Uk Jin

The Solana (SOL)-based non-fungible token (NFT) marketplace Tensor (TNSR) surged intraday. In particular, while the broader crypto asset (cryptocurrency) market, including Bitcoin (BTC), was generally weak that day, Tensor rose alone and drew market attention. As of 7:19 PM KST on the 21st, Tensor is trading at 0.2591 dollars, up 110.77% from the previous day according to CoinMarketCap. Large purchases by whales have been cited as a factor behind Tensor's rise.

'Owen Gunden,' known as an early Bitcoin (BTC) investor and a 'Bitcoin OG,' appears to have strategically sold the Bitcoin he held. On the 21st (Korean time), Arkham, a virtual asset (cryptocurrency) data-tracking platform, said on X (formerly Twitter), "On that day, Owen Gunden transferred $230 million worth of Bitcoin to Kraken," and "Owen Gunden sold all $1.3 billion worth of Bitcoin he held." Owen Gunden began selling the Bitcoin he had held for 14 years starting in October, and this sale marked the end. As of 7:04 PM that day, Bitcoin was trading at $81,743 on CoinMarketCap, down 10.67% from the previous day.

The downtrend of Bitcoin (BTC), which had been expected to reach $200,000 by year-end, is deepening. On overseas decentralized prediction markets, it appears that the probability that Bitcoin will fall below $80,000 in November reaches 56%. On the 21st (Korea time), according to Polymarket, overseas bettors see the probability that Bitcoin's price will fall below $80,000 in November at 56%. That day Bitcoin at one point during trading recorded $82,000, down more than 10% from the previous day. As the price plunged in an instant, a total of $1 billion in positions were liquidated in the futures market over the past four hours. In Polymarket's prediction, the probability that Bitcoin will exceed $200,000 is registering under 1%. Previously, industry experts such as Arthur Hayes and Standard Chartered had predicted that Bitcoin would reach $2 billion by the end of the year, but currently overseas bettors view the possibility of Bitcoin breaking through $200,000 within the year as very low.

Solana (SOL) recorded an intraday decline and fell to 7th in the cryptocurrency market capitalization rankings. As of 5:37 p.m. on the 21st (Korea Standard Time), Solana is trading at $128.28, down 10.48% from the previous day. Accordingly, Solana's market capitalization stood at $71.4 billion, giving the 6th market cap position to USDC.

Net outflows from Bitcoin (BTC) spot exchange-traded funds (ETFs) are intensifying. According to crypto asset (cryptocurrency) specialist media CoinDesk on the 21st (Korea time), Bitcoin spot ETFs saw a total net outflow of $3.79 billion during November. This exceeds the $3.56 billion recorded in February. Even though November is not over, it recorded the largest monthly net outflow on record. The largest Bitcoin spot ETF, BlackRock IBIT, alone saw $2 billion in net outflows so far this month. Also, the previous day saw $900 million in net outflows from Bitcoin spot ETFs, marking the second-largest daily net outflow on record. Investment bank JPMorgan analyzed the ETF net outflows as a major factor in Bitcoin's decline. In a report, JPMorgan said, "The October correction was due to large-scale deleveraging by crypto-native investors in the perpetual futures market, but in November that deleveraging stabilized," adding, "The ongoing downturn across the crypto market is now being driven by non(非) crypto individual investors using spot ETFs."

Volatility in the virtual asset (cryptocurrency) market appears to be widening significantly. Large positions were liquidated in the futures market. On the 21st (Korea time), according to WatcherGuru, a total of $300 million in liquidations occurred in the virtual asset market over the past 15 minutes. This was due to a sharp drop in Bitcoin, the leading virtual asset. At around 4:36 p.m. that day, Bitcoin on Binance fell 10.44% from the previous day, momentarily dropping to $82,000. It was the first time since April that Bitcoin recorded $82,000. Large positions were liquidated amid the sudden decline.

