Minseung Kang

Citigroup lowered Strategy (formerly MicroStrategy)'s target price. On the 22nd (local time), according to international business breaking news channel Walter Bloomberg, Citigroup lowered Strategy's target price from 485 dollars per share to 325 dollars per share. However, it maintained its previous 'Buy' investment rating. Strategy is the publicly listed company that holds the most Bitcoin (BTC), and it is regarded as a stock highly sensitive to Bitcoin price fluctuations.

A decentralized finance (DeFi) operational model using XRP has emerged. On the 22nd, according to crypto-focused media The Block, Upshift Finance, Clearstar, and the Flare Network jointly launched an XRP-based DeFi product, 'earnXRP'. earnXRP is structured to deposit FXRP issued on the Flare Network, allocate it to on-chain strategies, and pursue returns measured in XRP. Users deposit assets into a single vault and can redeem to FXRP at any time if needed. Upshift said, "Although XRP is a top market-cap crypto asset, its usage in the DeFi space has been limited," adding, "This launch is an attempt to expand XRP's on-chain use cases." In particular, earnXRP will utilize multiple on-chain management strategies at the initial launch stage, and its operation methods will be expanded step by step in the future. An initial deposit cap is set, but there are no per-person limits, and fees will be waived for a certain period after launch. Upshift explained, "earnXRP is differentiated from existing XRP use models in that it integrates multiple strategies and does not rely on a single protocol."

Bitmain, the world's largest Ethereum (ETH) holding company, has significantly increased its Ethereum holdings over the past week, pushing the total past 4 million. On the 22nd, according to PR Newswire, Bitmain added 98,852 Ethereum last week, expanding its total holdings to 4,066,062. This represents about 3.37% of the total circulating supply of Ethereum. As of the 21st, Bitmain holds 4,060,000 Ethereum and 193 Bitcoin (BTC), and its cash holdings are at about 1 billion dollars. Including other crypto assets and some equity investments, total assets were estimated at about 13.2 billion dollars. Tom Lee, chairman of Bitmain, said, "In just over five months our Ethereum holdings have surpassed 4 million," and "we are rapidly making progress toward our goal of expanding the share of Ethereum holdings to 5%." Bitmain is the world's largest Ethereum holder and has adopted a strategy of accumulating crypto assets as long-term investment assets. The company is also building Ethereum-based staking infrastructure, and the validator network is aimed to be operational in early 2026.

The large U.S. bank JPMorgan Chase is reviewing the introduction of a virtual asset (cryptocurrency) trading service for institutional investors. On the 22nd (local time), according to Bloomberg, JPMorgan Chase is internally examining the possibility of offering virtual asset-related products and services, focusing on its markets division. The review reportedly includes both spot trading and derivatives trading. However, the discussion is in its early stages, and whether the service is actually introduced is expected to be decided after comprehensively considering customer demand, the regulatory environment, and risk assessments. This review is interpreted as a response to increased interest from institutional clients following recent changes in the U.S. regulatory environment for virtual assets. Bloomberg reported that the U.S. administration's pro-virtual-asset stance and policy changes by regulators are easing conditions for banks to expand virtual asset-related businesses. The Office of the Comptroller of the Currency recently issued guidance that banks may perform intermediary roles in virtual assets. JPMorgan Chase has been active in using blockchain technology. Recently it supported Galaxy Digital's short-term bond issuance, distribution, and settlement, and is also pursuing measures to allow institutional clients to use their holdings of Bitcoin and Ethereum as loan collateral. Similar moves are continuing across the global banking sector. Standard Chartered has started spot trading services for Bitcoin and Ethereum for institutional clients through its UK branch, Intesa Sanpaolo purchased Bitcoin through its own digital asset trading organization. Goldman Sachs is already operating virtual asset derivatives trading, and BlackRock is managing large sums through a Bitcoin exchange-traded fund. Bloomberg said, "This trend could be a sign that major Wall Street firms are gradually incorporating virtual assets into the mainstream financial system."

