Uk Jin

On the 9th (Korean time), according to WatcherGuru, Canary Capital's Trump Coin exchange-traded fund (ETF) was registered under the ticker name 'TRPC' with the Depository Trust & Clearing Corporation (DTCC). DTCC ticker registration is unrelated to review by the Securities and Exchange Commission (SEC).

Bitcoin (BTC) has shown strength, including recently hitting an all-time high, and the unrealized gains of short-term holders who have recently begun accumulating Bitcoin have increased significantly. Some say this could lead to profit-taking selling. On the 8th (Korean time), crypto outlet CoinDesk, citing CryptoQuant short-term holder whales (Short-Term Holder Whales) data, reported that short-term holder whales' unrealized gains in Bitcoin amount to $10.1 billion. Short-term holder whales refer to wallet addresses that purchased Bitcoin within the last 5 months and hold 1,000 or more BTC. The unrealized gains of these whales have swelled as Bitcoin has strengthened recently. As of 1:59 p.m. that day, Bitcoin was trading at $121,944, down 2.28% from the previous day. Although it fell that day, Bitcoin surged 6.68% over the past 7 days. Recent net inflows into exchange-traded funds (ETF), a weaker dollar, and concerns over a U.S. government shutdown have triggered Bitcoin's upward momentum. As the unrealized gains of short-term holder whales increase, there is speculation that profit-taking supply could pour out. In fact, the total amount of Bitcoin deposited from short-term holder whales' wallets to exchanges earlier this week reached $5.7 billion. CoinDesk explained, "Short-term holder whales tend to be more sensitive to volatility than long-term investors," adding, "they can sell at any time."

According to Token Mindshare, a metric that quantifies the influence of specific tokens in the virtual asset (cryptocurrency) market from the AI-based Web3 search platform Kaito, as of the 8th the top five virtual asset–related keywords people are most interested in are Binance Coin (BNB), Polymarket, Solana (SOL), Doodles (DOOD), and Arbitrum (ARB). Binance Coin has been on an upward trend for consecutive days, drawing investors' attention. As of 1 PM, Binance Coin was trading at 1276 dollars, up 4.15% from the previous day. As a result, Binance Coin's market capitalization stood at 177.6 billion dollars, surpassing XRP to rank third by market capitalization. In second place was Polymarket, a decentralized prediction market that has drawn interest from Intercontinental Exchange (ICE), the operator of the New York Stock Exchange (NYSE). According to multiple foreign outlets, ICE is discussing investing up to 2 billion dollars in Polymarket. Polymarket's estimated market value as a result reaches 10 billion dollars. Solana ranked high in interest as speculation mounted that approval of a spot ETF is imminent. A Bloomberg ETF analyst even suggested that a Solana spot ETF is effectively in an approved state. However, the Securities and Exchange Commission (SEC) has been unable to function due to the effects of a U.S. federal government shutdown, so the final approval may take some time. Fourth was Doodles. News of a listing on Upbit appears to have drawn investor interest. The final fifth spot was Arbitrum, which made it onto Kaito's Yapper program. Mentions for yapping points increased, which is thought to have ranked it in the standings. Investors also showed interest in Mira (MIRA), XRP (XRP), PancakeSwap (CAKE), KAIO, and ZK (ZK), among others.

Ethereum (ETH) spot exchange-traded funds (ETFs) recorded net inflows. On the 7th (local time), according to Trader T, a total of $421.1 million in net inflows went into Ethereum spot ETFs that day. BlackRock's ETHA led the net inflows with $437.8 million, and 21Shares' TETH followed with $3.6 million. Meanwhile, Fidelity's FETH had a net outflow of $25.7 million.

Bitcoin (BTC) spot exchange-traded fund (ETF) has seen large capital inflows. On the 7th (local time), according to TraderT, Bitcoin spot ETFs recorded a net inflow of $875.7 million that day. BlackRock IBIT recorded a net inflow of $899.5 million, and Valkyrie BRRR followed with $4.8 million. Meanwhile, Grayscale GBTC saw a net outflow of $28.6 million.

