Uk Jin

According to Alternative on the 28th (KST), the cryptocurrency (crypto asset) Fear & Greed Index stood at 75 points, up 2 points from the previous day. As of 9:01 AM that day, Bitcoin (BTC) is trading at $119,434, up 1.22% from the previous day. Altcoins also rebounded. Ethereum (ETH) rose by 3.34%, and XRP increased by 2.18%. In addition, Binance Coin (+6.37%), Solana (+2.03%), Cardano (+1.47%), Dogecoin (+2.23%), and others also showed strength. However, TRON fell by 0.04% compared to the previous day. The Fear & Greed Index is an indicator representing market sentiment: values closer to 0 indicate extreme fear, whereas values closer to 100 indicate extreme greed. The index is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market dominance (10%), and Google search trends (10%).

Despite Bitcoin (BTC), the leading digital asset (cryptocurrency), recording a rally this year, actual trader returns have remained at a sluggish level. On the 28th (KST), a contributor for Dark Post CryptoQuant stated in a report, "Although Bitcoin has reached an all-time high, the average on-chain trader return is currently just 13%," adding, "The likelihood of these traders realizing profits by selling appears to be low." On-chain traders refer to spot traders who execute transactions between wallets rather than on exchanges, and are typically short-term investors holding Bitcoin for 1–3 months. The contributor noted, "In 2012 and 2021, the average returns for this group were 232% and 150%, respectively," and added, "During this cycle, the returns for these groups are relatively low." However, he warned that a panic sell-off could occur due to price corrections. The contributor explained, "If these traders engage in panic selling, a sharp price adjustment must also be considered," but also pointed out, "Whenever these traders have capitulated, the market has always presented good opportunities."

According to DeFiLlama on the 27th (local time), about $360 million worth of tokens are expected to be unlocked from today until the 2nd. The largest token unlock is scheduled for the 1st. The Sui Foundation will conduct a token unlock worth about $239.4 million on the 1st. Next are Optimism (OP), Axelar (AXL), StarkNet (STRK), and Celestia (TIA).

User activity on the XRP Ledger blockchain network of XRP has sharply declined. According to CryptoQuant, a cryptocurrency data provider, the number of active accounts on the XRP Ledger as of the 26th was tallied at 24,644, down 52% from the previous week (KST). It is analyzed that user interest within the network has waned as the price of XRP has fallen. During the same period, the price of XRP decreased from $3.6 to $3.15.

Michael Saylor, CEO of MicroStrategy (formerly MicroStrategy), has hinted at another Bitcoin (BTC) purchase. On the 27th (local time), CEO Saylor posted a “Saylor Tracker chart” on his X (formerly Twitter), saying, “Everything started with $2.5 billion worth of Bitcoin.” CEO Saylor has a habit of posting this chart before MicroStrategy buys Bitcoin. Currently, MicroStrategy holds a total of 607,770 Bitcoins, which is worth approximately $7.2 billion at the current price.

Recently, LetsBonk.fun appears to be solidifying its lead in the competition among Solana (SOL)-based meme coin launchpads. According to Dune Analytics, a cryptocurrency data provider, on the 27th (local time), LetsBonk.fun recorded a 68.8% market share the previous day. On the same day, its industry rival Pump.fun only reached a 19.8% share. In the past 24 hours, a total of 134 meme coins have graduated (meaning their market capitalization reached a certain level and they were listed on a decentralized exchange) from LetsBonk.fun. In contrast, only 12 meme coins graduated from Pump.fun.

There is an opinion that Bitcoin (BTC)’s retail payment network Lightning will account for at least 5% of the payment network for stablecoins (virtual assets pegged to fiat currencies). According to the cryptocurrency-focused media outlet Cointelegraph on the 25th (KST), Graham Krizek, founder of Voltage, said in an interview, “Within three years, more than 5% of global stablecoin transaction volume may be processed on the Lightning Network.” Currently, daily stablecoin transaction volume is about $180 billion. It is argued that, in the future, the Lightning Network could be responsible for stablecoin transactions of up to $9 billion. Krizek stated, “Lightning is the best scalability tool for stablecoins,” adding, “The adoption of the Lightning Network could accelerate due to stablecoins.”

