Suehyeon Lee

A pathway is expected to open for listed companies and corporations registered as professional investors to invest up to 5% of their equity capital in crypto assets such as Bitcoin (BTC) and Ether (ETH). According to the financial sector on the 11th, the Financial Services Commission (FSC) prepared “Guidelines for Crypto-Asset Trading by Listed Corporations” and shared them with a public-private task force (TF) on the 6th. An official familiar with financial regulators said, “We plan to disclose the final guidelines in January–February and allow corporations to trade crypto assets for investment and treasury purposes.” Given that the bill for the Framework Act on Digital Assets is slated for the first quarter of this year, permission for trading by listed firms and professional-investor corporations is highly likely to materialize no later than within the year. To prevent excessive risk exposure by companies, the authorities set an annual investment cap at 5% of equity capital. Eligible assets will be limited to the top 20 tokens by market capitalization on a semiannual basis, based on disclosures from South Korea’s five major crypto exchanges. Whether to include Tether (USDT), a dollar-pegged stablecoin, is still under discussion. The authorities also plan to establish trading rules—such as split execution and limits on orders that exceed a specified quote range—to help curb market volatility. While the industry welcomes the move to allow corporate investment itself, it is voicing concerns about the cap. The United States and Japan impose no restrictions on corporate investment, and the European Union and Singapore also allow crypto-asset investment relatively broadly. In this regard, an FSC official said, “We are discussing the development of the guidelines through the relevant-agency TF,” adding, “However, key details such as investment caps and eligible assets for corporations have not been finalized at all.”

The Wall Street Journal (WSJ) reported that the dollar-pegged stablecoin Tether (USDT) has deeply permeated Venezuela’s economy, serving as a way to skirt sanctions and as a de facto substitute for the U.S. dollar. On the 11th (local time), the WSJ said that “some state entities, including Venezuela’s state oil company, used Tether as a payment method to bypass international sanctions, while ordinary citizens have relied on stablecoins to preserve the value of their assets amid extreme hyperinflation.” According to the WSJ, a prolonged economic downturn and the collapse of the currency’s value have severely eroded the real value of the bolívar, Venezuela’s local currency, and in the process Tether has spread as an informal means of payment and saving that substitutes for access to dollars. In particular, its ability to bypass traditional financial networks in overseas remittances or payments tied to crude-oil transactions was cited as a key driver of adoption. Although the political landscape has shifted rapidly following the arrest of President Nicolás Maduro, experts say stablecoin usage is likely to persist for some time regardless of any change in government. That is because it will take considerable time to normalize financial infrastructure, and Tether has already taken hold as a means of everyday payment and a store of value. Tether, for its part, said it strictly complies with U.S. and international sanctions, and that it cooperates with law enforcement by taking steps such as freezing wallets when necessary for addresses linked to illegal activity. The company reiterated that it does not condone its stablecoin being used for sanctions evasion or illicit activity.

Ethereum (ETH) co-founder Vitalik Buterin pointed to structural limitations of decentralized stablecoins, laying out three core challenges the industry must address. According to The Block on the 12th (local time), Buterin wrote on X that “we need better decentralized stablecoins,” highlighting issues around setting the reference index, oracle design, and competition over staking yields. As the first challenge, Buterin cited the limits of a U.S. dollar (USD)-pegged structure. While dollar tracking may work in the short term, he argued that over the long run—considering resilience at the nation-state level—there is a need to move away from reliance on a specific fiat-currency price benchmark. “On a 20-year time horizon, even moderate inflation in the dollar could become a problem,” he said, stressing that “we should design an index more appropriate than the dollar.” Second is the oracle problem. Buterin said there is a need for a so-called “capture-resistant” oracle design—one that cannot be taken over even by mobilizing sufficient capital. Otherwise, he explained, a protocol would end up requiring capture costs larger than a token’s market capitalization, which could lead to a structure that forces excessive value extraction from users. He added that he has consistently criticized financialized governance for this reason. Finally, he also cited competition over staking yields. Like the case of TerraUSD, which collapsed after offering high yields of up to 20% per year via Anchor Protocol, excessive returns are not sustainable over the long term. As alternatives, Buterin listed options such as pushing staking yields extremely low or introducing a new staking category without slashing risk, but he drew a line, saying this was not an endorsement of any specific solution but “a listing of the range of possible solutions.”

