Suehyeon Lee

U.S. spot Ethereum (ETH) ETFs recorded net inflows of more than $100 million the previous day. On the 11th (local time), according to TraderT, U.S. spot Ethereum ETFs saw net inflows of $171.68 million (about ₩238.4 billion) the previous day. This is the second consecutive trading day of net inflows. Leading the inflows that day was BlackRock ETHA, which attracted $74.68 million. Next, Fidelity FETH had $49.5 million, VanEck ETHV $11.1 million, Grayscale ETHE $8.9 million, and Grayscale Mini ETH $7.7 million in net inflows. In addition, Bitwise ETHW had $8.4 million, 21Shares TETH $7.1 million, and Invesco QETH $4.3 million in net inflows. Meanwhile, Franklin Templeton EZET had no net flows.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded a net inflow of more than $700 million on the previous day. On the 11th (local time), TraderT reported that U.S. spot Bitcoin ETFs had a net inflow of $741,790,000 (about KRW 1,029,200,000,000) on the previous day. This is the third consecutive trading day of net inflows. Leading the inflows was Fidelity FBTC, which drew $299,000,000. BlackRock IBIT also recorded a net inflow of $211,790,000. In addition, ARK Invest ARKB had $145,100,000, Bitwise BITB $44,400,000, VanEck HODL $12,000,000, Grayscale Mini BTC $17,600,000, and Grayscale GBTC $8,600,000 in net inflows. The remaining products had no net inflows or outflows.

In the past eight hours, a large amount of Etena (ENA) tokens were transferred from a custody wallet to Coinbase Prime. On the 11th (local time), according to Amber CN, 246,000,000 ENA (approximately $196,000,000) was transferred from an Etena custody wallet to Coinbase Prime. Meanwhile, it was confirmed that Arthur Hayes, co-founder of BitMEX, purchased 578,956 ENA (approximately $467,700) on Binance that day.

The U.S. Securities and Exchange Commission (SEC)'s virtual-asset (cryptocurrency) task force (TF) reportedly met with Sui (SUI) developer Mysten Labs. On the 11th (local time), Cointelegraph reported via X that "On the 9th the SEC met with Sui developer Mysten Labs and discussed regulation of the virtual-asset market." The SEC virtual-asset TF has been steadily engaging in discussions with the industry. Earlier, in late May, it met with Kraken to discuss tokenization and staking services.

Bitmain appears to be steadily increasing its Ethereum (ETH) holdings. On the 11th (local time), according to OnChainLens, Bitmain received a transfer of 46,255 ETH from BitGo. This amounts to approximately $201,000,000 (about KRW 279.1 billion). With this transfer, Bitmain's total Ethereum holdings increased to 2,126,018 ETH, equivalent to about $9.24 billion at current value.

Ethereum (ETH) may make a big move soon. On the 11th (local time), Ali Martinez, a crypto asset (cryptocurrency) analyst, said on X, "Ethereum's Bollinger Bands have sharply narrowed and entered a 'squeeze' zone. It could make a big move soon." Typically, when the width of the Bollinger Bands narrows, it means price volatility is decreasing and is interpreted as a signal that a strong price rise or fall may occur afterward. Meanwhile, Ethereum is trading on CoinMarketCap at 4342.71 dollars, up 0.89% from the previous day.

Global asset manager VanEck is reportedly planning to apply for a Hyperliquid (HYPE) staking exchange-traded fund (ETF) in the U.S. On the 11th (local time), according to UBlockchain, VanEck is applying for a Hyperliquid spot staking ETF in the U.S., and is also preparing to launch a Hyperliquid exchange-traded product (ETP) in Europe. This ETF aims to provide U.S. investors with access to Hyperliquid, and it is expected that, if approved, it could encourage exchanges to list the token. Meanwhile, Jan van Eck, VanEck CEO, said on the 9th via X, "I was deeply impressed by Hyperliquid's products, technology, and decentralized governance," expressing interest in the Hyperliquid ecosystem.

Immediately after the U.S. Producer Price Index (PPI) release, $500 million worth of trades occurred in the Bitcoin (BTC) futures market in just one minute, indicating that the market reacted instantly to macroeconomic factors. On the 11th (local time), a CryptoQuant contributor to Darkfost said, "Immediately after the PPI release, which far exceeded market expectations, Bitcoin showed an upward trend, and $500 million in trades piled into the Binance futures market within one minute, as global liquidity immediately flowed into the derivatives market." He added, "This case shows that the virtual asset (cryptocurrency) market still reacts sensitively to macroeconomic indicators, and at the same time once again proves that investors' immediate judgments are directly reflected in price movements."

