Suehyeon Lee

According to the Token Mindshare indicator by the AI-based Web3 search platform Kaito (Token Mindshare, a metric that quantifies the influence of a specific token in the virtual asset (cryptocurrency) market) Top Gainer, as of the 2nd, the top 5 keywords related to virtual assets attracting the most attention are Bitcoin (BTC), Iris (IRYS), PartCoin (FARTCOIN), Solana (SOL), and Sui (SUI). Bitcoin saw a surge in online mentions as its price plummeted following the U.S. employment index falling well short of expectations the previous day. In addition, the U.S. spot Bitcoin ETF recorded a net outflow of $812.3 million (about ₩1,128.8 billion), the largest withdrawal in five months. Currently, Bitcoin is trading at $114,000.89 on CoinMarketCap, down 1.35% from the previous day. Iris, an on-chain data infrastructure platform, recently attracted attention by forming a partnership with the AI native blockchain project Warden Protocol. Through this collaboration, more than 5 million AI models from Warden Protocol will be able to secure continuous memory based on Iris. PartCoin, a meme coin based on Solana, recently drew attention by ranking 10th in the virtual asset derivatives market. According to CoinGlass, PartCoin’s open interest in futures exceeded $1 billion, surpassing key virtual assets such as Litecoin (LTC), Chainlink (LINK), and Avalanche (AVAX). Currently, PartCoin is trading at $0.9476, down 4.31% from the previous day. Solana and Sui are in the spotlight among investors as they are scheduled for large-scale token unlocks in August. The largest unlock for this month is Solana, at about $367 million (about ₩515.9 billion). Sui follows with an unlock scale of $216 million (about ₩303.6 billion). If these volumes are released into the market at once, price volatility may increase, so caution is needed. Meanwhile, Solana is currently trading at $165.08 on CoinMarketCap, down 3.07% from the previous day, while Sui is trading at $3.52, down 1.6% from the previous day. Additionally, investors are also showing interest in Union, Infinit, Tron (TRX), Openledger, and Billions.

The United States Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) recorded a net outflow of over $800 million the previous day. On the 2nd (local time), US Bitcoin spot ETFs showed a net outflow of $812.3 million (approximately ₩1.1288 trillion) the previous day. This marks a net outflow for two consecutive trading days and is the largest outflow in five months. On this day, Fidelity FBTC posted the largest outflow with $331.4 million in net outflows the previous day, followed by ARK Invest ARKB with $327.9 million. Grayscale GBTC recorded a net outflow of $66.8 million, while Grayscale Mini BTC Trust saw a net outflow of $33.6 million. Additionally, Bitwise BITB had $38.3 million in outflows, BlackRock IBIT saw $2.6 million, Invesco BTCO posted $5.1 million, and Franklin Templeton EZBC had $6.6 million in net outflows. The remaining products showed no net inflow or outflow.

The U.S. Ethereum (ETH) spot exchange-traded funds (ETFs) ended their streak of sustained net inflows, witnessing a net outflow of more than $100 million the previous day. According to Farside Investors on the 2nd (local time), U.S. Ethereum spot ETFs recorded a net outflow of $152.3 million (about ₩211.6 billion) the previous day. This marks the first net outflow in 21 trading days, making it the third-largest outflow on record. On this day, Grayscale Mini ETH posted a net outflow of $47.7 million and Bitwise ETHW saw $40.3 million in net outflows. In addition, Fidelity FETH had $6.2 million, 21Shares CETH $1.9 million, VanEck ETHV $5.2 million, Invesco QETH $8.4 million, and Franklin Templeton EZET $5.4 million in net outflows. In contrast, BlackRock ETHA had no net inflow or outflow for the day.

The United States' Solana (SOL) staking exchange-traded fund (ETF) recorded 'zero (0)' net inflows/outflows the previous day. According to Farside Investors on the 2nd (local time), REX Shares-Osprey's Solana staking ETF 'SSK,' the leading Solana staking ETF launched in the United States, had no net flows the previous day. As a result, REX Shares-Osprey SSK has reportedly posted a weekly net inflow of $17.2 million (approximately ₩2.39 billion) this week.

Recently, a new Ethereum (ETH) whale reportedly accumulated nearly 80,000 ETH over a span of three days. According to CryptoTrackDaily on the 2nd (local time), the whale identified by wallet address (0xdf0…e2EF3) purchased a total of 79,461.38 ETH (approximately $299 million) over the last three days. Despite currently being at an unrealized loss of about $22.05 million, this address has continued purchasing during the market downturn. Most recently, just 3 hours ago, it received 16,495.15 ETH (worth about $58.5 million) in a single transaction from Galaxy Digital, lowering its average acquisition cost to $3,763.53.

