Uk Jin

Ethereum (ETH) is drawing attention as a potential core infrastructure for artificial intelligence (AI). On the 18th (local time), Ethereum Foundation developer Binji introduced the ERC-8004 proposal, 'Untrusted Agent', via X (formerly Twitter), stating, "Ethereum is seriously preparing for AI." The ERC-8004 proposal includes content that expands agent-to-agent communication protocol (A2A) and presents a structure in which agents can verify and trust each other. Specifically, it contains three on-chain registries: ▲identity, ▲reputation, and ▲validation. Through this, it is explained that AI agents can check information about their own actions.

As volatility in Ethereum (ETH) increases, investors are rapidly increasing their futures positions. According to Coinglass data on the 19th (KST), as of today, Ethereum’s futures open interest stands at $60.5 billion. This represents a roughly 20% increase from the previous month and marks an all-time record high. As of 10:58 a.m. on this day, Ethereum is trading at $4,297, down 2.24% from the previous day.

As Bitcoin (BTC) continues to trade sideways, accumulation activity by some whales has been observed. On the 19th (KST), Lookonchain reported on X (formerly Twitter) that “A whale bought 300 Bitcoins through FalconX 8 hours ago.” The report added, “This whale has been accumulating a total of 1,521 Bitcoins over the past month.”

Stratygy (formerly MicroStrategy) is expected to increase its Bitcoin (BTC) holdings by about 1.5 times over the next two years, according to an analysis. On the 18th (local time), The Block, a media outlet specializing in crypto assets, reported that US investment bank TD Cowen stated in a report, "Stratygy will hold 900,000 Bitcoins, equivalent to 4.3% of the total Bitcoin supply by 2027," and maintained its previous target price of $680. The previous day, Stratygy closed at $363.60, down 0.74% during intraday trading. Last week, Stratygy made an additional purchase of 430 Bitcoins with funds raised through the issuance of new preferred shares. This move sparked controversy in the market. Previously, Stratygy had stated that it would not further dilute equity as long as its market net asset value (mNAV) was less than 2.5 times its Bitcoin holdings, but this time it did not adhere to that rule. Currently, Stratygy holds 629,376 Bitcoins. However, TD Cowen noted, "Stratygy has shifted from simple defensive reserves to an opportunistic strategy aimed at maximizing shareholder value," and predicted, "It will continue to purchase Bitcoins by issuing bonds and preferred shares in the future." Additionally, TD Cowen cited possible inclusion in the S&P 500, clear regulation of Bitcoin, and growth in the cloud sector as factors supporting Stratygy's share price.

JPYC, the issuer of the Japanese yen stablecoin, has completed registration as a funds transfer service provider. JPYC is expected to issue its stablecoin on multiple blockchains such as Ethereum (ETH), Avalanche (AVAX), and Polygon (POL). On the 19th (KST), JPYC officially announced on X (formerly Twitter), "JPYC has been officially registered with the Financial Services Agency as a funds transfer service provider in Japan," adding, "We are now able to issue a stablecoin (electronic payment method) pegged 1:1 to the Japanese yen for the first time in Japan." In June 2023, Japan institutionalized three types of stablecoins through a revision of the Payment Services Act: ▲bank-issued, ▲trust bank-type, and ▲funds transfer service provider-type. Until now, JPYC had only offered the prepaid token 'Prepaid,' but with this new funds transfer service provider license, it can now launch the official yen stablecoin 'JPYC,' backed by deposits and government bonds. Going forward, JPYC plans to officially issue its token on major blockchains such as Ethereum, Avalanche, and Polygon. Once issuance and redemption services begin, on/off-ramps between the yen and the stablecoin are expected to become available.

Amid a sluggish virtual asset (cryptocurrency) market due to a lack of catalysts, a claim has emerged that staking should be permitted for Ethereum (ETH) spot exchange traded funds (ETFs). On the 19th (Korean time), Nate Geraci, CEO of The ETF Store, stated on X (formerly Twitter), "It is now time to allow staking for the Ethereum spot ETF, so I wonder what the Securities and Exchange Commission (SEC) is waiting for." He emphasized, "Although the Internal Revenue Service (IRS) has not issued concrete tax guidance on staking rewards, I don't think there's any reason for the SEC to delay its announcement."

