Minseung Kang

The assets under management (AUM) of Bitcoin (BTC) spot exchange-traded funds (ETFs) listed in the United States have surpassed those of gold ETFs. On the 17th, Vetle Lunde, an analyst at the cryptocurrency market analysis firm K33 Research, announced on X (formerly Twitter), "The assets under management of Bitcoin (spot) ETFs in the United States have surpassed those of gold ETFs." The analyst added, "Gold, which was 20 years ahead of Bitcoin, has finally been surpassed." Despite Bitcoin ETFs being launched 20 years later than gold ETFs, the fact that they have surpassed gold in AUM indicates strong demand.

A member of the European Parliament has reportedly stated the need to strategically reserve Bitcoin (BTC). On the 17th, the cryptocurrency-focused media Bitcoin Archive reported, "One of the members of the European Parliament urged in a speech that Europe should strategically hold Bitcoin." This is not the first proposal to designate Bitcoin as a strategic reserve asset. Previously, Donald Trump, the President-elect of the United States, declared, "The United States will not sell any of the Bitcoin it holds. It will be kept as a strategic reserve asset."

The bankrupt cryptocurrency exchange Mount Gox and mining company Mara Holdings have transferred 23,664 Bitcoin (BTC) today. On the 17th, the on-chain data analysis platform Spot On Chain announced via X (formerly Twitter) that "after Bitcoin reached a new high close to $108,000, Mount Gox and Mara Holdings transferred 23,664 BTC." This amounts to $2.51 billion (approximately 3.6116 trillion KRW). Spot On Chain explained, "Mount Gox moved 7,500 BTC, which is likely to be paid to creditors, externally," adding, "Currently, Mount Gox holds a total of 37,404 Bitcoins (approximately $4.02 billion)." According to Spot On Chain, Mara Holdings transferred a total of 22,044 BTC to a new wallet on this day. The transferred amount reportedly remains in the new wallet.

Cryptocurrency is rapidly catching up with the traditional financial market, and some analyses suggest it has already surpassed it in certain areas. On the 17th, Jamie Coutts, a Real Vision analyst, stated on X (formerly Twitter), "Cryptocurrency is taking over the traditional finance's share. It's truly remarkable." The analyst noted, "Coinbase accounts for 11% of the global exchange revenue, ranking 5th worldwide," adding, "Centralized exchanges (CEX) and decentralized exchanges (DEX) are growing 2.5 to 4 times faster than the traditional financial market." He further explained, "Especially, DEX accounts for 5% of the total market revenue, outperforming the Hong Kong Stock Exchange and CBOE," adding, "DEX has now become one of the most profitable applications in the world." There are also forecasts that the DeFi (decentralized finance) sector will grow even more next year. Coutts predicted, "The DeFi sector is likely to grow 4 to 5 times next year," and "some protocols surpassing Ethereum (ETH), Solana (SOL), and Bitcoin (BTC) will emerge."

An analysis has emerged that Ethereum (ETH) is forming a strong support line at the $4000 level. On the 17th, blockchain analysis company IntoTheBlock reported on X (formerly Twitter) that "Ethereum has accumulated 7.2 million ETH slightly below the $4000 price range," and predicted that "such substantial demand will help maintain Ethereum's price above $4000." The ETH price is trading at $4020, up 1.76% from the previous day, based on the Binance USDT market at 18:10 on this day.

Global cryptocurrency exchange Binance has announced the listing of Pudgy Penguins (PENGU) perpetual futures. On the 17th, Binance stated in a notice, "Binance will list Pudgy Penguins (PENGU) perpetual futures on the 18th at 1:15 AM (KST)," adding that "up to 75x leverage will be supported." Meanwhile, PENGU is the native token of the Pudgy Penguins NFT project. Holding PENGU allows participation in the Pudgy Penguins community.

The market capitalization of the stablecoin Tether (USDT) has surged by $50 billion this year. An increase in the circulation of stablecoins typically indicates a rise in capital inflow into the virtual asset market. On the 17th, the virtual asset (cryptocurrency) service provider Matrixport reported in its 'Chart of the Day' that "Tether's market cap has surged by $50 billion this year, reaching $140 billion," and "daily trading volume has also surged to $200 billion to $300 billion. This indicates that the (virtual asset) ecosystem is rapidly expanding." The report added, "Trading activity, which was only $30 billion last January, surged tenfold to $300 billion last month," and "with significant inflows of fiat currency into the virtual asset market, next year is expected to be a record-breaking year." Typically, an increase in the issuance and holding of stablecoins can act as a buying pressure in the market, which is considered a bullish signal.

