Last night, a military coup occurred in South Korea, significantly impacting the price of Upbit on the South Korean exchange.



Bitcoin's price once dropped to $66,000, falling by 50%, while XRP's price also halved to $1.

The reason for this crash is the intensification of factional struggles within South Korea, leading the president to suddenly announce martial law.

This led to market panic, causing a flash crash on the South Korean exchange, which triggered a market correction.

However, the South Korean parliament quickly announced the lifting of martial law, and the cryptocurrency market began to rebound rapidly.

So why did the South Korean market drop so severely while the global cryptocurrency market's decline was relatively small?

Because arbitrage operations involving the Korean won are inherently more complex than those with U.S. dollar trading pairs.

Moreover, the trading volume in South Korea is far less than that in the U.S. market, so the impact is not that significant.

The recent crash in the South Korean market did not last long, only 13 minutes.

The local trading team in South Korea will not give up such arbitrage opportunities, so they quickly leveled the price difference.

In the altcoin market, older coins from 2017 are leading the surge.

Currently, both funds and attention are concentrated on BNB and TRX, and today they both reached new historical highs.

The highest point of TRX reached $0.45, while BNB hit $774.



The rise of BNB is attributed to news that Binance founder CZ might sell part of his shares to some institutions, with market speculation pointing to BlackRock in the U.S.

I think it is possible that CZ sold part of his shares to BlackRock.

Currently, CZ's equity is too concentrated, still exceeding 90%. Binance needs to achieve stable development through some long-term interest binding.

From the current trend, XRP, ONDO, TRX, and BNB are starting to rotate upwards, indicating that large funds are speculating on compliant projects.

The greatest value of ONDO lies in its compliance.

ONDO has established a compliance system to issue its tokenized U.S. government bonds OUSG, and theoretically, the same framework can be used for tokenizing U.S. stocks, offering a vast space for future imagination.

This is also the logic behind why we previously set a position; our returns have now exceeded three times.

It can be seen that large institutions will prioritize projects that can form a consensus.

The price fluctuations of these projects are not determined by retail investors, but by large funds looking to make big profits in a bull market.

However, one still needs to be cautious about Sun Ge's TRX project; it shouldn't be heavily invested in, and one shouldn't be greedy—once profits are made, it's time to run.

I previously read an interview with Sun Ge, and his friend commented, 'He is the kind of person who will immediately scoop all the coconut chicken into his bowl when eating coconut chicken hotpot with you.'

Therefore, it is possible that Sun Ge might crash the market himself, which is the main risk for TRX.

Another point worth noting is that Trump has contacted Paul Atkins to take on the SEC chair position and is waiting for his response.



Yesterday, RSR surged significantly because Paul Atkins previously served as an advisor on the Reserve team, and he is a strong candidate for SEC chairman nominated by Trump.

Market expectations suggest that if Paul Atkins takes office, it would be beneficial for the rise in RSR's price.

From the current major trend, the altcoin season is erupting, and Bitcoin's market cap ratio has gradually decreased from a peak of 60.8% to 55%.

The trend has begun to reverse, and once this trend forms, it is difficult to reverse in the short term.

Based on previous bull market cycle experiences, if the altcoin season in 2024 erupts in December, the peak of this bull market is likely to occur around October 2025.

By then, we should clear out our altcoins and prepare to gradually escape the peak.