Uk Jin

Interest in Bitcoin (BTC) on Wall Street seems to be growing. On the 27th (local time), renowned hedge fund investor Josh Mandel stated on his X (formerly Twitter), "I have invested in Bitcoin in a not-so-good way until now, but from today, I am a Bitwiser." Mandel then disclosed that he purchased $2 million worth of the Bitwise Bitcoin Spot Exchange-Traded Fund (ETF), BITB. Crypto-focused media outlet Cryptopolitan commented, "A Wall Street trader's investment in Bitcoin is by no means a small signal," and evaluated that "it shows Bitcoin is establishing itself as a hedge."

It has been revealed that the famous whale investor James Wynn, active in the futures market, has resumed his long position investment in Bitcoin (BTC). According to BlockBeats on the 28th (Korean time), James Wynn opened a long position worth approximately $500 million at a Bitcoin price of $109,782.3. The liquidation price is set at $107,420.

Japan's Metaplanet, which has incorporated Bitcoin (BTC) as a major financial asset, is seeking opportunities to purchase additional Bitcoin. On the 28th (Korean time), Metaplanet announced via its official X (formerly Twitter) that it has issued $50 million in general bonds.

David Sachs, the White House Crypto (Cryptocurrency) Czar, is confident that the Trump administration will be able to promote the crypto industry. According to Cointelegraph on the 27th (local time), David Sachs attended the 'Bitcoin2025' event and stated, "Bitcoin (BTC) and blockchain are the future financial systems." He continued, "The achievements made in the first 100 days of President Trump's tenure are remarkable," citing "the pardon of Ross Ulbricht, the signing of an executive order banning CBDCs (Central Bank Digital Currencies), the termination of Operation Chokepoint 2.0, and the establishment of a Presidential Working Group on Digital Assets." He also touched on the government's approach to Bitcoin. David Sachs emphasized, "The U.S. is moving towards adopting Bitcoin as a strategic reserve, and is also considering hosting a presidential-led digital asset summit." Additionally, David Sachs highlighted notable actions such as the 'Genius Act' stablecoin (a cryptocurrency linked to the value of fiat currency) bill and the Market Structure Bill.

Bitcoin (BTC) has achieved a rebound during the correction phase, with analysis suggesting it could reach $120,000 upon further rise. According to NewsBTC on the 28th (Korean time), cryptocurrency analyst Weslad stated, "Bitcoin is currently following an 'AB=CD' pattern," indicating a potential rise to $122,000. Weslad explained, "Bitcoin is currently trading in an upward cycle, with $100,000 maintained as a psychological support level," adding, "The correction phase is already over, and there is a high possibility of entering a substantial growth stage." Meanwhile, as of 9:22 AM, Bitcoin is trading at $108,871 on Binance, down 0.42% from the previous day.

Donald Trump Jr., the eldest son of President Donald Trump, participated in the 'Bitcoin 2025' event on the 27th (local time) and stated about Bitcoin (BTC), "The market is experiencing events such as record-breaking ETF inflows, the entry of whales and individual investors, and all-time highs." He continued, "Institutions are not just focused on investing but are reshaping supply dynamics through companies like BlackRock," adding, "The floodgates are opening." Trump Jr. also explained, "Along with my brother Eric Trump, we introduced our father (President Trump) to the world of Bitcoin." He added, "The Trump family has been focused on real estate and thought Bitcoin was abstract, but felt that the tyranny of banks, such as unilateral account closures, was too severe," adding, "This made us realize the vulnerabilities of the traditional financial system."

Concerns about Pi Network (PI) are growing. Technical analysis also suggests that bullish momentum has been lost. As of 8:40 AM on the 28th (KST), Pi Network is trading at $0.7473, down 3.13% from the previous day according to CoinMarketCap. The cryptocurrency-focused media BeInCrypto stated, "The Ichimoku Cloud chart of Pi Network suggests further bearishness," and evaluated that "short-term momentum has been lost." BeInCrypto also reported that bearish signals were observed in the Bollinger Band Trend (BBTrend). The media explained, "The Pi Network BBTrend indicator maintained a positive range from the 22nd to the 26th," but "recently, the indicator recorded -1.85, weakening bullish signals."

