Suehyeon Lee

The number of weekly stablecoin users on the Ethereum (ETH) network has reached an all-time high. On the 26th (local time), The Block reported, “For the first time, the weekly number of Ethereum-based stablecoin users has exceeded 750,000. This figure is based on major stablecoins such as USDT, USDC, BUSD, and DAI, indicating that the real-world adoption of stablecoins is gaining significant traction.” According to The Block, the current Ethereum-based stablecoin market is dominated by USDT and USDC. USDT maintains a supply of $73 billion solely on Ethereum, holding the largest market share, followed by USDC with about $41 billion.

As Bitcoin hovers around the $100,000 mark, the average purchase price of short-term holders, $97,700, is emerging as a key support level. On the 26th (local time), CryptoQuant author Yonsei_dent stated, "The average acquisition cost for short-term holders (those holding for between one week and less than six months) stands at $97,700. These short-term holders account for over 40% of the total market capitalization, so their sentiment has a significant impact on market trends." He further explained, "Since Bitcoin is currently trading near the $100,000 level, if the price falls below this support line, a wave of panic selling by short-term holders could follow," adding, "The near-term movement of Bitcoin depends on whether the $97,000~$100,000 support range can be maintained."

The DeFi project World Liberty Financial (WLFI), spearheaded by the family of former U.S. President Donald Trump, has announced plans to publish an audit of its stablecoin and launch a new app. According to Reuters on the 26th (local time), Zak Folkman, co-founder of World Liberty Financial, stated at the Permissionless Conference held in Brooklyn, New York, "We have completed an accounting audit for the stablecoin USD1 and will soon make it public." Folkman also added, "We are preparing a new virtual asset application for general investors, and our native governance token 'WLFI' could soon be traded on the market." Currently, WLFI gives platform participants voting rights, but is not tradable on the market. However, with this statement, there is now speculation that WLFI, which grants voting rights to platform participants, may be listed.

Whales are absorbing the Bitcoin (BTC) supply sold by retail investors, and despite a supply shortage, there is analysis suggesting there remains potential for a future bull market. On the 26th (local time), CryptoQuant author IT Tech stated, "The amount of Bitcoin held by retail investors with less than 1 BTC has decreased by about 54,500 BTC over the past year, now totaling around 1.69 million BTC," adding, "Meanwhile, large investors holding over 1,000 BTC have made additional purchases of an impressive 507,700 BTC in the past year, bringing their total holdings to 16.57 million BTC." He continued, "As a result, large investors are buying about seven times more than the retail selling volume, intensifying the supply shortage. However, since FOMO among retail investors hasn't ramped up in earnest, there is still a valid possibility for a future bull market entry."

Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), criticized the SEC's handling of Bitcoin exchange-traded products (ETPs) as being inadequate. According to Watcher Guru on the 26th (local time), Peirce acknowledged, "The SEC really mishandled the Bitcoin ETP." This is interpreted as criticism against the SEC, which has delayed approval of spot Bitcoin ETFs for years. Previously, the SEC approved the first spot Bitcoin ETF early last year, but had been criticized for the approval delays, which were viewed as stemming from a negative stance on virtual assets (cryptocurrencies). Meanwhile, Commissioner Peirce also expressed the expectation that the issuance and redemption of spot-based crypto ETFs will eventually be permitted. The spot redemption method allows ETF holders to receive the underlying crypto asset in-kind upon selling the ETF.

Institutions are continuing to move towards launching Solana (SOL) spot ETFs. On the 26th (local time), James Seyffart, a Bloomberg ETF analyst, reported on his X account that "Invesco and Galaxy have applied for a Solana spot ETF to the U.S. Securities and Exchange Commission (SEC)." With this application, the total number of issuers pursuing a Solana ETF has increased to nine.

