Suehyeon Lee

Bitcoin (BTC) is showing an increase in withdrawal volume on Binance as it hits an all-time high. On the 17th (local time), CryptoQuant author Darkfost reported, "As Bitcoin surpasses $100,000, reaching an all-time high, Bitcoin withdrawals on Binance continue steadily." He further stated, "As a result, Binance's Bitcoin holdings have been steadily decreasing since August, and the withdrawal speed has accelerated particularly since November," analyzing that "the increase in withdrawal volume indicates that investors are moving their Bitcoin to personal wallets, suggesting a long-term investment sentiment. This signals an expectation of future price increases."

Changpeng Zhao, former CEO of Binance, advised against following his Bitcoin (BTC) buying strategy. On the 11th (local time), Changpeng Zhao stated on X (formerly Twitter), "I bought Bitcoin at the beginning of a long-term bear market. Later, when the opportunity for bottom buying came, I couldn't capitalize on it due to a lack of fiat currency." He continued, "It eventually worked out well, but I don't recommend following a buying strategy like mine."

Bitcoin (BTC) has recovered to the $97,000 level. As of 11:40 AM on the 11th, according to CoinMarketCap, Bitcoin is trading at $97,153.41, down 0.15% from the previous day. On the Upbit KRW market, it is trading at 138.35 million won, up 0.17% from the previous day. Meanwhile, major altcoins, including Ethereum (ETH), have also slightly rebounded over the past hour. Ethereum has risen 1.09% in an hour on CoinMarketCap, trading at $3,639.96. Additionally, Ripple (XRP) has risen 1.94% in an hour to $2.3, and Solana is up 0.73% to $216.64. Binance Coin (BNB) has also increased by 1.57% over the past hour, reaching $677.60.

Michael Saylor, chairman of MicroStrategy (NASDAQ ticker: MSTR), announced that through fund management last week, the company provided shareholders with an average daily net profit of over $100 million. On the 11th (local time), Saylor stated on his X (formerly Twitter) that "MSTR recorded a 3.3% return through fund management last week. Simply calculated, this provided shareholders with a net profit of 13,270 BTC." He further explained, "This amounts to an average of 1,896 BTC per day, valued at $186 million." Meanwhile, MicroStrategy purchased an additional 21,550 BTC last week, bringing its total Bitcoin holdings to 423,650 BTC.

The US Ethereum (ETH) spot ETF continued its positive trend with an inflow of over $300 million the previous day. On the 11th (local time), according to Trader T, the US Ethereum spot ETF saw a total inflow of $303.85 million (approximately 430 billion KRW). This marks 12 consecutive trading days of inflow. On this day, BlackRock ETHA recorded an inflow of $80.13 million, Fidelity FETH saw an inflow of $202.23 million. Grayscale Mini ETH had an inflow of $25.48 million, while Grayscale ETHE recorded an outflow of $3.99 million. Other products had no net inflow or outflow.

The US Bitcoin (BTC) spot ETF continued its inflow trend yesterday. According to Trader T on the 11th (local time), the US Bitcoin spot ETF recorded a net inflow of $437.3 million yesterday. This amounts to approximately 625.3 billion won, marking the ninth consecutive trading day of net inflow. On this day, BlackRock IBIT and Fidelity FBTC showed net inflows of $294.46 million and $210.48 million, respectively. ARK Invest ARKB also recorded a net inflow of $5.77 million, and Grayscale Mini BTC saw a net inflow of $6.42 million. On the other hand, Invesco BTCO, Grayscale GBTC, and VanEck HODL recorded net outflows of $11.56 million, $62.82 million, and $5.45 million, respectively. The remaining products had no net inflow or outflow.

It has been revealed that an address suspected to belong to the Bitcoin (BTC) mining company Riot Platforms has purchased over 700 Bitcoins. On the 11th (local time), Lookonchain reported via X (formerly Twitter) that an address suspected to be Riot Platforms bought 705 BTC (approximately $68.45 million) in the past three hours. Previously, on the 9th, Riot Platforms announced the issuance of unsecured senior notes maturing in January 2030 to raise $500 million, stating that part of the net proceeds would be used to purchase Bitcoin.

David Solomon, CEO of Goldman Sachs, announced plans to consider participating in the Bitcoin (BTC) and Ethereum (ETH) markets in response to regulatory changes in the United States. According to The Block on the 10th (local time), Solomon stated at the Reuters Next conference held the previous day that Goldman Sachs would consider when to introduce Bitcoin spot trading, mentioning that "current regulations are hindering participation in the virtual asset (cryptocurrency) market" and "we will consider it if the regulatory structure changes." He explained that there are currently limitations on market participation due to related regulations. Meanwhile, Goldman Sachs previously noted that interest in virtual asset-related products is increasing among hedge fund clients.

