Suehyeon Lee

XRP (XRP) is expected to undergo additional short-term adjustment, and the inflow of buying pressure at 2.45~2.55 dollars is likely to be important going forward. On the 27th (local time), Cointelegraph suggested the possibility of further adjustment, saying, "XRP is currently holding near the 2.75 dollar support line, but if selling pressure continues, the price could be pushed down to the 2.65~2.45 dollar range." The Glassnode Unrealized Price Distribution (URPD) cited by Cointelegraph shows that buying pressure is concentrated between 2.45~2.55 dollars. The analysis is that many holders' average purchase prices are formed in this range. The outlet forecasted, "The possibility of additional short-term adjustment is open, but if buying pressure strongly defends the 2.45~2.55 dollar range, it could shift into a rebound phase."

On the 27th (local time), World Liberty Financial said on X, "It burned 3,109,320.66 WLFI generated as protocol fees on Ethereum (ETH) and Binance Smart Chain (BSC)." It added, "It also bought a total of 3,814,095 WLFI on the open market with USD1, USDC, and Tether (USDT) and burned them additionally." This brings the amount burned this time to about 6.92 million WLFI, all permanently removed from circulation.

An analysis found that Bitcoin (BTC) has shown a shaky short-term trend, but considering seasonal patterns, it is not significantly different from the historical average. On the 27th (local time), Bitcoin network economist Timothy Peterson told Cointelegraph, "September is traditionally a bearish period with an average return of -3.43%, but this year it has remained slightly in positive territory so far at +0.68%. September 25 statistically records the lowest median." He added, "Over the following five days, Bitcoin rose with an 80% probability and produced an average return of 1.7%." Peterson also forecasted, "60% of Bitcoin's annual performance occurs after October 3. The probability of reaching 200,000 dollars by mid-2026 reaches 50%." Historical data also supports this optimism. Since 2019, Bitcoin has closed every October with positive returns, with an average increase of 21.89%. Even in the 2022 bear market, it rose 5.53%. Peterson predicted, "If the market follows this pattern, there is a high likelihood that a bull market will open soon after the current correction ends."

Multiple amended filings related to the Solana (SOL) spot ETF were submitted. On the 27th (local time), James Seyffart, a Bloomberg analyst, said on X, "Multiple amended filings related to the Solana spot ETF were submitted. Movements were detected both among issuers and the U.S. Securities and Exchange Commission (SEC)." This has raised expectations in the market that the review process may be getting underway. Meanwhile, Solana is currently trading on CoinMarketCap at 201.74 dollars, up 3.08% from the previous day.

