In the second week of February 2025, the virtual asset market maintained a relatively stable flow despite the U.S. government's additional tariff imposition by Donald Trump and the announcement of higher-than-expected inflation indicators. Bitcoin traded at $96,623 (approximately 139.11 million won), up 0.03% from the previous week, while Ethereum traded at $2,675 (approximately 3.85 million won), down 0.48%, continuing its sideways trend.
President Trump finalized a 25% tariff on steel and aluminum and announced the introduction of reciprocal tariffs, but it appears that the virtual asset market has substantially factored in these issues. Additionally, the core consumer price index (CPI) in January rose 3.3% compared to the previous year, exceeding expectations of 3.1%, indicating sustained inflationary pressure.
At the same time, there are concerns that the recent rise in price indicators may be a temporary effect of the "January Effect," which refers to the tendency for virtual asset prices to rise every January. Accordingly, the recent market reaction can be interpreted as not leading to a rapid deterioration in investor sentiment.
◇ South Korea allows corporate virtual asset transactions, set to be fully implemented in the second half of the year
From the second half of this year, 3,500 listed companies and professional investment firms, excluding financial institutions, will be able to participate directly in the virtual asset market. Moreover, public institutions such as prosecutors, the National Tax Service, local governments, and universities will have the opportunity to sell their virtual assets to convert them into cash.
Law enforcement agencies such as prosecutors, the National Tax Service, and local governments that have seized or confiscated virtual assets will be able to open accounts immediately, and universities, designated donation organizations, and virtual asset exchanges will be eligible to issue real-name accounts starting in the second quarter. In particular, from the second half of the year, a total of 3,500 corporations, including approximately 2,500 listed companies on the stock market and the KOSDAQ and 1,000 firms registered as professional investors under the Capital Markets Act, will be able to participate in virtual asset transactions.
This measure is seen as positive as it can promote the influx of institutional funds and expand market liquidity. However, the exclusion of financial firms from the permitted categories raises the likelihood of delays in the introduction of a domestic Bitcoin spot exchange-traded fund (ETF). Additionally, there remain unresolved issues regarding regulations and accounting treatment that may arise when corporate trading of virtual assets is linked to the real economy. It is necessary to pay attention to whether corporate investment will accelerate the growth of the virtual asset market or provoke new regulatory controversies and the subsequent actions of the financial authorities.
◇ Robinhood and Coinbase report strong performance, expanding U.S. exchange market share
In the U.S., major virtual asset exchanges Coinbase and Robinhood have reported fourth-quarter results that significantly exceeded market expectations, expanding their market share. Coupled with the pro-virtual asset stance of the Trump administration, there are increasing prospects for a restructuring of the market centered around U.S. exchanges.
Coinbase recorded revenue of $2.3 billion in the fourth quarter of last year, significantly surpassing market expectations of $1.87 billion. This figure represents an 88% increase from the previous quarter, particularly driven by a 172% surge in transaction revenue to $1.6 billion. Robinhood also reported solid results, with fourth-quarter revenue of $1.01 billion, exceeding Wall Street expectations of $940.8 million. Notably, revenue related to virtual assets surged 700% year-on-year to $358 million, leading the growth.
The strong performance of U.S. virtual asset exchanges has heightened expectations for the influx of capital and the improvement of trading environments within the country. With the Trump administration pushing for pro-virtual asset policies, the likelihood of regulatory burdens easing has increased; as a result, U.S.-based exchanges are expected to expand their market share alongside an increase in institutional investors.
However, competition among global virtual asset exchanges remains fierce. Despite a decline in Binance's market share by 8 percentage points, Coinbase's market share has only increased by 0.2 percentage points compared to the previous year. Regardless of the strong performance reports from Coinbase and Robinhood, it is crucial to observe how much influence U.S. exchanges can exert in this competitive market for securing market share.
Choi Seung-ho, a researcher at the Research Institute, noted, "Although tensions are rising as President Trump attempts to redefine global trade norms, there are also movements to negotiate trade and induce an end to the Russia-Ukraine war through diplomatic coordination." He added, "As the timing of the Federal Reserve's rate cuts is likely to be delayed beyond expectations, the Bitcoin sideways market is expected to continue. It is essential to continuously monitor liquidity flows and policy directions going forward."
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providing on-chain data-driven essential operational solutions and trust-based community building services for companies and foundations adopting Web3. It operates the virtual asset data intelligence platform, CrossAngle, and the CrossAngle research team is creating content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.