Analysis says Bitcoin dominance reversed downward at the 66% level, losing the long-term uptrend (Macro Uptrend). On the 11th (local time), a RectCapital virtual asset (cryptocurrency) analyst said on X, "Bitcoin dominance reversed downward at the 66% level, losing the long-term uptrend. Accordingly, the likelihood that dominance will attempt to rebreak above 71% has greatly weakened." He added, "This decline may have put Bitcoin dominance into a new long-term downtrend (Macro Downtrend)," and "The focus going forward is whether the 57.68% support level (green area) holds. If this level also breaks, the likelihood of a full-fledged altcoin bull market, i.e., the beginning of an altseason (Altseason), increases."

The U.S. Securities and Exchange Commission (SEC) has again delayed the review of Ethereum (ETH) staking exchange-traded funds (ETFs) filed by several asset managers, as well as spot ETFs for XRP and Solana (SOL). On the 11th (local time), according to The Block, the SEC postponed reviews of Ethereum staking ETFs submitted by BlackRock, Fidelity, Franklin Templeton, and others, as well as Franklin Templeton's spot ETFs for XRP and Solana. In a separate filing that day, the SEC said the reason for the delay was "more review is necessary." As a result, reviews of altcoin-based ETF applications submitted by institutions over recent months are being pushed back one after another. Meanwhile, according to Bloomberg analyst James Seyffart, there are more than 90 virtual asset (cryptocurrency) ETFs currently awaiting SEC approval.

The S&P500 index committee's rejection of Strategy's inclusion could deal a blow to crypto (cryptocurrency) treasury-focused financial strategy firms, analysts say. On the 11th (local time), The Block reported that JPMorgan said in a report the previous day, "The S&P500's rejection of Strategy's inclusion is not simply a problem for Strategy but a warning signal for the recently surged bitcoin treasury companies (crypto treasuries) as a whole." The report added, "Strategy's stock price has served as an indirect investment channel for Bitcoin by benefiting from inclusion in major indices such as the Nasdaq 100, MSCI USA, MSCI World, and Russell 2000. However, the S&P500's rejection suggests that such indirect investment routes have reached their limits."

Token Mindshare, an AI-based Web3 search platform Kaito's metric that quantifies a specific token's influence within the virtual asset (cryptocurrency) market, shows that as of the 6th the top five virtual asset-related keywords that people are most interested in are Bitcoin(BTC), Hyperliquid(HYPE), OpenLedger(OPEN), Solana(SOL), and Mavryk Network. Bitcoin drew attention as spot ETFs saw net outflows the previous day, marking a fifth consecutive trading day of net outflows. The funds withdrawn from U.S. Bitcoin spot ETFs the previous day amounted to $161.93 million, equivalent to about 225 billion won. Meanwhile, Bitcoin is currently trading on CoinMarketCap at $110,877.01, down 0.5% from the previous day. Hyperliquid attracted interest after announcing plans to introduce its own stablecoin, USDH, in a future network upgrade. To this end, Hyperliquid will soon conduct an on-chain vote on the issuance of the USDH stablecoin. Hyperliquid is currently trading on CoinMarketCap at $47.35, up 4.2% from the previous day. OpenLedger drew attention recently due to news of a KuCoin listing. Trading is scheduled to begin on the 8th at 22:00 (Korean time). Solana drew attention after U.S. virtual asset exchange Gemini launched Ethereum(ETH) and Solana staking services and perpetual futures contracts for European Union (EU) customers. Solana is currently trading on CoinMarketCap at $203.24, down 0.4% from the previous day. Layer-1 blockchain Mavryk Network has drawn investor interest ahead of its mainnet launch. The Mavryk Network mainnet will launch on the 18th at 22:00 (Korean time), and MVRK token trading will begin on the MEXC exchange at the same time. Investors also showed interest in Ethena(ENA), Open Custody Protocol, IRYS(IRYS), PEAQ(PEAQ), Warden Protocol, and others.

The amount of Bitcoin (BTC) held by listed companies worldwide has surpassed 1,000,000 BTC. According to CoinMarketCap News on the 6th (local time), the total Bitcoin held by listed companies worldwide is 1,000,000 BTC, which amounts to about $110 billion. Among listed companies, the largest holder is Strategy, holding a total of 636,505 BTC. This accounts for 63.6% of the total holdings of listed companies. The top 10 companies together hold 863,397 BTC, monopolizing 86% of the total. Mara Holdings ranked second with 50,639 BTC, followed by XXI Century(XXI Century) with 43,514 BTC and Bitcoin Standard Treasury with 30,021 BTC as third and fourth, respectively.

The U.S. Securities and Exchange Commission (SEC) has extended the review deadline for the Grayscale Polkadot (DOT) spot exchange-traded fund (ETF). According to an SEC document on the 6th (local time), the SEC decided to extend the review period for the Grayscale Polkadot spot ETF application by 60 days. Accordingly, the final decision will be on November 8. Previously, the SEC had postponed the review deadlines for a number of altcoin spot ETF applications, including XRP, Solana (SOL), Pudgy Penguins (PENGU), and Cardano (ADA).

