Minseung Kang

Canadian asset management firm Purpose Investments has submitted a preliminary prospectus to the Canadian securities authorities to launch a Ripple Exchange-Traded Fund (ETF). According to Globe Newswire on the 31st, Purpose Investments announced that it has submitted a preliminary prospectus for the 'Purpose Ripple ETF' to the Canadian securities regulatory authorities. This ETF is expected to operate by investing most of its assets in Ripple (XRP) for the long term. A preliminary prospectus is an initial document submitted for regulatory review before a new financial product is launched in the market. This document includes the product's structure, investment strategy, revenue model, and risk factors. Som Seif, CEO of Purpose Investments, stated, "Ripple's adoption is increasing, and institutional investors' interest is growing," adding that "ETFs will play an important role in accessing assets in a regulated environment."

Bitcoin (BTC) is expected to show seasonal strength during the upcoming months of February and March. On the 31st, the cryptocurrency-focused media outlet CoinDesk reported, "Historically, both February and March have been periods when Bitcoin has shown strength," adding, "Bitcoin has recorded an average growth rate of 53% during the first quarter." The media outlet added, "Bitcoin rose by 11% this month, marking the second-best performance in the past 10 months," and noted, "There were significant events as Donald Trump took office as President of the United States and introduced crypto-friendly policies." Previously, in November of last year, Bitcoin rose by 37% on expectations of Trump's election, marking the highest increase in the past 10 months.

An analysis has emerged that Bitcoin (BTC) must break through the key resistance between $108,000 and $110,000 to continue its uptrend. On the 31st, 'Negentropic,' the account of Glassnode's founder, stated on X (formerly Twitter), "Bitcoin needs to break through the $108,000 to $110,000 range with strong volume for a genuine breakout to occur." Negentropic explained, "After Federal Reserve Chairman Jerome Powell made ambiguous remarks following the January Federal Open Market Committee (FOMC) meeting, market pressure eased. Bitcoin rallied to $104,000-$106,000." He added, "On the other hand, liquidity and network growth have slowed, raising doubts about the sustainability of the uptrend."

Last year, investors who staked Solana (SOL) on Upbit for one year achieved a return of 212%. This was 20 percentage points higher than the 192% return from simply holding Solana for the same period. Staking involves depositing your cryptocurrency to participate in the process of validating new blocks on the blockchain network, for which you receive rewards. Upbit has simplified the complex and cumbersome staking process for investors. Upbit Staking stakes 100% of the cryptocurrency delegated by users through validators that directly operate on the blockchain network. Users can instantly check the real-time returns of their staked cryptocurrency in Korean won. Moreover, Upbit does not arbitrarily manage users' cryptocurrency or entrust it to external companies, and it is securely stored in a cold wallet (offline hardware wallet) separated from the internet. A representative from Dunamu, the operator of Upbit, stated, "More smart investors are enjoying additional rewards by using staking services instead of simply holding cryptocurrency," and added, "Upbit Staking, boasting world-class technology, is striving to support safer and more convenient transactions with years of accumulated expertise." Meanwhile, Upbit Staking, which officially launched its service in January 2022, has surpassed 3.85 trillion won in participation, and the amount distributed as rewards over three years has reached 146 billion won. Currently, the cryptocurrencies available for staking on Upbit include Ethereum, Cosmos, Cardano, Solana, and Polygon.

The Trump family is reportedly purchasing a large amount of Ethereum (ETH) to establish a DeFi (Decentralized Finance) business. On the 31st, Joseph Lubin, co-founder of Ethereum and founder of Consensys, stated on X (formerly Twitter), "As far as I know, the Trump family's project seems to have recently purchased more than $250 million (approximately 362.3 billion KRW) worth of Ethereum to establish a DeFi business." Previously, on the 21st, he mentioned that the Trump family is planning one or more large-scale projects based on Ethereum.

Amid growing anticipation for the launch of altcoin spot Exchange Traded Funds (ETFs), there is a prediction that Ripple's ETF could be listed with more than an 80% probability within the year. On the 31st, traders on the cryptocurrency-based prediction market platform Polymarket are predicting an 82% chance of Ripple's spot ETF being launched this year. The market sees a high possibility that the U.S. Securities and Exchange Commission (SEC) will choose Ripple as the next spot ETF after Bitcoin and Ethereum within the year. The price of XRP is trading at $3.0802, down 0.95% from the previous day, based on the Binance USDT market at 5 PM today.

An analysis has emerged suggesting that Bitcoin (BTC) has not yet lost its upward momentum. On the 31st, Ju Ki-young, CEO of CryptoQuant, stated on X (formerly Twitter) that "the Bitcoin rally isn't over," and noted that "the buying pressure for Paper Bitcoin (Bitcoin in the form of financial products rather than the actual asset) is still maintained." He emphasized, "There is no need to hastily conclude the peak of this cycle until the buying by Exchange-Traded Funds (ETFs), MicroStrategy, and institutions slows down." In 2021, a significant decline in GBTC inflows marked the beginning of a major downtrend.