Bitcoin (BTC) has reached an all-time high in the KRW market on Upbit. On the 16th, Bitcoin on the domestic virtual asset (cryptocurrency) exchange Upbit hit a record high of 153.21 million KRW. As of 11:56 PM on Upbit, Bitcoin is trading at 152.47 million KRW (105,516 USD on Binance). On this day, Bitcoin recorded an intraday high of 106,648 USD, driven by optimistic prospects for U.S. virtual asset policies and increased inflows into spot ETFs. Meanwhile, according to Cryprice, the Kimchi Premium for major virtual assets (cryptocurrencies) like Bitcoin (BTC) is at 0.51%.

Bitcoin (BTC) briefly recovered to $105,000. As of 11:40 PM on the 16th, BTC is trading at $105,170 on the Binance USDT market, up 2.37% from the previous day (152.23 million KRW on the Upbit exchange). Bitcoin hit an intraday high of $106,648, driven by optimistic outlooks on U.S. virtual asset policies and increased inflows into spot ETFs. Meanwhile, according to Cryprice, the Kimchi Premium for major virtual assets, including Bitcoin (BTC), is at 0.71%.

2275 Bitcoins (BTC) have been deposited to Coinbase. According to the cryptocurrency transaction tracking site Whale Alert, at around 23:23 on the 16th, 2275 BTC were deposited to Coinbase Institutional. This amounts to approximately 237.02 million USD (about 340.7 billion KRW). Typically, large-scale coin deposits to exchanges can lead to an increase in selling pressure, which may cause short-term volatility.

Global asset manager VanEck has announced a $2.5 million (approximately 3.6 billion KRW) investment in the DePIN project Dawn, which is based on the Solana (SOL) blockchain. According to crypto media outlet Blockworks on the 16th, VanEck's Digital Asset Alpha Fund and VanEck Ventures have invested $2.5 million in Dawn. Part of the investment will be used to build mini-networks that allow users to share the internet and to expand the retail market through hardware. VanEck stated, "This is the first time multiple funds under VanEck have simultaneously invested in a single company." Meanwhile, DePIN aims to apply blockchain technology to physical infrastructure and systems, creating decentralized networks for tangible infrastructure using blockchain and other technologies.

Riot Platforms, a leading Bitcoin (BTC) mining company in the United States, announced that it has issued convertible bonds to purchase an additional 667 BTC. On the 16th, Riot Platforms stated on X (formerly Twitter), "We issued convertible bonds worth $594 million to purchase 667 BTC at an average price of $101,135." Riot currently holds a total of 17,429 BTC, which is approximately $1.8 billion.

Stablecoin issuer Etena (ENA) announced the launch of the stablecoin USDtb. On the 16th, Etena Labs stated through its official channel, "We are launching a new stablecoin product, USDtb," adding, "USDtb will invest its reserves in BlackRock's tokenized securities fund, BUIDL. 90% of the total reserves will be allocated to the BUIDL fund." Additionally, USDtb is expected to be used as collateral for USDe. Etena Labs added, "USDtb will be custodied by Copper, Zodia, Komainu, and Coinbase Web3 Wallet, with Jump, Cumberland, Amber, GSR, and SCB participating as liquidity providers."

120 million Ripple (XRP) was withdrawn from Binance to an external wallet. This amounts to 283.01 million USD (approximately 406.6 billion KRW). According to Whale Alert, a cryptocurrency transaction tracking site, around 10 PM on the 16th, 800 million XRP was withdrawn from Binance to an external wallet. Earlier, around 3 PM on the same day, another 800 million XRP was withdrawn from Binance to an external wallet. It is generally known that the more a specific coin is withdrawn from a cryptocurrency exchange, the higher the possibility of a price increase for that coin.

