Suehyeon Lee

Ethereum (ETH) has shown signs of liquidity recovery, and an upward reversal may be imminent, according to analysis. On the 6th (local time), XWIN Research Japan of CryptoQuant said, "With the U.S. M2 money supply reaching an all-time high of about $22.2 trillion, Bitcoin (BTC) quickly reflected this liquidity expansion trend and has risen more than 130% since 2022. In contrast, Ethereum (ETH) only rose about 15% over the same period, showing a 'liquidity lag' phenomenon where the liquidity response is delayed." However, recent on-chain indicators suggest signs of liquidity recovery for Ethereum. The author emphasized, "Exchange holdings of Ethereum have decreased to about 16.1 million ETH, a decline of more than 25% since 2022. Exchange net inflows have also remained persistently negative, indicating that Ethereum is moving to self-custody or staking contracts." The Coinbase Premium Index has also turned positive again, signaling a recovery in buying by U.S. institutional investors. Regarding this, the author said, "This is a signal similar to the period before the large rallies of 2020 and early 2021, and the market could see a rotation focused on altcoins if Bitcoin dominance falls below 60%." He added, "If global liquidity expansion continues and exchange holdings of Ethereum keep declining, Ethereum could enter a new revaluation phase and a scenario of breaking through $10,000 could materialize."

Bitcoin (BTC) continued its uptrend and reclaimed the $124,000 level. As of 9:18 AM on the 6th, according to CoinMarketCap, Bitcoin is trading at $124,197.46, up 1.51% from the previous day. On Upbit's KRW market, it is trading at 177,948,000 won, up 0.52% from the previous day. Major altcoins, including Ethereum (ETH), are also showing gains. Ethereum is trading at $4,550.47 on CoinMarketCap, up 1.36% from the previous day; XRP (XRP) is trading at $2.97, up 0.29% from the previous day. Solana (SOL) is also trading at $229.80, up 0.93 from the previous day.

Web3 data platform DeFiLlama recently removed the perpetual futures trading volume metric for the rapidly rising decentralized exchange (DEX) Aster (ASTER). On the 6th (local time), according to The Block, DeFiLlama founder 0xngmi posted on X, "Recently Aster's futures volume showed almost identical movements to Binance's volume," and released a related chart. He said, "Aster does not provide lower-level data such as order initiators or execution records, so it is impossible to verify whether wash trading occurred. We will remove Aster's volume metric until it is confirmed." Meanwhile, after DeFiLlama's action, Aster's token price fell by about 10% or more in a day. Currently on CoinMarketCap, Aster is trading at 1.83 dollars, down 10.25% from the previous day.

U.S. major investment bank Morgan Stanley likened Bitcoin (BTC) to a scarce asset and 'digital gold', and allowed financial advisors to flexibly include cryptocurrencies in portfolios. On the 6th (local time), according to Watcher Guru, Morgan Stanley assessed that "Bitcoin is an asset with scarcity and has characteristics similar to gold." Morgan Stanley plans to support financial advisors (Financial Advisors) in flexibly allocating virtual assets (cryptocurrencies) to clients' portfolios.

Bitcoin (BTC) spot exchange-traded funds (ETFs) recorded net inflows of $3.3 billion last week. On the 5th (local time), Eric Balchunas, a Bloomberg analyst, said on his X, "$3.3 billion flowed into Bitcoin spot ETFs last week, bringing year-to-date inflows to $24 billion and total cumulative inflows to $60 billion (a record high)." He added, "BlackRock's IBIT and BlackRock's Ethereum spot ETF ETHA each saw $10 billion in inflows over the past month, ranking third and fourth among all ETFs."

3.89 million Ondo Finance (ONDO) was deposited into Arthur Hayes, BitMEX co-founder's wallet. On the 6th (local time), according to OnChainLens, a Gnosis Safe proxy wallet recently transferred 11.67 million ONDO (about $10.87 million) to an exchange, of which 3.89 million ONDO (about $3.63 million) was sent to Arthur Hayes' Bybit wallet address. A total of 40.77 million ONDO (about $41.25 million) has flowed into Arthur Hayes' Bybit wallet over the past month, and the market is paying attention to the possibility that the large transfer could lead to selling pressure in the future.