It has been reported that Naver recognized a loss on its WEMIX holdings from the past five years. According to industry sources on the 19th (Korean time), Naver disclosed in its semi-annual report that during the first half of the year, it recognized impairments on 866,700 WEMIX (worth approximately ₩3,326,000,000) that it held, accounting for the entirety of the amount. Trading of WEMIX became virtually impossible after it was delisted from South Korean exchanges, making it unlikely for Naver to recover its initial investment, which led to this decision. Naver previously accumulated a significant amount of WEMIX through a partnership dating back to 2020.

According to the virtual asset (cryptocurrency) data provider Alternative on the 19th, the Virtual Asset Fear & Greed Index recorded 56 points, a decrease of 4 points compared to the previous day. As of 9:03 a.m. on this day, Bitcoin (BTC) was trading at $116,334 on CoinMarketCap, down 0.97% from the previous day. Altcoins also showed weakness. At the same time, Ethereum (ETH) and XRP had dropped by 3.59% and 0.85% respectively. Binance Coin (-0.96%), Solana (-4.19%), Dogecoin (-5.06%), TRON (-0.77%), and ADA (-4.04%) were also all down from the previous day. The Fear & Greed Index is an indicator that reflects market sentiment; the closer to 0, the more extreme fear, and the closer to 100, the more extreme greed. This indicator is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market dominance (10%), and Google search volume (10%).

The Securities and Exchange Commission (SEC) has postponed its review of Exchange-Traded Funds (ETFs) for altcoins such as XRP and Solana (SOL). According to Cointelegraph, a cryptocurrency-focused media outlet, on the 19th (Korea Standard Time), the SEC announced in a statement that the deadline for reviewing 21Shares' XRP ETF, which was filed by NYSE Arca, has been extended to October 19, while the deadline for reviewing 21Shares and Bitwise's Solana ETFs has been extended to October 16. James Seyffart, a Bloomberg ETF analyst, explained, “The SEC often uses the full review period for applications submitted under Rule 19b-4,” adding, “Since most of the final deadlines for altcoin ETFs were concentrated in October, this delay was an expected step.” Previously, the SEC had also decided to postpone its review of Bitcoin (BTC) and Ethereum (ETH) ETFs filed by Truth Social.

Attention is focusing on whether a large company hoarding Solana (SOL) will enter the market. On the 16th (KST), Andy, the host of The Rollup, reported via X (formerly Twitter), "There is currently a treasury directly supported by the foundation," adding, "They are currently raising funds and plan to complete fundraising within 1 to 2 weeks, preparing for an announcement in September." It has been reported that the virtual asset this company will hoard is Solana.

The trading volumes of spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs) in the United States have reached all-time highs. On the 16th (KST), Bloomberg ETF analyst Eric Balchunas stated via X (formerly Twitter), "This week’s trading volume for spot Bitcoin and Ethereum ETFs recorded about $40 billion," adding, "This is the largest weekly trading volume ever." He went on to say, "This is due to the substantial increase in trading volume of spot Ethereum ETFs," and added, "The figure is on par with the trading volume of the top 5 ETFs or the top 10 stocks."

According to Token Mindshare, a quantitative indicator of the influence of specific tokens in the virtual asset (cryptocurrency) market provided by Kaito (Kaito), an AI-based Web3 search platform, as of the 16th, the keywords attracting the most attention in the virtual asset sector are Hyperliquid (HYPE), Kaito (KAITO), Billions (BILLIONS), Tether (USDT), and Coinbase. The asset that received the most attention from investors was Hyperliquid. Hyperliquid is analyzed to have drawn investors' attention after being chosen by Arthur Hayes, the founder of BitMEX. The previous day, Lookonchain announced via X (formerly Twitter), "An address presumed to belong to Arthur Hayes bought 58,631 HYPE, 3.1 million ENA, and 1.29 million LDO." The second spot went to Kaito. The official public sale post for Rise Chain, shared by Kaito on the official X, garnered significant attention. In third place was Billions. The global identity network Billions entered the rankings by announcing a new collaboration with the virtual asset project Sapiens. Tether, a stablecoin, was ranked fourth. Finally, the cryptocurrency exchange Coinbase took fifth place. Additionally, it was found that investors are showing interest in Mitosis (MITOSIS), Polygon (POL), Mantle (MNT), Iris (IRYS), and Ronin (RON).