Since Bitcoin (BTC) price recovered to $90,000, leveraged long positions in the derivatives market have been increasing again. On the 22nd, on-chain data analytics firm Glassnode said on X (formerly Twitter), "Since the Bitcoin price recovered above $90,000, perpetual futures open interest increased from 304,000 BTC to 310,000 BTC, an increase of about 2%." During the same period, the perpetual futures funding rate also rose from 0.04% to 0.09%. Glassnode explained that "this suggests that the construction of leveraged long positions is increasing again." Glassnode said, "Perpetual futures traders are reshuffling positions in preparation for the possibility of additional price swings ahead of year-end," and assessed that "the combination of price recovery and a simultaneous increase in leverage demand implies the potential for expanded short-term volatility." Meanwhile, open interest refers to the number of contracts of positions that traders in the derivatives market have not liquidated. An increase in the scale of open interest means that capital is flowing into the market. Generally, as open interest increases, the likelihood of greater coin price volatility rises. Also, in the perpetual futures market, a positive funding rate implies bullish sentiment in the market, while a negative rate indicates bearish sentiment.

Bitcoin (BTC) is approaching the $90,000 level, and year-end 'Santa Rally' expectations are being raised again. On the 22nd, crypto-focused media Cointelegraph reported that "derivatives indicators are showing signals favorable for a short-term rise, and some analysts are mentioning a mid-term target range of $100,000–$120,000." Bitcoin rose intraday to $90,588 and rebounded about 7% from recent lows. Talk of a year-end rally possibility is resurfacing in the market. Analyst Alphabitcoin wrote on X (formerly Twitter) that "Bitcoin is seeking a Santa Rally," and suggested the next test range as $98,000–$100,000 after recovering $93,300. Captain Pivic analyzed that "Bitcoin has been trading sideways in the $82,000–$95,000 range since the end of November, and in the process is attempting a technical upside breakout." He presented $120,000 as the theoretical target for that pattern. On the other hand, there is also caution. Analyst Ardi pointed out, based on year-end trends over the past five years, that "the Santa Rally's returns have gradually declined," and noted that in 2021, when post-halving dynamics were similar, there was about an 8% drop during the year-end period. In the derivatives market, an assessment has emerged that a structure favorable to a short-term rise is forming. CryptoQuant's Axel Adler Jr. said, "The regime score indicator is in a bullish zone but not overheated." The indicator is currently 16.3%, which is classified, based on past cases, as a level with remaining upside potential. In particular, in the futures market, short position liquidations are dominant. The long-short liquidation dominance indicator fell to -11%, indicating that short liquidations are concentrated in the short term. Adler explained, "The more short liquidations increase, the greater the upward price pressure can be." However, the market points to defending $84,000 as a key variable. Trader Dan Crypto Trays said, "$84,000 is a price level that must be protected on higher timeframes." According to Glassnode, about 976,000 BTC are concentrated as buy orders in the $84,000–$85,600 range, making that price range act as a major demand zone. The outlet said, "If this support holds, a retest of $100,000 becomes possible, but if broken, a re-test of the $80,000 level is also possible."

Michael Saylor, co-founder and chairman of MicroStrategy, said the company's dollar liquidity has been further expanded. On the 22nd, Saylor said via X (formerly Twitter) "MicroStrategy increased its USD reserve by $748 million, and currently holds a total of $2.19 billion in cash equivalents and 671,268 Bitcoins." Meanwhile, the crypto-focused media BlockBeats reported that "MicroStrategy did not additionally increase its Bitcoin holdings between the 15th and the 21st."