Arthur Hayes, the co-founder of BitMEX, recently sold a significant amount of various cryptocurrencies. According to Lookonchain on the 2nd (local time), Hayes sold 2,373 ETH (about $8.32 million), 7.76 million ENA (about $4.62 million), and 38,860,000,000 PEPE (about $410,000) over the past 6 hours. The total sale is estimated at $13.4 million (₩18.6 billion).

SharpLink Gaming, which has designated Ethereum (ETH) as a strategic reserve asset, continues to consistently increase its Ethereum holdings. According to AmberCN on the 1st (local time), SharpLink recently deposited 108 million USDC to Galaxy Digital within the past 7 hours. Out of this, 53 million dollars were used to acquire an additional 14,933 ETH at an average price of 3,550 dollars. Afterwards, an additional 55.56 million USDC was transferred to Galaxy, and the Ethereum accumulation continues. Meanwhile, SharpLink started stockpiling Ethereum in early June and has so far secured a total of 464,000 ETH. The average purchase price is about 3,029 dollars, making the current estimated value of the holdings around 1.62 billion dollars.

According to analyses, there are no clear signals based on Bitcoin derivatives indicators suggesting that the bull market will end in 2025. On the 2nd (local time), Cointelegraph reported that the 5% delta skew in the derivatives market is hovering at the borderline between neutral and bearish. This marks a shift from the bullish trend observed on July 18, reflecting that investors' confidence in the $114,000 support level has decreased. Meanwhile, Strategy announced plans this week to issue $4.2 billion worth of shares, which is expected to help prevent large-scale Bitcoin selling and contribute to the stability of the derivatives market. Cointelegraph analyzed, "Looking only at current derivatives indicators, there is no clear sign that the bull market in 2025 has ended, and traders are not overreacting to short-term declines. August has traditionally been a correction period for Bitcoin, and aside from the years following halvings, trading volumes tend to slow down." Meanwhile, many market analysts expect the bull market to last until October this year.

According to the 'Power Law Divergence Indicator,' which analyzes Bitcoin's (BTC) long-term growth trends, the market has not yet reached an overheated stage, indicating that there is further potential for upside. On the 2nd (local time), CryptoQuant contributor Arab Chain said, "According to the Power Law Divergence Indicator, the current Bitcoin price is above the long-term trend line, but it has not reached the red zone, which signified the overheated range in past cycles. The divergence levels also remain near neutral to positive, indicating that it is not at the bubble stage." He added, "In this cycle, price movements have been more stable than before, showing a gradual upward trend. While prices are likely to continue rising gradually, if there is massive institutional capital inflow or positive regulatory decisions, prices could shoot up rapidly and the indicator could enter the bubble area."

There is an outlook that the stock price of Circle, the issuer of the stablecoin USDC, is likely to decline. According to The Block on the 1st (local time), Mizuho Securities reported that "Circle earned approximately $625 million in total interest income from operating USDC reserves during the second quarter, and is estimated to have paid $332.5 million of that to Coinbase." It further stated, "As Circle expands its distribution partnerships with other platforms such as Binance, payments to other partners are also increasing, which could further intensify margin pressure," thereby raising the possibility of a stock price decline due to worsening profitability. Meanwhile, Circle's current stock price is about $170 per share, and Mizuho had previously set a target price of $85 for Circle earlier this month.

Jan van Eck, the CEO of global asset management firm VanEck, described Bitcoin as 'digital gold.' On the 2nd (local time), Jan van Eck emphasized the long-term value appreciation potential of Bitcoin in an interview with Bloomberg TV, stating, "Bitcoin is digital gold." He also forecasted, "Bitcoin will eventually reach half the value of physical gold. In that case, the ultimate value of 1 Bitcoin could reach about $400,000."

The downtrend for Bitcoin (BTC) has intensified, breaking below the $113,000 mark. As of 7:44 AM on the 2nd, according to CoinMarketCap, Bitcoin is trading at $112,946.86, down 2.76% from the previous day. Major altcoins are also showing declines. Ethereum (ETH) is trading at $3,464.86 on CoinMarketCap, down 6.85% from the previous day, while XRP is down 3.29% at $2.91. Solana (SOL) recorded the biggest drop among major altcoins, falling 7.42% and reaching $160.72.

