Uk Jin

The outstanding value of tokenized U.S. Treasuries issued on blockchain has surpassed $10 billion. On the 24th (Korea time), cryptocurrency news outlet Cryptopolitan, citing data from RWA.xyz, reported that the total value of tokenized U.S. Treasuries reached $10.13 billion, up 7.6% from the previous week. By product, Circle’s USYC accounted for the largest share with a market capitalization of $1.69 billion, followed by BlackRock’s BUIDL ($1.68 billion) and Ondo Finance (ONDO) USDY (about $1.27 billion). The network with the largest issuance of tokenized Treasuries was Ethereum (ETH). On Ethereum, more than half of the total—$5.6 billion worth of tokenized Treasuries—has been issued. It was followed by BNB Chain ($2.1 billion), Stellar ($690 million), Solana ($501 million), Aptos ($330 million) and Avalanche ($240 million).

Strategy, the company holding the most Bitcoin (BTC) in the world, launched a high-dividend preferred stock aimed at the European market but appears to have failed to win over investors. On the 24th (Korea time), crypto-focused outlet CoinDesk reported that nearly two months after Strategy launched its perpetual preferred stock Stream (STRE) in Europe, it has yet to post any meaningful results. It also noted that even on Strategy’s official website, it is difficult to find separate guidance or related information on STRE. STRE is a product Strategy introduced in November for the European Economic Area (EEA), structured to pay an annual dividend of 10%. The par value was initially set to be issued at 100 euros, but it was lowered to 80 euros to reflect market conditions and demand, and trading began after raising a total of $715 million. The weak demand is attributed to limited accessibility and insufficient market infrastructure. Kean Oy’s chief executive officer (CEO) said, “Stream is listed on the Luxembourg Euro MTF, but trading is not supported on major global brokerage platforms,” adding, “This significantly reduces investor access.” He also said, “With insufficient information provided on price, liquidity and other factors, it appears to be failing to generate strong demand from investors.”

US blockchain company R3 is pursuing a strategy to tokenize yield-bearing assets for institutional investors—such as private credit and trade finance—on Solana (SOL) and distribute them across the decentralized finance (DeFi) market. According to crypto news outlet CoinDesk on the 24th (Korea time), Todd McDonald, co-founder of R3, said, "Our goal is to build a structure where institutional investors can manage and use their financial assets directly on-chain," adding, "Through this, we want to offer DeFi investors stable yield opportunities with lower volatility." R3 plans to launch real-world-asset-backed yield vaults in the first half of this year via the 'Corda Protocol' built on Solana. The protocol is designed to allow institutional investors to access tokenized bonds, funds, and insurance-linked securities without liquidity constraints, and more than 30,000 people have participated in pre-registration to date. Explaining why it chose Solana, the company said, "All capital markets will ultimately move to on-chain markets," adding, "We determined Solana is the network best suited to institutional capital markets in terms of throughput and architecture." R3 stressed that rather than tokenization itself, 'liquidity' is the core challenge for bringing real-world assets on-chain. McDonald said, "The heart of DeFi is lending and borrowing," adding, "The market will truly start to grow when tokenized real-world assets are recognized as collateral on par with crypto assets."

Kevin O'Leary, an investor on the hit U.S. investment reality show 'Shark Tank,' argued that the market-structure legislation known as the 'Clarity Act' must be passed for Bitcoin (BTC) to achieve genuine integration into the regulated financial system. On the 24th (Korea time), O'Leary told CoinDesk in an interview that “until clear regulatory legislation is passed in the U.S., it will be difficult to expect any meaningful inflow of capital into Bitcoin,” adding that “we need the Clarity Act or infrastructure legislation.” The Clarity Act aims to clarify the criteria for distinguishing between securities and non-securities among crypto assets and to delineate regulatory jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). O'Leary added, however, that he also understands Coinbase's position in opposing the Clarity Act currently under discussion. He said, “Brian Armstrong, Coinbase's CEO, is also part of this issue,” while noting, “I sympathize with the argument that it is unfair that stablecoin holders are unable to earn returns like bank deposits.” O'Leary stressed that “both Democrats and Republicans drafting the bill understand that this issue is hindering the development of the crypto market,” and that “this must be resolved for Bitcoin to be recognized as an asset accessible to institutional investors or sovereign wealth funds.” He added that “Bitcoin without institutional standing is still only in an 'adolescence stage as an asset class,'” and that “true growth potential opens only under clear standards from the SEC and regulators.” The Clarity Act raised expectations in the market after passing the U.S. House of Representatives in July last year. However, passage has been delayed as disagreements have emerged during the Senate review process over the scope of regulation and the industry's impact.

