Uk Jin

In order for Bitcoin (BTC), the leading cryptocurrency, to be recognized as an ideal asset class, it must break away from its correlation with U.S. stocks, according to a recent claim. On the 2nd (KST), Matrixport stated in a report, "For Wall Street to confidently market Bitcoin to institutional investors, Bitcoin needs to become a completely uncorrelated asset from U.S. stocks." Currently, however, the correlation between Bitcoin and the U.S. stock market stands at 72%, which remains at a high level. Regarding this, the report analyzed, "The correlation between the two assets is gradually decreasing," and, "While the S&P 500 Index is reaching record highs, Bitcoin is lagging behind." There are also positive signs. As Bitcoin's volatility decreases, institutional investors may start to view it as a safe asset. Matrixport explained, "Lower volatility makes Bitcoin more attractive to institutional investors who have strict constraints regarding risk or volatility," adding, "This recent drop in volatility could become a key factor in encouraging further institutional investment, no less than the decline in correlation." Meanwhile, as of 4:13 p.m. that day, Bitcoin was recorded at $106,969 on CoinMarketCap, down 0.02% from the previous day.

As institutional demand for virtual assets (cryptocurrencies), especially leading asset Bitcoin (BTC), has increased this year, opinions have emerged that it is impossible to accurately gauge this demand based solely on on-chain data. According to Decrypt, a virtual asset-focused media outlet, on the 2nd (Korea Standard Time), engineer Aslan Tashtanov asserted, "Traditional blockchain indicators are missing the scale and nature of institutional flows." He explained, "Institutions tend to buy mainly through centralized exchanges (CEX) and over-the-counter desks," and added, "These are designed to handle large transactions without disrupting the market." Connie Kwan, CEO of GAIB, similarly stated, "Large-scale institutional fund inflows are rarely reflected in common on-chain indicators," further explaining, "This is because there is significant inflow through institutional investment products such as Exchange-Traded Funds (ETF) and Exchange-Traded Products (ETP)."

It has been observed that the Bitcoin (BTC) futures premium on the global derivatives platform, Chicago Mercantile Exchange (CME), has plummeted. Accordingly, there is analysis that institutional interest in Bitcoin is weakening. According to crypto media outlet CoinDesk on the 2nd (Korea time), 10x Research reported, "The annual premium for 3-month CME Bitcoin futures has dropped from 10% earlier this year to 4.3% currently," and added, "This is the lowest level since 2023." The report further stated, "Even though Bitcoin price remains above $100,000, the basis (difference between futures and spot prices) has declined," and analyzed, "This suggests that expectations for further price appreciation have weakened or uncertainty has increased." Markus Thielen, an analyst at 10x Research, explained, "When the yield spread falls below 10%, ETF inflows into Bitcoin are usually led by investors rather than arbitrage-focused hedge funds," and added, "Given the current spread level, it can be seen that the arbitrage activities of hedge funds have notably decreased." Meanwhile, as of 3:44 p.m. on this day, Bitcoin is trading at $106,976 on CoinMarketCap, up 0.13% from the previous day.

Binance, the world's largest cryptocurrency exchange, announced on the 2nd (KST) that it has added Newton (NEWT) and Sahara AI (SAHARA) as VIP loanable assets through an official notice. The Binance VIP Loan Platform is a service where users can access oversized collateralized loans at competitive interest rates.

The U.S. Securities and Exchange Commission (SEC) has postponed its approval decision on the Ethereum (ETH) spot Exchange Traded Fund (ETF) that includes a staking feature. According to Coindoo, a cryptocurrency-focused media outlet, on the 1st (Korean time), the SEC announced in a statement that it is once again delaying the decision on the Bitwise application for an Ethereum spot ETF that includes staking. In the statement, the SEC said, "A review is underway to determine whether approval of an Ethereum spot ETF with a staking feature could lead to market manipulation or a lack of investor protection," adding, "We plan to solicit public opinion on the relevant application."

There has been a claim that Circle, the issuer of USDC, is turning a blind eye to North Korea's criminal activities. On the 1st (Korean time), prominent crypto asset (cryptocurrency) investigator ZachXBT pointed out via X (formerly Twitter) that "Circle is aware that North Korean IT staff primarily use USDC for payments, yet takes no action." He added, "It's true that USDC's transaction volume has increased by 8%," but emphasized, "However, as this is now a crime supercycle, no one cares anymore."