Michael Saylor, Strategy chairman, said there will be no additional purchases of the company's Bitcoin (BTC) this week. On the 5th (local time), Saylor wrote on his X, "There is no new orange dot (additional Bitcoin purchase) this week," and "it's merely $9 billion of evidence reminding us why we should hold." The market interprets Saylor's remarks as indicating an intention to maintain a long-term holding strategy even without short-term purchases.

Kaito, an AI-based Web3 search platform, said that according to its Token Mindshare (a metric that quantifies the influence of specific tokens in the virtual asset (cryptocurrency) market), the top five virtual-asset-related keywords people are most interested in as of the 4th are Binance Coin (BNB), Bitcoin (BTC), Solana (SOL), Coinbase (Coinbase), and Aster (ASTER). Binance Coin made headlines today after hitting a new record high. On the day, Binance Coin recorded 1175.99 dollars on the Binance USDT spot market, up 7.29% from the previous day, surpassing the previous record high of 1110 dollars. Bitcoin also attracted attention with its recent rise. The previous day Bitcoin briefly reclaimed the 123,000-dollar level, and it is currently trading on CoinMarketCap at 122,520.98 dollars, up 2.02% from the previous day. Solana drew attention after Tokyo Stock Exchange-listed Mobcast Holdings said it would start a Solana reserve business. Solana is currently trading on CoinMarketCap at 229.90 dollars, down 1.05% from the previous day. Coinbase drew attention after applying to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust company charter. In a statement, Coinbase said, "Through the OCC's national trust company approval, we will streamline oversight procedures for new products and continue innovations to integrate virtual assets (cryptocurrencies) into traditional finance." However, Coinbase explained, "This application is not an attempt to become a bank; the purpose is to expand services for institutional clients and secure regulatory clarity through a trust company license." Aster is thought to have seen an increase in online mentions after Galaxy Digital and Pasanara Capital withdrew large amounts of Aster from Gate.io. Galaxy Digital withdrew 3,190,000 ASTER from Gate.io, and Pasanara Capital is understood to have withdrawn about 6,000,000 ASTER. Exchange withdrawals are typically interpreted as for holding. Meanwhile, Aster is currently trading at 2.20 dollars on CoinMarketCap, up 18.27% from the previous day. In addition, investors appear to be interested in VOOI (VOOI), Hyperliquid (HYPE), Everlyn (Everlyn), Zama (Zama), Sentient (Sentient), and others.

U.S. Bitcoin (BTC) miner CleanSpark's Bitcoin holdings increased in September. On the 4th (local time), Cointelegraph reported that CleanSpark held a total of 13,011 BTC as of the end of September, and that production efficiency and mining volume improved year-on-year. The company said it mined 629 BTC in September, and sold 445 BTC at an average price of $109,568 to secure about $48.7 million. During the same period, mining efficiency improved by 26%, and the monthly average operating hashrate was recorded at 45.6EH/s. Since April, CleanSpark has been selling a fixed percentage of Bitcoin each month to pursue financial independence, and it also operates an institutional Bitcoin trading desk. In August, it sold 533.5 BTC to secure $60.7 million.

A U.S. federal court in California dismissed an investor lawsuit against Yuga Labs. On the 4th (local time), according to Wu Blockchain, the court dismissed the investor lawsuit filed against Yuga Labs, saying the plaintiffs failed to prove the three requirements of the Howey test and ruled that the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) and ApeCoin (APE) are not securities. Meanwhile, after the ruling ApeCoin showed a slight increase. Currently on CoinMarketCap, ApeCoin is trading at 0.5691 dollars, up 2.09% from the previous day.