<Lee Su-hyun's Coin Radar> is a corner that reviews the flow of the crypto market over the week and provides in-depth explanations of the background. Beyond simply listing prices, it analyzes global economic issues and investor movements in a multi-dimensional way, offering insights to gauge market direction. Major coins 1. Bitcoin(BTC) Bitcoin continued its decline throughout the week, even falling below the $110,000 level. As of the 26th, according to CoinMarketCap, it is trading around $109,000. The biggest reason for the decline was 'interest rate uncertainty.' Conflicting remarks from Fed officials about rate policy threw the market into confusion. Alberto Musalem, president of the Federal Reserve Bank of St. Louis, said "further easing is limited," and Chair Powell also showed a cautious stance, saying "premature cuts are risky." On the other hand, Vice Chair Michelle Bowman supported additional cuts, while Austin Goolsby, president of the Federal Reserve Bank of Chicago, who had been considered dovish within the Fed, warned against rapid rate cuts with a cautious view. In addition, U.S. economic indicators also weighed on the market. Initial jobless claims fell to 218,000, the lowest in two months, and the finalized Q2 GDP was 3.8%, exceeding the preliminary 3.3% and market expectations. With both employment and growth indicators showing strength, risk asset preference was reduced, and Bitcoin took a direct hit. A key point to watch going forward is the U.S. August Personal Consumption Expenditures (PCE) price index to be released tonight (26th). If the index comes in higher than expected, expectations for rate cuts could be further dampened and the possibility of additional adjustments could increase. In the short term, since Bitcoin has not been able to break above the 50-day moving average, there is also a possibility it could be pushed down to $104,000–$107,000. 2. Ethereum(ETH) Ethereum also could not avoid a weak trend. On the 25th it fell below $4,000, and on a weekly basis it fell about 13% on CoinMarketCap and about 8% on Upbit. In particular, selling by institutions and whales intensified the decline. Grayscale sold about $53,800,000 worth of ETH, and anonymous whale addresses sold about $12,500,000. Funds also flowed out of spot ETFs. As of the 25th, U.S. Ethereum spot ETFs saw net outflows of $251,200,000 (about 354.4 billion won). Net outflows occurred for four consecutive trading days this week alone, which can be interpreted as a possible decline in institutional interest in Ethereum compared to before. Technically, with the $4,000 level broken, it could be pushed down to the 100-day moving average at $3,700, while recovering $4,500 could create upward momentum. However, institutions and experts remain optimistic. Standard Chartered Bank raised its year-end price target for Ethereum to $7,500, and Tom Lee, chairman of Bitmine, suggested that Ethereum could reach $10,000–$12,000 by year-end. 3. XRP(XRP) XRP also showed a sluggish trend during the week and broke the key support at $3. As of the 26th, according to CoinMarketCap, it is trading at $2.75, down more than 5% from the previous day. The recent listing of the RexShares-Osprey XRP spot ETF (XRPR) appears to have led to selling on the news rather than buying, strengthening the sell-off. Crypto news outlet CoinDesk analyzed that "XRPR recorded $37.7 million in trading volume on its first day of listing and was highlighted as this year's top investment product, but it could not withstand 'sell the news.'" Going forward, the unlock of 1,000,000,000 XRP tokens scheduled for October 1st is a variable. 'Unlock' means tokens that were locked and not tradable are released into the market. In October, the decision on approval of an XRP spot ETF is also expected, so positive and negative factors may overlap and increase volatility. Technically, $2.962 is cited as a key resistance. If this is broken, a retest of $3 and further upside to $3.05–$3.12 could be expected. Issue coins 1. Solana(SOL) Solana posted the largest decline among top altcoins. It fell 18% according to CoinMarketCap and 13% according to Upbit, trading below $200 as of the 26th. A slowdown in network activity is cited as a reason for the decline. Over the week, active addresses on the Solana network decreased by 17% and fees also fell by 41%. In contrast, during the same period the BNB Chain saw active addresses and fees increase by 10% and 91% respectively, highlighting competitive differences. The market’s attention is now focused on the approval decision for a Solana spot ETF scheduled for next month. The U.S. Securities and Exchange Commission (SEC) must decide by the 10th of next month whether to approve the Solana spot ETF applied for by Grayscale. Cointelegraph assessed that "Grayscale's spot ETF has the potential to expand institutional investor direct participation, increase liquidity, and boost market participation." If institutional funds flow in, it could be a factor for price rebound, making this the most important issue for Solana at present. Technically, $175–$200 is considered a key accumulation zone. If $200 cannot be held, it may fall further for a while, but if $175 holds, there is analysis that a rebound is possible. 2. Dogecoin(DOGE) Dogecoin also struggled this week. It plunged 19.3% on CoinMarketCap over the week and is trading at $0.2257 as of the 26th. This appears to be due to increased caution toward meme coins. With the broader crypto market turning weak and risk aversion rising, particularly volatile meme coins were hit. According to CoinMarketCap on the 26th, meme coin market capitalization fell 19% over the week to $65,490,000,000, and on a 24-hour basis Dogecoin's market cap was down 4.85%, Shiba Inu down 2.25%, Pepe down 3.96%, showing overall weakness among individual meme coins. However, over the past two days large purchases have been spotted from wallets holding 100,000,000–1,000,000,000 DOGE. Crypto analyst Ali Martinez said this pattern appeared before past sharp rallies, suggesting the possibility of a rebound. Technically, whether the $0.244 resistance is broken is important. If it succeeds, an uptrend could open, and if it fails, sideways trading in a box range could continue.

