Suehyeon Lee

U.S. Ethereum (ETH) spot exchange-traded funds (ETF) recorded a weekly net outflow of more than 50 million dollars last week. On the 8th (local time), according to TraderT, U.S. Ethereum spot ETFs recorded a total net outflow of 51.7 million dollars (about 75.9 billion won) last week. Trading volume remained at around 8 billion dollars, and the main trading price range in the market was 3038 dollars. Last week, BlackRock's ETHA saw a net outflow of 60 million dollars, while Fidelity's FETH recorded a net inflow of 53 million dollars. Meanwhile, Ethereum is currently trading on CoinMarketCap at 3098.61 dollars, up 1.71% from the previous day.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded weekly net outflows of more than $100 million last week. On the 8th (local time), according to TraderT, U.S. spot Bitcoin ETFs recorded net outflows of $112,560,000 (about 165.4 billion won) last week. Trading volume remained around $23 billion, and the main trading price range was $93,102. The product with the largest weekly net outflow was ARK Invest's ARKB, which saw $78,000,000 flow out. BlackRock's IBIT also experienced net outflows of $74,000,000. In contrast, Fidelity's FBTC recorded net inflows of $62,000,000, showing some reflow of funds. The fact that flows between ETFs were mixed and the total ended in net outflow suggests that institutional demand has not fully recovered. The market views that more time will be needed for a clear directional flow of spot ETF funds to form ahead of Federal Reserve (Fed) monetary policy and the year-end period of increased volatility.

Major altcoins are facing large token unlocks totaling over $200 million in the coming week. On the 8th (local time), UBlockchain, citing Tokenomist data, reported that tokens scheduled for a single large token unlock of more than $5 million in the coming week include Conex(CONX), Aptos(APT), Starknet(STRK), Cheel(CHEEL), Linea(LINEA), BounceBit(BB), and others. There are also many token unlocks releasing over $1 million per day, including Solana(SOL), OfficialTrump(TRUMP), Worldcoin(WLD), Dogecoin(DOGE), Aster(ASTER), Avalanche(AVAX), and Bitensor(TAO). Tokenomist estimates that the potential supply to be released into the market, based on daily and weekly totals, exceeds $237 million. Analysts say this could act as a factor that increases short-term selling pressure on individual coins and expands volatility, so caution is needed.

Bitcoin (BTC), which had fallen below $90,000 over the weekend, slightly rebounded and recovered to the $91,000 level. As of 10:30 a.m. on the 8th (Korean time) on CoinMarketCap, Bitcoin is trading at $91,206.58, up 1.91% from the previous day. On Upbit's KRW market, it is trading at 136,260,000 won, up 0.78% from the previous day. Major altcoins including Ethereum (ETH) are also showing gains. Currently, Ethereum is up 2.14% on CoinMarketCap to $3,114.51, and XRP (XRP) is also trading at $2.05, up 0.96% from the previous day. In addition, Solana (SOL) rose 0.14% in a day to $132.84.

Bitcoin (BTC) has recently been moving within a limited range, but analysis finds signs in the derivatives market that it is preemptively pricing in the possibility of large price swings ahead. On the 8th (local time), a 10x Research report said, "While Bitcoin currently appears to be in a stable trading range, fund positioning and price structure show that investors are conscious of the possibility of increased short-term volatility." The report said that a preference for buying volatility, a downward shift in option skew, falling funding rates, dispersion in futures open interest, and continued ETF net outflows have been observed simultaneously, indicating the market is preparing for potential price volatility. Meanwhile, optimists in the market view the rebuilding of the U.S. Treasury's general account (TGA), the end of quantitative tightening (QT), and the possibility of rate cuts as liquidity-expanding factors, but 10x Research emphasized, "Liquidity supply alone cannot create a directional trend," adding, "the level of leverage, position structure, and whether trading flows are synchronized are more important."

An address related to Etena Labs was shown to have withdrawn a large amount of Etena (ENA). According to Onchain Lens on the 8th, an address related to Etena Labs additionally withdrew 25,000,000 ENA from Bybit this morning. The withdrawal amounted to about $7.05 million. The address is currently holding a total of 779,890,000 ENA. This amounts to about $207.7 million, and is evaluated as the largest share among the project's main addresses. The market is watching for possible short-term circulating supply changes as well as whether Etena Labs will strategically utilize them in the future.

