Minseung Kang

It is reported that the official meme coin project of Melania Trump, MELANIA, has sold a significant number of tokens over the past 8 days. On the 3rd, on-chain analyst EmberCN reported via X (formerly Twitter) that "the MELANIA project has been quietly selling in the market by splitting sales into multiple transactions and adding to the liquidity pool over the past 8 days." According to EmberCN, the MELANIA project has withdrawn approximately 41.67 million MELANIA tokens from community and liquidity wallets since mid-March, converting them into 170,000 SOL (approximately $23.06 million). The average selling price per token is estimated to be $0.55. The analyst added, "The acquired SOL is being sold sequentially and converted to USDC, and there are indications that it is being transferred or withdrawn to other chains."

Vitalik Buterin, co-founder of Ethereum (ETH), has proposed reducing the protocol complexity of Ethereum and simplifying the overall structure of the consensus and execution layers. On the 3rd (local time), Buterin stated on his blog, "For Ethereum to become the 'ledger of civilization' encompassing global finance, authentication, and governance, 'protocol simplicity' must be key alongside scalability." He suggested that through these structural improvements, Ethereum could develop into a protocol as simple as Bitcoin within the next five years. He emphasized, "The consensus layer should adopt a new structure that can be implemented with around 200 lines of code," adding, "A STARK-based zero-knowledge proof system can make anyone a verifier and improve the entire network's simplicity." Regarding the execution layer, he mentioned the need to introduce a new virtual machine (VM) that completely replaces the existing Ethereum Virtual Machine (EVM). He explained, "A VM equipped with RISC-V or zero-knowledge proof verification functions, as a candidate for the alternative virtual machine, can drastically reduce complexity and improve performance by 100 times." Buterin stated, "Ethereum's historical complexity is the result of pursuing excessive technology without practical benefits," and added, "Now is the time to reduce complexity across consensus, execution, and smart contracts." He continued, "We should aim for an Ethereum core with simple and clear specifications like Bitcoin, and an approach that sets a limit on the number of code lines is necessary." Meanwhile, EVM refers to the virtual machine that processes Ethereum transactions.

On the global cryptocurrency exchange Binance, the taker buy-sell ratio of Bitcoin (BTC) has surged, raising expectations for a short-term bullish trend. On the 3rd, the cryptocurrency specialized media NewsBTC cited data from the cryptocurrency analysis platform CryptoQuant, reporting that "Binance's taker buy-sell ratio has recently risen to 1.142. The aggressive buying tendency of market participants is clearly evident." CryptoQuant contributor Amr Taha analyzed, "A taker ratio exceeding 1 means there are more market buy orders than sell orders, indicating an increase in demand to buy immediately despite high prices." During the same period, the decrease in spot selling pressure on major exchanges is also interpreted as a positive signal. According to CryptoQuant, approximately $200 million worth of Bitcoin has recently been withdrawn from centralized exchanges. The media explained, "If investors move coins for long-term holding, it can act as a factor reducing short-term selling pressure in the market." Additionally, CryptoQuant analyst Mignolet evaluated, "Since the end of last month, the average order size of futures traders, who led past bull markets, has expanded again, and leverage-based long positions are increasing." The media reported, "The combination of aggressive buying, asset recovery by whales, and the re-entry of past surge leaders is raising expectations that Bitcoin could attempt to break through the six-figure range ($100,000) again."

This week, over $1.8 billion (approximately 2.524 trillion KRW) has flowed into the US Bitcoin (BTC) spot Exchange Traded Fund (ETF). According to investment firm Farside Investors on the 3rd, $1.805 billion has flowed into the US Bitcoin ETF this week. It is interpreted that the expectation of the resumption of trade negotiations between the US and China has spread a preference for risk assets across the global stock and virtual asset (cryptocurrency) markets. Meanwhile, it was recorded that $106.8 million also flowed into the Ethereum spot ETF.