The real-world assets (RWA) market could enter a full-scale growth phase starting next year. On the 21st (Korean time), according to Cointelegraph, a media outlet specializing in cryptoassets (cryptocurrencies), Chris In, co-founder of PLUME, said, "The number of RWA holders has increased more than 10-fold this year, and it could record a similar growth rate next year," and "By 2026, the market capitalization of RWA could grow at least 3-fold, and at most 5-fold." In, the founder, explained that the RWA market could expand beyond the cryptoasset sector into various fields. He said, "Related regulations are currently being established worldwide," and "RWA could rapidly expand into private credit, minerals, energy, GPUs, and so on." Meanwhile, Plume said it plans to manage institutional-grade assets on Plume's 'Nest' staking protocol in collaboration with the tokenization platform Securitize.

XRP has relinquished the $2 level. The recent launch of a spot exchange-traded fund (ETF) had raised market expectations, but investor sentiment appears to have frozen due to ETF trading volume being lower than expected. On the 21st (Korean time), according to crypto market data provider CoinMarketCap, XRP was trading at $1.96 as of 3:32 PM, down 8.12% from the previous day. Crypto-focused outlet CoinPedia analyzed that ETF weakness underlies XRP's downturn. Bitwise's XRP ETF, launched the day before, recorded first-day trading volume of approximately 1,127,647 shares ($25.93 million). This is half the first-day trading volume of Canary Capital's XRPC launched last week.

Altcoins weak despite ETF launches Investor sentiment worsens due to U.S. shutdown "Must prove a rationale to traditional finance" Mass launch of XRP ETFs Watching whether it will trigger a market reversal Major altcoins, which had raised hopes of a rally with the launch of spot exchange-traded funds (ETFs), have shown little upside. Some altcoins have actually widened their declines after ETF launches and remained weak. Global macroeconomic uncertainty and structural limits of altcoin ETFs are cited as causes. According to the industry on the 20th, Bitwise and Grayscale's Solana (SOL) spot ETFs were launched at the end of last month. This is the first Solana spot ETF launched in the U.S. Fidelity's FSOL, VanEck's VSOL, and 21Shares' TSOL were newly listed this week, and a total of six Solana spot ETFs are currently trading on the U.S. market. The problem is that Solana's price has not escaped weakness despite the ETF launches. As of 7:05 PM on the 20th (Korea time), Solana is trading at 141.84 dollars on CoinMarketCap, up 1.57% from the previous day. Although it showed strength that day, it is nearly 30% down compared with the ETF launch day of the 29th of last month (about 200 dollars). Litecoin (LTC) and Hedera (HBAR), which had ETFs launched on the same day as Solana, are in similar situations. Litecoin's price fell about 8% after the ETF launch to 92 dollars. Hedera is also trading at 0.146 dollars, down about 30% from the launch day. Frozen altcoin investor sentiment The background to altcoins failing to recover despite successive ETF launches is complex. First, the shutdown effect acted as a negative factor. Due to the recent U.S. federal government shutdown, the October jobs report was not released for the first time in history, sharply reducing expectations for rate cuts. Analysts say this also shrank investor sentiment toward altcoins. The minutes of last month's Federal Open Market Committee (FOMC) show that many Fed officials said it would be desirable to keep the policy rate unchanged for the remainder of the year. To make matters worse, the U.S. shutdown effect meant that key macroeconomic indicators were not released, increasing uncertainty. The market lowered the possibility of a December rate cut, which had been as high as 98% just one month earlier, to around 30%. Generally, when expectations for rate cuts diminish, investor sentiment in the crypto market, which is classified as a risk asset, also weakens. In particular, altcoins, which have a stronger risk-asset character compared with Bitcoin (BTC) and Ethereum (ETH), suffer a greater hit. Korbit Research Center Director Kim Min-seung said, "With repeated (crypto price) plunges from September to November putting the market already in a wait-and-see mode, pessimism about a December rate cut compounded the situation and cooled sentiment further," adding, "In such an environment, even if ETFs are launched, initial reactions are bound to be weak." "Lack of narrative and demand proof" Structural limits of altcoin ETFs are also cited as obstacles. Separately from listings, the amount of funds flowing into these products remains limited. According to SosoValue, cumulative net inflows into Solana ETFs stood at only 476 million dollars as of the third week since launch. Other altcoin ETFs also have not shown clear inflow trends, with Hedera ETFs at 75.3 million dollars and Litecoin ETFs at 7.3 million dollars. Market size and liquidity are also limitations. Excluding Bitcoin and Ethereum, altcoins account for about 29% of the total cryptocurrency market capitalization. This means the base assets' liquidity itself may not sufficiently support ETF demand. In addition, single-asset altcoin ETFs may fail to attract sufficient institutional demand due to price volatility and regulatory risks, industry observers say. Critics also point out that altcoins still lack a strong narrative. Bitcoin and Ethereum, which launched ETFs last year, persuaded the market with narratives such as 'digital gold' and 'the foundation of the future financial system,' respectively. Other altcoins are judged to lack investment rationale. Kim said, "Solana remains at the level of being 'a faster Ethereum,' and XRP's value proposition has become vague as stablecoins dominate cross-border payments," adding, "If a clear narrative or real-use demand does not back them, ETF inflows will inevitably be limited." 'No.4 by market cap' XRP: can it lead a reversal? The industry is focusing on whether the spot ETF for XRP, which has the largest market capitalization among altcoins, will succeed. On that day in the U.S. market, spot XRP ETFs from major asset managers such as Bitwise and Franklin Templeton were listed one after another. Grayscale, 21Shares, WisdomTree, and other asset managers have also applied to launch spot XRP ETFs. Currently, the only U.S.-listed spot XRP ETF is Canary Capital's XRPC. However, if major asset managers consecutively launch XRP ETFs, fund inflows could accelerate. Increased competition among asset managers could lead to fee cuts and liquidity-enhancing strategies, which could positively affect the expansion of the investor base. Crypto analyst Chad Steingraber predicted, "If spot XRP ETFs start operating in earnest, institutional buying could quickly absorb circulating supply," adding, "If this trend continues for a period, the supply-demand structure of the XRP market could be fundamentally reorganized." Jin-wook BloomingBit reporter wook9629@bloomingbit.io