An analysis suggests that the crypto (digital asset) market’s traditional four-year cycle has effectively come to an end. According to crypto-focused outlet CryptoNews on the 24th (Korea time), Wintermute, a crypto market-making firm, said in a report released on the 13th that “the crypto market is moving away from a speculation-driven cyclical structure and entering a new phase led by institutional investors,” adding that “the four-year bull cycle that long applied to the crypto market is no longer valid.” Wintermute assessed that a shift in market structure began in 2025. The report explained that “the previous pattern—funds rotating from Bitcoin (BTC) into altcoins after a Bitcoin rally—has weakened, while liquidity has increasingly concentrated in a handful of large-cap assets such as Bitcoin and Ethereum.” It pointed to spot Bitcoin exchange-traded funds (ETFs) and digital asset treasury companies (DAT) as drivers of the change. Wintermute said, “These products created steady demand for large-cap crypto assets, but they also reinforced a structure in which capital stays within a limited set of assets rather than spreading across the broader market,” adding that “as a result, many altcoins remained relatively sluggish.” Market seasonality also appears to have weakened. Wintermute said, “In 2025, recurring rally patterns such as the year-end rally or the so-called ‘Uptober’ did not materialize,” adding that “price action reacted in the short term to the macro environment and policy and political issues, and the duration of altcoin upswings fell sharply year on year, averaging 19 days.” Meanwhile, institutional participation expanded. Wintermute said in the report that “the number of institutional investors in 2025 rose 23% from a year earlier, and trading shifted away from short-term speculation toward hedging and yield management,” adding that “an expanded universe for ETF investment, strong gains in Bitcoin and Ethereum, and whether retail capital flows back in will be key variables for a market recovery in 2026.”

A bill has been introduced in the U.S. state of Oklahoma that would allow state government employees and contractors to receive wages and payments in bitcoin (BTC). According to Cryptopolitan on the 24th (Korea time), Oklahoma state Senator Dusty Deevers submitted “Senate Bill 2064 (SB 2064)” to the state legislature. The bill does not recognize bitcoin as legal tender, but it sets out a legal framework for using it as a lawful medium of exchange and compensation. The bill includes provisions allowing state employees to choose to receive their wages in bitcoin, U.S. dollars, or a combination of the two. If paid in bitcoin, the amount will be calculated based on the market price at the time of payment and deposited into an employee-managed personal wallet or an account at a chosen custodial institution. It also allows contractors working under agreements with the state to receive payments in bitcoin on a per-transaction basis. If enacted, the bill is slated to take effect in November 2026.

Ryan James Wedding, a former Canadian Olympic snowboarder, has been arrested on allegations of running a major international drug trafficking organization. According to CNBC on the 24th (Korea time), the U.S. Federal Bureau of Investigation (FBI) said Wedding was arrested in Mexico and extradited to the United States. Wedding is accused of working with Mexico’s Sinaloa cartel to smuggle Colombian cocaine into the U.S. and Canada via Mexico and Southern California. Investigators say Wedding spent more than a decade in hiding in Mexico while overseeing the distribution of tens of tons of narcotics, and is also accused of ordering multiple killings, including of a government witness, in the course of running the organization. He was placed on the FBI’s “Top 10 Most Wanted” list in March, with a reward of up to $15 million. Authorities have also identified indications that digital assets were abused in the criminal scheme. The U.S. Treasury Department and investigators believe Wedding’s organization set up shell companies and used a range of digital assets—including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Solana (SOL) and Binance Coin (BNB)—to launder and conceal illicit proceeds.

