From Sept. 22–26, the virtual asset market was mixed as expectations for a U.S. benchmark rate cut faded. Experts said the choppy trend will likely continue until the path of rates becomes clear based on upcoming economic indicators.
As of 4 p.m. on 26th, bitcoin was trading at $109,402 per coin, down 6.34% from a week earlier. It had steadily fallen from around $114,000 on 22nd and dipped below $110,000. Around the same time, ether was $3,921, down 13.37% from a week earlier.
The altcoin market showed strength centered on some virtual assets, but overall it is viewed as being in a correction. Astar (ASTER) rose 217.04% over the week, while during the same period Plasma (XPL) and Dexe (DEXE) climbed 41.45% and 14.32%, respectively.
The virtual asset market's mixed performance stemmed from reduced expectations for benchmark rate cuts. Earlier, the U.S. Federal Reserve lowered the benchmark rate by 0.25 percentage point at the Federal Open Market Committee (FOMC). At the time, two additional cuts within the year were expected. However, on 23rd, Fed Chair Jerome Powell emphasized caution on further cuts, dampening risk-asset investment sentiment.
Moreover, the U.S. gross domestic product (GDP) growth rate for the second quarter came in at 3.8%, beating the market consensus of 3.3%, and key indicators such as weekly initial jobless claims were released positively, further reducing expectations for rate cuts. Accordingly, the three major New York stock indexes fell for three straight sessions, and the virtual asset market widened its losses. In contrast, safe-haven asset gold futures broke through $3,824.6 intraday, hitting an all-time high.
Kim Jun-seong, a researcher at Xangle, said, "The rebound in economic indicators and Powell's comment that risk assets are overvalued have weakened investor sentiment and led to a virtual asset correction," and added, "Going forward, the personal consumption expenditures (PCE) results and the fourth-quarter rate path will be the key variables for the short-term market."
◇ Will Naver and Dunamu create synergy with a won stablecoin
Naver's financial subsidiary Naver Financial and Dunamu, operator of Korea's largest virtual asset exchange Upbit, are pursuing cooperation through a comprehensive stock exchange. Naver Financial would issue new shares and exchange them for Dunamu shareholders' equity; if completed, Dunamu could be incorporated as a subsidiary of Naver Financial.
The two companies are expected to push for a won stablecoin issuance and payment business. The idea is to combine Naver Financial's easy payment network with Upbit's virtual asset distribution capabilities. The virtual asset industry projected that various revenue sources—such as reduced card fees, interest income from operating deposits, collateralized lending, remittances, and global payments—could open up, enabling up to 300 billion won in new annual revenue.
If the partnership goes through, Dunamu is expected to focus on blockchain-based new businesses and overseas expansion. However, how financial authorities will assess big tech companies like Naver entering the virtual asset business remains a variable. There are ongoing arguments that issuance of a won stablecoin should be carried out by banks.
◇ KBW2025 concludes, bolstering status as a global blockchain hub
Korea Blockchain Week 2025, Asia's largest blockchain event held on 23rd–24th, achieved its biggest results. Attendance reached 28,000, up 76% from the previous year, and more than 5,200 corporations from around the world participated. More than 450 events were also held across Seoul during the period.
In particular, Donald Trump Jr. and Eric Trump participated, drawing attention. The Sui co-founder unveiled the next-generation data availability protocol "WALRUS," and Zero Knowledge presented a blockchain–artificial intelligence (AI) fusion version, turning heads. Notably, Tether, the No. 1 stablecoin issuer by scale, said it would launch the regulation-compliant stablecoin USAT in the fourth quarter of this year.
Organizer FactBlock plans to change the event name from "KBW: IMPACT" to the single brand "KBW" starting next year. Jeon Sun-ik, CEO of FactBlock, said, "KBW has already established itself as a global brand," and added, "This event once again proved that Korea is the center of global blockchain innovation."
☞ CrossAngle is
It provides on-chain data-based essential operational solutions and trust-based community-building services for companies and foundations adopting Web3. It operates the crypto data intelligence platform Xangle, and the Xangle research team creates content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.