Bitcoin (BTC) has once again surpassed the $90,000 level, but it is still too early to determine a clear direction. Prices are showing a rebound, but on-chain indicators have detected signs that 'quiet buying demand' is accumulating as accumulation by large holders and exchange outflows are both expanding. On the 22nd, according to crypto-focused media Blockhead, the total cryptocurrency market capitalization remained at around $3 trillion. However, the recent 24-hour trading volume amounted to only $70–80 billion, indicating trades focused more on short-term positions than trend-based buying. Bitcoin recovered to $90,000 intraday and continued to fluctuate around that price range. As year-end approaches and liquidity tightens across global financial markets, analysts say crypto assets are also being affected by the macro environment. Asian markets saw a slight rebound led by tech stocks, but Bitcoin does not appear to have taken a leading role in driving the overall risk-asset flow. According to Bloomberg, roughly $23 billion worth of Bitcoin options contracts are due to expire at the end of this month. This exceeds half of the total open interest on crypto options exchange Deribit. Timothy Mishir, head of research at BRN, said, "Bitcoin is trapped in a fragile equilibrium without having recovered key price levels." In the options market, demand for call options is distributed above $100,000, while large put option positions are formed around $85,000. According to STS Digital Data, roughly $1.4 billion of open interest is concentrated in that price range alone, raising the view that volatility could increase as the expiration approaches. Meanwhile, on-chain indicators are showing a different trend from price. According to on-chain analysis firm Glassnode, the number of addresses holding 1,000 BTC or more has turned to an upward trend since the 17th. This suggests large holders are gradually increasing their positions during this phase of price stability. Exchange net outflows have also rapidly expanded. As of the 19th, about 26,000 BTC had left exchanges, and by the 21st net outflows exceeded 41,000 BTC. Analysts interpret this as movement increasingly for custody rather than short-term selling. In technical analysis, whether $90,000 holds is considered more important than simply exceeding it. The market views around $89,250 as still acting as a key resistance, while about $87,500 on the downside is cited as a short-term support level. Although demand signals such as accumulation by large holders and exchange outflows have been confirmed, the prevailing cautious view is that it remains to be seen whether Bitcoin can establish a trend above $90,000 amid year-end liquidity constraints and the burden of large option expirations.

The world's largest asset manager BlackRock appears to have additionally transferred Ethereum (ETH) and Bitcoin (BTC) to a Coinbase Prime wallet. On the 22nd, crypto asset (cryptocurrency) media Odaily, citing on-chain data firm Arkham, reported, "BlackRock sent a total of 19,928 ETH to a Coinbase Prime address about 5 minutes ago." The amount is approximately 60.79 million dollars. In addition, BlackRock moved Bitcoin to Coinbase Prime that day. The amount transferred that day totaled 2,100 BTC.

Bitcoin (BTC) temporarily recovered to $90,000. As of 20:35 on the 22nd, BTC was trading at $90,032 on the Binance USDT market, up 1.59% from the previous day (₩133,990,000 on Upbit). Meanwhile, according to CryPrice, the kimchi premium for major crypto assets including Bitcoin (BTC) was 0.53%.

Digital asset (cryptocurrency) investment products saw net outflows of about $950 million last week, reversing three consecutive weeks of inflows in the first reversal in four weeks. On the 22nd (local time), crypto asset specialist asset manager CoinShares said that digital asset ETPs (exchange-traded products) recorded total net outflows of $950 million last week. Selling pressure was concentrated on Ethereum and Bitcoin, while selective inflows continued into some altcoins. Analysts interpret this as large-scale outflows from the digital asset investment product market as U.S. regulatory uncertainty resurfaced. CoinShares said in the report, "The delay in passage by the U.S. Congress of the 'Clarity Act' has prolonged regulatory uncertainty, and concerns over continued selling by large holders (whales) have dampened market sentiment." As a result, it is assessed that cumulative inflows into digital asset ETPs this year are unlikely to surpass last year's level. Total assets under management (AUM) currently stand at $46.7 billion, below last year's year-end level of $48.7 billion. Regionally, outflows were essentially concentrated in the U.S. The U.S. saw net outflows of $990 million, while Canada and Germany recorded net inflows of $46.2 million and $15.6 million, respectively, partially offsetting this. By asset, Ethereum investment products were most affected with net outflows of $555 million. The report explained, "Ethereum is the asset most affected by potential benefits or uncertainties depending on whether the Clarity Act passes." However, on a year-to-date basis, inflows into Ethereum investment products total $12.7 billion, far exceeding $5.3 billion in the same period last year. Bitcoin investment products also saw net outflows of $460 million. Bitcoin's year-to-date inflows are $27.2 billion, showing a slowdown compared with $41.6 billion in the same period last year. Meanwhile, Solana and XRP saw net inflows of $48.5 million and $62.9 million, respectively. The report said, "This shows that despite overall market weakness, selective investor demand remains for certain assets."