An imbalance between small investors and whale investors (large investors who invest significant amounts of money) appears to be occurring in the domestic virtual asset (cryptocurrency) market. According to the 'Survey on the status of the five major domestic virtual asset exchanges' submitted on the 8th by the Financial Supervisory Service to the office of Rep. Lee Heon-seung, the transaction amount of the top 10% investors was calculated at 6555 trillion won, equivalent to about 91.2% of the total transaction volume. Narrowing the scope to major virtual assets such as Bitcoin (BTC), XRP (XRP), and Ethereum (ETH), the top 10%'s share of trading approached 95%. By exchange, the top 10%'s share of trading reached 91.2% on Upbit, 96.0% on Bithumb, 98.3% on Coinone, 97.1% on Korbit, and 99.4% on Gopax. Rep. Lee Heon-seung emphasized, "The virtual asset market is revealing a serious vulnerability in that it can be dominated by a small number of investors," and stressed, "Strengthening institutional measures to protect retail investors and establish orderly trading is urgent."

Bill Zanker, a close aide to President Donald Trump who handled the issuance of Trump's meme coin, is reportedly planning to establish a digital-asset treasury (digital asset reserve company, hereinafter DAT). On the 8th (Korea time), Bloomberg, citing sources, reported that Zanker is considering establishing DAT by raising $200 million to $1 billion through 'FightFightFight', which he operates. Bloomberg interpreted the DAT establishment as an attempt to defend against the meme coin's price decline. Official Trump (TRUMP) fell from a January high of $44 to about $8. Of the total supply of 1 billion, 35% is in circulation, and the remaining 800 million are tied up with Trump-related entities. Earlier, Zanker pushed to launch a dedicated wallet for the Trump meme coin, but it was canceled due to a conflict with another Trump family crypto project, 'World Liberty Financial'. World Liberty Financial's token (WLFI) is already being acquired by the digital asset treasury company 'ALT5 Sigma'.

It appears that Grayscale has engaged in large-scale Ethereum (ETH) staking through two Ethereum (ETH) spot exchange-traded funds (ETFs) it operates. On the 8th (KST), on-chain analyst AmberCN said on X (formerly Twitter), "Grayscale staked a total of 272,000 Ethereum that day," and "Grayscale's total cumulative staking reaches 304,000." They added, "The amount of Ethereum currently in the staking queue is 489,000," saying "Grayscale accounts for the majority of the staking amount."

Bitcoin (BTC) is said to have nearly a 50% chance of breaking through 140,000 dollars within this month. On the 8th (Korean time), according to cryptoasset (cryptocurrency) news outlet Cointelegraph, economist Timothy Peterson said on his X (formerly Twitter), "The probability that Bitcoin will close above 140,000 dollars this month is 50%, and the probability of closing at or below 136,000 dollars is 43%." At 9:28 a.m. that day, Bitcoin was trading at 121,711 dollars, down 2.36% from the previous day. He argued that Bitcoin could rise by about 15% more. Peterson explained, "This prediction is the result of 'hundreds of simulations' based on daily Bitcoin data since 2015," calling it "a data-driven analysis without emotions or bias."

On the 8th (Korean time), on-chain analyst ai_96894xtpa reported on X (formerly Twitter) that "an address believed to be Galaxy Digital deposited $3,978,000 worth of Aster (ASTER) tokens to Binance."

On the 8th, according to Alternative, a provider of virtual asset (cryptocurrency) data, the crypto asset Fear & Greed Index fell 10 points from the previous day to register 60. As of 9:00 AM that day, Bitcoin (BTC) was trading on CoinMarketCap at 2.64% lower than the previous day at 121,259 dollars. Most altcoins were also weak. At the same time, Ethereum (ETH) and XRP (XRP) fell by 5.043% and 4.45%, respectively. In addition, Solana (-4.98%), Dogecoin (-7.04%), Tron (-2.33%), Cardano (-5.90%) all fell. Meanwhile, Binance Coin surged 7.28% from the previous day to 1,311 dollars, continuing its upward trend. The Fear & Greed Index is an indicator expressing market sentiment, where values close to 0 indicate extreme fear and values close to 100 indicate extreme greed. The indicator is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market cap dominance (10%), Google search volume (10%), and others.

Binance-based meme coin 'Binance Life (币安人生)' is showing extreme strength intraday. As of 8th (Korea time) 8:17 AM, Binance Life is recording 0.2865 dollars, up 242.87% from the previous day, according to CoinMarketCap. With the day's rise, Binance Life's market capitalization reached 289,300,000 dollars, ranking 225th by market cap.