U.S. asset manager ARK Invest appears to be expanding its lineup of products tied to digital assets (cryptocurrencies). According to CoinDoo on the 24th (KST), ARK Invest submitted S-1 registration statements to the Securities and Exchange Commission (SEC) for two index-based exchange-traded funds (ETFs) that invest across the broader digital-asset market. Both products are based on the CoinDesk 20 index, but one includes Bitcoin while the other excludes it. The Bitcoin-inclusive ETF holds major large-cap digital assets such as Ethereum (ETH), Solana (SOL), XRP (XRP) and Cardano (ADA), while the Bitcoin-excluding ETF is structured around altcoins. This is interpreted as a strategy in which ARK Invest views Bitcoin as a standalone investment asset distinct from other digital assets and seeks to split choices based on investors’ preferences. The ETFs do not directly hold digital assets; instead, they track performance through futures contracts linked to the CoinDesk 20 index.

Axie Infinity (AXS) has continued to post steady gains in recent days. As of the 24th (KST), CoinMarketCap data show Axie Infinity at $2.76, up 1.9% from the previous day. That marks a surge of about 227% from a month earlier. The move is notable as it comes while major crypto assets, including bellwether Bitcoin (BTC), have been trading sideways. Market participants say the rally has been driven by developer Sky Mavis’s recent overhaul of the in-game rewards structure and the launch of a new season, which has boosted investor sentiment. Crypto-focused outlet Decrypt said, “The update improved the token’s circulation structure and has fueled expectations that near-term selling pressure will ease.”

Ethereum (ETH) spot exchange-traded funds (ETFs) logged net outflows for a fourth consecutive trading day. According to Farside Investors on the 23rd (local time), Ethereum spot ETFs saw $41.7 million in net outflows on the day. BlackRock’s ETHA recorded $44.5 million in net outflows, while Grayscale’s ETHE posted $10.8 million in net outflows. Fidelity’s FETH and Grayscale’s ETH, meanwhile, saw net inflows of $4.4 million and $9.2 million, respectively.

Spot Bitcoin (BTC) exchange-traded funds (ETFs) extended their net outflow streak. According to Farside Investors on the 23rd (local time), spot Bitcoin ETFs recorded a net outflow of $103.5 million on the day. BlackRock’s IBIT and Fidelity’s FBTC posted net outflows of $101.6 million and $1.9 million, respectively.

As advances in quantum computers—seen as a major potential threat to the security of digital assets (cryptocurrencies)—have accelerated in recent years, the Ethereum (ETH) Foundation has moved to respond. According to crypto-focused outlet CoinDesk on the 24th (Korea time), Justin Drake, a researcher at the Ethereum Foundation, said, “We are moving quantum-resistant security from background research into a full-fledged engineering phase,” adding, “To that end, we have formed a dedicated organization.” The dedicated organization is called “Post-Quantum.” It will be led by researcher Tomasz K. and will be joined by Emil, a core researcher of the Ethereum Virtual Machine (EVM). Starting next month, the Ethereum Foundation plans to hold biweekly developer sessions on quantum-resistant transactions and discuss user-protection technologies such as account abstraction, in-protocol cryptographic tools, and R1VM-based signature aggregation. Research support will also be expanded. The Foundation allocated $1 million each to the “Poseidon Prize,” a bounty to strengthen the Poseidon hash function, and the “Proximity Prize,” a bounty for quantum-resistant cryptography research. Community events related to the initiative are also expected to be held in March and October.

According to the U.S. Securities and Exchange Commission (SEC) website on the 23rd (Korea time), Grayscale filed an S-1 registration statement with the SEC for an exchange-traded fund (ETF) that uses Binance Coin (BNB) as its underlying asset.