Bitcoin (BTC) is showing a short-term rebound as, after the Bank of Japan (BOJ)'s rate hike, the policy path was interpreted as more dovish than expected, easing some concerns about yen carry trade liquidations. On the 22nd, FXPro analyst Bob Mason said in a research report, "Bitcoin rebounded around $84,500, and the BOJ's cautious stance on the future policy path despite raising rates eased concerns about the yen carry trade." He explained that the BOJ's dovish tone pushed the dollar/yen rate higher and partially restored risk-on sentiment, and that Bitcoin rebounded alongside this. However, he pointed out, "In the U.S. spot Bitcoin ETF market, there was a weekly net outflow of $479,000,000," adding, "ETF flows remain a key variable for Bitcoin's price." In fact, during the reporting period, outflows were confirmed from major ETFs such as BlackRock's IBIT, Bitwise's BITB, and ARK's ARKB. As a result, despite Bitcoin's more than 3% one-day rebound due to the BOJ effect, it was roughly flat on a weekly basis. From a medium-term perspective, he analyzed that expectations for rate cuts by the U.S. central bank, the Federal Reserve (Fed), eased concerns over yen carry trade liquidations, and progress in crypto-friendly legislation are providing a favorable environment for Bitcoin. He stated, "Short-term volatility will persist, but if the $80,000 support holds, the overall direction remains positive." However, he cited downside risks including ▲a re-emergence of a hawkish Fed stance ▲signs of further tightening from the BOJ ▲expanded ETF outflows. He warned that if these factors materialize, Bitcoin could come under renewed pressure down to the early $80,000s. Technically, Bitcoin still remains below the 50-day and 200-day moving averages. Mason said, "Fundamentals have begun to diverge from the technical trend," and forecasted, "Whether the $80,000 support holds will be the turning point for short- and medium-term trend reversals." Meanwhile, the market is also focused on the Fed's future policy path. The analyst added, "If expectations for a rate cut in March next year persist, Bitcoin's 6–12 month target could be open up to $150,000."

The Bank of Russia acknowledged that the Bitcoin (BTC) mining industry is having a positive effect on the ruble exchange rate. On the 22nd (local time), according to CryptoNews, a virtual asset-focused outlet, Elvira Nabiullina, Governor of the Bank of Russia, said in a question-and-answer session on the foreign exchange market, "Virtual asset mining is having a certain impact on the ruble." She explained, however, that since a large part of the mining industry operates in the informal sector, it is difficult to quantify the exact effect numerically. The remarks came as key Russian government figures argued that virtual asset mining should be officially classified as an "export activity." Kremlin administration deputy head Maxim Oreshkin recently said at a forum that "mined digital assets, even if they do not cross borders, are value flowing in from abroad" and should be viewed as a new export item. He pointed out that ruble exchange rate forecasts are being distorted because mining-related cash flows are not being properly reflected. According to industry estimates, Russia mines tens of thousands of bitcoins annually and, in summer, accounts for more than 16% of the world's hashrate, ranking second in the world after the United States. However, it is reported that mining output decreased after the 2024 Bitcoin halving. Russia legalized virtual asset mining in November last year, but illegal and illicit mining still prevail due to high taxes and electricity costs. Local media reported that power theft and tax revenue losses from illegal mining amount to billions of rubles annually. Meanwhile, Russia's financial sector is expanding the use of virtual assets as investment products, but their use as a means of payment remains prohibited. The Bank of Russia reaffirmed its previous position that "virtual assets are only an investment instrument, and domestic payments should be made only in rubles."

