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Korean Crypto Market Hit 2-Year High in Q1, KRW Beat the USD in This Metric: Kaiko

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The Korean crypto markets have recently experienced a surge in trade volume, reaching heights not seen in over two years.

According to a report from Kaiko, the first quarter of 2024 marked an important milestone as the South Korean Won (KRW) surpassed the U.S. Dollar (USD) in terms of cumulative trade volume.

Competition and Shifting Dynamics

This surge in trading activity comes amid fierce competition among Korean exchanges and shifting market dynamics. Upbit, a major player in the South Korean crypto scene, has historically held a dominant position since early 2021, with an average market share of 82% over the past three years.

However, the landscape has become increasingly competitive, particularly during the recent bull run. Rivals such as Bithumb and Korbit have intensified their efforts to gain market share, with Bithumb’s introduction of a zero-fee policy in October 2023 proving particularly impactful.

Despite facing a 60% drop in annual revenue in 2023, Bithumb saw its market share triple in the months following the implementation of the zero-fee strategy. Korbit has maintained a relatively low market share, averaging less than 1% throughout 2024.

The tactics used by Bithumb and others have contributed to a surge in trade volume, resulting in KRW surpassing USD in cumulative trade volume in early March.

However, this achievement was not sustained, as KRW volumes experienced a decline in early April. Despite this, Kaiko believes the recent approval of spot BTC and ETH ETFs in Hong Kong presents a potential catalyst for renewed market sentiment across the Asia-Pacific region.

Regulatory Scrutiny and Market Shifts

Meanwhile, Uniswap Labs disclosed on April 10th that it had received a Wells notice from the U.S. Securities and Exchange Commission (SEC). The announcement caused the UNI token price to drop over 16%, and trading volumes spiked 3,000%.

In the U.S., Coinbase expanded its market share, contrasting with Binance.US’s decline due to legal issues after an SEC lawsuit last June. Binance.US now commands just 0.28% of the market share, a significant drop from its position of over 30% last year.

Kaiko also reports that last week, the 90-day correlation between BTC and the Dollar Index (DXY) fell to a negative 0.24, marking its lowest point in more than a year.

The U.S. Dollar has strengthened due to unexpected inflation spikes and rising tensions in the Middle East. However, unlike traditional safe-haven assets, BTC didn’t attract investor interest during this period and instead experienced a decline alongside other risky assets.

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Cryptocurrency

Standard Chartered Launches Institutional Spot BTC, ETH Trading

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Standard Chartered has become the first internationally recognized financial heavyweight to launch direct spot trading for Bitcoin and Ethereum.

The offering positions the UK-based institution at the forefront of regulated digital asset integration within traditional finance.

Launch Mechanics and Client Access

According to reports, the new service will allow institutional clients, including asset managers, corporations, and large investors, to trade BTC and ETH directly using FX trading interfaces established by the bank.

Standard Chartered stressed that the trades are “deliverable,” meaning that customers will receive actual crypto assets upon settlement rather than mere exposure via derivatives. Additionally, users can choose their own custodian, including Standard Chartered’s in-house service.

At first, the offering will be available during Asian and European trading hours, with potential demand determining whether there will be 24/5 access in the future.

The bank also plans to introduce non-deliverable forwards (NDFs) trading for the two largest crypto assets by market cap. This will further expand risk management tools amid growing institutional appetite for digital assets.

Traditional banks are under increasing pressure to bridge the gap between legacy finance and crypto infrastructure, and Standard Chartered hopes to eliminate a major point of friction for institutional players who were previously forced to navigate a fragmented and often unregulated crypto sector.

A Broader Crypto Strategy

The UK spot trading launch is just one piece of Standard Chartered’s growing arsenal of digital asset solutions. At the beginning of the year, the bank established a dedicated Luxembourg entity to offer regulated crypto custody services within the EU.

Around the same time, it also dipped its feet into stablecoins and tokenization, partnering with Animoca Brands and HKT to develop a Hong Kong dollar-pegged stablecoin.

Compteitors like JPMorgan and Goldman Sachs have taken a more conservative approach to direct crypto spot trading, with Nate Geraci, co-founder of The ETF Institute, decrying this cautious stance.

Recently, while referencing Vanguard, another heavyweight player in the financial management space, he suggested that the refusal by such institutions to offer crypto products could alienate investors seeking exposure to such assets.

