade Representative Jamison Greer are scheduled to meet with Chinese officials in Switzerland this weekend. According to the Wall Street Journal, President Trump is expected to officially announce a trade agreement with the UK on Thursday.

The market capitalization of stablecoins such as Tether (USDT) and USD Coin (USDC) has slightly decreased compared to the previous week. According to the decentralized finance (DeFi) dashboard DeFiLlama on the 3rd, the market capitalization of stablecoins including USDT was approximately $242.603 billion (about 340.2553 trillion won). This is an increase of 1.84% from the previous week. Currently, Tether accounts for 61.7% of the total stablecoin market capitalization. Generally, an increase in the issuance and holdings of stablecoins can act as a bullish signal due to increased buying pressure in the market. Conversely, it can be interpreted as a decrease in demand for virtual assets.

An analysis has emerged that whale investors holding large amounts of Bitcoin (BTC) are reappearing in the spot market. On the 3rd, the on-chain analysis account CryptoOnchain of the virtual asset (cryptocurrency) analysis platform CryptoQuant stated in a Quicktake report, "According to on-chain data, the market return of large whale investors has been detected." The analyst explained, "However, no active buying or selling trends have been confirmed. The buying and selling pressure in the spot market is generally balanced." The recent return of whales is interpreted as a signal that they are preparing for directional movements in the future, but at this point, the sentiment in the spot market remains cautiously neutral.

TRON (TRX) has urged users to be cautious, stating that its official X (formerly Twitter) account has been hacked. On the 3rd, TRON DAO announced via X, "From 9:25 AM (local time) on May 2nd, our official X account came under a hacking attack," explaining, "The attacker posted messages including contract addresses, sent random direct messages (DMs), and followed accounts unrelated to TRON." They continued, "TRON DAO never posts contract addresses or reaches out to users via DM," emphasizing, "If you received a DM from the account on that date, please delete it and consider it the work of the attacker." TRON DAO stated, "We are currently cooperating with law enforcement agencies to investigate the incident and are responding to ensure swift action against those involved."

Global cryptocurrency exchange Binance announced the listing of Obol (OBOL) perpetual futures. On the 3rd, Binance announced on its official website, "Binance will list OBOL on Binance Alpha at 19:00 (KST) on the 7th, and 30 minutes later, OBOL perpetual futures will be listed." Binance added, "The perpetual futures contract will have a leverage of up to 50x."

Bitcoin (BTC) temporarily returned $96,000. As of 19:42 on the 3rd, the BTC price is trading at $95,903 on the Binance USDT market, down 0.93% from the previous day (137,360,000 KRW on the Upbit exchange). Meanwhile, according to Cryprice, the Kimchi Premium for major virtual assets (cryptocurrencies) including Bitcoin (BTC) is recorded at 2.12%.