The well-known whale investor James Wyn expressed a positive outlook on the virtual asset (cryptocurrency) project of the Donald Trump family. On the 16th (KST), James Wyn stated through X (formerly Twitter), "I believe World Liberty Financial (WLFI) and the stablecoin (a virtual asset pegged to legal tender) USD1 will become the future of finance." He added, "World Liberty is at the forefront of virtual asset adoption and innovation. Its understanding of the value of virtual assets, DeFi (decentralized finance), and self-custody is second to none," further stating, "It will become the world's largest asset manager."

Ethereum (ETH) spot Exchange-Traded Funds (ETF) have experienced a net outflow. According to TraderT on the 15th (local time), Ethereum spot ETFs recorded a net outflow of $58.1 million on this day. While BlackRock ETHA posted a net inflow of $339.4 million, Fidelity FETH (-$272.2 million), Grayscale ETHE (-$101.7 million), Bitwise ETHW (-$15.8 million), 21Shares CETH (-$4.4 million), and Grayscale ETH (-$3.3 million) each recorded net outflows.

A net outflow occurred in U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs). On the 15th (local time), according to TraderT, Bitcoin spot ETFs saw a total net outflow of $14 million that day. While BlackRock IBIT recorded a net inflow of $114.5 million, Ark Invest ARKB and Grayscale GBTC each saw net outflows of $46.7 million and $81.8 million, respectively.

With the recent increase in companies adopting Ethereum (ETH) as a strategic reserve asset, Ethereum founder Vitalik Buterin shared his views on the matter. On the 16th (KST), in an interview with Bankless, Vitalik stated, "Ethereum treasury companies can increase accessibility to Ethereum for ordinary investors by pooling funds from investors to acquire Ethereum," highlighting "clear value in this." However, he also pointed out risks associated with excessive leverage. Vitalik remarked, "Participants in the Ethereum ecosystem are generally responsible. If companies are run properly, there is certainly long-term positivity," but also noted, "Excessive leverage can sometimes trigger price declines." Meanwhile, when asked whether there is a particular Ethereum treasury company he is paying attention to, Vitalik replied, "Perhaps the largest Ethereum treasury company could be the U.S. government."

An analysis has emerged suggesting that an 'altcoin season,' meaning a rally of altcoins (cryptocurrencies other than Bitcoin), may be on the horizon. This is attributed to a sharp surge in the market capitalization of stablecoins (cryptocurrencies pegged to fiat currencies) in circulation. On the 16th (KST), a CryptoQuant on-chain contributor reported in a paper that "on-chain data is showing early signs of an altcoin season." He focused on stablecoin supply. The contributor said, "The total supply of ERC20 stablecoins has reached an all-time high of $128.7 billion, indicating a large amount of liquidity building up and ready to flow into risk assets," and, "For the first time in history, the number of active stablecoin addresses has exceeded 250,000." A continued net inflow of stablecoins into Binance, the world's largest cryptocurrency exchange, has also been encouraging. The contributor noted, "The net inflow chart for stablecoins into Binance has remained positive for the past several weeks," adding, "An increase in net inflow to exchanges signals growing purchasing power on standby." Bitcoin (BTC) dominance also hinted at an altcoin season. The contributor emphasized, "Bitcoin dominance has been blocked by the resistance level formed during the previous bull cycle," and, "Such patterns have often coincided with periods when funds move from Bitcoin to mid- to large-cap altcoins and have been interpreted as early to mid-stage signals for an altcoin season." He added, "Supporting this, the number of active Ethereum addresses has surged to over 450,000, nearing cycle highs, suggesting that an altcoin season led by Ethereum may be approaching."

BitMine Immersion Technologies (hereafter BitMine), a company that accumulates Ethereum (ETH), has made an additional purchase of Ethereum. On the 16th (Korean time), AmberCN reported via X (formerly Twitter), "BitMine purchased 135,135 units of Ethereum over the past 10 hours," and added, "This amounts to approximately $600 million." This transaction was carried out through institutional trading platforms FalconX, Galaxy Digital, and BitGo. As a result, BitMine's total Ethereum holdings have reached 1,297,000 units.