An analysis suggested that approval of spot exchange-traded funds (ETFs) for Hedera (HBAR) and Litecoin (LTC) is imminent. On the 8th (Korean time), crypto-focused outlet The Block reported that asset manager Canary Capital recently submitted amended registration documents for a Hedera spot ETF and finalized the ticker symbol as 'HBR'. Canary Capital also finalized the ticker symbol for the Litecoin spot ETF as 'LTCC'. The fee rate for these two ETFs was set at 0.95%. Eric Balchunas, Bloomberg ETF analyst, said, "These details are usually updated at the 'pre-launch stage,'" and added, "the filings are nearly in their final stage." James Seyffart, Bloomberg ETF analyst, also said, "Approval of the Litecoin and Hedera spot ETFs is nearly imminent." The SEC is currently conducting final reviews of approvals for various crypto ETFs, including XRP, Solana (SOL), and Dogecoin (DOGE), in addition to Hedera and Litecoin. However, with the U.S. government entering a shutdown, most administrative procedures are being delayed.

Binance Coin (BNB) has been drawing investors' attention as it continues its strong run. As of 7:41 a.m. on the 8th (Korean time), Binance Coin was trading at $1,308 on Binance, up 6.61% from the previous day. This represents about a 30.59% increase compared with the previous week. Despite the overall weakness in the crypto market that day, it continued to rise on its own. On that day, Bitcoin (BTC) fell 2.32%, and Ethereum (ETH) and XRP fell 3.97% and 4.23%, respectively. In particular, due to this rise, Binance Coin overtook Tether (USDT) and XRP in succession and climbed into the top 3 by market capitalization. The drivers of Binance Coin's rise are cited as increased network activity and news of collaboration with Chainlink (LINK).

A large Bitcoin (BTC) whale resumed activity. On the 8th (Korean time), Arkham said on X (formerly Twitter), "The whale holding $10 billion worth of Bitcoin transferred $360 million worth of Bitcoin to Hyper Unit." This whale had, two months earlier, sold $5 billion worth of Bitcoin and used all the sale proceeds to accumulate Ethereum (ETH).

Analysis suggests Solana (SOL) is posting performance that outpaces Ethereum (ETH)'s early growth rate. On the 8th (Korea time), according to crypto outlet Cointelegraph, 21Shares said in a report, "Solana recorded approximately $2.85 billion in revenue from October 2024 to September 2025 across decentralized finance (DeFi), artificial intelligence (AI), and trading apps, growing to a monthly average revenue of $240 million," and analyzed, "this far exceeds the $10 million monthly revenue Ethereum recorded in its fifth year after launch." The meme coin craze was cited as the biggest factor behind Solana's strong revenue. In fact, in January, when meme coins were very popular, Solana's monthly revenue reached $616 million. 39% of Solana's annual revenue also came from trading platforms used to accumulate meme coins such as Photon and Axiom. The report assessed, "high efficiency and a low-fee structure are the background to these results."

On the 8th (Korean time), according to Unfolded, U.S. asset manager GraniteShares Funds submitted paperwork for 3x leveraged exchange-traded funds (ETFs) with Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and Solana (SOL) as underlying assets.

U.S. comprehensive financial firm Cantor Fitzgerald said it plans to strengthen cooperation with Tether (USDT), the giant stablecoin company. According to Bloomberg on the 8th (Korea time), Cantor Fitzgerald chairman Brandon Rutnick participated in the Token2049 event in Singapore and said, "I learned a lot about stablecoins while with Paolo Ardoino, Tether's CEO," and "I will support Tether's USAT (U.S.-regulation-compliant Tether) going forward." Tether has recently been focusing on expanding its business in the United States. It once had friction with U.S. regulators and continued operations outside the United States, but recently it has accelerated its entry into the U.S. market through measures such as the launch of USAT, the establishment of an office in Charlotte, North Carolina, and the recruitment of Bo Hines, a former White House crypto adviser. Ardoino, Tether's CEO, said in a panel discussion, "Since the Donald Trump administration, the United States has become more crypto-friendly," and "We will grow a stablecoin that complies with U.S. regulations to a $1 trillion size within the next 3~5 years."