Layer 1 blockchain Aptos (APT) now supports the stablecoin USD Coin (USDC) natively. On the 30th (local time), Circle, the issuer of USDC, announced on X (formerly Twitter) that "Native USDC is now available on Aptos," and "It is expected that USDC will be supported in major ecosystems and apps of Aptos." With the Aptos network supporting USDC, users can access USDC liquidity more quickly and securely without the need for a separate token exchange bridge. This is expected to have a positive impact on the increase of decentralized finance (DeFi) TVL and users within the Aptos ecosystem.

The state of Illinois in the United States is pushing a bill to establish a special fund for the strategic reserve of Bitcoin (BTC). According to Cointelegraph, a cryptocurrency-focused media outlet, John Cabello, a Republican member of the Illinois House of Representatives, has introduced the 'HB1844' bill containing these provisions. The bill includes the establishment of a Bitcoin strategic reserve fund managed by the state treasury, with a clause restricting sales for at least five years. After five years, the state government can sell the Bitcoin, convert it to other cryptocurrencies, or use it for appropriate purposes. The HB1844 bill is currently under review. Previously, Charles Schwertner, a Texas state senator, also introduced a bill to make Bitcoin a strategic reserve asset.

Bitcoin (BTC) is seeing an increased possibility of rising as the selling pressure from long-term investors eases, according to analysis. On the 30th, cryptocurrency specialist media CoinDesk reported, "Long-term investors are reducing their Bitcoin holdings, but the market outlook remains positive," adding, "Historically, when Bitcoin held by long-term investors has sharply decreased, Bitcoin prices have shown a strong upward trend." Markus Thielen, founder of 10X Research, analyzed, "Every time the Bitcoin holdings of long-term holders have sharply decreased, a strong rally has occurred," and noted, "Currently, the holdings of long-term holders are decreasing, and Bitcoin is likely to experience a 'short squeeze' upwards." However, it is observed that the selling pressure from long-term holders has recently somewhat slowed. The media explained, "Recently, Bitcoin held by long-term holders has decreased to 13 million BTC," adding, "With strong demand inflow, about 1.1 million BTC has been absorbed by short-term investors. Long-term investors are adopting a cautious selling strategy." While the Bitcoin held by exchanges continues to decrease, it is also analyzed that supply liquidity remains high. The media added, "Typically, a decrease in Bitcoin held by exchanges is interpreted as a bullish signal, but this decrease may be due to an increase in Bitcoin moving to ETF wallets." Meanwhile, a short squeeze refers to a situation where investors who have shorted Bitcoin buy it to cover their short positions or reduce losses when the price of Bitcoin rises.

Bitcoin (BTC) is analyzed to be bottoming out as the funding rate in the futures market rises. On the 30th, Nino, an analyst at the virtual asset analysis platform CryptoQuant, stated in a Quicktake report, "Recently, the Bitcoin holdings and futures contract funding rate of Bitfinex have surpassed a critical level," adding, "Market participants are closely watching whether the price level will be the bottom." The analyst added, "In the past, these indicators tended to rise once they surpassed a certain threshold," and "If Bitcoin does not fall below $93,000, the upward trend is likely to continue." Funding rate represents the degree to which the long or short ratio in a futures exchange is skewed, reflecting the sentiment of futures investors. In the perpetual futures market, a positive funding rate implies bullish sentiment in the market, while a negative rate indicates bearish sentiment.

The virtual asset (cryptocurrency) project World Liberty Financial (WLFI), led by the family of U.S. President-elect Donald Trump, has surpassed a virtual asset value of $400 million. According to blockchain analysis platform Arkham Intelligence on the 30th, the total value of virtual assets held by World Liberty Financial is recorded at $407.73 million. This is approximately 577.7 billion KRW. Meanwhile, World Liberty Financial holds a variety of virtual assets including Ethereum (ETH), Wrapped Bitcoin (wBTC), TRON (TRX), Chainlink (LINK), Aave (AAVE), Etena (ENA), and Ondo Finance (ONDO).

VanEck, a U.S. asset management firm, analyzed in a report that Sui and Aptos are likely to show strong performance this year. On the 29th (local time), Patrick Bush, VanEck's Senior Investment Analyst for Digital Assets, projected in a research report that "considering the blockchain's performance, scalability, ecosystem, and transaction experience, Sui could rise to $16 and Aptos to $22 this year." This represents an increase of 326% and 201% respectively compared to the current prices. Sui and Aptos are blockchain projects developed by former Meta (formerly Facebook) developers, characterized by using the MOVE programming language to enhance smart contract execution speed and security. The report analyzed, "If Ethereum (ETH) is like a restaurant where a single chef handles orders one by one, Sui and Aptos are like a restaurant where multiple chefs handle orders simultaneously." It further projected, "Especially Sui is likely to gain an advantage based on larger transaction volumes and an activated ecosystem."

