Suehyeon Lee

The global virtual asset (cryptocurrency) market capitalization has seen a significant increase in just one day. On the 23rd (local time), Watcher Guru reported via X that "the virtual asset market cap has increased by $250 billion in the last 24 hours." This is attributed to the upward trend of major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP. In fact, Bitcoin has risen 3.84% over the past 24 hours according to CoinMarketCap, currently reaching $116,848.68, while Ethereum (ETH) has surged by 13.88% to trade at $4,819.97. Additionally, XRP is up 7.55%, trading at $3.06, and Solana (SOL) has risen 10.10% to trade at $199.11.

Following Fed Chair Jerome Powell's Jackson Hole speech, there was an explosive inflow of capital into the Bitcoin (BTC) futures market. On the 22nd (local time), CryptoQuant author Darkfost reported, "As Fed Chair Powell suggested the possibility of a rate cut in September, a surge of buying pressure from investors led to approximately $300 million being funneled into the Binance Bitcoin futures market in just 15 minutes." They added, "At the same time, Bitcoin open interest soared to $13.3 billion. This case demonstrates how quickly a major statement impacting the market can trigger volatility."

Ethereum (ETH) has renewed its all-time high at $4,887, and Binance open interest has also reached a record level, suggesting there is further upside potential. On the 23rd (local time), CryptoQuant author burakkesmeci reported, "Ethereum hit a new all-time high of $4,887, and at the same time, Binance open interest reached a record high of $12.74 billion." He continued, "After dovish comments from Jerome Powell, Chairman of the Fed, the spot market rally reignited and Ethereum set a new high," adding, "As the rally in the spot market and the rise in futures open interest happen together, there is further upside potential for Ethereum until the futures market becomes overheated."

The decentralized finance (DeFi) project World Liberty Financial (WLFI), associated with the Donald Trump family, has officially launched on the Ethereum (ETH) mainnet and announced its token unlock plan. On the 23rd (local time), World Liberty Financial stated on X, "WLFI is launching on the Ethereum mainnet, and 20% of the initial investment supply will be unlocked on September 1." This initial unlock applies to the wallets that participated in the pre-rounds (at $0.015 and $0.05 per token), while the unlock schedule for the remaining 80% of tokens will be determined through a community vote. In this unlock event, founder, team, advisory, and partner company holdings will be excluded and remain locked. Meanwhile, new investors will be able to purchase WLFI via decentralized exchanges (DEX) and major centralized exchanges (CEX), and more details on specific partnerships and listings will be announced in the coming days.

The popular meme coin Pudgy Penguins (PENGU) is showing bullish signals. On the 23rd (local time), cryptocurrency analyst Ali Martinez stated on X, "Pudgy Penguins is attracting attention based on news of spot ETF applications, growth in the Asian market, and strong toy sales worth millions of dollars," adding, "As a result, a bullish flag pattern has been detected on the chart with a short-term target price of $0.10." Meanwhile, Pudgy Penguins is currently trading at $0.03572 on CoinMarketCap, up 15.97% from the previous day.

Ethereum (ETH), which at one point surpassed $4,880 to reach an all-time high, is now expected to soon break through $5,000. On the 23rd (local time), Cointelegraph analyzed, "Considering the Federal Reserve (Fed)’s shift in interest rate policy, the sharp rise in Ethereum network on-chain indicators, and the strength in futures open interest, Ethereum could break the $5,000 mark in the near term." According to the media outlet, Ethereum has risen 33% over the past 30 days, currently trading around $4,800. Chair Jerome Powell’s remarks at the Jackson Hole Meeting the previous day, which suggested a potential interest rate cut by the Fed in September, further fueled the rally.

Several issuers have reportedly made simultaneous amendments to their XRP spot Exchange-Traded Fund (ETF) applications. On the 23rd (local time), James Seyffart, a Bloomberg analyst, stated on X, "Issuers are updating XRP ETF documents today. This move is likely due to feedback from the U.S. Securities and Exchange Commission (SEC)." He added, "This is a positive sign, but it is also a largely expected procedure." Meanwhile, the SEC had previously delayed its review of approval for the XRP spot ETF once more. As a result, the final decision is expected to be made sometime between mid and late October.

