From June 2 to 5, there was heightened anticipation for the institutionalization of virtual assets with the launch of a new government that promised the introduction of a Bitcoin spot exchange-traded fund (ETF). Attention is focused on whether the market can be restructured around institutions like the National Pension Service rather than individual investors.
As of 4:30 p.m. on 5th, the price of Bitcoin was recorded at $104,615. This reflects a decrease of 0.72% from 24 hours earlier and 3.16% from a week ago. At one point, it soared to $119,900, nearing the $120,000 mark, but subsequently fell again, showing signs of adjustment. At the same time, Ethereum was priced at $2,607, down 4.54% from a week ago. Some altcoins showed a mixed pattern, with only a few rising by 3% to 5%.
Considering that the Nasdaq and the S&P 500 indices closed higher during the same period, the decline in Bitcoin prices is interpreted largely as profit-taking due to the recognition of high peaks rather than macroeconomic factors.
Hwang Hyo-jun, a researcher at Jangle, noted that "Bitcoin is undergoing a temporary adjustment following its recent sharp rise, but it is still maintaining its price near the peak," and analyzed that "in a period where both signals of economic slowdown and optimism in trade negotiations are emerging, the market will seek direction again depending on the trend of interest rates and whether global policy uncertainties ease."
◇ Heightened expectations for the expansion of the virtual asset market with the new government launch
With Lee Jae-myung of the Democratic Party of Korea being elected as the 21st president, the virtual asset industry is paying close attention to his commitments. President Lee promised the introduction of a Bitcoin spot ETF, the legalization of security token offerings (STOs), promotion of a won-based stablecoin, and allowing institutional investments in virtual assets such as the National Pension Service. These promises address core issues that the virtual asset industry has long advocated.
The virtual asset industry forecasts that if these promises are realized, virtual assets may expand from a structure centered on individual investors towards institutions and a regulatory framework. This could mark a turning point for the domestic virtual asset market to settle within the regulatory framework and grow into a new financial industry.
The financial authorities are already reviewing measures to allow blockchain-based STO issuance through amendments to the Capital Markets Act. To introduce a Bitcoin ETF, virtual assets must be included in the underlying asset requirements of the Capital Markets Act. Amendments to the Digital Asset Basic Act specifying the requirements for won-based stablecoin issuance are also necessary.
◇ Trump's social platform officially applies for a Bitcoin ETF
The social media platform 'Truth Social,' owned by U.S. President Donald Trump, has entered the official process for the launch of a Bitcoin ETF. On 4th (local time), Arca, a subsidiary of the New York Stock Exchange, applied to the U.S. Securities and Exchange Commission (SEC) for the listing of the 'Truth Social Bitcoin ETF.' The product operator is designated as Yorkville America Digital, and the custodian is designated as Fortress Trust Company.
This ETF is assessed as an unusual case because it is led by a platform directly connected to President Trump's personal brand, rather than traditional asset management firms. It is interpreted as a signal that the virtual asset ETF is entering the regulatory framework, intertwining with political influence and going beyond a simple financial product launch.
If the ETF application related to the president is accepted, it is expected that regulatory risks across the virtual asset market will also decrease. The virtual asset industry considers this as a turning point where the trend of virtual asset acceptance in the U.S. expands across finance, policy, and politics.
☞ CrossAngle is
a company and foundation targeting organizations adopting Web3, providing essential operational solutions based on on-chain data and trust-based community building services. The company 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.