Japanese Bitcoin (BTC) holding company Metaplanet has approved the issuance of dividend-paying preferred shares and is moving to raise funds from overseas institutional investors. On the 22nd (local time), according to crypto-focused media Cointelegraph, Metaplanet shareholders approved five proposals related to a capital structure overhaul. As a result, the company can pursue issuing preferred shares that can pay dividends, introducing a new dividend structure, and allowing participation by overseas institutional investors. Dylan Leclair, Metaplanet's Bitcoin Strategy Director, said of the approval, "By issuing preferred shares, we have established an institutional-investor-friendly funding structure." The approved proposals included measures to reclassify the capital reserve to enable preferred-share dividends and share buybacks, as well as an increase in the issuance limits for Class A and B preferred shares. Class A preferred shares will apply a monthly variable-rate dividend structure, while Class B preferred shares include quarterly dividends and a redemption condition set at approximately 130% of par value after 10 years. Metaplanet also approved issuing Class B preferred shares to overseas institutional investors. This is interpreted as a structure aimed at institutional demand, as it provides a means to gain indirect exposure to the company's Bitcoin assets without directly holding Bitcoin. Metaplanet currently holds 30,823 BTC, which is the largest in Asia and the fourth-largest among companies worldwide. The company has also signaled plans to begin ADR trading in the U.S. over-the-counter (OTC) market.

Billionaire investor Ray Dalio said Bitcoin (BTC) is less attractive compared to gold. On the 22nd (local time), according to crypto-specialist outlet The Daily Hodl, Dalio said in a recent interview with Nikhil Kamath, co-founder of Indian brokerage Zerodha, "I hold a small amount of Bitcoin, but I consider it an inferior asset to gold." Dalio stated, "Bitcoin is limited in supply and is perceived as a store of value, but because of several issues, it is unlikely that central banks or many institutions will hold it on a large scale." He specifically pointed to Bitcoin's public transaction ledger as a problem. He explained, "Bitcoin transactions are all traceable, and governments can monitor and intervene," adding, "Gold differs from Bitcoin in that it is difficult to control and interfere with." In fact, last month the Czech central bank purchased Bitcoin as part of a digital asset test portfolio, but it was reported to be an experimental investment separate from official foreign exchange reserves. Dalio also raised concerns about network security. He mentioned, "There are various issues, such as the possibility that Bitcoin could be compromised or controlled, and the technical risk of being broken." Nevertheless, he maintains a negative view of fiat currencies. Dalio said, "I have a bearish view on fiat currencies, so after considering alternatives I hold some Bitcoin," but added, "Even so, I still consider gold to be the more attractive asset." The outlet analyzed, "There has been no case of the Bitcoin protocol itself being hacked. Nevertheless, energy usage issues, price volatility, and quantum computing risks remain topics of ongoing debate."

UK listed companies that pursued Bitcoin (BTC) treasury strategies have reportedly suffered losses of about 80 million pounds (about 158.8 billion won). Analysts say many bought bitcoin near price peaks. According to an analysis by the UK daily The Telegraph on the 22nd (local time), UK listed companies invested more than 360 million pounds in total to purchase crypto assets through so‑called 'bitcoin treasury' strategies. The market value of these companies is heavily linked to the value of the bitcoin they hold rather than their core businesses, creating a structure in which investors can be indirectly exposed to bitcoin via the stock market. The report says 13 UK listed companies purchased nearly 4,300 bitcoins at an average price of $113,105. However, with bitcoin prices recently falling to around $87,950, there has been an estimated unrealized loss of about 22% compared to the average purchase price. Including disposal losses from crypto firm Satsuma, the total estimated losses amount to about 79.1 million pounds. More than half of the losses were concentrated in web design firm Smarter Web Company. After this company fully launched its bitcoin investment strategy earlier this year, its share price surged and market capitalization once rose to as much as 1.1 billion pounds, but subsequently the share price fell by more than 90% from its peak. Bitcoin surged after Donald Trump was elected president last year amid expectations of pro-crypto policies, but this year, caution toward overvalued assets has grown and it is down about 12% year-to-date. According to the UK Financial Conduct Authority (FCA), the proportion of Britons who invested in bitcoin also fell from 12% last year to 8% this year. The outlet said, "Many UK companies bought bitcoin during the market's overheating phase and then faced the subsequent correction," and pointed to the volatility risks of the bitcoin treasury strategy.