According to the token mindshare (Token Mindshare, an index quantifying the influence of specific tokens in the virtual asset (cryptocurrency) market, Top Gainer) of artificial intelligence (AI)-based Web3 search platform Kaito, as of the 21st, the top five most searched virtual asset-related keywords are Solana (SOL), Bitcoin (BTC), OKB, Binance Coin (BNB), and Chainlink (LINK). Today, Solana made headlines as its transactions per second (TPS) surpassed 2,300, marking an all-time high due to the launch of Kanye West's meme coin 'YZY'. Currently, Solana is trading at $186.97 on CoinMarketCap, up 3.72% from the previous day. Bitcoin is speculated to have seen an increase in online mentions due to its recent downward trend. Last week, Bitcoin hit an all-time high, surpassing $124,000, but it dropped by 7.5% in just one week and is now trading at $113,774.66 on CoinMarketCap. This is attributed to the cooling expectations of a rate cut by the Fed. OKB has gained attention due to a price surge, analyzed to be a result of the burning of 279 million coins—93% of the total supply—this week. Typically, when tokens are burned, the asset's scarcity increases, causing prices to rise sharply. Currently, OKB is trading at $194.23 on CoinMarketCap, up 80% from last week, making headlines. Binance Coin also grabbed attention today by hitting a new all-time high. The price of Binance Coin soared more than 6% in a single day, setting a new record at $875. It is currently trading at $861.28 on CoinMarketCap, up 0.98% from the previous day. Chainlink has recently attracted attention as whale transactions surged. According to Santiment, Chainlink’s whale transactions soared to 713 per day. Chainlink is currently trading at $25.72 on CoinMarketCap, up 8.31% from the previous day. Investors have also shown interest in Coinbase, STG (Stargate Finance), Everlyn, Momentum, and Tether (USDT).

The Solana (SOL) network has recorded an all-time high in Transactions Per Second (TPS). According to SolanaFloor on the 21st (local time), the TPS of the Solana network hit 2,300 for the first time, breaking its previous record. This was achieved during the launch of Kanye West's meme coin 'YZY' earlier today. SolanaFloor stated, "This record is counted based on real user transactions, excluding validator vote transactions, and demonstrates significant improvement in the network’s performance compared to the launch of OfficialTrump (TRUMP)."

DBS, the largest bank in Singapore, is expanding its blockchain strategy by introducing a tokenized bond based on the Ethereum (ETH) blockchain. According to CoinDesk on the 21st (local time), DBS announced in a press release, "The Ethereum-based tokenized structured bond will be distributed through local Singapore exchanges such as ADDX, DigiFT, and HydraX." This marks DBS's first case of offering tokenized financial products to accredited and institutional investors, extending beyond its own client base. DBS will initially focus on virtual asset-linked bonds, but plans to tokenize and offer traditional financial products such as equity- and credit-linked bonds in the future. Li Zhen, head of FX and digital assets at DBS, emphasized, "Asset tokenization is the next frontier in financial market infrastructure."

The monthly average ratio of market buy to sell orders in the Binance Bitcoin (BTC) futures market has dropped to its lowest level since the beginning of this cycle. On the 21st (local time), CryptoQuant author Darkfost stated, "The monthly average ratio of market buy to sell orders in the Binance Bitcoin futures market has fallen to the lowest point of this cycle. If this indicator is above 1, it indicates a bull phase; if it is below 1, it means a bear phase. Today, this ratio dropped to about 0.95, the lowest observed on Binance during this cycle." The author added, "This drop reflects investors’ deteriorating sentiment. However, in past cases, every time the ratio plummeted, it actually opened up buying opportunities. In fact, rebounds have often followed these extreme levels."