On the 25th (KST), Lookonchain reported on X (formerly Twitter) that "Galaxy Digital has deposited an additional 2,850 Bitcoin to the exchange," adding that "selling pressure continues." This amounts to approximately $330 million.

Recently, XRP has shown increased volatility. Analysts attribute the sharp price drop to factors such as the delay in ETF approval and large-scale leveraged position liquidations. As of 2:14 PM KST on the 25th, XRP is trading at $3.09 on CoinMarketCap, down 0.14% from the previous day. During the session, XRP briefly plunged to $2.96 but has since partially recovered. While XRP has been fluctuating between $2.96 and $3.26, $1.05 billion in XRP long positions were liquidated over the past 24 hours. According to cryptocurrency-focused media outlet CoinDesk, "Uncertainty surrounding ETF approval and the excessive liquidation of leveraged positions have jointly triggered the short-term plunge." However, CoinDesk noted, "Even so, XRP has maintained the key support level in the $3.06 to $3.10 range."

It was revealed that the virtual asset (cryptocurrency) asset management firm Galaxy Digital withdrew a large amount of Tether (USDT) from a centralized exchange (CEX). According to Arkham Intelligence on the 25th (Korea Standard Time), Galaxy Digital withdrew $200 million worth of USDT several times from exchanges such as Binance and OKX starting about 30 minutes ago. Previously, Galaxy Digital had deposited approximately $430 million worth of Bitcoin (BTC) into a centralized exchange.

According to the Top Gainer, an AI-based Web3 search platform Kaito's Token Mindshare (a metric that quantifies the influence of specific tokens within the virtual asset market), as of the 25th, the five most popular keywords in the virtual asset market are Ethereum (ETH), Kaito (KAITO), Monad (MON), USDC, and Doodles (DOOD). Ethereum, the leading altcoin, took first place. In recent weeks, as investor sentiment for Ethereum strengthened, BlackRock’s Ethereum spot exchange-traded fund (ETF), ETHA, surpassed $10 billion in assets under management, attracting investor interest. ETHA reached $10 billion in assets just 251 days after its launch, marking the third fastest pace in history. Kaito ranked second. The cross-chain interoperability protocol Union announced the launch of a major reward program, 'Mad Yaps', in partnership with Kaito ahead of its mainnet release, drawing investor attention. The program will be conducted in collaboration with the AI-based analytics platform Kaito (KAITO), and 1% of the total Union token supply will be distributed to early contributors. 'Mad Yaps' is an on-chain incentive program that rewards community members who share and spread content about Union’s vision and technology on X (formerly Twitter). Monad took third place. Monad announced that it will release its native token MON on September 29, which is attracting investor interest. USDC, the stablecoin, ranked fourth. Finally, Doodles came in fifth place. In addition, investors were also found to be interested in Polkadot (DOT), Raydium (RAY), OKB, SetLayer (SATLAYER), and Pyth Network (PYTH).

Galaxy Digital, a virtual asset (cryptocurrency) asset management company, has deposited a large amount of Bitcoin (BTC) into centralized exchanges. According to Arkham Intelligence data on the 24th (local time), Galaxy Digital transferred a total of 3,750 Bitcoin to multiple exchanges, including Binance and Bybit, over the past 20 minutes. This amounts to $430 million.

Windtree Therapeutics, a NASDAQ-listed company in the United States, is set to raise up to $700 million to strengthen its financial strategy involving Binance Coin (BNB). On the 24th (local time), Windtree announced in a statement, "We have signed a stock credit agreement worth up to $500 million and an additional stock purchase agreement with Build & Build Corp worth $20 million." 99% of the funds raised through these agreements are expected to be used for the purchase of Binance Coin. Previously, on the 16th, Windtree had announced plans for a Binance Coin financial strategy worth $200 million. With these agreements, Windtree intends to expand its Binance Coin financial strategy.

