<Today's Major Economic Events> ▶10th (Tue): △Australia Interest Rate Decision △Germany Consumer Price Index △US Nonfarm Productivity <Today's Major Cryptocurrency Events> ▶10th (Tue): △Magic Eden TGE △Bitget Token (BGB) Unlock
Bitcoin (BTC) has been withdrawn in large quantities from Coinbase, leading to analysis that institutional interest in Bitcoin is increasing. On the 10th (local time), CryptoQuant author Burak Kesmeci reported that "8,455 BTC were withdrawn in a single block from Coinbase the previous day." He further analyzed, "This appears to be the movement of institutional investors such as BlackRock, Amazon, and Microsoft, and the frequent occurrence of such large withdrawals is a strong indicator that institutions are showing more interest in Bitcoin regardless of its price."
An analysis has emerged stating that the influx of retail investors is essential for Bitcoin (BTC) to rise further. On the 10th (local time), CryptoQuant author Joohyun Ryu said, "The amount of Bitcoin held on exchanges is continuously decreasing, indicating that investors are transferring assets to personal wallets rather than selling, and they have faith in the price increase. However, more short-term investors are needed for the price to rise." He further emphasized, "Despite the rapid increase in those holding for less than three months among short-term holders, the current level alone makes it difficult for further rise to the peak. More retail investors need to be attracted for additional growth."
Popular meme coin Floki (FLOKI) has partnered with Mastercard to launch a debit card available in 31 European countries. According to Cointelegraph on the 10th (local time), Floki has launched a debit card in collaboration with Mastercard, which can be loaded with various cryptocurrencies, including Floki. The card is available in both physical and virtual forms. The Floki debit card can be issued in 31 countries that are members of the European Union (EU) and the European Free Trade Association (EFTA), and the virtual card can be used worldwide. It is known to be usable at any store that supports Visa and Mastercard. Additionally, the card can be loaded with cryptocurrencies such as Floki, Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Binance Coin (BNB), Solana (SOL), Dogs (DOGS), Hamster Combat (HMSTR), Toncoin (TON), and Notcoin (NOT). There is no transaction fee, but a loading fee of 2% is charged. The daily limit is 5000 Tether (USDT).
There is a growing sentiment in Russia that Bitcoin should be used as a strategic reserve. On the 10th (local time), according to Russian media RIA Novosti, Anton Tkachev, a State Duma lawmaker from the 'New People' party, proposed to Russian Finance Minister Anton Siluanov that the country should reserve Bitcoin at a national level. He argued, "Given the geopolitical instability, traditional reserve currencies are vulnerable to volatility, sanctions, and inflation. However, virtual assets (cryptocurrencies) can be used as reserves because they do not rely on any single country."
Bitcoin (BTC), which had plummeted in price over the day, has recovered to the $97,000 mark. As of 6:25 AM on the 10th, according to CoinMarketCap, Bitcoin is trading at $97,077.12, down 2.88% from the previous day. On the Upbit KRW market, it is trading at 138,807,000 KRW, down 1.56% from the previous day. Meanwhile, major altcoins including Ethereum (ETH) have mostly been on a downward trend over the past 24 hours. Ethereum is recorded at $3,695.97 on CoinMarketCap, down 7.3% from the previous day, and Ripple (XRP) is trading at $2.28, down 11.31% from the previous day. Additionally, Solana (SOL) is trading at $219.72, down 6.59% from the previous day, and Binance Coin (BNB) is also trading at $685.22, down 7.43% from the previous day.
The popular non-fungible token (NFT) project Pudgy Penguins has surpassed the Bored Ape Yacht Club (BAYC) to become the second-largest in NFT market capitalization. According to CoinGecko data cited by The Block on the 9th (local time), Pudgy Penguins' market cap reached $772.5 million, surpassing BAYC's $755 million, making it the second-largest in overall NFT market cap. Currently, the top NFT by market cap is 'CryptoPunks' with a market cap of $1.5 billion. Meanwhile, the floor price of Pudgy Penguins is 22.1 ETH, having risen 8.4% in the past 24 hours and 44.9% over the past week. This upward trend is related to the recent announcement of an official token airdrop. Pudgy Penguins plans to launch a token named 'Pengu' on the Solana network this month, with a total supply of 88,888,888,888 tokens. Of these, 25.9% will be allocated to the Pudgy community.