Alameda Research has recently deposited Bitcoin (BTC) to the Binance exchange. On the 4th (local time), according to OnChainLens, an address presumed to belong to Alameda Research was confirmed to have transferred 250 BTC (approximately $30.1 million) to Binance. Meanwhile, early this morning newly created wallets were found to have withdrawn 620 BTC (approximately $70.65 million) from Binance. The market is watching closely as the large-scale fund movements of Alameda and the new wallets coincide, and movements related to future selling and buying pressure may occur.

U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) recorded net inflows of over $200 million the previous day. On the 4th (local time), according to TraderT, a total of $231.55 million (about 326 billion won) flowed into U.S. spot Ethereum ETFs the previous day. This marks five consecutive trading days of net inflows. On that day, BlackRock's ETHA attracted the most funds with $200.475 million, while Fidelity's FETH recorded $5.6 million and VanEck's ETHV recorded $3.3 million in net inflows. Grayscale Mini ETH saw $17.9 million inflows. The other products had no net inflows or outflows.

U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) recorded net inflows of over $900 million the previous day. On the 4th (local time), according to TraderT, U.S. Bitcoin spot ETFs saw net inflows of $969,920,000 (approximately 1.3659 trillion won). This marks five consecutive trading days of net inflows. On the day, BlackRock's IBIT drew in $776,420,000, leading the net inflow trend, and Fidelity's FBTC followed with $69,600,000 in net inflows. In addition, ARK Invest's ARKB recorded $35,500,000, Bitwise's BITB $24,000,000, VanEck's HODL $26,000,000, Grayscale's GBTC $18,300,000, and Grayscale Mini BTC $20,100,000 in net inflows. The remaining products had no net inflows or outflows.

Circle's US dollar stablecoin USDC supply has surpassed 75 billion for the first time. On the 4th (local time) Circle said via X that USDC's supply had exceeded 75 billion. According to DeFiLlama data, this corresponds to about a 24.9% share of the total dollar-pegged stablecoin market.

An analysis said Solana (SOL)'s short-term flow depends on whether retail investors regain confidence. On the 4th (local time), Cointelegraph analyzed, "Solana's short-term flow depends on whether retail investors regain confidence. Even if it undergoes a short-term correction to 210~218 dollars, this is a fair value gap (FVG) and a 200-day exponential moving average (EMA) reconfirmation zone, so it would not weaken the overall bullish structure." It was also suggested that if Solana breaks the 245~250 dollars range, it could attempt to challenge the previous high of 290 dollars. The outlet assessed, "Leverage participation by retail investors is low, limiting the risk of a sharp drop, and an increase in institution-led open interest is supporting the uptrend."

Bitcoin (BTC) continued its upward trend, briefly surpassing the $123,000 level, and analysts said it is likely to break its all-time high in Q4 this year. On the 4th (local time), Bitfinex analysts told Cointelegraph, "It is very natural for Bitcoin to move toward an all-time high. The possibility of stimulus checks funded by tariff revenues proposed by U.S. President Donald Trump could also act as an upside factor," and they assessed that "net inflows into spot ETFs are also a clear bullish driver." Analysts also forecast, "Slowing inflation in the United States and the Federal Reserve's (Fed) accommodative stance are strengthening preference for risk assets. If ETF inflows continue and macro indicators do not show unexpectedly strong performance, there is a high possibility of further record highs in Q4 this year." Meanwhile, Bitcoin is currently trading on CoinMarketCap at $122,132.75, up 1.55% from the previous day.

World Liberty Financial (WLFI) appears to have sold tokens to mining company Hut8. On the 4th (local time), World Liberty Financial said on X, "We sold tokens to Hut8 at 0.25 dollars and used them as company assets. The tokens transferred were not newly issued, but quantities from the foundation treasury to satisfy the sales proceeds." It added, "We thank Hut8 for its support as a long-term partner." Meanwhile, World Liberty Financial is currently trading on CoinMarketCap at 0.2011 dollars, down 4.06% from the previous day.