Core Strategy 'ACE'... Apps Directly Control Order of Transactions DoubleZero and Alpenglow, Innovation in Speed and Efficiency "Blockchain as a Financial Operating System by 2027" Last month, Solana published a research report entitled 'The Internet Capital Markets Roadmap' via its blog, outlining a blueprint for the next three years. Solana's goal is crystal clear: to move global financial markets onto the blockchain, enabling anyone to trade 24/7 in an 'Internet Capital Market.' Their vision is to tokenize not only stocks and forex but also real assets like real estate, making it possible to trade them any time, day or night. Essentially, it would be as if the entire world connects to a giant, unified stock exchange. The Core is 'ACE'... 'BAM' Rivals Centralized Exchanges The core of Solana’s roadmap is 'ACE (Application-Controlled Execution).' This technology allows the app (smart contract) to manage transaction ordering directly on the blockchain, rather than relying on validators. For example, apps can design and implement their own algorithms such as 'fee priority' or 'first-come, first-served' order matching, enabling complex financial rules and ultra-fast trades to be executed on-chain. This goes beyond the limitations of existing blockchain-based trades, making it possible to realize financial services like high-frequency equities trading directly on the blockchain. Another highlight is the BAM (Block Assembly Marketplace). This structure collects transactions and assembles them into blocks more efficiently and transparently, promising the most noticeable change for users. BAM is led by Solana’s key partner, Jito Labs. BAM implements the Central Limit Order Book (CLOB) system—previously only possible on centralized exchanges (CEXs)—on-chain, greatly accelerating transaction speeds. As a result, decentralized exchanges (DEXs), which lagged behind centralized exchanges in speed and convenience, are expected to become far more competitive. Speed & Efficiency Gains Within a Year... Even Faster Next Year Solana plans to significantly boost transaction speed and efficiency within the next year. Solana will introduce DoubleZero, a dedicated blockchain fiber-optic network, to greatly accelerate transaction transmission speeds. If previous trades traveled on regular internet highways, this is like building a dedicated expressway just for blockchain. This will reduce transmission delays by up to 100ms, and—with 10 times the bandwidth—enable many more transactions to be processed simultaneously. DoubleZero employs a 'multicast' approach. Similar to a broadcaster sending a signal to multiple TVs at once, this method distributes transaction data to multiple validators simultaneously. This reduces unnecessary repetition and ensures fairer trade processing. DoubleZero is currently running on testnet and is scheduled for mainnet launch around mid-September. A new consensus system called 'Alpenglow' will also be introduced. Currently, on Solana, it takes around 12.8 seconds for trades to be fully finalized, but with Alpenglow, finality will be achieved in just 0.15 seconds. This makes 'real-time settlement' possible, on par with existing financial market systems. In addition, by leveraging APE (Asynchronous Program Execution) technology, many repetitive confirmation steps are eliminated, significantly reducing transaction delays. "Blockchain as a Financial Operating System by 2027" In the long term, by 2027, Solana plans to introduce MCL (Multiple Concurrent Leaders). Currently, most blockchains have a single leader deciding transaction order at any given time, which creates issues if the leader excludes or reorders certain trades. With MCL, multiple leaders can process transactions in parallel, so if one blocks a trade, another can process it. This boosts speed, reduces the risks of selective censorship, and increases stability. Ultimately, Solana aims to fully apply its core ACE strategy, reaching the stage where apps themselves coordinate market operations. At this point, Solana envisions blockchain serving not just as crypto trading infrastructure but as the operating system for the entire financial market. Kim Byung-jun, a researcher at DeSpread, commented, "Solana's three-year roadmap demonstrates its ambition to serve as the global infrastructure for an Internet Capital Market, going beyond a simple blockchain initiative to challenge and potentially replace traditional centralized financial systems."

The U.S. Ethereum (ETH) Exchange-Traded Fund (ETF) recorded a net outflow of over $200 million the previous day. According to Trader T on the 21st (local time), the U.S. Ethereum spot ETF recorded a net outflow of $239.14 million (approximately ₩334.4 billion) the previous day. This marks four consecutive trading days of net outflows. On this day, just BlackRock ETHA saw a net outflow of $256.78 million. In contrast, Fidelity FETH saw a net inflow of $8.64 million, and Grayscale Mini ETH recorded a net inflow of $9 million. The remaining products saw no net inflows or outflows.

US Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) continue to experience net outflows. According to Trader T on the 21st (local time), US Bitcoin spot ETFs recorded a net outflow of $310.86 million (approximately ₩434.5 billion) the previous day. This marks four consecutive trading sessions of net outflows. On the same day, BlackRock IBIT reported a net outflow of $219.3 million, followed by ARK Invest ARKB with a net outflow of $75.74 million. In addition, Fidelity FBTC saw a net outflow of $7.46 million, Grayscale GBTC of $8.98 million, and Bitwise BITB of $0.62 million. The remaining products had no net inflows or outflows.

A whale investor, estimated to be an institution, was found to have sold 10,000 Ethereum (ETH). According to OnchainLens on the 21st (local time), the whale sold 10,000 ETH ($43.35 million) through the over-the-counter trading firm Wintermute OTC. This is valued at approximately ₩5.9 billion. Afterwards, this whale deposited stablecoin USDC into the Aave V3 protocol. Currently, this wallet has about $535 million worth of USDC deposited in Aave, and it is also reported to still be holding 10,013.66 ETH in a staked state.

A wallet owned by the United States Government has reportedly received a large amount of Ethereum from Coinbase. According to OnchainLens on the 21st (local time), the US government wallet received 76.56 ETH from Coinbase. This amounts to approximately $332,000 (about ₩450,000,000). This fund transfer is part of the asset seizure measures related to the Uranium Finance hacking incident that occurred in 2021. In connection with this case, the US government seized assets worth about $31 million this past February.

Eric Trump, the second son of United States President Donald Trump, predicted that Bitcoin (BTC) could rise to $1 million. According to Bitcoin.com on the 21st (local time), Eric Trump said at the Wyoming Blockchain Summit in the United States, "There is no doubt about Bitcoin reaching $1 million," adding that "it is expected to reach $175,000 by the end of this year." He also stated at the event, "I will invest more than 50% of my time in virtual assets (cryptocurrencies)," thus showing his constant support for virtual assets. Meanwhile, Brian Armstrong, CEO of Coinbase, previously predicted, "Bitcoin will reach $1 million by 2030."

The US Solana (SOL) staking ETF experienced a net outflow yesterday. According to Farside Investors on the 21st (local time), SSK, the first Solana staking ETF in the US managed by REX Shares-Osprey, saw a net outflow of $2.2 million (approx. ₩3 billion) the previous day. Meanwhile, SSK's current assets under management (AUM) are reported at $162.3 million (approx. ₩226.8 billion).

Major cryptocurrencies are moving in diverging directions. On the 21st (local time), 10X Research reported, "Bitcoin (BTC) has dropped below the 30-day moving average, while Ethereum (ETH) has risen above it. Solana (SOL) and XRP have experienced sharp fluctuations due to macroeconomic variables and regulatory issues." They continued, "Bitcoin declined near its all-time high due to profit-taking, macroeconomic uncertainty, and increased exchange deposits from short-term holders. Ethereum is seeing continued large-scale institutional accumulation, but also faces selling pressure from staking withdrawals and ETF fund outflows." According to 10X Research, Solana plummeted after the release of inflation indicators, with volatility further increased by large transactions from whale investors. XRP saw a rally on expectations of resolving its lawsuit with the U.S. Securities and Exchange Commission (SEC), but its upward trend reversed due to profit-taking and a cooling derivatives market.

In the cryptocurrency market, major altcoins outperformed Bitcoin (BTC) with notable rebounds. According to CoinDesk on the 21st (local time), Ethereum (ETH) surged 7% to reach $4,350 the previous day, while Solana (SOL) also rose 6.1% to $186, recouping previous losses. Binance Coin (BNB) jumped 6% to hit a new all-time high of $875, and Chainlink (LINK) rose 10%, with Aave (AAVE) up by 7%. Meanwhile, Bitcoin only gained 1.4% from its low and was traded at the $114,000 level.