According to Kaito's Token Mindshare (an AI-based Web3 search platform) Token Mindshare (a metric that quantifies the influence of a specific token in the virtual asset (cryptocurrency) market) Top Gainer, as of the 25th the top five virtual asset-related keywords people are most interested in are Aster (ASTER), Kaito (KAITO), Bitdealer (Bitdealer), Edgen (Edgen), and Plasma (XPL). Aster, a decentralized derivatives exchange supported by Izi Labs (formerly Binance Labs), attracted attention by announcing plans to launch its own network, Aster Chain. The Aster Chain is currently in the testing phase and plans to provide integration of native perpetual contract functionality, low fees, and a token buyback program. Meanwhile, Aster is currently trading on CoinMarketCap at 2.06 dollars, up 4.93% from the previous day. Kaito and Edgen recently released the Edgen leaderboard, which is presumed to have increased online mentions. Currently, Kaito is trading on CoinMarketCap at 0.9979 dollars, down 1.03% from the previous day. Bitdealer recently came into investors' interest after being added to 'Kaito Earn'. Bitdealernet is an asset-collateralized meme coin launchpad supported by Meteora and Jupiter Exchange, and has allocated 5% of the total token supply to the Kaito Earn reward pool long-term. Also, 1% will be distributed at the token generation event (TGE). Plasma recently attracted attention as major domestic and international exchanges such as Binance and Upbit announced listing plans. Plasma is scheduled to be listed on Binance and Upbit on the 25 at 22:00 (Korean time). In addition, investors appear to be interested in Tether (USDT), Limitless (Limitless), INFINIT (INFINIT), Flare (FLR), OKB (OKB), etc.

Fund outflows from U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) continue. On the 25th (local time), U.S. spot Ethereum ETFs recorded a net outflow of $79.4 million (about 111.1 billion won) the previous day. This marks 3 consecutive trading days of net outflows. On that day, Fidelity FETH showed the largest net outflow at $33.3 million, followed by BlackRock ETHA with $26.5 million. In addition, Bitwise ETHW had a net outflow of $4.5 million, 21Shares TETH $6.2 million, and Grayscale ETHE $8.9 million. The remaining products had no net inflows or outflows.

As Ethereum (ETH) continued to decline, large long-position liquidations occurred in the futures market. On the 25th (local time), according to WatcherGuru, roughly $100 million worth of long positions were liquidated in the Ethereum futures market over the past 60 minutes. Meanwhile, Ethereum at one point fell to the $4,000 level amid the continued decline. It has since slightly rebounded and is trading at $4,017.97 on CoinMarketCap.

Ethereum (ETH) is showing a deepening decline, even breaking below the $4,000 level. As of 1:58 p.m. on the 25th, according to CoinMarketCap, Ethereum is trading at USD 3992.78, down 3.67% from the previous day. On Upbit's KRW market, it is trading at KRW 5,736,000, down 2.6% from the previous day. The decline of Ethereum, the leading altcoin, has widened losses for Solana (SOL) and XRP. Solana is currently trading on CoinMarketCap at USD 204.63, down 1.89%, and XRP is trading at USD 2.84, down 0.05%.

Bitcoin (BTC) has continued its decline, falling below the $112,000 level. As of 1:20 PM on the 25th, according to CoinMarketCap, Bitcoin is trading at $111,784.84, up 0.26% from the previous day. On Upbit's KRW market, it is trading at 159,657,000 KRW, down 0.65% from the previous day. Major altcoins including Ethereum (ETH) are also mostly in decline. On CoinMarketCap, Ethereum is trading at $4,023.97, down 2.03% from the previous day, and Solana (SOL) is trading at $204.70, down 1.02% from the previous day. Meanwhile, XRP (XRP) is slightly up (1.46%) from the previous day, trading at $2.84.