According to the Token Mindshare (a metric quantifying the influence of a particular token in the virtual asset market) Top Gainers from the AI-powered Web3 search platform Kaito, as of the 21st, the top 5 virtual asset-related keywords attracting the most attention are Bitcoin (BTC), Ethos Network, EthOS, Tether (USDT), and Openledger. Bitcoin has reportedly seen an increase in online mentions recently, presumably due to price declines amid the Middle East conflict and delayed rate cuts. However, despite the price drop, institutional inflows have remained steady. On the previous day, the US Bitcoin spot ETF recorded a net inflow of $6,320,000 (approx. ₩860,000,000), marking nine consecutive trading days of net inflows. Currently, on CoinMarketCap, Bitcoin is trading at $103,394.89, down 0.96% from the previous day. The decentralized protocol Ethos Network drew attention this week by announcing the distribution of XP rewards. Previously, last week, four weeks’ worth of XP was paid out at once. Meanwhile, EthOS reportedly garnered attention by announcing that its launched smartphone is currently being offered at a discount. Tether made the news by announcing the launch of the open-source password manager PearPass. Paolo Ardoino, CEO of Tether, commented on the recent large-scale data breach, saying, "The cloud has failed again. It’s time to move away from the cloud. That’s why we have been developing PearPass, and it will be launched soon." Openledger attracted attention by announcing a partnership with Cookie.fun to launch the 'OctoSnaps' project. This campaign features a total reward pool equivalent to $350,000, and over the next three months, $100,000 worth of OPEN tokens and $50,000 worth of COOKIE tokens will be distributed monthly. Additionally, investors are also showing interest in Blockless, COOKIE, Bybit, ZORA, and Open Custody Protocol.

A large-scale OTC (over-the-counter) virtual asset (cryptocurrency) scam targeting tokens such as Sui (SUI) and NEAR Protocol (NEAR) has been uncovered. According to Wu Blockchain on the 21st (local time), this scam operated for several months via Telegram. Initially, tokens were delivered normally to build trust, but it eventually turned into a Ponzi scheme. A variety of tokens, including Sui, NEAR Protocol, Axelar (AXL), and Sei (SEI), were used in these scam transactions, and it is reported that victims included venture capital (VC) firms, influencers (KOL), and whale investors.

The U.S. Ethereum (ETH) spot ETF recorded a net outflow of over $10 million the previous day. According to Farside Investors on the 21st (local time), the U.S. Ethereum spot ETF posted a net outflow of $11.3 million (approximately ₩15.5 billion) the previous day. Specifically, BlackRock ETHA showed a net outflow of $19.7 million, while Grayscale Mini ETH and VanEck ETHV recorded net inflows of $6.6 million and $1.8 million, respectively. Other products saw no net inflow or outflow.

The US Bitcoin (BTC) spot ETF continues to show positive fund inflows. According to Trader T on the 21st (local time), the US Bitcoin spot ETF recorded a net inflow of $6.32 million (approximately ₩8.6 billion) the previous day. This marks nine consecutive trading days of net inflows. Specifically, BlackRock IBIT led the inflows with a net inflow of $46.87 million, while Fidelity FBTC saw a net outflow of $40.55 million, forming a contrast with BlackRock. Other products showed no net inflow or outflow.

Shares of the stablecoin issuer Circle have drawn intense attention in the US market, ranking third in trading value among major tech companies. According to TraderT on the 21st (local time), Circle recorded a trading amount of $21.4 billion (approx. ₩29 trillion) on the US stock exchanges and became the third most actively traded stock. TraderT also noted concerns about increased volatility and urged caution. Meanwhile, Circle's circulating market capitalization is reported to be $21.7 billion.

The state of Texas has passed a bill that protects Bitcoin (BTC) reserves. According to Crypto Briefing on the 21st (local time), Greg Abbott, Governor of Texas, passed the protection bill (HB4488), which prevents certain state government funds—including Bitcoin reserves—from being converted into the general fund. This bill specified that not only Bitcoin reserves but also the Texas Advanced Nuclear Development Fund and the Gulf Coast Protection Fund are subject to protection. These funds will be established as separate legal entities. Meanwhile, another bill in Texas (SB21), which would allow the state to invest in Bitcoin and virtual assets (cryptocurrencies) with a market capitalization of over $5 billion, is awaiting the governor’s signature. Whether the Texas Bitcoin Strategic Reserve is established depends on the passage of this bill, and if enacted, it would be protected under HB4488.