On the 27th (local time), Byron Donalds, a Congressman from Florida, participated in the 'Bitcoin 2025' event and stated that he "voted in favor of a strategic Bitcoin (BTC) reserve."

Ethereum (ETH) is showing strength during the day. It is analyzed that investor sentiment has recovered as expectations for the allowance of staking in spot Exchange-Traded Funds (ETFs) and strategic reserves of Ethereum have increased. As of 8:16 AM on the 28th (KST), Ethereum is trading at $2,662, up 4.04% from the previous day according to CoinMarketCap. According to Forbes, Joe DiPasquale, CEO of BitBull Capital, explained the rise of Ethereum by saying, "The rally in Ethereum is due to renewed optimism about the potential approval of a spot Ethereum ETF." Additionally, CEO DiPasquale added, "In recent months, there has been a surge in short selling of Ethereum," and "However, as Ethereum rose, a short squeeze occurred, leading to an upward trend in Ethereum." Influencer Wendy O also explained, "Investor sentiment has recovered as a spot ETF with staking has been filed for listing." Furthermore, the announcement of Sharplink Gaming's strategic reserve of Ethereum on this day is cited as a factor that positively influenced investor sentiment. Earlier, around 9 PM the previous day, Sharplink Gaming announced, "We are pursuing a private issuance of $425 million for the strategic reserve of Ethereum (ETH)." Following this announcement, the open interest in the Ethereum futures market surged by $3.5 billion in one day, reaching a total of $36.1 billion, marking an all-time high.

On the 27th (local time), according to Bitcoin Magazine, Robert Michnick, BlackRock's Head of Digital Assets, stated at Bitcoin 2025 that "Bitcoin has much higher upside potential than gold."

The decrease in XRP staking is raising concerns among investors. On the 27th (local time), cryptocurrency specialist media U.Today reported, citing data from on-chain data provider XRPSAN, that the amount of XRP locked in the market maker (AMM) pool has decreased to 12,906,712. The AMM pool is a channel that can provide liquidity to the Ripple Ledger decentralized exchange (DEX). U.Today evaluated this by stating, "The decline in this indicator shows that interest in XRP staking among investors has decreased," and "This means that investors lack confidence in the outlook for XRP." Meanwhile, as of 8:05 AM on the 28th (Korean time), XRP is trading at $2.31, up 0.67% from the previous day according to CoinMarketCap.

On the 28th (Korean time), Ripple submitted an additional opinion to the U.S. Securities and Exchange Commission (SEC) regarding virtual assets (cryptocurrency) and investment contracts (securities). On this day, Stuart Alderoty, Ripple's Chief Legal Officer (CLO), shared the opinion submitted by Ripple through X (formerly Twitter), questioning "When will the separation point between virtual assets and securities, as raised by Hester Peirce, the head of the SEC's virtual asset task force, be determined?" In the opinion, Ripple argued that "most non-fungible virtual assets are not securities" and "especially, transactions in the secondary market do not have the characteristics of securities." This claim cites the ruling made by Judge Analisa Torres in the lawsuit between Ripple and the SEC in 2023. Additionally, Ripple criticized the SEC's interpretation of virtual assets. Ripple stated, "The ambiguous standards currently used by the SEC, such as fully functional and sufficiently decentralized, can cause confusion," and "If standards are needed, Congress should create them, and the SEC should not arbitrarily create standards." Meanwhile, Ripple proposed adding 'network maturity' to the token evaluation criteria. The network maturity test proposed by Ripple evaluates whether it has grown beyond the initial investment contract based on objective criteria such as market capitalization, operational history, and distribution of control. Regarding the security nature of tokens, it explained, "Unless both conditions are met simultaneously: ▲ when important matters promised by the issuer have not yet been fulfilled, ▲ when the holder has legal rights to the promise, the token should not be considered a security." Meanwhile, Ripple's opinion is interpreted as aiming to secure legal clarity for the future launch of an Exchange-Traded Fund (ETF).

According to The Defiant on the 28th (Korean time), SOL Strategies plans to raise up to $1 billion to purchase Solana (SOL) tokens and has submitted an investment prospectus for this purpose.