NASDAQ has decided to delist WINDTREE THERAPEUTICS (ticker: WINT), a U.S. biopharmaceutical company that acts as a financial enterprise for Binance Coin (BNB). According to a disclosure from the U.S. Securities and Exchange Commission (SEC) cited by The Block on the 20th (local time), WINDTREE THERAPEUTICS consistently failed to meet NASDAQ listing rule 5550(a)(2), which requires maintaining a minimum closing price of $1 per share. As a result, NASDAQ will suspend trading of this stock at the opening of the market on the 21st. Meanwhile, WINDTREE is classified as one of the 'Digital Asset Treasury (DAT)' companies that have recently begun investing in various virtual assets (cryptocurrencies). In July, it entered into a $20 million stock purchase agreement with Build and Build, announcing its plans for a large-scale investment in BNB.

According to Token Mindshare, an indicator quantifying the influence of specific tokens in the virtual asset (cryptocurrency) market by Kaito, an AI-based web3 search platform, as of the 18th, the top 5 keywords people are most interested in regarding virtual assets are Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Chainlink (LINK), and Tether (USDT). Bitcoin has reportedly seen an increase in online mentions recently as its price fell below $116,000. Currently, Bitcoin is trading on CoinMarketCap at $115,527.55, down 1.98% from the previous day. Meanwhile, Strategy hinted at additional Bitcoin purchases the previous day and Metaplanet also acquired an additional 775 BTC, drawing attention to the future price trend. Ethereum made headlines last week due to the largest-ever net inflow into the US Ethereum spot ETF. According to Trader T on the 18th (local time), the net inflow for the US Ethereum spot ETF last week was $2,829 million (about ₩3,913.6 billion), with a trading volume of $18 billion (about ₩24 trillion), both record highs. Currently, Ethereum is trading on CoinMarketCap at $4,330.56, down 3.36% from the previous day. Solana has gained attention amid rumors that major Solana strategy investment firms, supported by the foundation, are set to launch in September. Andy, founder of the crypto podcast The Rollup, said, "Companies are currently fundraising and are expected to complete the funding within 1 to 2 weeks." The official announcement is planned for the end of August or around September. Meanwhile, Solana is currently trading on CoinMarketCap at $182.86, down 5.18% from the previous day. Chainlink recently garnered attention as four whale addresses accumulated a total of 589,995 LINK ($13.86 million) over the past 24 hours. Chainlink is currently trading on CoinMarketCap at $24.75, up 1.81% from the previous day. Tether attracted interest after announcing a partnership with Lightning infrastructure development startup Lightspark. Through this, Tether’s open-source Wallet Development Kit (WDK) is planned to be integrated into the Spark Bitcoin Lightning infrastructure. With this partnership, developers will be able to launch wallets that support Bitcoin Layer 1, Spark, and the Lightning Network. In addition, investors are also showing interest in XRP, Surf, Zora, Hyperliquid (HYPE), and Rekt (REKT).

MiL.k Partners, which operates the blockchain-based point integration platform 'MiL.k (MiL.k)', announced on the 18th that MiL.k Coin (MLK) has been listed on Binance Alpha. Earlier, on the 16th, Binance officially announced, "MiL.k Coin (MLK) has been listed on Binance Alpha," adding, "We are also holding events such as a trading competition." Binance Alpha is a cryptocurrency wallet service launched by Binance in December last year, dedicated to discovering and supporting cryptocurrency projects with high growth potential within the Binance ecosystem. MiL.k has collaborated with major domestic and global companies such as SK OK Cashbag, L.POINT, CU, Megabox, Yanolja (NOL), and AirAsia to enable integrated management and exchange of various points and mileage. Additionally, to expand the global blockchain ecosystem, MiL.k has formed partnerships with metaverse platform 'The Sandbox' and global web3 super app 'Galaxy', providing users with differentiated experiences and benefits. Jo Jung-min, CEO of MiL.k Partners, stated, "This listing on Binance Alpha is the result of MiL.k’s consistent innovation in the points sector and growth into a service that helps with real-life needs," adding, "We will continue to aim for user-centered, differentiated service, and grow as a blockchain project attracting global attention."

Metaplanet, which positions itself as a Japanese strategic investment firm, has made an additional purchase of 775 Bitcoin (BTC). According to Watcher Guru on the 18th (local time), Metaplanet additionally acquired 775 BTC for about $90 million. With this latest purchase, the company’s total Bitcoin holdings have increased to 18,888 BTC, with an estimated value of approximately $2.2 billion.