There is a forecast that the volatility of Ethereum (ETH) will increase as exchange withdrawal transactions surge. On the 9th (local time), CryptoQuant author Mignolet stated, "Ethereum exchange withdrawal transactions are surging. This should be interpreted as a signal of increased volatility, not just a bearish signal." He continued, "The increase in Ethereum transactions is highly correlated with altcoins. Coincidentally, the surge in transactions occurs after Bitcoin dominance has sufficiently decreased," explaining that "this suggests a high possibility of market stagnation."
Donald Trump's victory in the US presidential election has triggered a massive net inflow of funds into Bitcoin (BTC) spot ETFs. On the 9th (local time), Bloomberg reported, "Nearly $10 billion has flowed into Bitcoin spot ETFs following Trump's election." This amounts to approximately 14 trillion won. According to Bloomberg data, assets flowing into 12 Bitcoin ETFs, including BlackRock and Fidelity, have surpassed $9.9 billion since the US election. As a result, the assets under management of these asset managers have increased to $113 billion. Meanwhile, Trump appointed former SEC commissioner Paul Atkins, known for his pro-crypto stance, as the chairman of the U.S. Securities and Exchange Commission (SEC) last week.
Brad Garlinghouse, CEO of Ripple (XRP), stated that the reason for forming the cryptocurrency industry's super PAC, Fair Shake, was due to the regulations of the U.S. Securities and Exchange Commission (SEC). On the 8th (local time), Garlinghouse appeared on CBS's current affairs program 60 Minutes and said, "The main reason the cryptocurrency industry formed the super PAC Fair Shake is due to the SEC's reckless regulations," adding, "If someone other than Chairman Gary Gensler were the head of the SEC, Fair Shake might not have existed." Fair Shake is a political action committee that supports pro-cryptocurrency candidates, and Ripple previously donated $144 million to it. Additionally, Garlinghouse argued about the SEC's lawsuit against Ripple for unregistered securities sales, saying, "I attended Harvard Business School and believe I have a good understanding of what securities are. I have never thought there was a possibility of Ripple being a security. Current laws are insufficient to define new technologies, and a new framework needs to be established."
The Democratic Party of Korea plans to proceed with the abolition of the financial investment income tax as scheduled. According to industry sources on the 9th, a Democratic Party official stated, "The Democratic Party plans to abolish the financial investment income tax as scheduled on the 10th. We will not reverse our words on confirmed matters." The 10th is the last day of the regular National Assembly session. Previously, Lee Jae-myung, the leader of the Democratic Party of Korea, explained at the Supreme Council meeting in the National Assembly on the 4th of last month, "We agreed to the abolition of the financial investment income tax pushed by the government and the ruling party. According to principles and values, the financial investment income tax should be implemented, but the current stock market is too difficult." However, other bills, including the Commercial Act amendment, are expected to be postponed until the impeachment situation is resolved.
Last week, the demand for US Ethereum (ETH) spot ETFs continued to be strong, recording a weekly net inflow of over $800 million. On the 9th (local time), Lynn Chen, Deribit's Asia Business Development Manager, reported on X (formerly Twitter) that "Last week, the Ethereum spot ETF showed relatively strong performance, recording a weekly net inflow of approximately $838 million (about 1.2047 trillion won)." Most of the weekly net inflow was attributed to BlackRock and Fidelity's Ethereum ETFs. On the other hand, Grayscale ETHE recorded net outflows for five consecutive days.
The US Bitcoin (BTC) spot ETF recorded the second largest weekly net inflow ever last week. According to Trader T on the 7th (local time), the Bitcoin spot ETF saw a weekly net inflow of $2.734 billion last week. This marks the second largest weekly net inflow since its launch. Meanwhile, approximately $2.635 billion was reported to have flowed into BlackRock IBIT alone last week. The trading volume of the Bitcoin spot ETF surpassed $23 billion.