An analysis suggests that Ethereum (ETH) has reversed its price trajectory after bottoming in April 2025, exhibiting a cycle similar to that seen in 2019. According to Cointelegraph on the 12th (local time), crypto market analyst Michaël van de Poppe said, “Ethereum’s price structure and on-chain metrics are indicating bullish signals over the medium to long term.” Van de Poppe cited as key evidence the simultaneous expansion of stablecoins, real-world asset (RWA) tokenization, and developer activity on the Ethereum network. “Over the course of 2025, the supply of Ethereum-based stablecoins has increased by more than 65%, and is roughly double the level seen at the 2021 peak,” he said, explaining that network utilization is structurally rising. Data show that the market capitalization of stablecoins on Ethereum stands at about $163.9 billion, with more than half accounted for by Tether (USDT). In addition, Ethereum processed roughly $8 trillion in stablecoin transfers in the fourth quarter of 2024 alone, reinforcing its role as a payments and settlement infrastructure. Market sentiment is also in focus, as a short-term rebound emerged shortly after pessimism that “Ethereum is finished” spread. Ethereum at one point reclaimed the $3,300 level and moved above its 365-day moving average, but after a pullback it is again trading around $3,100. Van de Poppe interpreted this not as a breakdown of the trend but as a correction within the cycle. In particular, the ETH/BTC ratio—a gauge of Ethereum’s relative value versus Bitcoin—formed a bottom around 0.017 in April 2025 and rose to 0.043 by August. It later slid to around 0.034 amid the sharp market sell-off in October, but he said “this pattern closely resembles the formation of the ETH/BTC bottom in 2019,” adding that “back then, a rebound phase unfolded after a prolonged downturn.” On-chain analytics firm Santiment likewise assessed that “investor sentiment toward Ethereum currently resembles the pattern seen just ahead of past major rallies.” The view is that, with network fundamentals strengthening even as price declines coincide with pessimism, Ethereum may be poised to enter another distinct market phase.

Crypto Now Trading around the KRW 130 million range for two months Concerns over potential removal from the MSCI index also a factor Bitcoin has recently been moving sideways in the KRW 130 million range. With the short-term upswing losing steam, the market is offering a range of interpretations as to what is driving this pullback. According to Upbit, a South Korean crypto exchange, on the 11th, Bitcoin has traded around the KRW 130 million level over the past two months. Analysts say profit-taking supply and a slowdown in inflows into exchange-traded funds (ETFs) have weakened the momentum that had been lifting prices. In global markets, trading has continued in the low USD 90,000 range. Crypto-focused outlet BeInCrypto said the pullback is coinciding with profit-taking sales worth about USD 100 million. In particular, a heavy concentration of sell orders in the USD 94,000–95,000 band formed a strong resistance level, and when prices failed to break above that zone, a wave of selling to lock in short-term gains hit the market at once. ETF flows also added pressure. U.S. spot Bitcoin ETFs posted net outflows on every day last week except one. On the 6th and 7th, USD 243.20 million and USD 486.10 million, respectively, were withdrawn, weakening a key driver that could have pushed prices higher. Adding to the headwinds, concerns that companies linked to digital assets could be removed from Morgan Stanley Capital International (MSCI) indexes also cooled sentiment. MSCI said it does not plan to change its criteria immediately, but left the door open by saying it would revisit standards related to digital asset-related companies. Another point drawing attention is that long-dormant Bitcoin has been moving onto exchanges. According to CryptoQuant, there has recently been a trend of long-held Bitcoin being transferred to exchanges. That is why some analysts say the decline reflects growing sell-side supply rather than a simple technical correction. Ki Young Ju, CEO of CryptoQuant, said, "Funds flowing into Bitcoin have cooled," adding, "Rather than a sharp drop, it is likely to trade in a range for some time."