Interview with Michael Heinrich, founder of ZeroG Labs AI-specialized layer-1 blockchain Decentralizing AI with blockchain technology Recruited Conflux co-founder and others Large investments from OKX, Samsung Next, etc. "Aiming for a killer app with a personal GPT" "Artificial intelligence (AI) is the core infrastructure that will lead the future. Users need to know how AI works. We aim to solve this problem with blockchain." Michael Heinrich, founder of ZeroG Labs (0G Labs), said this in a recent interview with BloomingBit. Heinrich is a finance and tech professional who worked at global investment bank JPMorgan and hedge fund Bridgewater, and later created the wellness unicorn Garten (a startup with a valuation over US$1 billion). He then entered the crypto industry after seeing opportunities in AI and blockchain. We asked Heinrich about the AI infrastructure ZeroG Labs aims to implement and its future vision. "Black box, a fundamental risk of the AI era" ZeroG (0G) is a layer-1 blockchain dedicated to AI development that launched in 2023. What ZeroG Labs pursues is "an era in which everyone uses AI." Heinrich pointed to the "black box" as the biggest obstacle. A black box is a system where users can only see inputs and outputs when using AI and cannot know what calculations and judgments led to the answers. He said, "If internal structures are not verifiable in an era where AI runs social systems, situations will repeat in which one cannot even explain 'why this decision was made'," and added, "The black box is the most fundamental risk of the AI era." ZeroG focused on decentralization using blockchain technology to solve this problem. Heinrich emphasized, "Recording the AI development process on a blockchain so that anyone can verify it greatly increases AI transparency," adding, "(This approach is) the first step to making AI a public good." Demonstrating technical capability through large-scale fundraising From its founding, ZeroG concentrated on building an AI-specialized blockchain because it saw clear structural limits in existing layer-1s. To that end, ZeroG recruited AI and blockchain experts, including hiring Dr. Ming Wu, co-founder of the layer-1 blockchain Conflux (CFX), as chief technology officer (CTO). A distinctive feature of ZeroG is that it divides the infrastructure needed for AI development and deployment into three main services. Specifically, ZeroG operates ▲ ZeroG Compute (AI model inference and training execution) ▲ ZeroG Storage (storage for AI inference outputs) ▲ ZeroG Data Availability (data publishing and verification). Heinrich said, "If you try to solve compute, storage, and data needed for AI all on a single layer, bottlenecks occur," and added, "Operating each function independently dramatically increases cost efficiency and processing speed." He continued, "Because the structure involves multiple operators, users can choose faster and cheaper infrastructure, and all processes are recorded on-chain, enhancing transparency." ZeroG's technical capabilities are considered already proven. In last year's testnet phase, ZeroG verified network stability through Google Cloud, Amazon Web Services (AWS), and Alibaba Cloud. It has also received a total of US$325 million (about 500 billion won) in funding from heavyweight investors such as OKX Ventures, Samsung Next, and Animoca Brands. "Personal AI will become a killer app in South Korea" He also expressed expectations for South Korea. Heinrich said, "Korea is one of the countries with the highest smartphone usage in the world," adding, "The speed at which new technologies are adopted is also very fast." He said, "Korea will play a leading role in the process of AI-based services entering everyday life." Heinrich believes there is strong 'fit' between the personal AI ZeroG Labs is developing and the Korean market. ZeroG Labs' personal AI provides a conversational service like ChatGPT but is a kind of 'private AI' where all data is processed only on the user's device. Heinrich said, "In Korea, where people handle all activities on their smartphones, personal AI agents will spread explosively," and added, "If we provide the experience of owning AI on a smartphone, it could become a 'killer app'." He also mentioned token value. The ZeroG token is used for AI-related services within the ZeroG network and for gas fee payments. Heinrich explained, "The ZeroG token is not just an investment asset but the core fuel that powers the ecosystem," and added, "It is designed so that as actual usage increases, the token's intrinsic value can rise as well."