Bitcoin (BTC) temporarily recovered to $97,000. On the 2nd, BTC price is trading at $97,608 (₩138,990,000 on Upbit) on the Binance USDT market as of 23:35, up 1.27% from the previous day. The U.S. non-farm payroll data released earlier exceeded expectations, showing a robust labor market. Meanwhile, according to Cryprice, the Kimchi Premium of major virtual assets (cryptocurrencies) including Bitcoin (BTC) is recorded at 1.85%.

BlackRock, the world's largest asset manager, has analyzed that the correlation between Bitcoin and U.S. tech stocks is weakening, and it is being noted as a safe haven asset by some investors. According to DL News, a cryptocurrency specialist media, Robbie Mitchnick, head of digital assets at BlackRock, said at the 'Token2049' event in Dubai, "If Bitcoin moves like tech stocks, it may not be attractive to institutions," but added, "If its correlation with extreme risk events (Left-tail risk) decreases, it could become an essential portfolio asset for institutions." He emphasized, "At that point, institutions will perceive it not as an 'asset too risky to buy' but as an 'asset risky not to have.'" Eric Balchunas, a Bloomberg ETF analyst, also added, "Institutions are now looking for 'digital gold,' and this will be a positive long-term change not only for ETFs but also for Bitcoin itself."

The market cap of stablecoins like Tether (USDT) has surpassed $220 billion (approximately 307 trillion KRW), reaching an all-time high. On the 2nd, the on-chain data platform CryptoQuant announced via its official X (formerly Twitter) that "liquidity is returning to the (cryptocurrency) market," and that "the stablecoin market cap surpassing $220 billion means that funds are returning to the market. This suggests that Bitcoin is emerging from its bearish phase."

3289 Bitcoins (BTC) have been deposited to Coinbase. According to Whale Alert, a cryptocurrency transaction tracking site, 3289 BTC were deposited to Coinbase Institutional at around 22:13 on the 16th. This amounts to approximately 318.88 million USD (about 445.6 billion KRW). Typically, large-scale coin deposits to exchanges can lead to an increase in selling pressure, which may cause short-term volatility.

Bitcoin (BTC) is facing potential seasonal decline concerns ahead of May, despite expectations of recovering to $100,000. On the 2nd, cryptocurrency-focused media CoinDesk reported that the traditional financial market adage 'Sell in May and go away' could also affect Bitcoin. In fact, according to cryptocurrency market data analysis firm CoinGlass, Bitcoin has shown a bearish trend in May over the past five years. It fell by 35% and 15% in 2021 and 2022, respectively, remained flat in 2023, and only rose by 11% in 2024. Jeff Mei, COO of BTSE, pointed out that "Bitcoin recently surpassed $97,000, but momentum may slow after the first quarter's bullish trend," adding that "the low GDP growth rate in the U.S. is also a factor increasing the possibility of short-term adjustments." Vugar Usi Zade, COO of Bitget, explained, "Looking at past data, Bitcoin records the highest returns in the fourth quarter, while in the third quarter (July-September), the average return is 6%, showing repeated adjustment trends." The media added, "If Bitcoin's technical indicators weaken or investor sentiment wavers, the possibility of a bearish market in May cannot be ruled out."

The US employment figures exceeded expectations (138,000 jobs), showing a robust labor market. According to data released by the US Department of Labor on the 2nd (local time), the US nonfarm payrolls for April were 177,000 jobs, surpassing the market expectation of 138,000 jobs. The unemployment rate matched the market expectation of 4.2%. On the other hand, the average hourly wage, which can hint at wage inflation, increased by 3.8% year-on-year, falling short of the expected 3.9%. It also rose by 0.2% month-on-month, below the expected 0.3%. Immediately after the labor data release, Bitcoin (BTC) touched $97,000, showing a short-term upward trend.

An analysis has emerged suggesting that if the price of Bitcoin (BTC) reaches around $99,900, there could be significant selling pressure from long-term holders (LTH). According to Cointelegraph, a cryptocurrency-focused media outlet, on the 2nd, on-chain analytics firm Glassnode stated in a recent research report that "if Bitcoin reaches $99,900, the average unrealized profit of long-term holders will be approximately 350%," and "considering past cases, there is a high likelihood of profit-taking sell-offs being triggered." The report also pointed out the possibility of selling by short-term investors (STH) who hold break-even positions in the $95,000 to $98,000 range. Glassnode analyzed that "after a 'structural reset' where market overheating is resolved, it seems to have entered a supply-demand balance zone," and "the holding stance and unrealized profit and loss indicators of long-term holders suggest that a wait-and-see approach may continue for the time being."