Paycoin (PCI) is showing a sharp intraday surge. It is interpreted that buying momentum has gathered following news that its issuer, Danal, is receiving attention from Singapore's sovereign wealth fund, Temasek. At 2 p.m. (Korea time) on the 1st, Paycoin is being traded at 145.1₩ on the domestic cryptocurrency exchange Coinone, an increase of 14.34% compared to the previous day. Paycoin recorded a session high of 149₩, but its upward momentum now appears to have eased somewhat. The rise in Paycoin is analyzed to be underpinned by favorable developments related to its issuer, Danal. Earlier that morning, news emerged that Singapore's sovereign wealth fund Temasek had requested an investor relations (IR) meeting with Danal. Temasek is seen as showing interest in Korean fintech and payment companies, in line with the Korean government's push for stablecoin policies. However, a Danal official declined to comment on this. Meanwhile, at the same time, Danal is being traded on KOSDAQ at 7,170₩, up 26.86% from the previous day.

According to the top gainers on the AI-based Web3 search platform Kaito, which uses the Token Mindshare indicator (quantifying the influence of specific tokens within the virtual asset market), as of the 1st, the top 5 virtual assets currently attracting the most attention are Ethereum (ETH), Solana (SOL), HyperLiquid (HYPE), USDC, and Raydium (RAY). The top spot went to Ethereum, the leading altcoin. The emergence of listed companies stockpiling Ethereum has drawn investors’ attention. The previous day, Bitcoin (BTC) mining company Bitmine Immersion Technologies closed on the New York Stock Exchange up an astonishing 694.84% at $33.90. Bitmine announced in a statement, "We have completed a private placement contract to raise funds for Ethereum reserves." The funds raised amounted to $250 million. Sharplink Gaming also continued its strategy of acquiring Ethereum. On this day, Sharplink Gaming purchased 4,951 Ethereum. Second place went to Solana. Investor interest surged with news that the REX·Osprey Solana Staking ETF, the first Solana ETF in the U.S., would launch this coming Wednesday. Following these reports, Solana recorded an intraday increase of over 5%. However, the increase has since eased, with the price currently up 0.99% from the previous day, at $152.89. Third and fourth places went to HyperLiquid and USDC. The final fifth place was taken by Raydium. The previous day, Raydium saw a spike in investor interest after it integrated the tokenized stock platform xStocks. xStocks is a platform where over 60 U.S. stocks—including Netflix, Meta, Coinbase, Robinhood, and NVIDIA—can be traded in tokenized form. In the future, it is expected that tokenized stocks will be tradable directly on Raydium. Other trending assets include Katana (KATANA), Binance Coin (BNB), Polygon (POL), Bybit, and Celestia (TIA).

The peer-to-peer (P2P) virtual asset (cryptocurrency) project Pi Network (PI), also known as "Pi Coin," is facing a crisis. This comes as stablecoins are rapidly rising, increasing the likelihood of their adoption in the retail market over other cryptocurrencies. On the 1st (Korean time), Kim H. Wong analyzed on their X (formerly Twitter) account, "Recently, stablecoins have gained rapid popularity," and commented, "The popularity of these stablecoins can pose a significant threat to the P2P ecosystem of Pi Coin." He continued, "In terms of price stability, widespread adoption, and regulatory compliance, stablecoins surpass Pi Coin," adding, "For Pi Coin to maintain competitiveness, it must enhance the ecosystem’s utility and address issues of trust and privacy." However, Kim H. Wong also noted that Pi Coin still holds some advantages over stablecoins. He stated, "Pi Coin’s mining system is simple—just a tap in the app—making the barrier to entry lower compared to stablecoins. Additionally, the 65 million strong community is another strength of Pi Coin." He further added, "Lastly, in the future, Pi Coin is expected to be usable within DApps on the Pi Network." Meanwhile, as of 1:30 p.m. on this day, Pi Coin was trading at $0.4924, a 4.78% decrease from the previous day. This is about an 80% drop from its all-time high of $2.8 recorded last February.

A net inflow has been recorded in Ethereum (ETH) spot Exchange-Traded Funds (ETFs). According to Farside Investor on the 30th (local time), Ethereum spot ETFs saw a net inflow of $31.8 million on this day. BlackRock ETHA and Fidelity FETH recorded net inflows of $6.1 million and $25.7 million, respectively. No net inflow or outflow was recorded in other products.

Robert Kiyosaki, a well-known pro-Bitcoin (BTC) personality, encouraged his followers to buy Bitcoin. On the 1st (KST), Kiyosaki stated via his X (formerly Twitter), "People might call me a fool, but today I bought one more Bitcoin." He continued, "I think Bitcoin will someday reach $1,000,000" and added, "I'd rather be a fool than a loser."

Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) continued to record net inflows. According to Trader T and Farside Investors on the 30th (local time), Bitcoin spot ETFs saw a total net inflow of $102.3 million on this day. BlackRock's IBIT purchased a total of 1,045 Bitcoins, posting a net inflow of $112.5 million. On the other hand, ARK Invest's ARKB saw a net outflow of $10.2 million. There were no net inflows or outflows for other products. However, the net inflow/outflow figures for Invesco Galaxy's BTCO have not yet been tallied.