Samson Mow, founder of Jan3, predicted that Elon Musk will increase his bets on bitcoin (BTC) this year. According to Cointelegraph on the 11th (local time), Mow recently posted on X that "Elon Musk will go big on bitcoin in 2026." This is one of Mow’s five major bitcoin-related predictions for 2026. Musk has consistently made crypto-friendly remarks more broadly, but has kept his distance from bitcoin, citing environmental concerns. Tesla in fact halted bitcoin payments in May 2021 and disclosed in 2022 that it had sold 75% of its bitcoin holdings. Even so, Mow suggested that Musk’s stance could shift materially starting in 2026. Mow also maintained strong optimism on price. He projected that "bitcoin could reach $1.33 million in 2026." That would be more than 13 times the current price. He has particularly stressed that if adoption at the national level accelerates in earnest, the price could shift from a "gradual rise" to a phase of "sharp leaps." Still, broader industry views are more cautious. Matt Hougan, chief investment officer (CIO) at Bitwise, said he expects a gradual but solid uptrend over the next decade, pushing back on the prospect of an ultra-rapid surge. The market’s wariness has also been heightened by the miss in earlier calls by figures such as Arthur Hayes and Tom Lee for bitcoin to hit $250,000 in 2025. Even so, Mow appears largely unfazed by whether his past forecasts have hit the mark. When a user asked, "How accurate were your 2025 predictions?" he replied, "I don’t look back. I only look forward." He also added forecasts that "bitcoin will outperform traditional commodities such as gold and silver over the long term" and that "at least one country will issue bitcoin bonds."

U.S. online brokerage Robinhood is rapidly broadening its business scope over the past year by stepping up investment in blockchain infrastructure, rolling out tokenized stocks, staking products, and building an Ethereum (ETH)-based layer-2 (L2) network. According to Cointelegraph on the 11th (local time), Johann Kerbrat, head of Robinhood’s crypto (cryptocurrency) division, said, “After considering which option between layer 1 (L1) and L2 would be appropriate, we chose L2, which allows us to leverage Ethereum’s security and decentralization as well as the liquidity of the EVM ecosystem.” He emphasized that with this structure, core infrastructure issues—security and decentralization—are delegated to Ethereum, enabling Robinhood to focus on developing services such as tokenized stocks. Robinhood’s in-house L2 chain is currently in a private testnet phase, and a specific public launch schedule has not yet been set. Previously, Robinhood first launched its tokenized stock service on Arbitrum (ARB), Ethereum’s largest rollup network. The number of tokenized stocks, which was about 200 at the initial launch, has now surpassed 2,000, and the offering is being expanded quickly in response to customer demand. Kerbrat said, “Because we can carry over assets and liquidity as-is on Arbitrum, even if our own chain goes live later, there is no need for a separate, complex migration process.” Robinhood is also putting weight behind crypto-native products such as staking. The strategy was to introduce staking first in Europe, where regulatory uncertainty was relatively lower, and then expand to the U.S. market after the U.S. Securities and Exchange Commission (SEC) refined its guidelines. Kerbrat projected that as a range of real-world assets—not only stocks but also private funds, real estate, and artworks—move on-chain, new revenue models and lending and financial services will emerge. To that end, Robinhood has made clear its policy: “We will focus on moving the assets themselves on-chain.”

Bitmine is aggressively expanding its Ethereum (ETH) staking. According to on-chain analytics account Lookonchain on the 11th (local time), Bitmine, led by Tom Lee, staked an additional 86,400 ETH (about $266.3 million) five hours earlier. With this additional deposit, Bitmine’s total staked amount stands at 1,080,512 ETH, worth about $3.33 billion at current prices. This is viewed as one of the most notable long-term Ethereum management strategies among institutional investors and digital-asset treasury firms. Bitmine is led by Tom Lee, a co-founder of Fundstrat, and has recently been stepping up a strategy to manage Ethereum not merely as a held asset but as an income-generating asset. The move is interpreted as securing network reward income through staking while also signaling a clear commitment to long-term holding to the market.

Social-media investor sentiment around Ethereum (ETH) has deteriorated to levels similar to those seen just ahead of the 2025 bull market, and is being interpreted as a signal that could point to a medium-term rebound. According to Cointelegraph on the 11th (local time), Santiment analyst Brian Quinlivan said in a recent YouTube video, "Social-media sentiment toward Ethereum is currently quite low, which can be seen as a sign that the room for further declines is limited." He added, "This closely resembles the mood that appeared right before Ethereum began a full-fledged upswing last year." In fact, after Ethereum fell to its annual low of $1,472 in April 2025, it went on to reclaim $4,878—its 2021 all-time high—again in August that year, even as investor interest had cooled sharply. That amounts to a gain of nearly 70% in about four months. Quinlivan stressed, "What matters is that prices instead surged when people essentially started giving up on Ethereum." Ethereum is currently trading about 36% below its all-time high. That is because it has remained in a correction phase since last October’s large-scale liquidation event in the broader digital-asset (cryptocurrency) market. Still, Quinlivan assessed that "it’s not like early 2025, when people were questioning Ethereum’s very existence," adding that "the market is once again naturally recognizing Ethereum as the No. 2 asset by market capitalization." Previously, Anthony Bassili, head of Coinbase Asset Management, also said that "among investors, there is a firm view that Ethereum is a core portfolio asset after Bitcoin." Meanwhile, Quinlivan voiced strong conviction about the growth trajectory of the Ethereum network itself. He explained that "network activity centered on staking is increasing explosively." However, overall digital-asset market sentiment remains subdued. CoinMarketCap’s Fear & Greed Index has remained in the 'Fear' zone through recently, and the Altcoin Season Index likewise shows that capital continues to concentrate in Bitcoin. In this environment, whether Ethereum can regain investor confidence is seen as a key point to watch going forward.