Semler Scientific, a medical technology company that has adopted Bitcoin (BTC) as a strategic asset, has purchased an additional 211 Bitcoins. On the 16th, Eric Semler, the founder of Semler Scientific, announced on X (formerly Twitter), "Semler Scientific has purchased an additional 211 BTC for 21.5 million dollars," adding, "The average purchase price is 101,890 dollars." Meanwhile, as of today, Semler Scientific holds 2,084 BTC. The average purchase price is 80,916 dollars.

Recently, Bitcoin (BTC), which hit an all-time high, could see the $102,000 support line as a potential buying opportunity if it falls, according to some opinions. On the 16th, Glassnode co-founders Jan Happel and Yann Allemann stated on X (formerly Twitter), "Bitcoin has closed above $100,000 for two consecutive weeks and then hit an all-time high," adding, "If Bitcoin tests $102,000 again this week, it could be a buying opportunity." Earlier that day, Bitcoin temporarily broke through $106,000, setting a new all-time high. The co-founders added, "Bitcoin's next rise will target between $108,000 and $110,000."

MicroStrategy has announced the purchase of an additional 15,350 Bitcoins (BTC). On the 16th, Michael Saylor, CEO of MicroStrategy, stated on X (formerly Twitter), "MicroStrategy has purchased an additional 15,350 Bitcoins," adding, "This amounts to $1.5 billion (approximately 2.1559 trillion won) with an average purchase price of $103,860." Meanwhile, as of today, MicroStrategy holds a total of 439,000 BTC at an average price of $61,725.

Global cryptocurrency exchange Binance has announced the listing of Simon's Cat (CAT) and Pudgy Penguin (PENGU). On the 16th, Binance stated in a notice, "Binance will list Simon's Cat at 18:00 on the 17th, and Pudgy Penguin at 23:00 on the same day." However, these tokens will be listed with a 'seed tag' indicating higher volatility risk compared to other tokens.

Mocaverse, the NFT brand of Anomoca Brands, has unveiled its own infrastructure network, MOCA 3.0. On the 16th, Mocaverse announced via X (formerly Twitter) that "MOCA 3.0 will be an innovation, not just an upgrade," and "We are developing a digital identity infrastructure that is not tied to any specific blockchain." Mocaverse also revealed a roadmap for the development of MOCA 3.0. In particular, Mocaverse explained that MOCA 3.0 will build a user-centric digital identity infrastructure. Users will be able to comprehensively manage their assets, identity, reputation, etc., through a single account. Meanwhile, Mocaverse is a blockchain project that provides public infrastructure for digital identity, reputation, points, accounts, KYC solutions, and social ecosystems. MOCA is used for service payments, transaction fees, royalty proofs, staking, and governance participation. The price of MOCA is trading at $0.211, up 141.89% from the previous day, according to CoinMarketCap at 21:53 on the same day.

Bitcoin (BTC) temporarily retracted to $104,000. As of 20:55 on the 16th, BTC is trading at $103,640 on the Binance USDT market, up 1.12% from the previous day (150.3 million KRW on Upbit exchange). Bitcoin hit an intraday high of $106,648 due to optimistic outlooks on U.S. virtual asset policies and increased inflows into spot Exchange Traded Funds (ETFs). Meanwhile, according to Cryprice, the Kimchi Premium for major virtual assets, including Bitcoin (BTC), is at 0.89%.

It has been observed that the trading volume of put options based on BlackRock's Bitcoin (BTC) spot ETF, IBIT, is surging. However, there are opinions that the surge in put options does not necessarily indicate bearish sentiment. According to the cryptocurrency-focused media CoinDesk on the 16th, the trading volume of IBIT put options with strike prices of $30 and $35, expiring in May next year and January the year after, has surged. On this day, IBIT is trading at $57.91. There is an opinion that the surge in put option volume does not necessarily mean a bearish bet. Greg Magadini, Director of Derivatives at Amberdata, analyzed, "Investors are trying to earn (option premium) profits by selling cash-secured put options," adding, "It seems that traders who missed the (upward) rally are adopting a put option selling strategy." The media added, "The call-put skew reflects optimistic investor sentiment," and "the premium for call options remains more expensive than for put options." Meanwhile, a put option is the right to sell an asset at a predetermined strike price. It is generally reported that selling options is advantageous when the market is sideways or showing a gentle upward trend. Also, skew refers to the difference in implied volatility between call options and put options. A positive skew value indicates that call options are favored over put options, while a neutral or near-zero skew value indicates that demand for bullish and bearish bets is balanced.