Despite Bitcoin (BTC) having recently entered a bearish trend, market optimism remains high that Bitcoin could continue its rally through the end of the year. It has emerged that a whale investor has made a massive options bet that Bitcoin will reach $200,000 by year-end. According to CoinDesk, a cryptocurrency-focused media outlet, as of the 24th (local time), a whale investor bought 3,500 call option contracts with a $140,000 strike price expiring in December via the crypto options exchange Deribit, while simultaneously selling 3,500 call option contracts with a $200,000 strike price expiring at the same time. The loan amount used for these contracts totaled $23.7 million. This bet is an options strategy known as a 'bull call spread.' In a bull call spread, an investor buys call options at a relatively lower strike price and sells call options at a higher strike price at the same time. This whale can profit from a rise in Bitcoin between $140,000 and $200,000. Especially, if Bitcoin surpasses $200,000 by expiration, the maximum profit can be achieved. CoinDesk noted, "This bet demonstrates that some large investors continue to maintain a strong bullish outlook for Bitcoin, even as the market is undergoing a recent correction." Meanwhile, as of 12:22 PM on the 25th (Korea time), Bitcoin is trading at $116,234 on CoinMarketCap, down 2.44% from the previous day.

It has been revealed that Arthur Hayes, co-founder of the cryptocurrency derivatives exchange BitMex, has purchased a large amount of Ethena (ENA). On the 25th (KST), EmberCN reported via X (formerly Twitter) that "Arthur Hayes bought Ethena through several exchanges over the past 7 hours," adding, "The total amount is approximately $1 million." EmberCN also stated, "Hayes is accumulating numerous tokens in the Ethereum (ETH) ecosystem during this cycle," and "Previously, Hayes has purchased Ethereum, Aave (AAVE), Lido DAO (LDO), and PEPE, among others."

Ethereum (ETH) spot Exchange-Traded Funds (ETFs) continued their trend of net inflows. According to TraderT on the 24th (local time), there was a net inflow of $231.23 million into Ethereum spot ETFs on this day. Fidelity FETH led with the largest net inflow of $210.06 million, followed by Grayscale ETH (+$25.34 million), Bitwise ETHW (+$11.53 million), and Franklin Templeton EZET (+$2.84 million). In contrast, Grayscale ETHE saw a net outflow of $18.54 million.

Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) recorded a net inflow. According to Trader T on the 24th (local time), a total net inflow of $226.66 million was registered in Bitcoin spot ETFs that day. Fidelity Wise Origin Bitcoin Fund (FBTC) saw the largest net inflow at $106.58 million, followed by VanEck Bitcoin Trust (HODL) with $46.36 million, BlackRock iShares Bitcoin Trust (IBIT) with $32.53 million, Bitwise Bitcoin ETF (BITB) with $29.83 million, Grayscale Bitcoin Trust (GBTC) with $7.91 million, and Franklin Templeton Bitcoin ETF (EZBC) with $3.45 million.

It has come to light that Tesla disposed of a significant portion of its Bitcoin (BTC) holdings from three years ago, missing out on a substantial profit opportunity. On the 24th (local time), CNBC reported, citing Tesla's Q2 business and financial performance report announced on the 23rd, that as of June 30, the end of Q2, Tesla held digital assets worth $1.235 billion (about ₩1.7 trillion). Vaibhav Taneja, Tesla’s Chief Financial Officer (CFO), stated during a conference call that, due to fluctuations in the value of Bitcoin held by Tesla, $284 million (about ₩390 billion) in profit was reflected in the financial statements for Q2. This accounts for about one-quarter (24.3%) of Tesla's total net profit for the quarter, which was $1.172 billion. CNBC pointed out, "Much greater profits were missed due to early selling." Tesla purchased $1.5 billion worth of Bitcoin in February 2021, but sold 75% of it in Q2 2022. The period when Tesla sold Bitcoin was known as the 'crypto winter.' In June 2022, the price of one Bitcoin was around $17,700. At the time, Elon Musk, Tesla’s CEO, explained during the earnings conference call that Bitcoin was sold both to secure cash liquidity in the face of uncertainty caused by China's COVID-19 lockdowns and due to an uncertain outlook as to how long these conditions would persist. As of the 25th (Korean time), Bitcoin is trading at around $117,000. CNBC noted, “The current price of Bitcoin has risen roughly sixfold compared to when Tesla executed its large-scale sale at the end of Q2 2022,” and added, “Based on the estimated value of the Bitcoin purchased by Tesla in 2021, if the company had held onto all of it, its current value would be about $5 billion (about ₩6.9 trillion).”