Strive Asset Management, led by prominent American politician and entrepreneur Vivek Ramaswamy, has announced a private investment to accumulate Bitcoin (BTC). According to PR Newswire on the 27th (local time), Strive has successfully raised $750 million (approximately 1 trillion KRW) to support Bitcoin purchases. This fundraising was conducted in the form of PIPE (Private Investment in Public Equity). If the warrants are exercised, an additional $750 million is expected to be raised, allowing Strive to secure a total of $1.5 billion in investment funds. Strive stated, "Most Bitcoin shares are valued based on multiples of Bitcoin holdings," adding, "However, we will leverage alpha generation strategies to create sustained excess returns that surpass Bitcoin itself." Strive's alpha generation strategy includes purchasing distressed Bitcoin claims like those from Mt. Gox, securing discounted cash, and buying lower tranches of Bitcoin credit products.

KULR Technology, which previously garnered attention from the virtual asset (cryptocurrency) market by starting to purchase Bitcoin (BTC), is expected to join the Russell 3000 Index. On the 27th (local time), The Street reported that KULR Technology is projected to be included in the Russell 3000 Index on June 30th, following this year's annual reconstitution of the Russell Index. The Russell 3000 Index calculates the stock index of the top 3000 listed companies in the United States, with inclusion based on market capitalization. KULR is expected to be included in the Russell Microcap Index, which consists of the smallest 1000 companies within the Russell 3000 Index. Previously, on the 20th, KULR purchased approximately $9 million worth of Bitcoin. Currently, KULR holds 800 Bitcoins.

"Selling Bitcoin (BTC) is like playing a game in a casino with bad odds." On the 27th (local time), according to the cryptocurrency-focused media outlet Cointelegraph, Adam Back, CEO of Blockstream, expressed this view in an interview. Specifically, he explained, "Bitcoin shows extreme volatility and a continuous upward trend," adding, "Selling with the expectation of a decline is a game with bad odds." He also noted, "Assets that show rapid growth are bound to experience extreme volatility until they are close to full adoption."

There is an opinion that even if investors allocate only 1% of their assets to Bitcoin (BTC), a large capital inflow can occur. On the 28th (KST), Hunter Horsley, CEO of the virtual asset (cryptocurrency) management company Bitwise, stated that "institutional investors can bring significant inflows to Bitcoin." Furthermore, CEO Horsley added, "If institutions allocate just 1% of their portfolios to Bitcoin, a substantial capital inflow can occur," emphasizing that "Bitcoin is increasingly becoming mainstream."

A statement that could raise security concerns in the virtual asset (cryptocurrency) market was released. On the 27th (Korean time), the Google quantum computing team said on its blog, "It found that decrypting RSA encryption used for virtual asset wallets and banking requires 20 times fewer qubits than previously estimated." Researcher Craig Gidney explained, "In 2019 it was estimated that more than 20 million qubits would be required to decrypt a 2048-bit RSA key, but the study shows the encryption can be decrypted within a week with fewer than 1 million qubits." However, Bitcoin uses elliptic curve cryptography (ECC), not RSA.

There is an opinion that Bitcoin (BTC) could fall below the $100,000 level. On the 27th (Korean time), the cryptocurrency specialist media CoinDesk reported that "Bitcoin showed bearish divergence in the 30-day ROC (Rate of Change)," and "momentum is deteriorating." It also added, "The MACD (Moving Average Convergence Divergence) histogram turning negative is also evidence of momentum deterioration," and "Bitcoin could potentially test the $100,000 support level." However, there are also positive indicators. CoinDesk explained, "A golden cross has occurred in the recent 50-day and 200-day simple moving averages (SMA), which is positive."

According to DeFiLlama on the 27th (KST), PancakeSwap (CAKE) recorded a fee revenue of $7.24 million over the past 24 hours, ranking 2nd in fee revenue following Tether (USDT). During the same period, Tether recorded a total fee revenue of $19.53 million, securing the 1st position. Following PancakeSwap in 2nd place were USDC ($6.41 million), Meteora ($5.38 million), and PumpFun ($2.47 million).