Bitcoin network mining difficulty ticked down slightly in the first adjustment of 2026. According to Cointelegraph on the 11th (local time), as of the 5th, Bitcoin mining difficulty was adjusted to 146.4 trillion, slightly lower than the previous level. However, with the average block time still shorter than the 10-minute target, forecasts suggest there is a strong likelihood difficulty will be raised again in the next adjustment. CoinWarz, a mining data provider, estimates the next Bitcoin difficulty adjustment is scheduled for Jan. 22 (UTC) and projects difficulty will rise from 146.47 trillion to around 148.20 trillion. The current average block time stands at about 9.88 minutes, leaving room for the network to increase difficulty to slow block production. Bitcoin mining difficulty repeatedly set new all-time highs throughout 2025. In November last year, it surged to 155.9 trillion, marking a record high, but after year-end and early-year adjustments it has remained in a somewhat lower range. Even so, elevated difficulty signals intensifying mining competition and is seen as increasing cost burdens across the mining industry. In particular, 2025 was recorded as the "worst margin environment on record" for Bitcoin miners. Following the April 2024 halving that cut block rewards in half, profitability deteriorated sharply amid macroeconomic uncertainty and regulatory pressures. Adding to this, the fallout from a steep selloff in October last year pushed Bitcoin prices down to the low-$80,000 range in November, maximizing financial strain on mining firms. Hash price, a key metric of mining profitability, also fell below breakeven in November last year. The industry typically views $40 per petahash per day (PH/s) as the benchmark for deciding whether to keep mining, but the figure dropped to $35 or lower at the time, the lowest level in years. The industry expects that even if Bitcoin prices rebound, structural pressure on miners will be difficult to alleviate as long as rising difficulty and the burden of power and equipment costs persist.

Stablecoin issuer Tether has been found to have registered a trademark in Russia for Hadron, its asset tokenization platform. According to a report by Russia’s state news agency RIA cited by Wu Blockchain on the 11th (local time), Tether applied to register the Hadron trademark in Russia in October 2025, and the trademark was approved in January 2026. The trademark protection period runs through October 2035. The registered scope covers blockchain-based financial services, trading and exchange of virtual assets (cryptocurrencies), cryptocurrency payment processing, and related advisory services. This suggests Hadron could be used as a platform spanning broader financial infrastructure, beyond a simple token issuance tool. Market participants interpret the trademark registration as part of Tether’s move to expand its asset tokenization strategy globally. With interest in real-world asset (RWA) tokenization rising, some see it as a step to lay the groundwork in advance for related business in Russia, one of the key emerging markets.

An analysis has emerged suggesting that the recent reduction in whales’ long positions is forming a price pattern similar to the past, raising expectations that Bitcoin could surpass $100,000 over the medium term. According to Cointelegraph on the 11th (local time), whale investors’ Bitcoin long positions peaked at around 73,000 BTC in late December last year before turning downward. Whales are generally regarded as “smart money” in the market, and their position adjustments are often interpreted as a leading signal for future price action. Market participants are focusing on the fact that whales’ tendency to unwind long positions near highs has, paradoxically, served as a precursor to price gains. Crypto asset (cryptocurrency) analyst MartyParty said, “Bitfinex whales are aggressively cutting Bitcoin long positions, and historically this has been a signal seen before major volatility followed.” He added, “When the same pattern appeared in early 2025, Bitcoin stalled around $74,000 and then posted a strong upward move.” MartyParty interpreted the move by applying Wyckoff theory. He said the point at which long positions began to decline in April last year almost coincided with the period when Bitcoin slipped below $75,000, corresponding to the phase referred to as a “spring” in Wyckoff analysis. After leveraged positions were flushed out, Bitcoin surged about 50% in 43 days, rising to $112,000. With Bitcoin currently continuing a range-bound consolidation around $91,500, some analyses suggest that if a similar fractal is replicated, the medium-term target price could be at least $135,000. However, this is merely a technical scenario based on past patterns, and it is also seen as implying the potential for heightened short-term volatility. Meanwhile, on-chain data platform CryptoQuant estimated that total whale holdings have declined by more than 200,000 BTC over the past year. By contrast, the share held by retail investors has increased, suggesting the market is entering a “mature cycle” phase in which it moves from a whale-led regime to a more distributed demand base. That said, CryptoQuant has previously pushed back against interpretations that whales were actively accumulating Bitcoin in the $90,000 range as of early January.