The gap between long- and short-term US Treasury yields has widened to its largest level since 2021, raising concerns it could act as a headwind for Bitcoin (BTC), an analysis said. On the 23rd (Korea time), Cointelegraph, a cryptocurrency-focused outlet, reported that the spread between the yields on the 30-year and 2-year US Treasuries has recently widened to the most since 2021. This indicates long-term yields are rising rapidly. When long-term yields climb, returns on safe-haven assets such as Treasuries increase, making it more likely that investors rotate out of risk assets into safer assets. Behind the rise in long-dated US Treasury yields is a sharp jump in Japan’s 30-year government bond yield. Japan’s 30-year JGB yield rose to 3.92% this week, hitting a record high. As a result, the spread between Japan’s 30-year and 2-year yields widened to about 220–325bp. David Roberts, head of bonds at Nedgroup Investments, told Bloomberg in an interview, “In an environment where long-term yields continue to rise, global equity markets have no choice but to come under pressure,” adding that “upward pressure on yields is particularly pronounced in Japan’s long-dated government bond market.” Lauren Van Biljon, senior portfolio manager at Allspring Global Investments, forecast that “Japan’s 30-year yield could rise a further 75–100bp (due to Japan’s fiscal expansion).” As of 10:52 p.m. today, Bitcoin was trading at $89,212, down 0.35% from the previous day, according to CoinMarketCap.

Kaia (KAIA), one of South Korea’s leading cryptoassets (cryptocurrencies), is posting a sharp intraday rally. With stablecoin-related names soaring in the stock market on the day, Kaia is also seen benefiting from strengthening investor sentiment on expectations for institutionalization of digital assets in Korea. As of 10:27 p.m. KST on the 23rd, Kaia was trading at $0.06169, up 16.93% from the previous day, according to CoinMarketCap. Positive headlines related to the institutionalization of stablecoins in Korea appear to have ignited risk appetite. At a luncheon for the KOSPI 5000 Special Committee chaired by President Lee Jae-myung the previous day, Min Byung-duk, a lawmaker from the Democratic Party of Korea, conveyed to the president and other lawmakers that digital assets should be used as a key catalyst for pushing the KOSDAQ above the 3,000 level. President Lee was confirmed to have listened closely to Min’s proposal. After the news broke, stablecoin-related stocks in the Korean equity market also surged intraday. Kakao Pay ended the session at 67,800 won, up 29.89% from the previous day, while NAVER (+8.53%) and Hecto Financial (+30.00%), among others, also posted sharp intraday gains.

As rules governing options trading in spot exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH) are eased, market participants are increasingly expecting the influence of those ETFs—and institutions, their primary buyer base—to grow further. According to CoinDesk on the 23rd (Korea time), Nasdaq has scrapped a rule that had capped the number of contracts an individual investor can hold at 25,000 in options trading for Bitcoin and Ethereum ETFs. Nasdaq submitted the change earlier this month, and the revision took effect this week. Options are derivatives that confer the right to buy or sell a specific asset at a predetermined price in the future. They are mainly used by institutional investors to manage risk or design return strategies. CoinDesk said the regulatory easing will allow large pools of capital and institutional investors to more actively hedge or manage ETF positions. It added that options linked to BlackRock’s Bitcoin ETF, IBIT, have already grown to a scale comparable to Deribit, a global crypto options exchange, and noted that with position limits removed, ETF options could also emerge as a key pillar of the Bitcoin derivatives market.

Sharia Portfolio, which manages as much as $2 billion in assets, has made a sizable purchase of shares in Strategy, the largest publicly listed holder of Bitcoin (BTC). On the 23rd (Korea time), BitcoinTreasury.net said on X (formerly Twitter) that “Sharia Portfolio purchased 43,833 shares of Strategy for $7 million.” Sharia Portfolio’s total holdings of Strategy shares stand at 150,325.