Major economic indicators gap due to shutdown Rate cuts unclear after hawkish Fed remarks DAT purchase slowdown·ETF net outflows compound "Could fall to $93,000 if stop-loss selling emerges" Bitcoin (BTC), the leading cryptocurrency that had been stagnating, shifted into a sharp decline. Analysts say the gap in economic indicators caused by a prolonged U.S. federal government shutdown, uncertainty over rate cuts by the U.S. Federal Reserve (Fed), and weakening buying power of digital asset treasury (DAT) firms have been weighing on investor sentiment and increasing downward pressure across the market. On the 14th (Korea time) on Binance, the world's largest cryptocurrency exchange, it plunged about 5% from the previous day and fell intraday to $96,712. This is the first time Bitcoin has fallen below $97,000 since May 8. As of 3:05 p.m. that day, Bitcoin had partially recovered its losses and returned to the $97,000 range. Bitcoin's decline spread to major altcoins. Ethereum (ETH) plunged 10.13% from the previous day, while XRP and Solana (SOL) slid 9.18% and 9.23%, respectively. Top market-cap names such as Binance Coin (BNB), Dogecoin (DOGE), and Cardano (ADA) also fell roughly 5~8%, leaving the broader market unable to avoid a bearish trend. The primary explanation for this decline is the widening macroeconomic uncertainty. The U.S. federal government shutdown has delayed the release of key economic indicators such as employment and inflation, prolonging an 'in the dark' phase in which the Fed finds it difficult to signal the direction of interest rates — a burden for markets. A series of hawkish remarks from Fed officials also dampened investor sentiment. Boston Fed President Susan Collins and St. Louis Fed President Alberto Musalem both said the previous day that "it is appropriate to keep rates on hold for the time being," tempering hopes for a December rate cut. The CME FedWatch-implied probability of a rate hold rose to 50.4%. Kim Min-seung, head of Korbit's research center, analyzed, "Because key indicators were not released on time due to the shutdown, the market lost its sense of direction," adding, "As uncertainty grew, profit-taking orders emerged across risk assets, and Bitcoin could not avoid this." Added to this is credit market risk, which is strengthening downward pressure. Over the past year, the pace of purchases by digital asset treasury (DAT) firms — which had emerged as bitcoin buyers — has rapidly slowed. According to K33 Research, DAT's daily average Bitcoin purchases in November fell 42% month-on-month to 375. The mNAV (company value divided by held assets), a key indicator of DATs' financial soundness, also fell below '1' at most major firms. If mNAV drops below 1, additional fundraising becomes difficult and the ability to accumulate Bitcoin is limited. Greg Magadini, head of derivatives at Amberdata, warned, "The surge in firms adopting DAT strategies has caused credit demand to expand excessively," adding, "If credit markets tighten, refinancing could be blocked and selling of held coins to repay debt could become unavoidable." He added, "If selling starts at one place, it could spread into panic selling by subordinate DATs." Net outflows are also widening from exchange-traded funds (ETF) that have underpinned institutional demand. According to Paside Investor, spot Bitcoin ETFs recorded net outflows on six of nine trading days in November. On the previous day, $867.35 million flowed out, marking the second-largest net outflow on record. The possibility of further declines for Bitcoin has also been raised. Marcus Tielen, CEO of 10x Research, said, "Since June, about 5.9 million bitcoins have traded around the $100,000 area," and analyzed that "many investors who bought in that range show a risk-vulnerable profile." He went on to say, "If the stay below $100,000 is prolonged, stop-loss selling by buyers at that price level could follow, and if liquidity thins, it could be pushed down to $93,000."