Bitcoin (BTC) is aiming to recover $100,000, but there is an analysis suggesting that limited price movement may continue in the short term. On the 2nd (local time), the technology magazine Finbold reported, "Bitcoin is currently trading at $96,739, with the main support line estimated at $94,657 and the resistance line at $97,828." It added, "Currently, BTC is showing relatively stable movement in the $96,000 to $97,000 range over the past 24 hours." Bitcoin successfully rebounded after falling to the $75,000 level last month due to the aftermath of the Trump-induced tariff war. On the 1st, Bitcoin showed a strong trend by reclaiming $97,000 for the first time in several months. Finbold analyzed, "Bitcoin has continued its upward trend in the past by repeating box range adjustments after short-term surges," and "This rally may also continue to fluctuate within the current range unless there is a clear breakout."

The Wemix Foundation announced that it plans to express its position today regarding the termination of Wemix (WEMIX) trading support by domestic virtual asset (cryptocurrency) exchanges. On the 2nd, Wemix stated through its official channel, "We sincerely apologize once again for causing concern to the community due to the termination of trading support for Wemix coin," and added, "The Wemix team takes this matter seriously and is preparing to express its position through an official statement by CEO Kim Seok-hwan between 21:00 and 22:00 today." The statement will be broadcast through the Wemix official YouTube channel, and it plans to explain the foundation's position and response direction regarding this issue. Earlier that day, the Digital Asset Exchange Alliance (DAXA), which includes virtual asset exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax), decided to terminate trading support (delisting) for Wemix. DAXA had previously designated Wemix as a cautionary item based on the 'Play Bridge' hacking incident in March.

An on-chain analysis has emerged indicating that Bitcoin (BTC) has entered a bullish phase. On the 2nd, Axel Adler Jr., a contributor to CryptoQuant, analyzed on X (formerly Twitter) that "Bitcoin's True Market Value to Realized Value (True MVRV) has turned positive again, and the average purchase price of coins bought over the past year has started to fall below the current market price." He added, "The fact that MVRV has returned to the positive territory means that holders have entered a profit phase," and "the pressure to sell at a loss is decreasing, and the sentiment of holders is stabilizing." The rebound of MVRV typically coincides with the beginning of a recovery phase, and a sustainable upward trend can continue until a certain level of speculative selling accumulates. Adler stated, "The most interesting phase has just begun."

Sam Altman's Worldcoin (WLD) has officially announced the integration of the stablecoin USD Coin (USDC) and Circle's Cross-Chain Transfer Protocol 'CCTP V2' into the Worldchain. On the 1st (local time), the Worldcoin Foundation announced on its official blog, "We plan to integrate Circle's USDC and CCTP V2 into the Worldchain network, which has over 250,000 users worldwide." Until now, USDC has been provided in the form of a bridge on Worldchain, but from now on, native USDC will be available. With this integration, users will be able to transfer funds quickly and cheaply through a regulatory-friendly digital dollar backed by 100% cash and cash equivalents. In particular, with the integration of CCTP V2, the transfer of USDC between chains is expected to be processed much faster and more cost-effectively. Developers can also directly integrate USDC into World App mini-apps, and businesses and users are expected to find it easier to move funds based on the interoperability of decentralized finance (DeFi). Worldcoin stated, "This upgrade will combine Worldchain with the largest regulated stablecoin to create the broadest real-world use cases in the global economy," adding, "We are also considering the integration of a Euro-based stablecoin (EURC) in the future."