As the KRW-USD exchange rate surpassed the 1430 won mark for the first time in about two years, a 'reverse Kimchi premium' phenomenon occurred on Upbit where the price of Tether (USDT) was lower than the KRW-USD exchange rate. As of 11:10 AM on the 9th, the price of Tether on Upbit is trading at 1407 won, while the KRW-USD exchange rate is currently at 1,434.80 won. Meanwhile, the rise in the KRW-USD exchange rate is analyzed to be due to the rapid depreciation of the Korean won amid increasing political uncertainty caused by the 'impeachment situation'.
Iran's stance on virtual assets (cryptocurrencies) appears to be changing. On the 9th (local time), according to Bitcoin.com, Iran's Finance Minister Abdolnaser Hemmati stated, "We are changing our stance on virtual assets. We are focusing on regulation rather than completely restricting them." He also emphasized "the authority of the Iranian Central Bank in managing virtual assets and sees the potential of virtual assets in promoting youth employment, increasing assets, and offsetting sanctions." This shift in stance is interpreted as Iran's move to leverage the benefits of virtual assets in line with global financial trends.
There is an expectation that Bitcoin (BTC) could reach $2.2 million in the long term. On the 8th (local time), Max Keiser, Chief Bitcoin Strategy Advisor for El Salvador, announced on his X (formerly Twitter) that "the target price for Bitcoin is being raised from $220,000 to $2.2 million." He further added, "MicroStrategy's Bitcoin adoption and gold selling plan is likely to succeed." Meanwhile, El Salvador's unrealized gains from Bitcoin have reportedly surpassed $333 million after exceeding $100,000.
El Salvador has surpassed $300 million in unrealized gains from its Bitcoin (BTC) investments. According to Cointelegraph on the 8th (local time), on the 5th, Nayib Bukele, the President of El Salvador, shared El Salvador's Bitcoin portfolio via X (formerly Twitter). The data shows that El Salvador has invested approximately $270 million since adopting Bitcoin as legal tender and has not sold any Bitcoin to date, resulting in unrealized gains exceeding $333 million. Previously, El Salvador became the first country in the world to adopt Bitcoin as legal tender in September 2021 and has continued to purchase Bitcoin since then. In November 2022, it announced that it would buy one Bitcoin every day as part of a dollar-cost averaging (DCA) strategy.
Bitcoin (BTC), which rebounded over the weekend, has fallen below $100,000 again. As of 9:37 AM on the 9th, according to CoinMarketCap, Bitcoin is trading at $99,608.67, down 0.31% from the previous day. On the Upbit KRW market, it is trading at 139,973,000 KRW, down 0.73% from the previous day. Meanwhile, major altcoins including Ethereum (ETH) also showed a slight decline compared to the previous day. Ethereum is currently trading at $3,963.28 on CoinMarketCap, down 1.1% from the previous day, and Ripple (XRP) is also trading at $2.52, down 2.38% from the previous day. Solana (SOL) is trading at $234.17, down 2.03% from the previous day, and Binance Coin (BNB) is also trading at $735.32, down 2.2% from the previous day.