<Lee Soo-hyun’s Coin Radar> is a weekly column that tracks the flow of the virtual asset (crypto) market and explains the forces behind it. Going beyond a simple list of prices, it provides a multi-angle analysis of global macro issues and investor positioning to offer insight into where the market may be headed. Major coins 1. Bitcoin (BTC) Bitcoin briefly reclaimed $94,000 on a rebound over the weekend, but slid again from the 7th and dipped below $90,000 intraday. As of the 9th, it is trading around $91,000 on CoinMarketCap. Profit-taking supply and a slowdown in exchange-traded fund (ETF) flows are being cited as the direct drivers of the decline. As the price climbed into the $94,000–$95,000 range, a thick overhang of sell orders had built up there, and the breakout was capped as buying failed to absorb that supply. Crypto outlet BeInCrypto said the pullback steepened as short-term investors’ profit-taking hit the market all at once at that level. The analysis links the correction directly to roughly $100 million worth of profit-taking sales. US spot Bitcoin ETF flows also failed to provide a floor. Aside from one day early this week, heavy net outflows continued for three consecutive sessions from the 6th to the 8th, leaving the market short of incremental funds to extend the rebound. Movement in long-dormant Bitcoin is also being flagged as a key factor in this correction. According to CryptoQuant, the SOAB (Spent Output Age Bands) indicator showed a large activation of Bitcoin that had not moved for a long time, with inflows to exchanges followed by a price pullback. This raises the possibility that medium- to long-term holders—not short-term traders—are recognizing risk near the top and adjusting positions. Upcoming market events also carry both downside risk and upside expectations. Chief among them is the US Supreme Court’s ruling on tariffs scheduled for the 9th (local time). If reciprocal tariffs are deemed illegal, concerns over the US fiscal burden could resurface, and heightened Treasury yield volatility may weigh on risk assets in the near term. Over the medium to long term, however, an adverse ruling could again highlight weakening institutional confidence in the dollar and US Treasuries, prompting a view that Bitcoin—alongside gold—could be re-rated as an alternative store of value. Legislative events also matter. On the 15th, a markup vote is set for the CLARITY Act, a US digital-asset market structure bill. A markup is a key committee-stage process in which provisions are reviewed and revised. While this does not mean the bill will pass immediately, the signal that “the legislative process is advancing” could be interpreted as meaningful by the market. At the same time, political conflict over conflict-of-interest provisions could push final passage back until 2027. As for price outlook, the key near-term question is whether Bitcoin can firmly establish itself above $90,500. Analyst Ayush Jindal said that if this zone holds, Bitcoin could move through $91,400 and $92,500 and attempt $94,000 again, adding that if $90,000 breaks, downside to $89,000—and if it falls further, into the $86,000 area—must be considered. Some also expect a period of range-bound trading. Ki Young Ju, CEO of CryptoQuant, said “inflows into Bitcoin have effectively dried up,” adding that “the next few months could see boring sideways action rather than sharp swings.” 2. Ethereum (ETH) Ethereum has also slipped alongside Bitcoin’s correction, falling from the $3,200 area and now trading around $3,100. The $3,000 level, however, appears relatively well defended. The tone is bearish, but it has not shown signs of a full breakdown—closer to a holding phase. On-chain data is flashing both bearish signals and structural support factors. The most notable bearish sign is weakening US institutional demand. According to a CryptoQuant analysis on the 8th, Ethereum’s Coinbase premium fell to its lowest level in 10 months, and the 14-day simple moving average dropped to -2.285. This metric reflects whether US-based investors are net buyers or sellers; it suggests selling pressure has clearly taken the upper hand. What’s notable is that even as prices stall, capital flows are converging on Ethereum. Net inflows of so-called bridged liquidity—funds moving via cross-chain bridges—totaled about $35 million over 24 hours as of the 8th, the second-largest figure among major networks. Those inflows were identified as coming from layer-2 networks such as Base (BASE) and Polygon (POL). This return of funds from layer 2 back to the mainnet points to the potential for increased in-network activity centered on ERC-20 tokens. Expanding staking is also cited as a structural support. As institutional participation rises, large players have continued to stake at scale, and Bitmine is reported to have deposited about 780,000 ETH into staking. Across the network, more than 1.3 million ETH are waiting to be staked, while ValidatorQueue shows the validator withdrawal queue is effectively near zero. As staking increases, circulating supply is less likely to hit the market quickly, which can cap sell pressure over the long term even if short-term volatility persists. Views are mixed, but in the near term, the key is whether Ethereum can break above resistance at $3,324. CryptoQuant analyst FellineyPA noted that open interest is around $7.8 billion, in a neutral range, and said that if Ethereum holds $3,000 while open interest rises, a stable spot-led advance could open a path even to $3,700. The analysis also noted that failure to clear resistance could bring a return to a volatile trading environment. 3. XRP (XRP) XRP posted a double-digit gain this week and at one point surged toward $2.4, but as of the 9th it has given back most of the move and is barely holding the $2.1 level. Analysts largely argued that derivatives, rather than spot, drove the move. The initial spike was heavily influenced by short liquidations. According to CryptoQuant, about $4.4 million in short liquidations occurred on Jan. 5, sending the price soaring toward $2.4—suggesting a short-covering-driven rebound rather than strong spot buying. The next day, as the price entered a pullback phase, about $4 million in long liquidations occurred. Crypto outlet NewsBTC assessed it as “a rebound created by liquidations, not a spot-led rally.” Given Binance’s large share of XRP derivatives trading, the interpretation is that repeated two-way liquidations added to price whipsaws. The IPO issue surrounding Ripple, the issuer behind XRP, also cooled sentiment. While there had been expectations that a listing could be positive for XRP, Ripple President Monica Long drew a line by saying the company would “remain private for the time being,” dampening market expectations. ETF flows also shifted. The spot XRP ETF, which had maintained a streak of net inflows since launch, recorded its first net outflow on the 7th of about $40.8 million (about KRW 60 billion). Still, the amount was less than 3% of cumulative inflows, so the scale itself was not large. There are also positive signals. Whales were seen accumulating during the pullback. This week, large wallets holding 10 million to 100 million XRP reportedly bought an additional roughly 60 million XRP, estimated at more than $100 million at current prices. Inflows to Binance are also declining. According to CryptoQuant, whales’ share of exchange inflows topped 70% late last year but fell to the low-60% range as of the 8th. This is interpreted as a sign that direct selling pressure is easing. In the near term, ETF flow trends are seen as the key variable. Rachel Lucas, an analyst at BTC Markets, said “this net outflow is a symbolic shift, but it’s too small to be considered a trend reversal,” adding that “if inflows resume, a retest of $3 is possible.” Technically, breaking above $2.46 and $2.54 is important. BeInCrypto said that if XRP successfully establishes itself in that price band, the $3.3 area could also open up. Conversely, if $2.13 breaks, downside risk to $1.95 and $1.77 must also be kept on the table. Issue coin Solana (SOL) Solana is up nearly 10% on the week as of the 9th on CoinMarketCap, trading around $140. It is showing relatively solid performance even as the broader market pauses. This appears to have been supported by a rebound in the memecoin market, which helped drive Solana’s rally early last year. According to Cointelegraph, total memecoin market capitalization rose from about $38 billion on the 29th of last month to above $47.7 billion on the 5th. That is an increase of more than 23% in just one week. Trading volume also jumped from $2.17 billion to $8.7 billion over the same period—nearly quadrupling. With Solana having been the ecosystem that attracted inflows the fastest in such phases, the view is that Solana benefited. Moves by traditional finance also drew attention. On the 5th, Morgan Stanley filed an application with the US Securities and Exchange Commission (SEC) to launch a Solana trust product. The fact that a global major investment bank added Solana to its product lineup helped lift expectations. Solana’s growing presence in the RWA (real-world asset tokenization) market is also underpinning support. According to The Motley Fool on the 9th, the size of tokenized assets on Solana surged from $174 million in early 2025 to $872 million now. That is a 9.5% increase versus 30 days earlier. The outlet interpreted this as a sign that “thanks to Solana’s processing speed and low fees, frequently traded assets like stocks and bonds are increasingly moving to Solana.” Many assess that the path ahead depends on how strongly the stablecoin and tokenization narrative continues. Global asset manager Bitwise said that “stablecoins and tokenization are an unstoppable mega-trend this year, and along with Ethereum, Solana is likely to be the biggest beneficiary,” adding that “if the CLARITY Act passes, it could serve as a powerful upside catalyst, raising the likelihood that Solana will set a new all-time high.” Coinbase also forecast in its annual report that Solana’s growth, alongside Ethereum, will continue, arguing that Solana has broadened its buyer base via the spread of digital-asset treasury (DAT) companies, the launch of US spot ETFs, and the introduction of tokenized stocks. Lee Soo-hyun, reporter at Bloomingbit shlee@bloomingbit.io