Bitcoin (BTC) has seen investor sentiment weaken after a recent correction, but analysis suggests December could be the turning point for the trend. On the 8th (local time), according to CoinDesk, K33 Research said, "Bitcoin has experienced the largest correction since the last bull market, but structural selling pressure is weakening and the price is stabilizing around the strong historical support zone near $70,000–$80,000," adding, "the likelihood of a rebound in December is much higher." K33 also analyzed, "Bitcoin spot ETFs turned to net selling in November and CME futures trading has declined to multi-year lows, but leverage in the perpetual futures market is low and forced liquidations are limited." Meanwhile, although long-term variables such as quantum computing risks, potential selling from strategies, and concerns over Tether (USDT) are being overly highlighted in the market, K33 pointed out that "these issues are matters that will materialize years from now," making them difficult to view as factors that determine short-term price movements. Rather, K33 expected that policy changes such as expanded access to digital assets (cryptocurrency) in 401(k) retirement plans and the Fed's pro-crypto stance would strengthen the demand base in the mid term.

XRP is continuing to trade narrowly near the $2 support level, and analysts say that if selling pressure enters, it could fall below $1.94. On the 8th (local time), BeInCrypto said, "XRP has recently repeatedly returned to the $2 level, reconfirming an important psychological and technical support level," and "recent whale selling and cumulative buying by long-term holders have appeared simultaneously, causing the price to range between $2 and $2.2," it evaluated. It added, "If selling pressure strengthens, the risk of breaking the $1.94 support could increase. If this zone collapses, from a technical perspective the adjustment could extend to $1.85, and most short-term upside expectations could be nullified." Meanwhile, XRP is currently trading at $2.03, up 0.06% from the previous day, according to CoinMarketCap.

ZKsync announced that it plans to end operations of 'ZKsync Lite', the initial version of the zk-rollup launched in 2020, in 2026. On the 8th (local time), the ZKsync team said on X, "We plan to discontinue ZKsync Lite in 2026, and will provide a detailed shutdown schedule next year." The change does not affect ZKsync's other systems, and a dedicated migration guide for users will also be provided. Currently, approximately $50 million in assets remain on Lite, and withdrawals to Layer 1 (L1) will remain operational. The project said it will prioritize user asset protection and support the migration process with sufficient time.

Michael Saylor, chairman of MicroStrategy, hinted at additional purchases of Bitcoin (BTC) by posting the Saylor Tracker chart. On the 7th (local time), Saylor posted the Saylor Tracker chart on his X with the message "Will you go back to Orange Dots? (₿ack to Orange Dots?)". Because Saylor has previously posted the Saylor Tracker chart before MicroStrategy bought additional Bitcoin, this is interpreted as a signal of additional purchases this time as well. MicroStrategy has bought a total of 650,000 bitcoins in 88 purchases. The company's total holdings are worth about $57.8 billion, and the average purchase price of Bitcoin is $74,436. Based on current prices, the unrealized gain is about $9.4 billion, with a rate of return of about 19.5%.

A technical analysis says Ethereum (ETH) has continued its upward movement after a recent bear trap was confirmed. On the 4th (local time), Omkar Godbole, a CoinDesk analyst, said the moving average convergence/divergence (MACD) histogram on Ethereum's daily chart turned positive, strengthening the bullish signal. He said, "This structure increases the likelihood of further gains toward the area around $3,510, the October 10 low." However, in the short term there may be a need to re-test the $3,100 level. The MACD histogram on the hourly chart is approaching a bearish crossover, so a short correction or range-bound movement may appear before a full upward wave continues. Godbole said, "The overall trend leans bullish, but the short-term support test needs to be completed before it can proceed stably to the next phase."

XRP(XRP)'s short-term rebound has strengthened, and analysis says that holding the 2.204 dollars price level is important for further gains. On the 4th (local time), CoinDesk said, "XRP traded mostly in a narrow range between 2.19 dollars and 2.20 dollars on the day, and from the point it broke through 2.197 dollars a structurally clean rise unfolded, and together with a recovery in trading of top-cap altcoins the price expanded to 2.206 dollars." In this process, hourly trading volume increased from around 450,000 units to 553,000 units, clearly strengthening trading intensity. CoinDesk analyzed, "Mid-to-short-term momentum remains favorable, but to continue rising it is necessary to hold the 2.204 dollars price level. Conversely, if the 2.17 dollar area is deeply retested, the short-term structure may weaken."