“What Vanguard is missing (*huge* miss IMO)…” Geraci posted. “Is there are tons of investors who love Vanguard’s low cost approach to stock & bond investing AND they want to own some btc & crypto.”

Meanwhile, Standard Chartered Group CEO Bill Winters has consistently stated that “digital assets are here to stay.” The company’s aggressive positioning grants it an early-mover advantage in a market where deep-pocketed investors are increasingly demanding secure, compliant crypto exposure amid a shifting regulatory environment and rising BTC adoption.

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Is Solana About to Explode Further? Analyst Reveals Next Targets

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TL;DR

  • Solana breaks above $166 Fibonacci level, with bulls eyeing targets at $171, $179, and $185.
  • SOL trades above 9-day SMA, while MFI at 76 signals strong inflows but potential exhaustion.
  • SEC ETF reviews add momentum to Solana’s ongoing upward price action.

SOL Chart Points to Bullish Target

Solana (SOL) has broken out of an ascending triangle. The price cleared the $166 mark, which is the 1.272 Fibonacci level. Traders now watch for the next levels at $171, $179, and $185. The structure shows rising lows and growing volume, which supports the move. 

“This could be the cleanest breakout I’ve seen all month,” said analyst Ali on X.

If buyers stay in control, the $185 level may be next. But traders also watch for pullbacks, especially as prices move higher into resistance zones.

SMA and MFI Indicate Bullish Momentum

Solana trades above its 9-day simple moving average, which now sits at $158. This shows that buyers are still active. The slope of the line is pointing up, which supports the current direction. 

At the same time, the Money Flow Index is at 76.16, which is close to the overbought line. This reading shows that funds have flowed in fast. But it also warns of possible profit-taking or price pauses near this level.

SOL price chart
Source: TradingView

Network Use and ETF Talk Support Momentum

As CryptoPotato reported, the number of active users on Solana’s network has recently ticked up. This rise in activity often helps price moves stay strong. The added use shows interest in Solana is growing.

Meanwhile, the SEC is now reviewing spot ETF filings tied to Solana. These efforts are said to be moving quickly. If approved, they may open more ways for funds to buy SOL directly.

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Large Bitcoin Investors Realize $1.54 Billion in Profits but Rally Still Intact: CryptoQuant

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Bitcoin’s climb above the coveted $120,000 level was short-lived, as the cryptocurrency pulled back to below $117,000 amidst renewed volatility. Over the past 24 hours, it declined by over 4%.

On-chain signals reveal increased miner activity, which suggests short-term selling pressure.

Miners Cashing Out?

As the price approached new highs, the Miners’ Position Index (MPI) – which gauges the ratio of miner outflows to their one-year moving average – spiked to levels last seen during major sell-off periods. This means that some of them may have begun taking profits into strength, a pattern often seen when the MPI reading rises above 2, hinting at larger-than-usual Bitcoin outflows from miners to exchanges.

While such moves can introduce short-term selling pressure, CryptoQuant explained that historical patterns indicate they do not always derail broader bullish trends when demand from other investor cohorts remains strong.

At the same time, Binance, the world’s largest cryptocurrency exchange, recorded net inflows of nearly 6,000 BTC between July 12 and July 14. This activity reversed a period of predominantly neutral or negative netflows. The sudden influx alongside the recent price rally points to potential arbitrage activity, derivative hedging, or preparations for large-scale transactions rather than outright panic selling.

Considering all these factors together, the uptick in miner activity and increased exchange deposits mean that while some market participants are realizing gains, others may be positioning for continued price action.

Amid these miner outflows and Binance inflows, Glassnode recorded one of the year’s largest profit-taking days.

Bitcoin Logs One of Its Largest Profit-Taking Days

According to the blockchain intelligence platform’s findings, Bitcoin investors collectively realized $3.5 billion in profits over the past 24 hours.

This is one of the largest profit-taking days for BTC this year. Interestingly, long-term holders accounted for approximately $1.96 billion, or 56% of the realized gains, while short-term holders captured around $1.54 billion and accounted for the rest.

The significant wave of profit realization, led predominantly by long-term holders, demonstrated how seasoned investors are seizing the opportunity to lock in gains as Bitcoin hit a fresh peak while still allowing room for fresh capital to enter.

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