Bitcoin (BTC) temporarily recovered to $105,000. On the 30th, BTC price was trading at $105,163, up 2.89% from the previous day, based on the Binance USDT market (159.55 million KRW on Upbit). Bitcoin has shown a slight upward trend since the Federal Open Market Committee (FOMC) interest rate decision in January. Economist and renowned cryptocurrency trader Alex Kruger evaluated, "This FOMC meeting was a 'good' announcement that met market expectations." Altcoins, including Ethereum (ETH), also saw a slight rebound. In particular, Litecoin (LTC) rose 7% on news that the U.S. Securities and Exchange Commission (SEC) has begun the review process for a Litecoin spot ETF. Meanwhile, according to Cryprice, the Kimchi Premium for major cryptocurrencies like Bitcoin (BTC) is recorded at 5.36%.

The Ethereum (ETH) spot exchange-traded fund (ETF) listed in the United States experienced a net outflow of $4.89 million (approximately 7 billion KRW) the previous day. According to the cryptocurrency analysis channel Trader T on the 30th (local time), there was a total net outflow of $4.89 million from the Ethereum spot ETF the previous day. While BlackRock ETHA recorded a net inflow of $9.42 million, Grayscale ETHE saw a net outflow of $15.75 million.

Eleven Bitcoin (BTC) spot exchange-traded funds (ETFs) listed in the United States saw a net inflow of $92.62 million (approximately 133.6 billion won) yesterday. According to the cryptocurrency analysis channel TraderT on the 30th (local time), a total of $92.62 million was net inflowed into Bitcoin spot ETFs the previous day. BlackRock IBIT recorded a net outflow of $27.85 million on this day. On the other hand, Grayscale Mini Bitcoin ETF saw a net inflow of $106.23 million.

Nasdaq-listed Worksport recently announced that it has made a significant purchase of Bitcoin (BTC) and Ripple (XRP). On the 30th, Worksport stated on its official website, "As part of our new virtual asset (cryptocurrency) financial strategy, we have made our first purchase of Bitcoin and Ripple," adding, "We intend to maintain our investment from a long-term perspective and are considering additional purchases." They explained that they have acquired virtual assets worth hundreds of thousands of dollars. Steven Rossi, CEO of Worksport, said, "This financial strategy is a low-risk approach for hedging against inflation," and added, "We are investing in Bitcoin and Ripple with a long-term perspective."

A bill has been introduced in Indiana, USA, to allow retirement funds to purchase Bitcoin (BTC) Exchange-Traded Funds (ETFs). On the 30th, cryptocurrency-focused media Bitcoin Magazine reported, "Indiana State Representative Jake Teshka has introduced a bill to allow retirement funds to purchase Bitcoin ETFs."

The United States Securities and Exchange Commission (SEC) has reportedly begun reviewing the application for a Litecoin (LTC) spot exchange-traded fund (ETF) submitted by Canary Funds. On the 30th, James Seyffart, a Bloomberg ETF analyst, reported on his X (formerly Twitter) account, "The US SEC has started reviewing the 19-4b filing submitted by Canary Capital for a Litecoin spot ETF." Previously, on the 16th, Canary Capital submitted documents to the US SEC for trading a Litecoin (LTC) spot ETF. The industry predicts that the Litecoin spot ETF could be the first altcoin ETF to be listed this year.

It has been confirmed that Tesla did not sell any of its Bitcoin (BTC) holdings during the fourth quarter of last year. On the 30th, the cryptocurrency-focused media Watcher Guru reported via X (formerly Twitter) that "Tesla announced it did not sell Bitcoin during the fourth quarter of last year." Tesla has not sold Bitcoin for six consecutive quarters. Tesla holds 9,720 BTC, which is approximately worth 1.2 billion dollars (about 1.7328 trillion won).

Ripple will hold a Community Day on X (formerly Twitter) on the 29th. According to the cryptocurrency-focused media U.Today on the 25th, Ripple plans to conduct the Community Day on X Spaces at midnight (KST) on the 29th. The Asia-Pacific (APAC) session of the Community Day will start at 9:30 AM (KST). The event will feature Ripple CEO Brad Garlinghouse, Ripple President Monica Long, and Ripple CTO David Schwartz, who will share Ripple's vision and goals for this year.

The Solana (SOL)-based decentralized exchange (DEX) Jupiter (JUP) has announced that it will soon unveil a new website, Jupiter.com. On the 25th, JupiterDAO stated via X (formerly Twitter), "Jupiter.com is coming soon." JupiterDAO added, "We hope you sign up as a member in advance and receive updates."

The cryptocurrency market is reportedly maintaining a cautious tone in anticipation of potential volatility. On the 25th, Adam, a researcher from the cryptocurrency options analysis firm Greeks.live, stated on X (formerly Twitter), "The cryptocurrency market remains cautious yet optimistic. Investors are focusing on managing their positions amid potential volatility." He analyzed, "Bitcoin is likely to face a significant turning point around 104k," adding, "Bitcoin is forming a potential support line around 98~99k. The 108k area will serve as a short-term resistance." Furthermore, he added, "In the (derivatives) community, strategies like selling covered calls are considered advantageous, keeping in mind the potential rise of Bitcoin." The BTC price was trading at $104,436, down 0.87% from the previous day, based on the Binance USDT market at 21:24 on this day.