Last week, digital asset investment products saw an inflow of $3.2 billion. On the 16th, the cryptocurrency management company CoinShares reported in its 'Weekly Digital Asset Investment Product Fund Flows' report that "digital investment products saw a net inflow of $3.2 billion last week, marking the 10th consecutive week of inflows." Digital investment products have seen a net inflow of $44.5 billion this year. The report analyzed, "Last week, Bitcoin (BTC) investment products saw an inflow of $2 billion," adding, "Bitcoin investment products have seen a total net inflow of $11.5 billion since the U.S. presidential election." It continued, "Ethereum (ETH) saw a net inflow of $1 billion, with funds flowing in for seven consecutive weeks. Investor sentiment towards Ethereum has dramatically improved." The report further added, "With rising expectations for ETFs in the U.S., Ripple (XRP) investment products also saw an inflow of $145 million."

The value of Bitcoin (BTC) against Gold has reached an all-time high, suggesting a long-term bullish trend. According to Cointelegraph, a renowned cryptocurrency media outlet, famous cryptocurrency trader Peter Brandt stated, "The Bitcoin/Gold indicator recently approached 40, setting a new all-time high," and analyzed, "If this indicator continues to rise, it could reach 89." On this day, Gold is trading at $2,650. Based on the current Gold price, Bitcoin is expected to rise further to $235,000. Cathie Wood, CEO of Ark Invest, said, "While Gold's market cap is $15 trillion, Bitcoin's market cap is only $2.1 trillion," and added, "Bitcoin has significant growth potential."

Global cryptocurrency exchange Binance announced today the listing of Mocanetwork (MOCA) perpetual futures. On the 16th (local time), Binance stated in a notice, "Binance will list MOCA perpetual futures on the 16th at 20:30 (KST)," adding that "up to 75x leverage will be supported." Mocaverse is a blockchain project providing public infrastructure for ecosystems such as digital identity, reputation, points, accounts, KYC solutions, and social. MOCA is used for payment methods, transaction fees, proof of loyalty, staking, and governance participation within the service.

The 11 Bitcoin (BTC) spot exchange-traded funds (ETFs) listed in the United States have seen net inflows of $35.5 billion (approximately 50.8963 trillion won) this year. In contrast, Grayscale's spot ETF, GBTC, alone recorded a net outflow exceeding $21 billion (approximately 30 trillion won). On the 16th, cryptocurrency-focused media Cointelegraph reported, "Grayscale GBTC has experienced a net outflow of over $21 billion this year," while "the total Bitcoin spot ETFs listed in the United States have seen net inflows of $35.5 billion so far." Despite the significant outflow from Grayscale GBTC, the overall inflow of funds into Bitcoin spot ETFs is on the rise. Notably, BlackRock's BTC spot ETF has seen inflows of $35.8 billion (approximately 51.3372 trillion won) so far. The media added, "Grayscale's Ethereum (ETH) spot ETF, GETH, is also showing a similar outflow trend as GBTC," while "Ethereum ETFs from BlackRock, Fidelity, and others, excluding Grayscale, are all showing positive inflows."

1025 Bitcoin (BTC) has been deposited into the global cryptocurrency exchange Binance. According to the cryptocurrency transaction tracking site Whale Alert, at around 17:55 on the 16th, 1025 BTC was transferred from the wallet address of Binance's custody platform Ceffu to the Binance exchange. This amounts to approximately 107.18 million USD (about 153.8 billion KRW). Typically, large deposits to exchanges can lead to an increase in selling pressure, which may cause short-term volatility.

A whale investor has deposited 2561 Maker (MKR) into the global cryptocurrency exchange Binance. On the 16th, on-chain analyst Onchain Lens stated on X (formerly Twitter), "Today, a whale investor deposited 2561 MKR (approximately $5.02 million) into Binance," adding, "If the whale sold this amount, they would have incurred an investment loss of about $1.3 million (approximately 1.8 billion won)." The analyst added, "This whale investor had withdrawn $6.3 million worth of MKR six months ago," and "The whale also incurred a loss of $120,000 in a previous investment in Lido DAO (LDO)."