Analysis suggests that in the Bitcoin market, large holders' accumulation and retail investors' profit-taking have appeared simultaneously, increasing the likelihood of additional upward momentum. On the 6th (local time), on-chain analytics firm Santiment said via X, "Recently, accumulation by large holders known as whales and sharks and profit-taking by retail investors have appeared simultaneously. The market traditionally follows the movements of large holders and tends to move in the opposite direction of the expectations of small retail investors." According to Santiment, whales and sharks refer to addresses holding 10 to 10,000 Bitcoin (BTC), and retail investors are defined as wallets holding less than 0.01 BTC. Since mid-December last year, these whale and shark cohorts have accumulated a total of 56,227 BTC. Santiment said, "This point corresponds to a local bottom for Bitcoin," adding, "Although the market price remained relatively sideways thereafter, the bullish divergence shown by whales' accumulation was structurally bound to produce at least a minimal breakout move." Over the past 24 hours, there was also an assessment that market conditions have further improved. This is because retail investors judged that this rise might be a temporary rebound rather than the start of a full bull market, and thus are taking profits in advance. Analysis indicates that when retail investors take a cautious stance like this, the market often instead moves higher. Santiment concluded, synthesizing this supply-demand structure, "There is a higher-than-usual probability that the total market capitalization of the cryptoasset market will continue to expand."