Global crypto exchange Binance is adding new spot trading pairs to the spot market and expanding trading bot services. On the 22nd, Binance said trading for five spot trading pairs — ADA/USD1, ASTER/USD1, LUNA/USDC, LUNC/USDC, and ZEC/USD1 — will begin from 08:00 on the 24th (UTC·17:00 KST on the 24th). From the same time, spot algorithmic orders (trading bot) services will also be provided for those pairs. Binance added that it will apply maker and taker fee discounts to USDC-based spot and margin trading pairs until further notice.

A wallet address presumed to belong to Bitmain, the world's largest Ethereum (ETH) holder, was reported to have purchased additional Ethereum. On the 22nd, on-chain analytics account Lookonchain said on X (formerly Twitter), "Bitmain appears to have purchased an additional 13,412 Ethereum (about $40.61 million)."

Ethereum (ETH) has reclaimed the $3,000 level, but analysts say market-wide signals remain mixed. According to crypto asset (cryptocurrency) specialist media EtherNews on the 22nd, Ethereum rebounded after last week's sharp drop and rose above the $3,000 level. Trading volume has also decreased compared with the sharp decline period, and there has been no additional strong selling pressure. However, technical indicators still point to caution. Ethereum's price is around $3,025, trading below the 50-day moving average, the medium-term resistance (about $3,090), and the gap with the 200-day moving average (about $3,370) persists. By medium-term trend standards, there remains pressure. Momentum indicators such as the Relative Strength Index (RSI) also remain in neutral territory. The Fear and Greed Index stands at 25, in the 'Extreme Fear' zone, indicating investor sentiment is still subdued. The assessment is that the market remains in an adjustment phase where downside risks and initial support signals are confronting each other. The outlet said, "This recovery to $3,000 is closer to price stabilization than a trend reversal," adding, "To confirm further upward momentum, holding within the $3,100~$3,200 range is necessary."

The crypto asset (cryptocurrency) market is showing signs of regaining stability in the short term, but analysts say the burdens surrounding the market structure have not been resolved. As of 3 p.m. on the 22nd, based on global crypto exchange Binance, Bitcoin was trading 0.75% higher than the previous day at US$88,840 (132,280,000 won). Since recovering to the 130,000,000 won range last week, it has maintained a relatively stable trend in the short term. Altcoins also slightly rebounded. Ethereum was up 0.95%, Solana 1.19%, and XRP 0.70%. According to crypto asset comparison platform CrypPrice, Bitcoin's kimchi premium was 0.46% that day, indicating domestic prices were slightly higher than overseas. However, the overall market size remains greatly contracted. According to CoinMarketCap, total crypto asset market capitalization was $3 trillion. Compared with $4.28 trillion (about KRW 6,327 trillion) recorded on October 7 last year, about $1.28 trillion has been lost. The bearish market has been attributed to selling pressure from long-term holders. Bloomberg, citing a K33 Research report, said, "About 1.6 million Bitcoins that had not moved for more than two years since early 2023 (about $140 billion) were released into the market." Blockchain analytics firm CryptoQuant also analyzed that "in the past 30 days, movements of long-term holders' Bitcoins were the most active in five years." ETF fund flows are also a burden. With inflows to spot Bitcoin ETFs turning into net outflows, and trading volumes of derivatives and retail investor participation both declining, it is assessed that supply is pouring into the market. The Fear·Greed Index, which shows market sentiment, is at the 20 level, remaining in the 'Extreme Fear' range. Investor sentiment is subdued, but analysts say expectations for a technical rebound due to entering oversold territory are also forming. Experts say short-term volatility may ease, but if long-term holder selling and ETF outflows continue, it will not be easy to lead to a sustained recovery. Market attention is focused on whether Bitcoin can maintain the $80,000 level as a mid- to long-term downside support.