Michael Saylor, chairman of MicroStrategy, stated that Bitcoin (BTC) will serve as a financial asset in the long run. On the 2nd (local time), Saylor said through his X account, "Bitcoin functions as a trading instrument that leverages price volatility in the short term, but in the long run, it will serve as a financial asset." This perspective is being highlighted further in line with the recent trend of more companies strategically accumulating Bitcoin. Meanwhile, in an interview with CNBC the previous day, Saylor remarked, "I don't think purchasing 3~7% of Bitcoin's supply is a lot. It is possible to buy up to 1.5 million BTC."

Bitcoin (BTC) whales holding between 10 and 10,000 BTC have purchased over 210,000 Bitcoin in the past four months. According to Santiment on the 31st (local time), whales owning 10 to 10,000 BTC collectively acquired an additional 218,570 BTC since the end of March. This corresponds to roughly 0.9% of the total Bitcoin supply. These addresses are currently holding 68.44% of the total supply. Meanwhile, Bitcoin is trading at $118,410.99 on CoinMarketCap, up 0.51% from the previous day.

According to the Token Mindshare indicator from Kaito (an AI-driven Web3 search platform that quantifies each token's influence in the crypto market), as of the 30th, the top 5 crypto-related keywords drawing the most public attention are Ethereum (ETH), Kaito (KAITO), Coinbase (Coinbase), Bitcoin (BTC), and XRP (XRP). Ethereum has gained attention as U.S. spot Ethereum ETFs saw net inflows for 19 consecutive trading days. On the previous day, U.S. spot Ethereum ETFs recorded a net inflow of $6.22 million (about ₩860 million). Recently, steady accumulation by whales has continued. According to Lookonchain, since July 9th, 11 new wallets have accumulated a total of 722,152 ETH (about $2.77 billion). Meanwhile, Ethereum is currently trading at $3,859.34 on CoinMarketCap, up 0.86% from the previous day. Kaito made headlines after announcing an update to the Yaper leaderboard and unveiling the gKAITO mechanism. gKAITO is designed to offer more meaningful rewards to those contributing to the Kaito ecosystem. Both the Yaper leaderboard update and the gKAITO mechanism are slated to launch within the next few weeks. Coinbase became a topic of discussion after recently forming a strategic partnership with JPMorgan. Through this partnership, JPMorgan customers can deposit into their Coinbase accounts using credit cards. Additionally, direct bank transfers from JPMorgan to Coinbase will be possible from 2026, and 1:1 crypto purchases using JPMorgan reward points will also be supported. Bitcoin has attracted attention after being officially classified as a U.S. government reserve asset in a White House crypto report. The report stated, “The government will not sell seized Bitcoin but will maintain it as a U.S. reserve asset to achieve government objectives.” Bitcoin is currently trading at $118,519.58 on CoinMarketCap, up 0.44% from the previous day. XRP recently garnered attention after its perpetual futures trading volume on Kraken surpassed that of Solana (SOL). According to CoinDesk, XRP's perpetual futures volume stood at $3.48 billion, topping Solana’s $3.23 billion. At present, XRP is trading at $3.14 on CoinMarketCap, up 0.15% from the previous day. In addition, investors have also shown interest in Bancor Coin (BNKR), Shrap (Shrap), Sidekick (Sidekick), Arbitrum (ARB), and Novastro Chain (Novastro Chain).

The Layer 1 blockchain Kaia (KAIA) Foundation announced that it will end the FNSA→KAIA token swap service on September 30. On the 31st (local time), Kaia stated on X, "The FNSA→KAIA token swap service, which began with the launch of the KAIA mainnet in August 2024, will end on September 30. Accordingly, all operations of the Finschia chain are also officially scheduled to end on the same day." The swap service, which was initially planned to run for one year, was extended for a final month for remaining users, and this notice confirms the official end date. Users who have not yet swapped their tokens must complete the process within the deadline, as all related support will be fully discontinued after September 30.

The accumulation trend of whales for Ethereum (ETH) continues. On the 31st (local time), Lookonchain reported via X that "over the past 8 hours, three newly created wallets have additionally purchased a total of 73,821 ETH (approximately $283 million)." According to Lookonchain, since July 9, a total of 11 new wallets have absorbed a cumulative 722,152 ETH (about $2.77 billion) so far. Large-scale buyers are consistently purchasing Ethereum.