With the Fed hinting at a possible rate cut in July, analysis suggests that the currently weak Bitcoin (BTC) price is likely to see strength not in Q3 but in Q4. On the 21st (local time), Cointelegraph reported, "Fed board member Christopher Waller said in a CNBC interview the previous day that a rate cut could come as early as July. While expectations are rising for a Bitcoin rebound in the third quarter if a rate cut materializes, the seasonal trend points to a stronger bullish potential in the fourth quarter." The outlet cited analysis by Bitcoin network economist Timothy Peterson, stating, "Over the past decade, the average return from June to September has been around 1%, so with Bitcoin holding the $100,000 line, there is a high chance this will lead to a strong rally in Q4."

According to the Token Mindshare (an indicator that quantifies the influence of specific tokens in the virtual asset market) Top Gainers on the AI-based web3 search platform Kaito, the top 5 virtual asset-related keywords currently of greatest interest as of the 19th are AIXBT, COOKIE DAO, Warden Protocol, SPARK, and BNKR. AIXBT, an AI agent, recently topped the Token Mindshare ranking as mentions among online investors increased. This is considered possible due to AIXBT's real-time market analysis and active engagement on X through large-scale replies. Meanwhile, AIXBT is currently trading at $0.1497 on CoinMarketCap, down 2.43% from the previous day. COOKIE DAO gained attention by introducing a 'mindshare' feed on its platform aligned with real-time conversation flow. This feature updates every 5 minutes, allowing users to track changes in market interest and attention in real time. Meanwhile, COOKIE DAO is currently trading at $0.1875 on CoinMarketCap, up 1.56% from the previous day. Warden Protocol, together with Kaito, is presumed to have increased online mentions by hosting a Yapping event that offers tokens worth $1,000,000. 2.5% of the total WARD token supply has been allocated to the reward pool, and the event will be held over three seasons. SPARK recently drew investor attention after Coinbase announced the listing of its perpetual futures at 18:30 (KST) on the 19th on Coinbase International Exchange. SPARK is currently trading on CoinMarketCap at $0.04647, down 19.66% from the previous day. BNKR attracted attention by launching an event that distributes tokens to traders based on the Banker Score tally. A total of 450,000,000 BNKR will be distributed. The score is determined by combining social mindshare, BNKR holdings, trading PnL within the Banker platform, and booster coin holdings. However, it is known that only members of Banker Club can participate in this event. In addition, investors are also interested in USDC, PEPE, COOKIE3, Coinbase, and NEWTON.

The total supply of the stablecoin market has surpassed $250 billion. On the 19th (local time), Delphi Digital reported, "The total stablecoin supply has surpassed $250 billion for the first time in history, with Tether (USDT) and Circle (USDC) accounting for 86% of total circulation." It further analyzed, "In the case of Ethena (ENA), its supply has grown to nearly $6 billion since launch, and there are now over 10 types of stablecoins with a market capitalization exceeding $1 billion, indicating increasing diversity among issuers."

The US Ethereum (ETH) spot ETF continues its inflow trend. According to Farside Investors on the 19th (local time), the previous day saw a net inflow of $19.1 million (₩26.3 billion) into the US Ethereum spot ETF. This marks three consecutive trading days of net inflows. On this day, BlackRock ETHA recorded a net inflow of $15.1 million, and Grayscale Mini ETH recorded a net inflow of $4 million. Other products saw no net inflows or outflows.

U.S. Bitcoin (BTC) spot ETFs recorded a net inflow of over $300 million the previous day. According to Trader T on the 19th (local time), U.S. Bitcoin spot ETFs saw a net inflow of $388.73 million (approximately ₩537.5 billion) the previous day. This marks eight consecutive trading days of net inflows. Specifically, BlackRock IBIT posted the largest net inflow at $279.27 million, and Fidelity FBTC also recorded a net inflow of $104.38 million. Additionally, Bitwise BITB had a net inflow of $11.32 million, and Grayscale Mini BTC saw a net inflow of $10.12 million. In contrast, Grayscale GBTC recorded a net outflow of $16.36 million on this day. The remaining products had no net inflow or outflow.