Ethereum (ETH) is building a mid- to long-term growth foundation as expectations for network scalability and stability rise after the 'Fusaka upgrade.' Prices are also seeking direction around the $3,000 area amid a recent rebound. The market is watching whether Ethereum's fundamental improvements can spark a broader altcoin rebound. Scalability expectations after the Fusaka upgrade…continued growth of the Ethereum network Ethereum successfully completed the large-scale hard-fork update 'Fusaka (Fusaka, Osaka·Hulu) upgrade' earlier this month, raising expectations for mid- to long-term scalability and stability. Fusaka is an update designed to target L1 (layer 1) and L2 (layer 2) scaling and user experience (UX) improvements, aiming to enhance data processing efficiency and strengthen network reliability simultaneously. Here, layer 1 refers to Ethereum's main network, while layer 2 denotes structures that assist it by distributing transaction processing. In particular, this time a method was introduced whereby 'blobs' that contain large amounts of transaction data are stored distributedly across multiple nodes instead of every node retaining them. This is a way of distributing transaction data across multiple nodes so that overall validity can be verified with only part of the data. It is assessed that a foundation has been established to more reliably accommodate global-scale applications and institutional demand. Some argue that such changes could lead to a structure that strengthens the profitability of the Ethereum protocol. Eom Sang-hyun, senior researcher at Dispread, said, "Fusaka is a major scalability update for Ethereum and is important as a turning point where the Ethereum ecosystem evolves into L2 infrastructure capable of handling institution-level traffic as well as individual users," adding, "This update includes numerous stability improvement proposals that strengthen the network's overall reliability, and L2 performance is expected to improve up to 10,000 TPS while also realizing cost reductions." In fact, Ethereum network growth is confirmed by on-chain indicators. On the 20th, on-chain analytics firm Santiment posted on X (formerly Twitter) that "new wallet creation on the Ethereum network is increasing," noting that "the daily average number of new Ethereum addresses is about 163,000, a significant increase compared with the July average of 124,000." They added, "The Ethereum network has been quietly growing recently, and the pace of new wallet creation is approaching the year's highest level." Ethereum battles $3,000…whether $2,700 support holds is key Ethereum has been attempting to recover $3,000 amid a recent rebound. However, the market views whether $2,700 holds during any upcoming correction as the key variable that will determine the short-term trend. As of 15:51 on the 20th, ETH price was trading at $2,981, up 1.91% from the previous day on the Binance USDT market (4,448,000 won by Upbit standard). Alejandro Arieche, FXPro analyst, diagnosed that "the U.S. November Consumer Price Index (CPI) significantly missed expectations, acting as a short-term rebound factor, but Ethereum is still trading within a downtrend." He warned, "If the $2,700 support is maintained, rebound attempts could continue, but if that zone collapses, downside risks could widen again." Rakesh Upadhyay, researcher at Cointelegraph, analyzed that "Ethereum is attempting a technical rebound as bargain buying flows in near the $2,700 support level," adding, "In the short term, the $3,160–$3,450 range is likely to act as key resistance." He added, "If the price is pushed down again at upper resistance, the $2,700–$2,623 support zone could be tested again." Crypto analyst Ali Martinez said, "Based on on-chain data, Ethereum's major support is $2,772," and analyzed that "if that zone breaks, supports at $2,489 and $1,866 would open up in sequence." Crypto market in a wait-and-see phase…possibility of continued volatility The market expects the crypto market to continue in a volatility-centered wait-and-see phase without a clear direction for the time being. On-chain analytics firm Swissblock said, "The current crypto market is dominated by investors' 'decision paralysis,'" diagnosing that "sensitivity to external variables has increased, and altcoins remain reactive and are moving within a box range. Each rebound shows