According to Alternative.me on the 25th (KST), the Crypto Fear & Greed Index remained unchanged from the previous day at 71 points. As of 10:03 AM that day, Bitcoin (BTC) recorded $117,743, down 1.13% from the day before. In contrast, altcoins showed mixed performance. Ethereum (ETH) rose 0.41%, while XRP fell 3.36%. Binance Coin (-2.00%), Solana (-4.71%), Cardano (-2.65%), and Dogecoin (-6.88%) also showed a downward trend. However, TRON increased by 0.91% compared to the previous day. The Fear & Greed Index is an indicator reflecting market sentiment—closer to 0 means extreme fear, while closer to 100 indicates extreme greed. This index is calculated using volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market cap dominance (10%), and Google search trends (10%).

On the 24th (local time), Monad (MON) announced via its official X (formerly Twitter) that it will launch its mainnet on September 29.

Eric Trump, the second son of former U.S. President Donald Trump and director at the Bitcoin (BTC) mining company American Bitcoin, has agreed that Ethereum (ETH) is undervalued. On the 24th (local time), Eric Trump retweeted a post discussing the potential of Ethereum via his account on X (formerly Twitter), stating, "I agree." The post was written by cryptocurrency analyst Ted Pillows, who argued that "Ethereum is catching up with global liquidity" and that, compared to the increase in the M2 money supply, the current price of ETH should be $8,000. He added, "This shows just how undervalued Ethereum currently is and could be one of the most promising trading opportunities right now."

It was revealed that $4 billion flowed into the stablecoin market in just one week. On the 25th (Korea Standard Time), cryptocurrency-focused media outlet Cointelegraph cited data from DeFiLlama, reporting that the stablecoin market cap had reached close to $264 billion as of that day, with $4 billion having flowed in over the past week. This sharp increase in the stablecoin market is attributed to the enactment of the Genius Act. As regulatory uncertainty was resolved, a safe environment has been created for various institutions—such as banks, asset management firms, and crypto companies—to issue stablecoins. In particular, the risk of actions taken by the U.S. Securities and Exchange Commission (SEC) has been reduced, prompting more participation from traditional financial players. Anchorage Digital, a federally chartered crypto bank, partnered with Athenalabs to begin the issuance of USDtb. Asset management firm WisdomTree also entered the market by launching USDW for dividend tokenization. Banks are joining as well. Bank of America is considering issuing stablecoins following regulatory reforms, and both JPMorgan and Citibank are preparing to launch their own stablecoins.

The assets under management (AUM) of BlackRock's spot Ethereum (ETH) exchange-traded fund (ETF) product, ETHA, have surpassed $10 billion. According to Decrypt, a virtual asset-focused media outlet, on the 24th (local time), ETHA's AUM reached $10 billion that day. This is the third fastest pace among all ETFs in history. The only ETFs that reached $10 billion in AUM faster than ETHA are BlackRock’s spot Bitcoin (BTC) ETF, IBIT, and Fidelity’s spot Bitcoin ETF, FBTC. Notably, ETHA's AUM has nearly doubled in just the past 10 days along with the upward trend of its underlying asset, Ethereum. Eric Balchunas, a Bloomberg ETF analyst, analyzed, “In the past 10 days, ETHA's AUM increased by $5 billion,” adding, “This is thanks to Ethereum's rally and active capital inflows.” Decrypt commented that “While spot Ethereum ETFs previously attracted little attention compared to Bitcoin spot ETFs, they are now receiving significant interest due to digital asset promotion policies by the Trump administration.” It further added, “In particular, the recently passed GENIUS Act is expected to have a positive impact on Ethereum, a major platform for stablecoins.”