<Today's Major Economic Events> ▶9th (Mon): △Japan's GDP △China's Consumer Price Index △U.S. Consumer Inflation Expectations <Today's Major Cryptocurrency Events> ▶9th (Mon): △ShinFutures-MEXC AMA
Blockchain and fintech specialist company Dunamu (CEO Lee Seok-woo) announced the results of its hope fund for vulnerable youth, 'Dunamu Next Steppers' (hereafter referred to as Next Steppers). On the 6th, a performance sharing session for Next Steppers was held at Community House Masil in Myeong-dong, Jung-gu, Seoul. A total of 100 people, including young people who received economic support through Dunamu Next Steppers, economic mentors, and officials from related organizations, attended the event. Attendees reviewed the status of Next Steppers, which has been ongoing for about three years, including financial and asset formation support, roadmap mentoring, and financial education, and discussed future visions. Next Steppers is a project that is part of Dunamu's ESG 'Youth' support initiative, aimed at alleviating the debt burden of low-income youth in welfare blind spots and helping them achieve economic independence. In collaboration with Together Making the World (Social Solidarity Bank) (Chairman Kim Yong-deok), it supports debt repayment for young people suffering from multiple debts and asset formation for vulnerable youth. From a long-term perspective, it strengthens their self-reliance capabilities and provides financial, employment, and career-related mentoring, as well as education on credit and debt management and fraud prevention, to help them draw a stable future roadmap. Over the past three years, Dunamu has supported 1,000 vulnerable youth aged 19-34 through Next Steppers. It has assisted 636 financially distressed youth with 3.15 billion KRW in debt repayment and provided about 2.6 billion KRW in self-reliance funds to support 364 low-income youth. Additionally, it matched 86 professional mentors with 527 young people, conducting a total of 3,578 hours of mentoring. According to a survey by the Korea Social Value Assessment (KSVA), the social and economic value created by Next Steppers over three years amounts to 8.2 billion KRW. This figure is calculated considering debt reduction, self-reliance fund formation, interest burden reduction, credit status improvement, and social ripple effects. A young person who received financial support through Next Steppers said, "It was hard to handle the fixed expenses that went out every month just by breathing, and I was always under pressure to repay loans," adding, "Not only has the financial burden decreased, but through mentoring, I have been able to reset my life goals and take care of myself." Lee Seok-woo, CEO of Dunamu, said, "Next Steppers is about supporting young people to get back on their feet and cheering on their new next steps," adding, "The aim of Next Steppers aligns with Dunamu's management value of contributing to future generations through beneficial technology and empowering finance." Dunamu, which operates Upbit, Securities Plus, and Securities Plus Unlisted, plans to focus more on creating social value through finance and technology next year to empower the youth who will be Korea's future, through initiatives like Dunamu Next Series. Dunamu Next Series is Dunamu's ESG initiative supporting credit recovery and economic independence for vulnerable youth, including Dunamu Next Steppers, Next Dream, and Next Job.
The Bitcoin (BTC) holdings of the US Bitcoin spot ETF have surpassed 1.1 million. According to Hodl Capital on the 8th (local time), as of the 6th, the US Bitcoin spot ETF held 1,108,419 BTC, which is approximately $111 billion (about 158 trillion KRW). Meanwhile, Bitcoin, which plummeted to the $94,000 level on the 6th, successfully rebounded over the weekend and is currently trading at $100,381.41 on CoinMarketCap.
As Bitcoin (BTC) surpassed $100,000, there is speculation that Toncoin (TON) and Solana (SOL) might reach their all-time highs. On the 9th (local time), CryptoQuant author JA_Maartun stated, "With Bitcoin reaching its all-time high a few weeks ago, there is much speculation about which coin will achieve it next. According to the 'Price Drop Heatmap,' Toncoin and Solana are likely to reach their all-time highs." The author explained, "Solana is about 8% below its all-time high, and Toncoin is about 15% below. The on-chain indicators, such as decentralized exchange (DEX) trading volume and network activity for both coins, show strong support from investors. They are likely to follow Bitcoin's precedent."
A recent analysis suggests that Bitcoin (BTC), which recently reached $100,000, may experience a correction and decline in the future. On the 9th (local time), CryptoQuant author XBTManager reported, "As Bitcoin reached $104,000, long-term holder trading has been occurring frequently. There is a possibility of a correction as selling pressure increases." Regarding this, the author explained, "After these trades, the strong selling pressure caused the price to quickly plummet to $90,000, but fortunately, it showed a rapid recovery to $102,000. However, after the recovery, the increase in long-term investor trading suggests the possibility of selling pressure. The increase in long-term holder trading after a price rebound still indicates the possibility of a correction."
The Cardano (ADA) Foundation's X (formerly Twitter) account has been hacked, raising concerns about the fake token 'ADAsol'. According to Cointelegraph on the 9th (local time), the previous day, the Cardano Foundation X account was hacked, and a fake tweet was posted claiming that the foundation would stop supporting the native token ADA due to a lawsuit by the U.S. Securities and Exchange Commission (SEC). Afterwards, the hacker posted a message promoting the scam token ADAsol, but all such fake posts have now been deleted. Meanwhile, the foundation stated that they are in the process of recovering the account and that other parts of the Cardano ecosystem have not been affected by the hack.