Global asset manager VanEck said in a recent report that Solana (SOL) continued its strength in September. On the 4th (local time), according to Solana Floor, VanEck said in its monthly report, "In last September, $2 billion worth of new stablecoins flowed into the Solana network, bringing total issuance to $14.3 billion, and it recorded a 60% share in the tokenized stock market." The report particularly analyzed that the Solana/Ethereum (ETH) ratio still remains below the trend line, leaving room for additional relative strength going forward.

The Ethereum (ETH) Foundation said it will convert 1000 ETH (about $4.5 million) into stablecoin. On the 4th (local time), The Block reported that it would exchange 1000 ETH for stablecoin using the time-weighted average price (TWAP) function of the decentralized trading platform CoWSwap. The foundation explained, "a measure to demonstrate the potential of decentralized finance (DeFi) and to continue funding for research and donations." Previously, last month the foundation also converted 10,000 ETH (about $436 million) into stablecoin on centralized exchanges. At that time, it also stated the move was to secure funds for research, grants, and donations.

Stablecoin issuer Tether (USDT) has launched fundraising to purchase Tether's gold-tokenized asset 'XAUt' together with a financial firm closely linked to Bitmain. On the 4th (local time), Bloomberg reported that Tether and Antalpha Platform Holding are pursuing a plan to raise at least $200 million to establish a digital asset treasury company. This company plans to use the raised funds to acquire Tether's gold token XAUt. This collaboration is intended to further strengthen the connection between two influential companies in the digital asset industry. Tether is the world's largest issuer of the stablecoin USDT, and Bitmain, closely linked with Antalpha, supplies about 82% of the global cryptocurrency mining rig market. It was reported that advisory firm Cohen & Co. is participating as the lead manager in this transaction. Industry observers said this is seen as Tether expanding its investment structure from stablecoins to gold-backed tokens.

Bitcoin (BTC)'s bull cycle is still ongoing, and an analysis says it is difficult to view it as having reached its peak. On the 2nd (local time), CryptoQuant author Crypto Dan said, "In past late-stage bull markets, there was a sharp decline in the share of coins held long-term for more than one year. Currently, according to indicators, the proportion of long-held Bitcoin is decreasing gradually. This means the market has not yet reached the cycle's peak." He added, "The current market is only progressing the bull cycle slowly, and it is difficult to see it as ending. Rather, it is likely in a process preceding a strong upward movement."

According to the top gainer on Kaito's Token Mindshare (Token Mindshare, an indicator that quantifies the influence of a specific token in the cryptoasset (cryptocurrency) market), as of the 2nd the top five cryptoasset-related keywords people are most interested in are Bitcoin (BTC), Zcash (ZEC), Ethereum (ETH), Polymarket (Polymarket), and Aptos (APT). Bitcoin broke above 119,000 dollars for the first time in seven weeks, drawing investor attention. This rise is analyzed to be due to expectations of further rate cuts by the U.S. Federal Reserve (Fed) and the effects of a U.S. government shutdown. Meanwhile, Bitcoin is currently trading on CoinMarketCap at 118,689.80 dollars, up 3.8% from the previous day. Zcash drew attention after its price surged in a single day. Zcash is currently trading on CoinMarketCap at 137.77 dollars, a striking 72.6% increase from the previous day. Ethereum briefly reclaimed the 4,400 dollar level following a recent rebound. It is currently trading on CoinMarketCap at 4,375.05 dollars, up 5.74% from the previous day. Polymarket is suspected to have increased online mentions today after resuming services in the U.S. market for the first time in four years. Polymarket acquired QCX LLC for 112,000,000 dollars and reorganized as Polymarket US, and is reported to have secured a Designated Contract Market (DCM) license. Aptos made headlines after announcing the previous day that it would support World Liberty Financial (WLFI)'s stablecoin USD1. Aptos is currently trading on CoinMarketCap at 4.93 dollars, up 10.96% from the previous day. In addition, investors appear to be interested in World Liberty Financial, Everlyn, DOG, Solana (SOL), Monero (XMR), among others.