In the fourth week of June, the virtual asset market showed a limited upward trend despite signs of a reduction in geopolitical risks from the Middle East and the possibility of an extension of the tariff exemption deadline, compounded by significant options expiration issues.
On the 27th, Bitcoin closed at $106,980, marking a 2.2% increase on a weekly basis. Ethereum recorded a 4.2% decline to $2,416. In the altcoin market, Sei (SEI, +32.30%), Maple Finance (SYRUP, +23.95%), and Form (FORM, +16.07%) showed strong performance.
◇ U.S. tariff exemption hints, limited rebound before options expiration despite easing Middle East risks
The virtual asset market, including Bitcoin, was constrained in its upward momentum due to options expiration issues. On the 27th, approximately $14.9 billion (about 20.24 trillion won) worth of Bitcoin options expired, leading to a wait-and-see stance in the market without strong buying or selling direction. Ethereum also had about $2.2 billion (approximately 2.99 trillion won) worth of options expire simultaneously, which resulted in overall supply pressures on derivatives affecting the decline of altcoins.
The options expiration issue limited the upward momentum from the U.S. tariff exemption and easing Middle East risks. Following a ceasefire between Israel and Iran on the 13th, U.S. President Donald Trump hinted at the possibility of extending the reciprocal tariff exemption deadline scheduled for the 8th of next month, shifting market expectations towards interest rate cuts. However, Jerome Powell, chair of the Federal Reserve (Fed), indicated that "there is no need to rush," drawing lines on the likelihood of early rate cuts.
Hwang Hyo-jun, a researcher at Jangle, analyzed, "This week, the market moved according to a derivatives-centered position adjustment rather than macro factors," adding, "Particularly because the options expiration size was large, the price reacted more sensitively to technical supply and demand, and the short-term direction was inevitably limited."
◇ Japanese listed company Metaplanet surpasses 12,345 Bitcoins held
Despite a market environment mixed with geopolitical and regulatory risks, institutions continue to actively accumulate Bitcoin. Last week, global financial markets fluctuated due to geopolitical risks from the Middle East and uncertainty about global interest rates, while Japanese listed company Metaplanet initiated aggressive Bitcoin accumulation. The company announced that as of the 26th, it held a total of 12,345 Bitcoins, indicating that it had purchased an additional 1,234 just in this announcement. This is the largest single purchase volume in Metaplanet's history, with an average purchase price of 15.61 million yen (approximately 140 million won) per Bitcoin.
Metaplanet goes beyond simple holdings, regularly disclosing its Bitcoin holding ratio compared to stocks through its own KPI called "BTC Yield." In this quarter, BTC Yield recorded 112.2%, demonstrating that the Bitcoin-centered asset allocation strategy has established itself as a key value base for the company.
◇ Domestic big tech and financial sectors spread movement to introduce won stablecoins
The movement towards the introduction of stablecoins among major corporations in Korea is rapidly spreading. The National Assembly has proposed the "Digital Asset Basic Act," formally codifying a stablecoin approval system. On the 26th, Naver Pay officially announced its intention to build a won-based stablecoin ecosystem at a media day and declared its market entry by forming a consortium with financial institutions. On the same day, Kakao Pay also filed for 18 trademarks related to stablecoins, like "KKRW," across the electronic devices, financial, and IT sectors.
Eight major commercial banks, including KB Kookmin, Shinhan, Hana, and NongHyup, are in the process of establishing a joint venture for the issuance of won stablecoins and are simultaneously reviewing both trust-type models and deposit token models. As new opportunities open up for non-bank fintech and big tech corporations, competition for domestic and international payments, remittances, and Web3 financial services using stablecoins is expected to intensify.
☞ CrossAngle is
a company and foundation adopting Web3 by providing essential operational solutions and trust-based community building services based on on-chain data. 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.