A bill in the U.S. state of Kansas to manage Bitcoin (BTC) and digital assets as state-level reserves has advanced to the review stage of the Senate Financial Committee. According to The Block on the 23rd (KST), Kansas Senate Bill 352 (SB352) was referred to the Senate Financial Institutions and Insurance Committee. The bill, introduced the previous day by Republican state Senator Craig Bowser, centers on establishing a Bitcoin reserve fund financed by proceeds generated from unclaimed digital assets. The Kansas proposal differs from existing Bitcoin reserve bills in that it does not involve the state government directly purchasing Bitcoin, instead using only revenue derived from unclaimed assets. The bill would create a “Bitcoin and Digital Asset Reserve Fund” under the state treasury and stipulates that digital assets for which no owner comes forward for a certain period may be held and staked through designated custodians. Airdrops and staking rewards generated from assets that become unclaimed would be fully credited to the reserve, and transferring Bitcoin to the general fund would be prohibited. For other digital assets, 10% would be transferred to the general fund upon deposit. Any spending from the reserve would require a separate legislative approval process.

Bitcoin (BTC) is said to have entered the early phase of a bear market as on-chain profitability indicators deteriorate. The $84,000 level is emerging as a key support line. According to Cointelegraph, a cryptocurrency-focused outlet, CryptoQuant said in a report on the 23rd (KST) that “Bitcoin holders have begun realizing net losses for the first time since 2023,” adding that “the on-chain profitability structure is showing patterns similar to an early bear market.” Indeed, over the past 30 days, net realized profit/loss is reported to have plunged to around 69,000 BTC in bitcoin terms. Net realized profit/loss is an indicator that converts profits and losses finalized by investors through on-chain transactions into a bitcoin-denominated figure. A decline in this metric means loss-taking sales are increasing across the market. Realized profits have also fallen from about 4.4 million BTC in October last year to roughly 2.5 million BTC recently, mirroring a pattern similar to early 2022. CryptoQuant assessed that “as the bull market enters its late stage, upside momentum is weakening.” Crypto analyst Titan said recently on X (formerly Twitter) that “Bitcoin is flashing bear-market signals,” noting that “over the past two months, a bearish crossover has appeared on the monthly MACD (M( ACD) indicator. In similar past cases, declines of 50–64% have occurred.” In the market, the $80,000–$84,000 range is being viewed as the key near-term support area, as most recently purchased bitcoin was traded around that price band.

Robert Kiyosaki, author of Rich Dad Poor Dad, who drew backlash from the community after selling some bitcoin (BTC) during the downturn, said he continues to buy bitcoin and ether (ETH). On the 23rd (Korea time), Kiyosaki wrote on X (formerly Twitter): "I don’t care whether the prices of bitcoin, gold, silver and ether go down or up," adding, "because U.S. national debt keeps rising and the dollar’s purchasing power keeps falling." He went on to argue that "the people controlling the Federal Reserve (Fed), the Treasury and the U.S. government are incompetent but highly educated elites," adding that "in this situation, there’s no reason to worry about asset-price fluctuations." He added, "I’ll just keep buying gold, silver, bitcoin and ether and become richer."

AI agent protocol Virtual Protocol (VIRTUAL) said on the 23rd that it will partner with FabricFND, an on-chain infrastructure project for general-purpose robots. Through the partnership, Virtual Protocol will support FabricFND’s push to build open on-chain infrastructure for coordinating and operating general-purpose robots. Based on “Embodied AI,” FabricFND aims to combine digital agents with physical robots. As part of the partnership, the Virtual Protocol community will be offered priority allocation benefits for FabricFND’s token, “ROBO.” Eligible users are those holding at least 100 veVIRTUAL, and the allocation amount will vary depending on veVIRTUAL holdings.

Asset manager MetaAlpha has withdrawn a large amount of Ethereum (ETH) from exchanges. On the 23rd (Korea time), Onchain Lens reported via X (formerly Twitter) that MetaAlpha withdrew 8,500 Ethereum from Binance and Kraken. Typically, withdrawing crypto assets from exchanges is interpreted as a signal pointing to long-term holding or potential use in DeFi (DeFi), rather than short-term selling.