Michael Ho, CEO of American Bitcoin — Interview A Bitcoin treasury company founded by Eric Trump "Bitcoin is taking off as an institutional store of value" "The Trump family has chosen 'blockchain' as the next-generation growth industry" "Bitcoin (BTC) is an asset that symbolizes freedom and equality. Its appeal lies in the fact that anyone who contributes to the network can receive fair rewards. American Bitcoin aims to prove this philosophy through Bitcoin treasury accumulation." Michael Ho (Michael Ho), chief executive officer (CEO) of American Bitcoin (ABTC), emphasized this in an interview with BloomingBit on the 13th. CEO Ho is known as an expert in strategic M&A and partnership building in the virtual asset (cryptocurrency) industry. He entered the industry in 2014 through virtual asset mining. In 2020, he co-founded US Bitcoin Corporation. He currently leads American Bitcoin while also serving as chief strategy officer (CSO) of mining company Hut 8. American Bitcoin is a company that emphasizes efficient mining infrastructure and a long-term Bitcoin treasury strategy. It has attracted market attention because it was directly founded by Eric Trump, the second son of President Donald Trump, with eldest son Donald Trump Jr. participating as a shareholder. We spoke with Michael Ho about Bitcoin's vision, American Bitcoin's purpose, and the Trump family's conviction about Bitcoin. "Bitcoin is a symbol of freedom… adoption is accelerating" Having spent a long time in the virtual asset industry, CEO Ho expressed firm trust in Bitcoin. He said, "Bitcoin is designed so that anyone who provides computational power to the Bitcoin network receives appropriate rewards," adding, "this is why Bitcoin is the asset system closest to democratization." He went on, "Bitcoin is a currency that symbolizes freedom and a tool that enables individuals to exercise their own economic sovereignty," and added, "its structure of being uncontrolled by anyone is Bitcoin's greatest value." CEO Ho explained that recent interest from traditional finance in Bitcoin also proves Bitcoin's long-term value. He said, "Large financial institutions like BlackRock and Fidelity are entering the market through spot Bitcoin exchange-traded funds (ETFs)," adding, "this is evidence that Bitcoin is not a speculative asset but is being recognized by institutions as a new store of value." He also said, "Ten years ago, holding Bitcoin required complex wallet setup, but now it is an environment where you can buy with a single click like a traditional brokerage account," and explained, "this change is accelerating Bitcoin's mainstream adoption." Securing treasury efficiency based on Bitcoin mining infrastructure American Bitcoin is a Bitcoin mining and strategic treasury company founded by Eric Trump, the second son of President Donald Trump. It debuted on Nasdaq in April after acquiring Hut 8's Bitcoin mining division and merging with Nasdaq-listed Gryphon Digital. According to Bitcoin Treasuries, as of the date of this report American Bitcoin holds a total of 4,004 Bitcoin, ranking 25th among publicly listed companies by Bitcoin holdings. Compared to Strategy (641,692), Marathon Digital Holdings (53,250), and 21 Capital (43,514), it remains in the early stage of accumulation. However, CEO Ho said American Bitcoin has sufficient competitiveness in the market due to its strengths in treasury efficiency based on mining infrastructure. He explained, "American Bitcoin conducts mining and treasury accumulation using the infrastructure Hut 8 possesses," adding, "because we utilize existing infrastructure, initial costs are low." Hut 8 owns data centers and power facilities across North America. Through this, it can maintain a cost of about 3–4 cents per kilowatt-hour (kWh), roughly 40% cheaper than the global Bitcoin network average. CEO Ho said, "Power costs account for more than 70% of mining expenses, and structurally our cost is about half that of other firms," adding, "thanks to this we can accumulate Bitcoin at prices lower than the market." Regarding American Bitcoin's long-term goal, he said it is to continue increasing its Bitcoin holdings. CEO Ho said, "Currently, increasing weekly Bitcoin holdings is the top priority," and said, "we will continue buying Bitcoin, but will only purchase at times that are beneficial to shareholders." "The Trump family is serious about Bitcoin and blockchain" Addressing external skepticism about the Trump family's participation in virtual assets, he dismissed it as "nonsense." CEO Ho said, "Eric Trump speaks directly at various conferences, and Donald Trump Jr. has discussed Bitcoin's future at events like Token2049 in Singapore," adding, "the Trump family is not merely symbolic figures but are actually involved in the business." In fact, the Trump family is active in the virtual asset market in various ways. In addition to American Bitcoin, they are directly involved in the decentralized finance (DeFi) project World Liberty Financial (WLFI). They have also appeared at shareholder meetings of Asia's largest Bitcoin treasury company MetaPlanet and at numerous global virtual asset conferences. Recently, Eric Trump said in an interview, "The Trump brothers all like virtual assets and take them seriously," adding, "they find it fun and at the same time are very serious." CEO Ho said, "Eric Trump views Bitcoin and blockchain as next-generation growth industries. He intends to build his career in the blockchain industry."