The amount of Ethereum (ETH) deposited on centralized exchanges has fallen to its lowest level since 2016. On the 25th (local time), according to Glassnode data cited by Cointelegraph, Ethereum's exchange holdings have steadily declined since mid-2020, falling to about half over the past two years. In particular, since mid-July they have decreased by nearly 20%, and current exchange holdings are estimated at 14.8 million ETH. CryptoQuant's exchange supply ratio is also 0.14, the lowest level since July 2016. This refers to the ratio of exchange balances to total supply, suggesting that sell pressure available in the market has significantly decreased. The decrease in exchange holdings is analyzed as being due to strengthened institutional buying of Ethereum. Typically, a decrease in exchange holdings means assets have moved to cold wallets, staking, DeFi, etc., being used for long-term storage or yield generation. Conversely, when exchange balances increase, it is interpreted as a signal of sell preparation.

U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) saw net inflows of more than $200 million the previous day. On the 25th (local time), according to Farside Investor, U.S. Bitcoin spot ETFs had net inflows of $241 million (about 337.2 billion won) the previous day. On that day, BlackRock's IBIT led the net inflows by attracting $128.9 million. In addition, Fidelity's FBTC had $29.7 million, Bitwise's BITB had $24.7 million, ARK Invest's ARKB had $37.7 million, VanEck's HODL had $6.4 million, and Grayscale Mini BTC had $13.6 million in net inflows. The remaining products had no net inflows or outflows.

A large accumulation movement by Ethereum (ETH) whales has been detected. On the 25th (local time), according to LookonChain, in the past 6 hours 10 wallets newly received a total of 210,452 ETH (approximately $862.85 million). The receipt routes were confirmed to be major trading and custody firms such as Kraken, Galaxy Digital OTC, BitGo, and FalconX. This shows that institutional and large investors' buying pressure for Ethereum remains strong.

The U.S. Securities and Exchange Commission (SEC) has approved Hashdex's 'Nasdaq Crypto Index US ETF' under the new general listing standard. On the 25th (local time), according to Solana Floor, Hashdex's 'Nasdaq Crypto Index ETF', approved under the SEC's general listing standard, includes not only Bitcoin (BTC) and Ethereum (ETH) but also major altcoins such as Solana (SOL), Ripple (XRP), and Stellar Lumens (XLM). Meanwhile, earlier, the United States' first multi-virtual-asset (cryptocurrency) spot ETF, the 'Grayscale Digital Large Cap Fund (GDLC)', was also approved under the SEC's general listing standard.

Bitcoin (BTC)'s weekly Bollinger Bands have been compressed to the narrowest level in history. On the 25th (local time), CoinMarketCap analyzed, "Bitcoin's weekly Bollinger Bands have been compressed to the narrowest level in history. This is a signal that price volatility and movement could soon intensify." Meanwhile, Bitcoin showed weak movement throughout this week and at one point fell below the 112,000 dollars mark. It is currently trading on CoinMarketCap at 113,166.01 dollars, up 0.72% from the previous day.

Crypto assets (cryptocurrencies) market maker GSR has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an ETF focused on companies that hold crypto assets. On the 25th (local time), Decrypt reported that GSR submitted an application to the SEC for an ETF centered on companies that hold crypto assets. The ETF aims to invest at least 80% of its assets in publicly listed companies that hold crypto assets. The constituent stocks are expected to consist of 10~15 companies, including Strategy, Bitmine, Sharplink, and Sui Group. Separately, GSR also applied for a total of 4 products, including Ethereum (ETH) staking, funds linked to major assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), and a fund related to Ethereum yields.

Vitalik Buterin, the founder of Ethereum (ETH), cited safety as the top priority for the next network upgrade, 'Fusaka'. On the 24th (local time), Buterin wrote on his X, "The core challenge of the Fusaka upgrade is 'safety'. PeerDAS, Fusaka's core feature, allows nodes to verify and reconstruct blocks without storing the full data," and added, "At first, we plan to conservatively increase the number of blobs." He also emphasized that "PeerDAS is a key infrastructure for Layer2 and Layer1 scaling." Meanwhile, Ethereum core developers have fixed the Fusaka upgrade date as December 3.