Bitcoin (BTC) is showing a downward trend, falling below the $96,000 mark. As of 9:45 AM on the 11th, according to CoinMarketCap, Bitcoin is trading at $95,943.39, down 1.96% from the previous day. On the Upbit KRW market, it is trading at 137,009,000 KRW, down 0.87% from the previous day. Most major altcoins are also showing a downward trend. Ethereum (ETH) is trading at $3,601.51, down 4.62% from the previous day. Solana (SOL) is trading at $212.57, down 2.89% from the previous day, and Binance Coin (BNB) is also trading at $669.86, down 4.26% from the previous day. On the other hand, Ripple (XRP) is the only one showing an upward trend, trading at $2.31, up 2.26% from the previous day.

MicroStrategy's announcement of Bitcoin (BTC) purchases appears to be linked to the increase in the Coinbase premium gap. On the 11th (local time), CryptoQuant author maartunn reported, "MicroStrategy's Bitcoin purchase announcements always occur on Mondays and tend to be announced shortly after a significant increase in the Coinbase premium gap." He continued, "The purchase announcements are typically made at 2:04 PM every Monday, and you can see the Coinbase premium gap rise sharply for several hours to days before the announcement," explaining, "By observing the increase in the Coinbase premium gap, one can roughly estimate the scale of MicroStrategy's Bitcoin purchases."

The deposit volume of Ripple (XRP) whales on Binance has reached a 6-month high. On the 11th (local time), CryptoQuant author maartunn reported, "In the last 30 days, 2.66 trillion XRP (approximately $6.27 billion) has been deposited into Binance. This is the largest amount since April this year." He further analyzed, "This phenomenon indicates that Ripple whales are actively transferring on-chain and are using Binance as a major exchange. The large deposits by whales into exchanges may suggest a strategic change from the norm."

BlackRock's Bitcoin (BTC) spot ETF, IBIT, has surpassed the assets under management (AUM) of 50 European regional ETFs. On the 11th (local time), Eric Balchunas, a Bloomberg ETF analyst, reported on his X (formerly Twitter) that "BlackRock IBIT has achieved the remarkable feat of surpassing the total AUM of more than 50 European regional ETFs." Previously, BlackRock surpassed $50 billion in AUM just 228 days after its launch, achieving the fastest $50 billion milestone among ETFs in history.

Bitcoin (BTC) must maintain above $96,000 to avoid potential declines, according to analysis. On the 10th (local time), cryptocurrency analyst Ali Martinez stated, "It is crucial for Bitcoin to stay above $96,000. Otherwise, it may repeat last year's pattern and potentially fall to $85,000." Meanwhile, Bitcoin is currently trading at $97,075.35 on CoinMarketCap, up 0.11% from the previous day.

With the Altcoin Season Index surging, there is an analysis suggesting that Bitcoin (BTC) will rise. According to CryptoSlate on the 10th (local time), VanEck stated in a recent report, "The Altcoin Season Index has surged 53% over the past 30 days, reaching 63 points. This is a signal that Bitcoin is expected to rise in the future." The report also mentioned, "Bitcoin often creates a feedback loop that raises altcoin prices until Bitcoin reaches the cycle peak," adding, "Bitcoin and altcoins grow on their own until they reach the cycle peak."

Recently, Binance futures traders have shown a tendency to bet on the decline of Ethereum (ETH) rather than its rise, despite its recent upward trend. On the 10th (local time), CryptoQuant author Darkfosf reported, "Although the recent rise in Ethereum's price approached the major resistance level of $4,000, the buy/sell ratio of futures on the Binance exchange showed a declining trend." He further analyzed, "This ratio has been negative since early November, indicating that Binance futures traders are more inclined to bet on a decline in Ethereum rather than a rise." However, the author emphasized, "As the demand for Ethereum spot ETFs has surged, showing an upward trend, the interest of institutional investors is having an increasingly significant impact. It is important to monitor the future trend of ETF demand."

Richard Teng, CEO of Binance, expressed that it is too early to discuss the possibility of re-entering the U.S. market. According to Cointelegraph on the 10th (local time), Richard Teng stated in an interview with Bloomberg TV the previous day, "I think it is premature to discuss Binance's re-entry into the U.S. market. We are currently focused on global deployment." Previously, Binance withdrew from the U.S. market in November last year after paying a $4.3 billion fine to the U.S. government for allegations including sanctions violations, money laundering, and unauthorized money transfers.