Bitcoin (BTC) fell below $104,000 intraday. As of 11:52 p.m. on the 11th (Korea Standard Time), Bitcoin was trading on Binance at $103,855, down 1.02% from the previous day. Leading altcoin Ethereum (ETH) also relinquished the $3,500 level at the same time.

A spot exchange-traded fund (ETF) for XRP could be launched soon. On the 11th (Korean time), Bloomberg ETF analyst Eric Balchunas said on X (formerly Twitter), "Canary Capital filed the 8-A filing for a spot XRP ETF the previous day," and "because that day is a U.S. holiday, the product is expected to launch on Wednesday or Thursday." Previously, the Hedera (HBAR) spot ETF was also launched the day after the 8-A filing.

The world's largest stablecoin (a digital asset whose value is linked to fiat currency) company Tether (USDT) is moving to target the gold market. On the 11th (Korea time), Bloomberg reported that Tether plans to hire Vincent Domien, global head of metals trading at HSBC, and Matthew O'Neill, head of precious metals sourcing for Europe, the Middle East and Africa. The two are reportedly in the process of leaving HSBC. Tether has rapidly increased its gold holdings in recent years and has grown to become one of the world's largest holders of gold outside of banks and states. The company's reserves exceed $180 billion, of which gold accounts for about $12 billion (as of September). Tether is estimated to have been buying more than 1 ton of gold per week through September this year. In addition, Tether includes gold as part of the reserves backing the dollar-pegged stablecoin (USDT), and also issues the gold-backed stablecoin 'Tether Gold (XAUT)'. XAUT's market capitalization is about $2 billion, and it is 100% backed by roughly 1,300 gold bars.