From August 11 to 14, the virtual asset market showed strength due to expectations for interest rate cuts and a ceasefire in the tariff war from the U.S.-China trade negotiations. In particular, Bitcoin surged to $124,457 at 9:30 a.m. on the 14th, setting a new all-time high. However, experts forecast that volatility may increase depending on future prices and policies.
As of 4:20 p.m. on the 14th, the price of Bitcoin was recorded at $121,675, increasing by 1.95% compared to 24 hours ago and 5.99% compared to a week ago. At a similar time, Ethereum rose to $4,738, up 2.56% from 24 hours prior and 27.78% from a week ago. Over the past week, the price increase rate of Ethereum has surpassed that of Bitcoin. Among other altcoins, OKB rose by 140.6%, Aerodrome Finance (AERO) increased by 76.8%, and Lido DAO (LDO) went up by 60.1%, showing strong performance.
This upward trend is attributed to expectations for interest rate cuts. The Consumer Price Index (CPI) for July rose by 2.7% compared to the same month last year, slightly falling short of expectations (2.8%). Core CPI recorded an increase of 3.1% year-over-year. Although this exceeded the anticipated 3.0%, overall inflation pressure was deemed limited. As a result, the likelihood that the Federal Open Market Committee (FOMC) will lower the base rate by 0.25 percentage points in September rose to 94%. Michelle Bowman, the vice chair of the Federal Reserve Board, noted that "three rate cuts are necessary within this year."
News of a de-escalation in the U.S.-China trade war has also boosted investor sentiment. The Trump administration agreed to extend the mutual tariff moratorium with China by an additional 90 days, pushing it to early November. Export regulations on semiconductors were also partially eased, allowing conditional exports of major artificial intelligence (AI) chips like those from NVIDIA.
Junsung Kim, a researcher at Jangle, said, "All macroeconomic events last week acted favorably for risk assets, causing Bitcoin to reach a new peak." He evaluated that the CPI slowdown, alleviation of trade risks, and expectations for accommodative currency policies supported the short-term rally. However, he added, "We must also consider the possibility of increased volatility depending on future policies and price indicators."
◇ Visibility for introducing spot ETF for Bitcoin in Korea
The operational assets of the Bitcoin spot exchange-traded fund (ETF), first launched in the United States in January of last year, have surged to $152 billion (approximately 200 trillion won). A total of 11 types are currently trading, including BlackRock's IBIT, which is said to have led to structural changes across capital markets through liquidity expansion, price stabilization, and the influx of institutional funds since its launch. Subsequently, spot ETFs for Ethereum and altcoins have emerged, accelerating the trend of institutional inclusion.
As a result, discussions on introducing spot ETFs are also gaining momentum in Korea. The presidential campaign pledges included "allowing spot ETFs for virtual assets such as Bitcoin," and there are ongoing expectations for the introduction of a spot ETF as proposed by the Democratic Party of Korea in a digital asset basic law and capital market law amendment in June.
Kiwoom Securities projected that the introduction of domestic spot ETFs would curb capital outflows overseas, secure global-level infrastructure and expand the investment base, and mitigate the "Kimchi premium." However, allowing corporations to hold virtual assets and establishing infrastructure for underlying indices, custodianship, liquidity, and investor protection are cited as prerequisites.
◇ Expansion of strategic hoarding of virtual assets… acceleration of accumulation in Ethereum and Solana
Not only Bitcoin and Ethereum, but also companies listed in the U.S. are increasing their strategic hoarding of XRP and Solana (SOL). This so-called Digital Asset Treasury (DAT) strategy is resulting in rising stock prices for companies utilizing the strategy.
Bitmine Immersion Technologies, the top holder of Ethereum listed on Nasdaq, holds 1.15 million Ethereum (approximately 7.36 trillion won) and has seen its stock price surge by 87% over the past week. The second-ranked Sharplink Gaming (590,000 Ethereum) has also witnessed a 570% increase in its stock price over the past three months.
VivoPower International has hoarded 211 million XRP and holds $100 million in equity in Ripple Labs. WeVerse International recently announced plans to purchase $300 million worth of XRP. As for Solana, Wepse is reported to hold 2 million. Additionally, DeFi Development holds 1.18 million, and Sol Strategy holds approximately 390,000, both increasing their holdings.
Institutional investment is also on the rise. Pantera Capital recently established two funds specifically for treasury companies, investing over $300 million, expecting higher returns compared to directly purchasing virtual assets. However, a Jangle official remarked, "The treasury strategy involves a high proportion of borrowing to purchase virtual assets," adding that caution should be exercised regarding the potential for substantial losses in a downturn, which may lead to mass sell-offs.
☞ CrossAngle is
providing essential operational solutions based on on-chain data and trust-based community-building services targeting companies and foundations adopting Web3. It operates the crypto data intelligence platform Jangle, and the Jangle research team is creating content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.