Suehyeon Lee

Four new wallets recently received more than 20,000 Ether (ETH) from FalconX. On the 28th (local time), OnChainLens reported that the four new wallets received 27,792 ETH (approximately $124,880,000). This brings the total Ether held by those wallets to 58,215 ETH (approximately $261,580,000). The market suspects that the wallets are linked to Bitmain.

In the Bitcoin (BTC) market, the MVRV momentum indicator recently showed a 'Death Cross', signaling a macro trend reversal. On the 28th (local time), virtual asset (cryptocurrency) analyst Ali Martinez said on X, "A Death Cross has appeared on the Bitcoin MVRV momentum indicator. This suggests that the macro trend has shifted from positive to negative." Meanwhile, Bitcoin is currently trading on CoinMarketCap at 0.52% lower than the previous day, at 111,251.53 dollars.

Circle announced a partnership with Mastercard and Finastra, expanding stablecoin payments into traditional financial infrastructure. On the 28th (local time), Cointelegraph reported that the day before Mastercard said in a statement, "It will support merchants and acquirers in the Eastern Europe, Middle East and Africa (EEMEA) region to settle transactions in USDC and EURC." On the same day, London-based financial software firm Finastra also announced that it is integrating USDC into its Global PAYplus platform. The platform is a system that processes more than $5 trillion in international payments per day, and through this integration banks in 50 countries will be able to keep payment instructions in existing fiat currency units while conducting the actual settlement in USDC.

Circle, the stablecoin issuer, has reportedly proposed that the domestic financial sector cooperate with the issuance of dollar stablecoins rather than won stablecoins. According to the industry on the 28th (local time), Circle President Heath Tarbert, in a meeting on the 22nd with top executives from the Big Four financial groups including Jin Ok-dong, Chairman of Shinhan Financial Group, expressed a negative stance by saying, "There are no plans for cooperation with won stablecoins," and instead proposed business cooperation with Circle's dollar stablecoin. The domestic financial sector is interpreting Circle’s visit to Korea as an effort to expand its presence in the Korean market and increase the market share of USDC. Currently, in the dollar stablecoin market, Tether holds an overwhelming No. 1 position with about 65% market share, while Circle remains at around 25%.

Solana (SOL) continues its upward trend, with investor sentiment reaching its highest level in 11 weeks. On the 28th (local time), on-chain information platform Santiment reported via X, "Solana has broken through $211.70 and is approaching the price resistance formed last February." Alongside this, investor sentiment has turned bullish. Santiment explained, "Individual investors have recently posted positive comments about Solana 5.8 times more than negative ones, which is the highest in 11 weeks." Meanwhile, Solana is currently trading at $204.31 on CoinMarketCap, up 4.03% from the previous day.

A surge in leveraged positions on Bitcoin (BTC), coupled with capital rotation into Ethereum (ETH), has raised the possibility of further declines. According to The Block on the 27th (local time), Vetle Lunde, Head of K33 Research, reported in a note, "The amount of open interest in Bitcoin perpetual futures has reached 310,000 BTC (about $34 billion), the highest level in two years. In the past two months alone it has increased by 41,607 BTC, and last weekend alone saw a surge of 13,472 BTC." Lunde went on to say, "Excessive long positions are building up in a situation where the price is stagnating," and further explained, "This is a pattern similar to the large-scale liquidations that occurred in August after leverage accumulated during the summer of 2023 and 2024." He assessed that, as the open interest peak appeared somewhat later this time, the adjustment phase could last longer. Lunde emphasized, "The risk of a short-term long squeeze has increased," and highlighted the need for conservative positioning until excessive leverage unwinds.

A majority of users on the decentralized prediction platform Polymarket believe that Bitcoin (BTC) will likely drop below $100,000 by the end of this year. According to The Block on the 27th (local time), the probability of Bitcoin falling below $100,000 on Polymarket by year-end was calculated at 61%. This figure, slightly lower than the 72% recorded two days prior on the 25th, indicates a decrease. On the 25th, as Bitcoin fell below $110,000 for the first time in six weeks, users grew more confident about the possibility of it breaking below $100,000. However, it seems that the proportion of pessimistic bets has decreased in response to the subsequent price rebound.