Ethereum (ETH) spot exchange-traded fund (ETF) recorded net inflows of more than $100 million, continuing a strong inflow trend. On the 4th (local time), according to TraderT, the U.S. Ethereum spot ETF recorded net inflows of $138.96 million (about 204.8 billion won) the previous day. This marked the end of a two-trading-day streak of net outflows. On that day BlackRock ETHA recorded $51.81 million and Fidelity FETH recorded $34.38 million in net inflows. In addition, Bitwise ETHW recorded $4.48 million, Grayscale ETHE recorded $27.57 million, and Grayscale Mini (ETH) recorded $20.72 million in net inflows, showing signs of recovery. The remaining products had no net inflows or outflows.

U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) closed with a slight net outflow. On the 4th (local time), according to TraderT, the total net outflow of Bitcoin spot ETFs was $14.9 million. This is about 21.9 billion won, and the five-day consecutive net inflow trend was interrupted. On that day, BlackRock's IBIT recorded a net inflow of $42.24 million, but ARK Invest's ARKB saw $37.09 million and Grayscale's GBTC saw $19.64 million flow out. The remaining products had no net inflows or outflows.

Joshua Cheong (Joshua Cheong) Mantle Product Lead Interview Differentiated from existing L2s by modular and ZK basis Partnership with Bybit... accelerating RWA business "Korea is the most mature market in the world" As traditional finance and blockchain expand their points of contact, Mantle (MNT), an Ethereum (ETH) layer2 (L2) network, is emerging as a key platform for real-world asset (RWA) tokenization. Mantle is leveraging a modular structure and zero-knowledge (ZK) based bridge technology to expand collaboration with global financial firms, and through cooperation with global crypto exchange Bybit, it is building an integrated structure from RWA issuance to distribution. Joshua Cheong, Mantle product lead, told Bloomingbit in an interview on the 4th, "Now is the time when traditional finance and blockchain are meeting in earnest," and "Mantle will play a role in spreading RWA to the global market based on a modular L2 structure." Cheong first emphasized the 'modular architecture' as Mantle's technical differentiator. He explained, "Most blockchains have a fixed initial structure that limits upgrades," and "Mantle can selectively replace only the necessary components, making it the chain with the most flexible long-term structure." He also cited the ZK-based bridge as a competitive advantage. Existing L2 bridges involved intermediary custody points during asset transfers, which carried hacking risks. Mantle adopted a ZK bridge to reduce these structural problems. He said, "Only a 'proof' that transactions between the two chains were processed normally is submitted, and the actual data is not disclosed," adding, "It maintains Ethereum's security while significantly reducing bridge risk." He added, "Gas fees are also at least one-tenth compared to Ethereum." Mantle's strategic cooperation with global exchange Bybit was also presented as a strength. The two plan to provide various incentives for MNT holders such as trading fee discounts, accelerated VIP tiers, and dedicated interest products (Earn). In particular, they are fast-tracking onboarding work with RWA business set as a core pillar. To this end, Mantle recently completed onboarding the money market fund 'QCDT' involving Qatar National Bank and Standard Chartered, and the stablecoin 'USD1' from World Liberty Financial (WLFI). It also plans to offer tokenized stock services based on major global stocks such as Tesla in cooperation with tokenized stock company XStock. Cheong said, "Based on these services, Mantle plans to actively link with the decentralized finance (DeFi) ecosystem," and added, "As institutional arrangements such as stablecoin legislation accelerate, the connection between traditional finance and blockchain is naturally strengthening. Now is the most appropriate time to expand RWA strategies." He also expressed high expectations for the Korean market. Cheong said, "Korea has the most mature crypto market in the world," and "Mantle is strengthening activities for Korean developers and users, such as community AMAs, collaboration with blockchain associations, and hackathon tie-ins." He added, "Korea has clear strengths in K-culture intellectual property (IP), conglomerate capabilities, and financial infrastructure," and projected, "If we collaborate with Korean institutions and issuers, the RWA and tokenization ecosystem could grow significantly."

Capital inflows into U.S. XRP (XRP) spot ETFs appear to be expanding. On the 4th (local time), according to SosoValue data, the total net inflow into U.S. XRP spot ETFs the previous day totaled $50.27 million (about KRW 74 billion). Of that, Grayscale's GXRP accounted for the largest share with $39.26 million, and Franklin Templeton's XRPZ followed with a $4.76 million net inflow that day. To date, the total net assets of XRP spot ETFs are $906.46 million, and cumulative net inflows are about $874.28 million. Meanwhile, XRP is trading at $2.20, up 1.45% according to CoinMarketCap.