Decentralized stablecoin protocol Sky (formerly MakerDAO) has formalized a proposal to completely replace the governance token from MKR to SKY. According to The Block, a cryptocurrency-focused media outlet, on the 1st (local time), Sky's governance design team, Atlas Axis, has submitted a proposal to designate SKY as the sole governance token and introduce staking rewards for holders. If the proposal passes, the existing MKR will completely lose its governance function, and only SKY will exercise voting rights within the protocol. Rune Christensen, co-founder of Sky, stated, "This proposal is a key step in Sky's transition," adding, "It is meaningful to establish a system that can redistribute profits through SKY buybacks or staking rewards ahead of the introduction of a zero fixed-cost structure targeted by the end of 2025." Last year, Sky announced its 'Endgame' strategy, rebranding from the existing MakerDAO, and has been pursuing ▲ the launch of USDS (decentralized stablecoin) ▲ governance transition, among other initiatives. Currently, both MKR and DAI are in circulation, but users can convert at a rate of 24,000 SKY per 1 MKR. The Sky team announced that if the proposal passes, they plan to transfer authority to the SKY contract through an on-chain vote between the 15th and 19th.

Nasdaq-listed Freight Technologies is seeking to raise funds to purchase Official Trump (TRUMP) tokens. The company plans to issue convertible bonds (CB) worth up to $20 million to acquire the asset. According to a Seeking Alpha report on the 1st (local time), Freight announced on the 30th of last month, "We have issued an initial $1 million worth of convertible bonds through a financial agreement with institutional investors, and if conditions are met, we can raise an additional $19 million." The company also explained, "The funds secured through this contract will be fully utilized for the purchase of TRUMP tokens." Freight emphasized that this purchase of TRUMP tokens is part of its strategy to diversify its digital asset portfolio. Previously, the company purchased FET tokens from the AI-based project Fetch.AI for approximately $8 million. Javier Selgas, CEO of Freight Technologies, stated, "Facilitating productive and balanced trade between the U.S. and Mexico is the company's core mission, and this purchase of TRUMP tokens reflects that philosophy."

Layer 1 blockchain Sui (SUI) is advancing its ecosystem expansion for institutional investors by strategically integrating with digital asset security specialist Fireblocks. On the 1st (local time), the Sui Foundation announced on its official blog, "We will significantly expand Sui's institutional accessibility through strategic collaboration with Fireblocks, a leader in digital asset security," and added, "We plan to provide a comprehensive solution including custody, staking, and DeFi connectivity." Adeniyi Abiodun, co-founder of Mysten Labs, stated, "There is no better fit than Fireblocks as Sui's core infrastructure partner for institutional expansion." Through this integration, the Sui network is expected to be equipped with various features targeting institutional investors, such as ▲native custody support for SUI assets ▲direct exchange integration ▲enhanced DeFi accessibility through WalletConnect.

Swiss asset manager 21Shares has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Sui (SUI) spot exchange-traded fund (ETF). According to cryptocurrency media outlet CoinDesk on the 1st (local time), 21Shares officially initiated the process to launch a Sui-based ETF by submitting an S-1 registration document to the SEC. SUI is a Layer 1 blockchain developed by former Meta (formerly Facebook) engineers, currently ranked outside the top 10 cryptocurrencies with a market capitalization of $11.8 billion. Duncan Moir, CEO of 21Shares, stated at the Sui annual event 'Basecamp' that "the initial conviction that Sui will become one of the most noteworthy blockchains in the industry is being proven true." This ETF application follows a similar SUI ETF filing by Canary Capital six weeks ago. Meanwhile, with the news of the ETF application, the SUI token price surged 4% to trade at $3.66.

The native token B2 of the Bitcoin (BTC) Layer 2 project B² Network has surged 800% after listing, drawing market attention. According to the cryptocurrency specialized media Odaily on the 1st (local time), B2 has risen more than 800% since being listed on Binance Wallet on the 30th of last month. On major trading platforms such as Binance Alpha, Gate.io, MEXC, and KuCoin, B2's 24-hour trading volume has exceeded a total of $100 million. Based on Binance Alpha, the number of wallets holding B2 has surpassed 16,000. B² Network stated, "This achievement reflects the market's high interest in BTC-based financial infrastructure," and "It will serve as a foundation for future ecosystem expansion."