A forecast has been raised that XRP (XRP), defending a key support level, could rebound to $3.60 in the short term. On the 25th (local time), virtual asset (cryptocurrency) analyst Ali Martinez said via X, "XRP defended the $2.71 support level and endured short-term downward pressure. If buying pressure flows in, the price could rebound to $3.60." Meanwhile, XRP is currently trading on CoinMarketCap at $2.93, up 3.9% from the previous day.

Ethereum (ETH) must first recover 4580 dollars to break through 5000 dollars, according to an analysis. On the 25th (local time), Cointelegraph reported that CryptoQuant author CrazyBlock analyzed, "For Ethereum to break through 5000 dollars, regaining 4580 dollars is key." He added, "The previous day, 1.28 million ETH (about 300 million dollars) moved to long-term accumulation addresses, and if a rebound succeeds, it could reverse market sentiment and open the way to surpassing 5000 dollars." Meanwhile, according to CoinMarketCap, Ethereum is currently trading at 4154.60 dollars, down 0.74% from the previous day.

Anurag Arjun Avail co-founder interview Arcana acquisition accelerates chain integration Nexus upgrade, consolidating scattered assets into one Aiming to be the 'coordinator' of global blockchain payment infrastructure Will actively cooperate if 'won stablecoin' is institutionalized "The environment is too difficult for consumers to use blockchain directly. Avail aims to lower the barrier so users can directly access various blockchain services" Anurag Arjun (Anurag Arjun, photo), co-founder of Avail (AVAIL), a modular blockchain project spun off from Polygon, a Layer 2 Ethereum project, said this in an interview with Bloomingbit on the 24th. Co-founder Arjun co-founded Polygon in 2017 and grew it into a global blockchain project. After dedicating six years to Polygon's growth, he launched Avail independently in 2023. Avail built a data availability layer (DA Layer) for Layer 2s and is currently developing solutions that connect many chains. 'Arcana' shortens chain integration time... consumer app to be unveiled next month Earlier this year Avail acquired 'Arcana', which had developer tools and chain abstraction infrastructure. The Arcana acquisition drastically reduced the time it takes Avail to support new chains. Arjun said, "Until now it took Avail at least six months to support a new chain, but with Arcana it became possible in a week," and added, "We recently connected to HYPE and integration with Tron (TRX) will be possible as early as next week." He hinted that a consumer-facing app will also be unveiled next month. Arjun said, "It has not been officially announced yet, but Avail is currently preparing a consumer app. It will probably be announced sometime next month," and added, "We will expand into consumer-friendly services as well as developer services." 'Nexus upgrade'... unifying scattered assets into one Avail recently announced the 'Nexus upgrade'. The Nexus upgrade is a chain abstraction–based upgrade that allows multiple chains to be connected without going through bridges. Arjun explained, "Through Nexus, users can manage assets scattered across each chain as if they were assets in a single wallet and freely use them in various apps." In simple terms, just as services like Toss Bank can manage balances across multiple banks, Avail consolidates multiple blockchain assets into one wallet. On the reason for launching Nexus, he said, "Bridges were originally a model created when there were about 10–15 types of blockchains, but now there are over 200 chains. Managing assets on each chain is like using 20 bank accounts at once," and added, "We implemented it so users can easily manage assets scattered across different chains." Will become the 'coordination engine' for tens of thousands of chains... also eyeing won stablecoins Avail’s long-term vision is not just simple cross-chain connections but to become the 'coordinator' between global blockchains. Arjun said, "Stablecoins have already been issued over $250 billion and have become an important pillar of global finance," and continued, "Because of this, global companies like Visa, Stripe, and Google are all preparing blockchain payment infrastructure. Tens of thousands of chains will emerge in the future, and Avail will be the engine that coordinates and organizes all of these connections." He also laid out concrete plans for the Korean market. Arjun said, "Over 90% of Koreans rely on centralized exchanges like Upbit and Bithumb," and added, "Avail's first goal is to enable Korean users to use various blockchain services conveniently beyond simple coin trading." He also noted that Korea is, next to the U.S., one of the fastest countries to push stablecoin legislation. Arjun said, "Won stablecoins can be a tool to expand Korea globally like K-pop," and emphasized, "Avail can play an important role related to won stablecoins. If related regulations become clear, we will actively cooperate."