Bill Miller, Chief Investment Officer (CIO) of Miller Value Partners, forecasted that Bitcoin (BTC) could break previous highs this year. According to Cointelegraph on the 6th (local time), he said in an interview with CNBC, "Bitcoin looks to be preparing to rise again from a technical standpoint," explaining that "it is likely to retest previous highs, and changes in the U.S. regulatory environment and Wall Street's move into on-chain are supporting this." Miller said, "The current chart structure of Bitcoin has clearly improved compared to before," adding, "technical conditions that could push it upward again after a short-term correction are forming." He emphasized that this movement is not a simple price rebound but is linked to changes in market structure. He specifically cited SEC Commissioner Paul Atkins' recent remark that "capital markets are gradually moving on-chain." He added that major traditional financial institutions, including J.P. Morgan, are continuously building blockchain-based payment and settlement infrastructure, which also creates a favorable environment for Bitcoin. Miller also assessed Bitcoin's recent underperformance relative to gold prices as "a natural process given the asset's high volatility." He said, "Bitcoin is an asset that should be observed over long-term cycles rather than short-term price movements," and "temporary relative weakness does not mean the trend has been broken."

The Ethereum network's validator exit queue has effectively entered a disappearance phase, leading analysts to say that potential selling pressure in the market has greatly eased. On the 6th (local time), Cointelegraph reported that the current size of the Ethereum validator exit queue is only about 32 ETH, and the wait time has shrunk to around 1 minute. This represents a 99.9% decrease from the peak of roughly 2.67 million ETH in mid-September last year. By contrast, the new-entry queue stands at about 1.3 million ETH, marking the highest level since mid-November last year. The market is paying attention to the fact that the exit queue is nearly empty. Rostik Asymetrics' Chief Technology Officer (CTO) evaluated, "The current exit queue is virtually empty, and there is almost no demand to sell staked ETH." Tevis Alfareger (AlphaLedger) also said, "Exchange holdings of Ethereum are approaching their lowest level in a decade, and the validator entry queue far outpaces the exit queue. Selling pressure is gradually drying up." The validator exit queue is a mechanism to prevent validators from leaving en masse for network stability. That this queue has approached 'zero' means large-scale unstaking demand has disappeared, and new exit requests are being processed immediately — a signal that participants' willingness to leave the network is low. This suggests more participants are choosing long-term holding while still earning rewards. This trend is also influenced by institutional staking demand. Bitmain, one of the world's largest Ethereum treasury firms, has recently been aggressively expanding its Ethereum staking. Since Bitmain began staking on December 26 last year, it added about 82,560 ETH (about $260 million) to the entry queue on January 3 alone. The total staked amount is currently 659,219 ETH, valued at about $2.1 billion at market prices. Bitmain currently holds about 4.1 million ETH, which corresponds to about 3.4% of Ethereum's total supply. The market assesses that large treasury firms and ETF-related staking demand are jointly continuing a phase that structurally absorbs Ethereum's circulating supply.