gradually weakening upward momentum." However, Swissblock analyzed that the structure of the altcoin market itself has not collapsed. Swissblock said, "Altcoins still maintain the multi-month support line relative to Bitcoin that they formed over the past six months," adding, "As long as this structure holds, it is difficult to conclude the market is entirely negative." They added, "(Ahead of year-end) short-term liquidity has not flowed in, but long-term liquidity is still maintained." There is also analysis that altcoin volatility may intensify for the time being. Alex Kupchykievich, chief analyst at FXPro, analyzed that "major altcoins such as Ethereum (ETH), XRP, and Solana (SOL) are under strong pressure and are being pushed to multi-month lows. Each rebound attempt is repeatedly blocked by selling pressure." He warned that "if total crypto market capitalization falls below $2.75 trillion, additional declines to the $1.9 trillion range cannot be ruled out." According to CoinMarketCap that day, total crypto market capitalization was moving around $2.98 trillion. Crypto analyst Benjamin Cowen diagnosed that "investors who were waiting for QT to end or rate cuts gave up when the expected price responses did not materialize even after actual policy shifts," adding, "It is likely that similar market flows will continue until the U.S. central bank (Fed) cuts rates more aggressively." Considering that past bear markets lasted on average about a year, he added that "for about the next four months, a phase of lower highs and lower lows could continue." He also assessed, "Even now, it is a process of creating opportunities in the long term." The market is facing simultaneous uncertainty over Japan's rate hikes and U.S. monetary policy. Recent Japanese rate increases were pre-announced, so market shock was limited, but the possibility of adjustments to yen carry trades remains a variable. Added to this, former President Trump's indication of a 'rate-cut-friendly' Fed chair and the recent U.S. CPI's 'surprise slowdown' complicate market interpretation. Chair Powell's term ends in May next year. The market is looking to inflation and employment indicators to gauge policy direction. Some foresee a long-term recovery. Crypto analyst Micheal van de Poppe also projected that "currently Bitcoin is exposed to short-term volatility in a low-liquidity environment, but significant changes will appear in the month-to-month flow when the Fed's balance sheet expands again," adding, "If the balance sheet increases, environmental changes could occur in the altcoin market centered on Bitcoin, similar to 2021 and 2022." Earlier, the Fed began monthly purchases of $40 billion in government bonds from the 12th and plans to continue the short-term Treasury purchase policy until reserve balances are sufficient. Kang Min-seung, Bloomingbit reporter minriver@bloomingbit.io

U.S. large investment bank Citigroup (Citigroup) presented a mid- to long-term bullish outlook for Bitcoin (BTC) and Ethereum (ETH). On the 19th (local time), according to Coindoo, a crypto asset (cryptocurrency) specialized media, Citigroup in its latest market outlook report set Bitcoin's 12-month target at 143,000 dollars and Ethereum at 4,304 dollars. This is based on the assessment that there remains meaningful upside potential even after the recent correction. Citigroup, in addition to the base scenario, presented optimistic and pessimistic scenarios reflecting the market's high price volatility. In a bullish environment, Bitcoin could rise to 189,000 dollars, while in a bearish phase it could fall to around 78,000 dollars. Changes in the regulatory environment were cited as the key background for this outlook. Citigroup analyzed, "The main driver of the crypto asset market is shifting from speculative demand to institutional and regulatory structural changes," and "Signals of regulatory easing centered on the U.S. and the re-entry of institutional finance could lead to a mid- to long-term demand recovery." However, it also noted that short-term volatility is likely to continue. Citigroup said, "The crypto asset market has moved past the stage of relying on excessive expectations, but it remains in a transitional phase that is still heavily influenced by the macro environment and financial market trends," and "The recovery path is likely to be gradual and uneven."