U.S. asset management firms REX Shares (REX Shares) and Osprey Funds (Osprey Funds) are set to launch Solana (SOL)·Staking (Deposit) Exchange-Traded Fund (ETF) this coming Wednesday. On the 30th (local time), Bloomberg News, citing sources, reported, "The 'REX-Osprey Solana·Staking ETF' will be launched on Wednesday." The ticker symbol for this product has been set as SSK. If SSK is listed on the Chicago Board Options Exchange (CBOE), it is expected to become the first Solana ETF in the U.S. Furthermore, this product is designed so that investors can earn rewards through staking while investing in Solana.

The cryptocurrency CROSS of NEXXUS's open blockchain game platform 'CROSS' will be listed on the global cryptocurrency exchange Bitget on the 4th. On the 1st (KST), Henry Chang, CEO of NEXXUS, delivered this news via X (formerly Twitter). CROSS will be listed on Bitget's Innovation Zone and GameFi Zone. Trading will be available from July 4, and withdrawals will be possible from July 5, with trading supported in the USDT market. CROSS is a token that serves as the core of the CROSS ecosystem, an open blockchain game platform led by NEXXUS and the Opengame Foundation. Out of the total 1 billion tokens, 200 million were offered in private and public sales, of which 92.6% have been sold out, and the remaining 14,777,110 unsold tokens will be completely burned. The remaining 800 million tokens will be used for partnerships and ecosystem growth.

Eric Trump, the second son of former U.S. President Donald Trump, has successfully raised funds for American Bitcoin to acquire Bitcoin (BTC). According to Bloomberg on the 1st (KST), American Bitcoin raised $220 million through a new share issuance. The funds will be used for Bitcoin acquisition and the purchase of mining equipment. American Bitcoin is a Bitcoin mining company participated in by both of President Trump's sons. Since last March, Eric Trump has been serving as Chief Strategy Officer. Meanwhile, American Bitcoin is pursuing a listing on Nasdaq through a full stock merger with Gryphon Digital Mining, a Nasdaq-listed mining company. Eric Trump, his brother Donald Trump Jr.—the co-founder—and existing shareholders such as mining firm Hut 8 will retain 98% of shares in the new entity.

It is projected that multiple altcoin spot Exchange Traded Funds (ETFs) will be approved within the year. On the 1st (Korea time), James Seyffart, a Bloomberg ETF analyst, posted the 'Latest Version of the Spot Virtual Asset (Cryptocurrency) ETF Approval Probabilities' on X (formerly Twitter). According to the post, the altcoins with the highest approval probabilities at present are Litecoin (LTC), Solana (SOL), and XRP (XRP). The spot ETF approval probability for these altcoins is 95%. Following these, Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), Hedera (HBAR), and Avalanche (AVAX) have a 90% approval probability. Additionally, Sui (SUI) stands at 60%, while Tron (TRX) and Pudgy Penguins (PENGU) are at 50%.

Recently, while numerous state governments in the United States have passed bills to make Bitcoin (BTC) a strategic reserve asset, Connecticut has introduced a completely opposing bill. According to Bitcoin Law on the 30th (local time), Ned Lamont, governor of Connecticut, officially signed 'HB7082.' As a result, the Connecticut state government is now prohibited from accepting, holding, or investing in Bitcoin.

At the 'Trump Goods Store', which sells products related to President Donald Trump, payments can now be made using the meme coin Official Trump (TRUMP). On the 1st (KST), TrumpMeme announced via X (formerly Twitter) that the Trump Goods Store now supports payments with Official Trump. By selecting the Solana Pay option at the Trump Goods Store payment window, you can pay using virtual assets (cryptocurrencies).

SharpLink Gaming, which has designated Ethereum (ETH) as a reserve asset, has reportedly made additional purchases of Ethereum. According to on-chain analyst AmberCN on the 1st (Korean time), SharpLink Gaming has purchased an additional 4,951 Ethereum (worth $12.4 million) over the last five hours. SharpLink Gaming currently holds 202,800 Ethereum. The average purchase price is $2,606, and they are currently facing an unrealized loss of $22.92 million.

According to Alternative, a virtual asset (cryptocurrency) data provider, on the 1st (KST), the Fear & Greed Index for virtual assets recorded 64 points, down 2 points from the previous day. As of 9 a.m. today, Bitcoin (BTC) is trading at $107,155 on CoinMarketCap, down 1.07% from the previous day. Altcoins showed mixed movements. At the same time, Ethereum (ETH) was down 0.56%, while XRP increased by 1.39%. In addition, Binance Coin (+0.33%), Solana (+1.02%), Tron (+1.04%), Dogecoin (-2.55%), and Cardano (-0.99%) also displayed varied movements. The Fear & Greed Index is an indicator reflecting market sentiment, with values closer to 0 indicating extreme fear and values closer to 100 indicating extreme greed. This index is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market dominance (10%), and Google search volume (10%).