Iren (IREN)'s stock is weak in the over-the-counter market. On the 8th (KST), Iren is trading at $58.90, down 4.51% on the U.S. Nasdaq over-the-counter market. Iren, which previously operated a Bitcoin (BTC) mining business, has recently been seeking to expand into the artificial intelligence (AI) sector. On that day, Iren said in a filing it will issue $875 million of convertible bonds. If the initial purchaser buys an additional $125 million, the total issuance size could increase to $1 billion. The bonds are unsecured, maturing in July 2031, and may be converted into shares or cash at that time. Iren said it will raise funds through the convertible bond issuance to cover general operating expenses and the costs needed for a capped call (capped call).

With the SEC's easing regulatory stance Higher possibility of altcoin ETF approval XRP and Solana are top priority "Altcoin ETFs need demand verification" Spot exchange-traded funds (ETFs) for altcoins (crypto assets other than Bitcoin) are effectively entering an approval phase. Attention is focused on whether the launch of spot altcoin ETFs could act as a catalyst for a crypto bull market. On the 2nd, industry sources said the U.S. Securities and Exchange Commission (SEC) instructed issuers that applied for spot altcoin ETFs at the end of last month to withdraw the previously submitted Form 19b-4 (official exchange rule change request). The Form 19b-4 is a document submitted to exchanges to introduce new financial products and is a key procedure for launching a spot crypto asset ETF. The SEC appears to have instructed the withdrawals to simplify ETF listing procedures. Earlier, the SEC announced on its official website in mid-last month that it had approved a Generic Listing Standard for Commodity-based Trust Shares. As a result, exchanges such as Nasdaq, the New York Stock Exchange (NYSE), and the Chicago Board Options Exchange (CBOE) can list and trade commodity-based trust securities that meet certain requirements on their own. Notably, index products that use digital assets as underlying assets were also included in the commodity-based trust securities. This is why there are expectations that approval of spot altcoin ETFs could accelerate. SEC Commissioner Paul Atkins said the move "maximizes investor choice and promotes market innovation" and that "the U.S. capital markets could become a central stage for digital assets." Kim Min-seung, head of the Korbit Research Center, analyzed, "Previously, when a Form 19b-4 was submitted, the SEC reviewed each one individually and most led to 'delays' or 'rejections.' From now on, if the requirements are met, the structure will allow automatic approval, which is a major positive for spot altcoin ETFs." Solana and XRP cited as leading candidates Solana (SOL) and XRP are cited as strong contenders for the next spot ETFs. Although not large in scale, exchange-traded products (ETPs) that use Solana and XRP as underlying assets are already traded in the U.S. According to ETFAction, the assets under management (AUM) of the Solana ETF and the XRP ETF currently trading are $230 million and $200 million, respectively. Shortly after the SEC simplified listing procedures, it also approved the Grayscale Digital Large Cap (GDLC) fund submitted by the New York Stock Exchange. That fund is a multi-crypto ETP tracking the prices of five tokens—Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana, and XRP—and includes Solana and XRP. Eric Balchunas, a Bloomberg ETF analyst, said, "The likelihood of approval for a Solana spot ETF is effectively 100%," adding, "Now only the formal procedure remains for the SEC to approve the registration statement (S-1) submitted by asset managers." David Nadig, chairman of ETF.com, predicted, "ETF products tracking Solana and XRP will be launched within the next 60–90 days." "High chance of a Q4 rally" Despite such forecasts, price movements remain weak. Since the SEC's announcement of simplified listing requirements in mid-last month, the prices of major altcoins have rather fallen. According to CoinMarketCap, as of 5:30 PM that day, XRP's price was $2.95, up 2.77% from the previous day. While it showed gains that day, it is about 3% lower compared with the 17th of last month. Solana's price also fell about 6% over the same period. The market expects that prices will rebound once ETFs are launched, as institutional funds are likely to flow in with ETF launches. Matt Hogan, Chief Investment Officer (CIO) of Bitwise, said, "Altcoins like Solana could see institutional inflows on the back of ETF approval," adding, "(However) actual demand needs to be supported, and a bull market will follow after confirmed inflows similar to Bitcoin and Ethereum." Crypto analyst Noel Acheson also said, "There is a strong possibility that a crypto bull market will begin in Q4 this year," and "especially with new ETF launches expected, investor interest may shift from Bitcoin and Ethereum to smaller and mid-cap altcoins." Cautionary views were also raised. Jeffrey Ding, chief analyst at HashKey Group, said, "The launch of a Solana ETF could trigger short-term speculative buying, but profit-taking selling may follow immediately after approval." Jinwook, Bloomingbit reporter wook9629@bloomingbit.io