Cardano (ADA)'s retail investor sentiment has turned bearish, but analysts say this may actually be a sign of a rebound. On the 6th (local time), CoinDesk cited Santiment data, saying, "This week Cardano's bullish-to-bearish mention ratio was 1.5-to-1, its lowest in five months. Interestingly, Cardano's price this week showed a 5% rebound." The outlet added, "Historically, Cardano rallies tend to begin when retail investor sentiment is at its weakest. In mid-August, the sentiment ratio also fell to 2-to-1 before a strong rebound followed."

Etena (ENA) has disclosed a second buyback plan. On the 6th (local time), Etena said on X, "If Etena's price is at or above $0.70, it will purchase $5 million per day, and if the price falls below $0.70 or declines by 5% or more within 24 hours, the purchase size will be $10 million." Earlier, Etena ended the first buyback on the 1st.

A whale reportedly entered a long position in Solana (SOL) after depositing USDC. On the 6th (local time), according to LookonChain, the wallet address 0x560C deposited 14.53 million USDC to Hyperliquid and then entered a 2x long position on Solana. The current position size is 143,126 SOL, with an estimated value of about 29 million dollars.

U.S. Ethereum (ETH) spot exchange-traded funds (ETFs) recorded net outflows of more than $400 million on the previous day. On the 6th (local time), according to TraderT, the total net outflow from U.S. Ethereum spot ETFs on the previous day was $444.51 million (about 617.6 billion won). This marked the fifth consecutive trading day of net outflows and the second-largest outflow on record. On that day, $307.67 million was withdrawn from BlackRock ETHA alone. In addition, $37.77 million was withdrawn from Fidelity FETH, $51.77 million from Grayscale ETHE, $32.62 million from Grayscale Mini ETH, and $14.68 million from 21Shares TETH. There were no net inflows or outflows for the remaining products.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) saw net outflows of more than $100 million yesterday. On the 6th (local time), according to TraderT, U.S. spot Bitcoin ETFs recorded net outflows of $161.93 million (about 225 billion won) the previous day. This marks net outflows for 2 consecutive trading days. On the day, $64.95 million flowed out from BlackRock IBIT alone, $49.65 million from Bitwise BITB, and $47.33 million from Grayscale GBTC. The other products had no net flows.

Over the past 30 days, a large amount of Bitcoin (BTC) has flowed out of whale wallets. According to Cointelegraph on the 6th (local time), more than 100,000 BTC flowed out of Bitcoin whale wallets holding 1,000–10,000 BTC over the past month, marking the largest sell-off since 2022. In response, CryptoQuant contributor caueconomy diagnosed, "This indicates the whales' risk-avoidance sentiment."

The DeFi project World Liberty Financial (WLFI), led by the Trump family, has issued an official statement regarding its recent designation of some wallet addresses to a blacklist. On the 6th (local time), World Liberty Financial said on X, "In recent days a total of 272 wallets have been placed on a blacklist, which represents only a small fraction of total holders. This action is a temporary measure to prevent damage and to support affected users during the investigation," it explained. Specifically, of the 272, 215 cases (about 79%) were addresses related to phishing attacks, and to prevent hackers from transferring funds it cooperated with legitimate owners to protect assets and process transfers. Also, 50 (about 18%) were designated to the blacklist at the owner's request after reporting theft. World Liberty Financial also emphasized that "no account is blocked arbitrarily" and that there are no restrictions on normal market participants.

A forecast emerged that XRP (XRP) could fall further if it fails to break the $2.90 resistance. On the 6th (local time), virtual asset (cryptocurrency) analyst Ali Martinez said via X, "If XRP does not break the $2.90 resistance, it could be pushed down to $2.70 in the short term." Currently, XRP is trading at $2.81, up 1.19% from the previous day, according to CoinMarketCap.

On the 6th (local time), Arkham said via X, "About 45,000 BTC were additionally identified in Bitcoin (BTC) wallets related to the illegal movie website Movie2K that had not moved since 2019. The amount is worth about $4.99 billion (about ₩6.9336 trillion) at current market value." The bitcoins found this time are stored across more than 100 wallets and are still presumed to be under the control of the Movie2K operators. Meanwhile, the German government seized 50,000 BTC from Movie2K in early last year and sold them in June–July of the same year at an average price of $57,900.

It was reported that StablecoinX, an Eterna (ENA) infrastructure company that is merging with special purpose acquisition company (SPAC) TLGY Acquisition, has raised an additional $530 million. On the 6th (local time), Cointelegraph reported that StablecoinX raised an additional $530 million, bringing its total fundraising to $890 million. Once the merger process is complete, StablecoinX will hold more than 3 billion native ENA tokens. It is also expected to be listed on Nasdaq under the ticker USDE.