Large inflows were observed into U.S. Ethereum (ETH) spot exchange-traded funds (ETFs), signaling a recovery in institutional demand early in the year. On the 6th (local time), according to Trader T, the total net inflow for Ethereum ETFs the previous day was $165.45 million (approximately 238.8 billion won). This marked net inflows for two consecutive trading days. Inflows were concentrated in products from large asset managers. BlackRock's ETHA received $100.23 million, accounting for the largest share. Fidelity's FETH also received $21.83 million, and Bitwise's ETHW recorded a net inflow of $19.73 million. Some funds also flowed into Grayscale-affiliated products. Grayscale's ETHE saw a net inflow of $1.32 million, and Mini Trust ETH had a net inflow of $22.34 million. The remaining products had no net inflows or outflows.

Large amounts of capital have flowed into U.S. Bitcoin (BTC) spot ETFs, raising expectations of a recovery in market liquidity. On the 6th (local time), according to Trader T, U.S. Bitcoin spot ETFs recorded a total daily net inflow of $694.67 million (about 1.0036 trillion won) the previous day, the largest in the past three months. Trading volume also showed a parallel recovery, suggesting a possible shift in market sentiment since the start of the year. Capital inflows were concentrated in the top ETFs. BlackRock's IBIT saw inflows of $371.89 million, accounting for more than half of the total net inflows. Fidelity's FBTC followed with inflows of $191.19 million. In addition, mid- and small-cap ETFs also saw steady net inflows, including Bitwise BITB ($38.45 million), ARK Invest ARKB ($36.03 million), and Invesco BTCO ($15.02 million). Additionally, Grayscale Mini BTC had net inflows of $17.92 million, and there were no net inflows or outflows for the remaining products, including Grayscale GBTC.

Demand through spot Bitcoin (BTC) exchange-traded funds (ETFs) has expanded to an all-time high, but short-term price movement remains in a box range, and analysts say this is due to structural constraints of ETF fund 'concentration' and 'liquidity volatility'. On the 6th (local time), CryptoQuant contributor CryptoZeno wrote, "The amount currently held by spot Bitcoin ETFs reaches about 1.3 million BTC, but the distribution is extremely concentrated. BlackRock's IBIT accounts for about 59% of the total, followed by Fidelity's FBTC (about 15.6%) and Grayscale's GBTC (about 12.7%)." This means spot ETF demand is driven not by many issuers but by a few core products. As a result, analysts say there is an inherent vulnerability where inflow/outflow changes in a specific ETF can have an excessive price impact on the entire market. He added, "This characteristic is clearly visible in recent US spot Bitcoin ETF fund flows: after large net inflows occur, aggressive net outflows follow, increasing volatility," and analyzed, "However, price reactions have changed compared to the past. Sensitivity to temporary large inflows into individual ETFs has decreased, while the pattern of being more closely linked to the global liquidity environment and fund flows across risk assets has strengthened." In fact, in phases of tightened liquidity, there have been repeated cases where ETFs record net inflows but prices move sideways or adjust rather than rise. Bitcoin's standing is also confirmed in relative flows between assets. Over the past 30 days, the net inflow gap between Bitcoin ETFs and Ethereum ETFs remains large. Institutional funds are mostly concentrated in Bitcoin, while Ethereum ETF funds see intermittent inflows and lack persistence. This allocation leads to weakness in the ETH/BTC ratio, suggesting that a full rotation of funds into Ethereum has not yet occurred. CryptoZeno assessed, "It is a clear change that the circulating supply of Bitcoin has structurally decreased due to the introduction of ETFs. However, short-term price direction is now determined not by the mere size of ETF inflows but by how 'sustainably' funds flow in and whether those flows coincide with global liquidity expansion."