Ethereum (ETH) has rebounded to the mid-3,200 dollar range, and analysts say this rebound was caused by whale buying and a surge in new wallets. On the 4th (local time), Santiment said, "Whale wallets holding 1000~10000 ETH have recently increased purchases en masse, driving Ethereum's price recovery." Network growth indicators are also showing strength. Santiment said about 190,000 new ETH wallets were created in the past day. This reflects both expansion of the real-use base and expectations of new capital inflows. Meanwhile, Ethereum is trading on CoinMarketCap at 3205.53 dollars, up 6.15% from the previous day.

The Ethereum (ETH) mainnet has finalized the 'Fusaka (Fusaka)' upgrade, entering a key stage for Layer 1 (L1) performance improvements and rollup scalability. On the 4th (local time), UBlockchain said, "The Ethereum mainnet has completed the Fusaka upgrade. This includes improved L1 performance, expanded Blob capacity, lower rollup costs, and UX improvements." This upgrade also added a Blob Parameter Only (BPO) fork switch that can expand Blob processing capacity. It is a feature designed to safely adjust Blob capacity even if rollup demand surges, and is regarded as a key element of the Layer 2 (L2) expansion roadmap.

Analysis indicates that Strategy has newly established a dollar reserve of $1,444,000,000 to prepare for the possibility of a long-term Bitcoin (BTC) correction. According to a CryptoQuant report cited by The Block on the 4th (local time), Strategy has prepared a cash buffer to cover at least 12 months, and over 24 months in the long term, for preferred stock dividends and company debt interest payments. The report evaluated this as "a signal that the company has begun to recognize the possibility that Bitcoin may trade sideways for an extended period or fall further." CryptoQuant explained that a dual reserve system (dollars + Bitcoin) has the advantage of reducing the risk that Strategy would be forced to sell its Bitcoin holdings in the event of a market crash. However, it assessed that new buying capacity would be weakened, which could limit the 'additional purchase effect' that had been a strong buying driver in previous cycles. Strategy's Bitcoin purchase pace has recently slowed markedly. Monthly purchase volume decreased from 134,000 BTC in November 2024 to 9,100 BTC in November 2025, and as of December it has amounted to only 135 BTC purchased. The report analyzed, "As Strategy shifts to a strategy prioritizing liquidity, its previous aggressive accumulation strategy has also entered an adjustment phase."

Bitcoin (BTC) rebounded, and analysis said that structurally if it exceeds 96,000 dollars it could look toward additional gains above 100,000 dollars. On the 4th (local time), Cointelegraph analyzed, "Bitcoin, which rebounded the previous day, has created a structure in which both highs and lows are rising in the short term. This is a sign that selling pressure has weakened after the 84,000 dollars downside liquidity test." Technical analysis indicates that a bullish reversal signal (BOS·Break of Structure) is forming at around 92,300 dollars. In the short term, there is a possibility of revisiting the fair value gap (FVG) in the 90,000–88,000 dollar range, but if that area holds and the upward momentum continues, the structural rebound could be further strengthened. However, it is analyzed that to judge the medium-term trend has fully reversed, exceeding 96,000 dollars is necessary. The outlet forecasted, "This price level represents a structural turning point on higher timeframes, and if it is breached on a closing basis, Bitcoin's target price range expands to 102,000–107,000 dollars."

Solana Mobile said it will launch the native token 'SKR' in early next year. On the 4th (local time), CoinDesk reported that Solana Mobile plans to launch its own ecosystem token, SKR, in January 2026, and that the token is expected to serve as a core pillar of the Solana Mobile ecosystem's economy and governance centered on the 'Seeker' smartphone. Solana Mobile said the total supply of SKR will be fixed at 10 billion. The allocation is designed with a focus on user participation and ecosystem expansion, with ▲30% for airdrops ▲25% for partnerships and growth incentives ▲10% for liquidity and initial launch support. In addition, ▲10% for the community treasury ▲15% for Solana Mobile ▲10% for Solana Labs will be allocated. SKR will also introduce a certain inflation structure. To provide rewards to early stakers and ecosystem contributors, the inflation rate will start at 10% in the first year after launch, then decrease by 25% each year and eventually stabilize at around 2%. Through this, it aims to support early ecosystem activation while maintaining a predictable supply structure in the long term.