Investment in Bitcoin (BTC) is becoming a hot topic among big tech companies. On the 9th (local time), WatcherGuru reported via X (formerly Twitter) that "Amazon shareholders have urged the board to consider investing in Bitcoin." The proposal from the shareholders is likely to be discussed at Amazon's annual shareholder meeting in 2025. Meanwhile, another big tech company, Microsoft, is set to hold a vote on Bitcoin investment at its December shareholder meeting.
In the past 24 hours, the trading volume of virtual assets (cryptocurrencies) in South Korea reached 25 trillion won, with Ripple (XRP) recording the highest trading volume. On the 3rd (local time), the virtual asset market analysis company 10X Research reported that "In the past 24 hours, the trading volume of virtual assets in South Korea was estimated at 18 trillion dollars (approximately 25 trillion 264.8 billion won), marking the second highest level this year. Among them, Ripple recorded a trading volume of 6.3 trillion dollars," it said. It continued, "Dogecoin (DOGE) and Stellar Lumens (XLM) recorded trading volumes of 1.6 trillion dollars and 1.3 trillion dollars respectively, following Ripple. The high trading volume in the South Korean virtual asset market is mainly driven by individual investors," it analyzed.
NFT marketplace Magic Eden (ME) is set to unveil the AirDrop claim checker soon and has announced that it will hold an AirDrop launch event. On the 3rd (local time), Magic Eden stated through its official X (formerly Twitter), "The ME AirDrop claim checker will be unveiled on the 4th. Through this, you can check the amount eligible for AirDrop." Additionally, on the 10th, the AirDrop launch event (TGE) will be held, and related airdrops are planned for the 17th. Meanwhile, ME is based on Solana (SOL), with a total supply of 1 billion, of which 12.5% is allocated for AirDrop.
This altcoin season is expected to be different, with only a selected few surviving, according to the analysis. On the 3rd (local time), Ju Ki-young, the representative of Cryptoquant, stated through his X (formerly Twitter), "This altcoin season will be different from expectations. Only a selected few will win in this game. Although the market sentiment is optimistic, there is almost no new liquidity." He further explained, "Bitcoin is breaking away from the imaginary asset (decentralization) ecosystem. Bitcoin has constructed a Layer 2 ecosystem based on ETFs and MicroStrategy (MSTR), and independent movements are being shown by a few coins. Originally, altcoins moved according to their relationship with Bitcoin, but that pattern has now broken. As new liquidity is maintained, a few independent coins are starting to emerge." Lastly, the representative advised, "There are now two options for altcoins. Either create a paper version like Bitcoin or use stablecoins to create a real internet money ecosystem. Altcoin investors should find and hold coins that can perform one of these two options."
Donald Trump's U.S. presidential election-winning side may announce the successor to Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), as early as tomorrow. On the 3rd (local time), Eleanor Terrett, a journalist for Fox Business, stated through her X (formerly Twitter), "According to sources, Trump's side is expected to appoint a new SEC chairman to replace Gary Gensler tomorrow." Previously, journalist Terrett mentioned that Paul Atkins, a former SEC commissioner known for his pro-deregulation stance, is considered the most likely candidate for the next chairman. Furthermore, Bloomberg reported that Trump's side conducted an interview with Paul Atkins as a candidate for the SEC chairman.
In the United States, the Ethereum (ETH) spot ETF showed a pre-day inflow exceeding 26 million dollars, continuing its inflow trend. According to data from the 3rd (local time) by TraderT, the Ethereum spot ETF recorded a pre-day inflow of approximately 26.28 million dollars (about 396 billion won). This marks a continuous inflow for 6 consecutive trading days. On this day, BlackRock's ETHA saw an inflow of approximately 57.97 million dollars, while Fidelity's FETH recorded an inflow of about 19.90 million dollars. On the other hand, Grayscale's ETHE showed an outflow of approximately 44.36 million dollars. Other products had no inflow or outflow.