According to the Top Gainer indicator on the AI-powered web3 search platform Kaito's Token Mindshare (an indicator quantifying the influence of a specific token within the virtual asset (cryptocurrency) market), as of the 24th, the top five keywords drawing the most attention in the virtual asset space are World Liberty Financial (WLFI), Aave (AAVE), Huma Finance (HUMA), Kaito (KAITO), and Solana (SOL). World Liberty Financial and Aave have recently been in the spotlight due to their partnership. According to the WLFI proposal, AAVE is set to receive approximately 7% of WLFI's total token supply. This amounts to about $2,790,000,000 as of the present. Huma Finance announced that presale participants' tokens, from the presale held in May, will be unlocked on the 25th. As this presale was oversubscribed, participants must reclaim any unused USDC upon unlocking. Meanwhile, on CoinMarketCap, Huma Finance is trading at $0.02729, down 3.46% from the previous day. Kaito recently attracted attention by adding a feature that allows connection to the Solana wallet Phantom. Kaito is currently trading at $1.1 on CoinMarketCap, down 5.7% from the previous day. Solana has recently been on an upward trend, at one point recovering $210 and leading to increased online mentions. Currently, Solana is trading at $207.26, up 0.38% from the previous day, according to CoinMarketCap. In addition, investors are also showing interest in Iris (IRYS), Portal To Bitcoin, Morph, Lombard, and Falcon.

It has been revealed that three newly created wallets have received more than $50 million worth of Ethereum (ETH) from Galaxy Digital. According to OnchainLens on the 24th (local time), the three newly generated wallets received a total of 10,600 ETH (approximately $51.04 million). Among them, one wallet (0xa7a…24e) is reported to be holding 8,965 ETH (approximately $42.9 million) at present.

Matrixport or its clients have been observed selling Ethereum (ETH) and converting it to Bitcoin (BTC). According to Lookonchain on the 24th (local time), Matrixport-linked wallets recently deposited a total of 95,873 ETH (approximately $452 million) to Binance and OKX. It was then confirmed that the same wallets withdrew 2,354.6 BTC (about $272 million) from the two exchanges yesterday.

Recently, Solana (SOL) has shown a strong upward trend, and there is an analysis that it should be held until it reaches $360. On the 24th (local time), cryptocurrency analyst Ali Martinez stated via his X that "Solana should be held until $360 without selling," and analyzed that "up to that price level, it is not a bad time to enter." Meanwhile, Solana is currently continuing its uptrend and is trading at $209.43 on CoinMarketCap, up 5.36% from the previous day.

Ethereum (ETH)-based decentralized exchanges (DEX) have reclaimed the number one position in trading volume, surpassing Solana (SOL). According to data from DeFiLlama cited by Crypto Town Hall on the 24th (local time), Ethereum DEXs handled about $6 billion (approximately ₩8 trillion) in trades over the past 24 hours, taking first place. Crypto Town Hall assessed, “This surge demonstrates that Ethereum's dominance in DeFi activity remains solid.”

According to on-chain data, over 19,000 Ethereum (ETH) have been accumulated in five newly created wallets over the past two days. On the 24th (local time), Lookonchain reported that in the past two days, five newly created wallets accumulated a total of 19,332 ETH (worth about $92 million). Such a large amount of funds moving into new wallets in a short period is drawing attention, as it may suggest institutional or whale investors are building new positions. Meanwhile, Ethereum is currently trading at $4,780.31 on CoinMarketCap, down 0.53% from the previous day.

A whale investor reportedly created a new wallet two hours ago and established a large short position. On the 24th (local time), Lookonchain reported on X that “a whale created a new wallet (0x54D7), deposited 5.42 million USDC into Hyperliquid, and established massive short positions on Ethereum (ETH), World Liberty Financial (WLFI), and Plasma (XPL).” The current positions in this wallet have been identified as 10,641 ETH (about 51.2 million dollars), 396,711 WLFI (about 116,800 dollars), and 53,793 XPL (about 29,300 dollars).

According to Token Mindshare—the Top Gainer indicator that quantifies the influence of specific tokens in the virtual asset (cryptocurrency) market—on the AI-powered Web3 search platform Kaito, as of the 23rd, the top five crypto-related keywords generating the most attention are Ethereum (ETH), Solana (SOL), XRP (XRP), Tether (USDT), and Plasma (XPL). Ethereum made headlines today by surpassing $4,880 at one point, hitting a new all-time high. This is analyzed to be the effect of U.S. Federal Reserve (Fed) Chair Jerome Powell’s remarks at the Jackson Hole meeting the previous day, which suggested the possibility of a rate cut. Currently, Ethereum is trading at $4,727.39 on CoinMarketCap, up 10.06% from the previous day. Solana similarly regained the $200 level with gains yesterday, drawing attention. At present, Solana is trading at $202.57 on CoinMarketCap, up 10.66% over the previous day. XRP drew attention recently after it became known that seven asset management firms, including Grayscale, submitted amended spot ETF S-1 applications for XRP. It has been identified that Grayscale, Bitwise, Canary Capital, CoinShares, Franklin Templeton, 21Shares, and WisdomTree have filed revised spot ETF S-1 submissions for XRP with the SEC. Bloomberg analyst James Seyffart commented, “This seems to be influenced by feedback from the SEC,” and diagnosed, “This is definitely a positive signal.” Meanwhile, XRP is trading at $3.01 on CoinMarketCap, up 5.46% from the previous day. Tether gained attention after it was speculated that AMTD Group—a company listed on the New York Stock Exchange (NYSE)—plans to prioritize including Tether, as well as Bitcoin (BTC) and Ethereum, in its portfolio. Layer 1 Plasma attracted investors by expanding the total subscription limit of its recently launched USDT lock-up product to 1 billion USDT, following an explosive response from the community. Investors participating in this product can receive daily USDT rewards and additional XPL token rewards after the Token Generation Event (TGE). In addition, investors are showing interest in Eterna (ENA), Bitcoin (BTC), Dogecoin (DOGE), USDE, Binance Coin (BNB), and others.