The US Ethereum (ETH) Spot ETF is maintaining a positive trend. According to TraderT on the 10th (local time), the US Ethereum Spot ETF saw a net inflow of approximately $152.93 million (about 218.4 billion KRW) the previous day. This marks the 11th consecutive trading day of net inflow. On this day, BlackRock ETHA and Fidelity FETH saw net inflows of $158.52 million and $30.11 million, respectively. Grayscale Mini ETH also recorded a net inflow of $8.83 million. On the other hand, Bitwise ETHW, ArkShares CETH, and Grayscale ETHE saw net outflows of $12.99 million, $4.15 million, and $27.39 million, respectively. There were no net inflows or outflows for the remaining products.

The US Bitcoin (BTC) spot ETF recorded a net inflow of over $400 million yesterday. According to Trader T on the 10th (local time), the US Bitcoin spot ETF saw a net inflow of approximately $483.22 million (about 690 billion KRW) yesterday. This marks the eighth consecutive trading day of net inflows. On this day, BlackRock IBIT and Fidelity FBTC saw net inflows of $398.24 million and $175.47 million, respectively. Additionally, Grayscale Mini BTC recorded a net inflow of about $7.25 million. On the other hand, Bitwise BITB and ARK Invest ARKB experienced net outflows of $39 million and $34.3 million, respectively, while Grayscale GBTC also recorded a net outflow of $24.44 million. There were no net inflows or outflows for the remaining products.

A developer who recently left the Ethereum (ETH) ecosystem for Solana (SOL) has pointed out issues with Ethereum. According to CoinDesk on the 10th (local time), Ethereum ecosystem developer Max Resnick left ConsenSys to join Solana subsidiary Anza. He explained his move by stating, "Ethereum lacks streamlined processes for quick decision-making and still has internal politics affecting network operations. Most discussions about network improvements happen in Vitalik's DMs," adding, "In contrast, Solana has much more potential and possibilities."

An analysis suggests that Bitcoin (BTC) needs a surge in capital inflow to maintain above $100,000. According to Bloomberg on the 10th (local time), Charlie Morris, Chief Investment Officer (CIO) of ByteTree, predicted, "Bitcoin will need more time to maintain above $100,000. Unless capital inflow surges from now, it will hover below $100,000 for a long time." In this regard, Katie Stockton, an analyst at Fairlead Strategies, recommended, "Bitcoin has failed to maintain above $100,000. A neutral investment strategy, avoiding buying and selling in the short term, should be adopted."

Bitcoin (BTC) is seeing continued buying interest from U.S. institutional investors after a sharp drop this morning. On the 10th (local time), CryptoQuant author MAC_D reported, "The Coinbase premium, an indicator of buying pressure from U.S. investors, has significantly rebounded after Bitcoin's early morning plunge. Additionally, the market has shown a tendency to rebound when the premium recently turned negative." The author further analyzed, "This rebound indicates that when excessive panic selling occurs on Binance, where the proportion of small investors is high, U.S. institutional investors employ an aggressive buying strategy." Meanwhile, Bitcoin is currently trading at $97,687.89 on CoinMarketCap, down 1.95% from the previous day.

Gravity announced on the 10th that it has launched a $50 million (approximately 70.76 billion KRW) 'Gravity Ecosystem Fund Alliance' to support next-generation blockchain projects and developers. Gravity is a high-performance Layer 1 blockchain that advocates an omnichain ecosystem, allowing users to directly interact with multiple chains within a single integrated network. The newly launched VC ecosystem alliance fund includes participation from various venture capitals (VCs) and investors such as HashKey Capital, DAO5, Lattice, Spartan Group, Faction, IOSG Kickstarter, Blockchain Coinvestors, and Draper Dragon. The Gravity Ecosystem Fund Alliance supports developers in utilizing Gravity's features, such as processing capacity of 1 gigagas per second, sub-second finality, and restaking-based Proof of Stake (PoS) security, for their own project development. However, to apply for this fund, applicants must meet conditions such as △ utilizing core features like sub-second finality and omnichain based on the Gravity network △ leveraging Gravity native assets and forming meaningful partnerships within the ecosystem △ focusing on areas such as DeFi, payments, Telegram mini apps, royalty solutions based on Gravity Royalty Point As a Service, and on-chain quests. Approved applicants (projects) will gain direct access to Gravity's investor network, and investors are expected to provide tailored support and resources according to the project's needs and growth potential.