Capital outflows continue from U.S. Ethereum (ETH) spot exchange-traded funds (ETFs). According to Trader T on the 24th (local time), U.S. Ethereum spot ETFs recorded a net outflow of $140,750,000 (about 196.3 billion won) on the previous day. This marks the second consecutive trading day of net outflows. On that day, $63,400,000 flowed out of Fidelity FETH, $36,370,000 from Grayscale Mini ETH, $23,880,000 from Bitwise ETHW, and Grayscale ETHE saw a net outflow of $17,100,000. The remaining products, including BlackRock ETHA, had no net inflows or outflows.

The AI-based Web3 search platform Kaito's Token Mindshare, which quantifies a token's influence in the crypto market, shows that as of the 24th the top five crypto-related keywords people are most interested in are Aster (ASTER), Brevis (Brevis), Tether (USDT), Hyperliquid (HYPE), and ApeCoin (APE). Easy Labs (formerly Binance Labs)-backed decentralized derivatives exchange Aster recently drew investor attention after being mentioned in a tweet by Changpeng Zhao, the founder of Binance. Aster is currently trading on CoinMarketCap at $2.05, up 20.75% from the previous day. Zero-knowledge proof technology company Brevis made headlines by partnering with Kaito to launch the Yapper leaderboard. The campaign is being conducted in two phases, and top-performing participants will be rewarded with a portion of Brevis's allocation of TGE tokens. Tether attracted attention by announcing it is seeking to raise up to $20 billion through a private placement. In this round, Tether is aiming to set the company valuation at $500 billion. Hyperliquid appears to have seen an increase in online mentions after yielding the top spot in daily trading volume to Aster. Aster's 24-hour trading volume is $13.5 billion, while Hyperliquid's is $9.6 billion. Meanwhile, Hyperliquid is trading on CoinMarketCap at $44.06, down 5.54% from the previous day. ApeCoin announced a 'hyper-financialization' strategy that enables point accumulation and reward earning based on Hyperliquid's 'HyperEVM'. ApeCoin is currently trading on CoinMarketCap at $0.5345, up 1.29% from the previous day. Investors are also shown to be interested in USDC, SFUND, Base, FTX Token (FTT), Story (IP), and others.

Michael Saylor, founder of MicroStrategy, predicted that Bitcoin (BTC) will overcome the current crisis and rise through year-end. On the 24th (local time), Saylor said in an interview with CNBC, "The core driver of Bitcoin's rise is corporate adoption. Currently, some 180 companies are accumulating Bitcoin, and the amount they hold has surpassed miners' supply." He added, "Despite short-term macroeconomic variables and resistance, Bitcoin will continue its upward trend through year-end," and forecasted, "Bitcoin is the technical version of gold. Over the long term, it will grow into an asset class 10 times larger than gold."

U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) recorded net outflows of more than $100 million the previous day. On the 24th (local time), TraderT reported that U.S. Bitcoin spot ETFs experienced net outflows of $100.355 million (about 144.4 billion won) the previous day. This marks net outflows for two consecutive trading days. On that day, Fidelity's FBTC alone saw net outflows of $75.56 million, the largest amount, followed by ARK Invest's ARKB with $27.85 million and Bitwise's BITB with $12.76 million in net outflows. Meanwhile, BlackRock's IBIT recorded net inflows of $2.6 million, and Invesco's BTCO also saw net inflows of $10.02 million. The other products had no net inflows or outflows.