As Ethereum (ETH) set a new all-time high, famous traders who had disappeared from the market after incurring losses have resurfaced. According to Lookonchain on the 23rd (local time), after Ethereum reached a new all-time high, James Wynn took a long position of 29 ETH (about $137,000) and opened another long position of 867,335 Dogecoin (DOGE), worth around $200,000. On the other hand, another well-known trader, AguilaTrades, opened a short position worth 220 ETH (about $1.03 million).

The United States Ethereum (ETH) spot exchange-traded fund (ETF) recorded a net inflow of over $300 million the previous day. According to Farside Investor on the 23rd (local time), the US Ethereum spot ETF posted a net capital inflow of approximately $337 million (about ₩467.6 billion) the previous day. This marks the second consecutive trading day of net inflows. On this day, Fidelity’s FETH saw the highest net inflow of $117.9 million, followed by BlackRock’s ETHA with $109.4 million. In addition, Bitwise ETHW recorded a net inflow of $36.3 million, Grayscale ETHE had $45.9 million, Grayscale Mini ETH received $22.7 million, and Franklin Templeton EZET saw a net inflow of $5.5 million.

Outflows from U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) continue. According to Farside Investors on the 23rd (local time), there was a net outflow of approximately $23.2 million (about ₩3.21 billion) from U.S. Bitcoin spot ETFs the previous day. This marks the sixth consecutive trading day of net outflows. On this day, BlackRock IBIT led the outflows with a net withdrawal of $198.8 million. In contrast, Fidelity FBTC saw a net inflow of $50.9 million, ARK Invest ARKB had $65.7 million, and VanEck HODL recorded a net inflow of $26.4 million. Additionally, Bitwise BITB had a net inflow of $12.7 million, Franklin Templeton EZBC saw $13.5 million, and Grayscale GBTC had $6.4 million in net inflows. All other products experienced no net inflow or outflow.

Recently, with cryptocurrency investments now permitted in the U.S. retirement plan '401(k)', there is a forecast that Bitcoin could rise to $200,000 within the year. On the 23rd (local time), Andrei Dragos, Head of European Research at Bitwise, told Cointelegraph, "If virtual assets are included in 401(k) plans, at least 1% of the portfolio may be allocated to Bitcoin. This would mean approximately $122 billion in new capital inflows." He added, "Such inflows could accelerate starting this fall, and there is a strong possibility that Bitcoin will surpass $200,000 by the end of the year."

It has been revealed that the European Union (EU) has started to respond belatedly to the passage of the U.S. stablecoin bill, the GENIUS Act. According to a Financial Times (FT) report cited by Wu Blockchain on the 23rd (local time), the European Central Bank (ECB) is reconsidering its digital euro issuance strategy in light of the U.S. stablecoin legislation. The ECB is reportedly discussing the potential use of public blockchains such as Ethereum (ETH) or Solana (SOL) instead of the previously preferred closed, centralized systems. This is because issuing the digital euro on a public blockchain could greatly expand accessibility and global competitiveness.

It has been analyzed that Bitcoin (BTC) is breaking out of its correction phase and undergoing a trend reversal. On the 23rd (local time), cryptocurrency analyst Ali Martinez stated on X, "Bitcoin is undergoing a trend reversal. To return to an upward trend, it needs to break through $118,000." Meanwhile, Bitcoin is currently trading at $116,299.36 on CoinMarketCap, up 3.04% from the previous day.

It was found that two whales received a large amount of Ethereum (ETH) from Galaxy Digital. According to OnchainLens on the 23rd (local time), about four hours ago, two whale addresses received a total of 7,000 ETH from Galaxy Digital. First, a newly created address (starting with 0xa7a) received 4,812 ETH (about $23 million). Another whale address (starting with 0xDda) received 2,000 ETH (about $9.63 million).