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US spot Bitcoin exchange-traded funds (ETFs) posted net outflows for a third straight session. According to TraderT data on the 8th (local time), a total of $402.4 million flowed out of 11 US spot Bitcoin ETFs that day. BlackRock led the decline. Its IBIT saw $194.64 million in outflows. Fidelity’s FBTC also extended selling pressure, logging net outflows of $120.52 million. Grayscale’s GBTC and the Grayscale Bitcoin Mini Trust (BTC) recorded outflows of $73.09 million and $7.24 million, respectively, adding to downside pressure. ARK Invest’s ARKB also shed $9.63 million. Buying interest was muted. Bitwise’s BITB and WisdomTree’s BTCW took in $2.96 million and $1.92 million, respectively, but that was not enough to absorb selling by major asset managers. The remaining ETFs, including Invesco’s BTCO and Franklin Templeton’s EZBC, ended the session with no change in flows.

Kim Seo-jun, CEO of Hashed Today’s debate and concerns surrounding stablecoins recall the mid-1990s, when the internet first emerged. Back then, many people regarded the internet as merely an “e-mail system” or a “digital library.” They thought it was no more than a digital version of existing systems. But the internet was a revolution that went beyond being a tool for transmitting information—it changed the operating system of human civilization. How people view stablecoins today is similar. Many understand them as little more than a “digital won.” They dismiss them as a faster, more convenient remittance tool—simply putting existing money on a blockchain. But that is a misconception that misses the essence of stablecoins. Stablecoins are the common language of an autonomous economy in which AI and humans coexist, and they are core infrastructure for the coming civilizational transition. Based on this perspective, this article discusses changes in economic actors, the limitations of traditional finance, the evolution of technical standards, global competition, and Korea’s strategic choices. A fundamental shift in economic actors and the need for digital infrastructure As of 2025, we stand at the most radical inflection point in economic history—because, for the first time, non-human entities are emerging as independent economic actors. To grasp this, consider a simple analogy. In the past, only humans could take a taxi to a destination. But now autonomous vehicles go to a gas station to refuel on their own, get washed at a car wash, and pay tolls. The vehicle has become an “economic actor.” OpenAI’s ChatGPT generated $2.7 billion in annual revenue in 2024, handling more than 1 billion conversations a day. This is not merely a tool doing work. It is AI providing services on its own and getting paid—in other words, engaging in economic activity. Tesla’s autonomous-driving AI collects and sells real-time driving data, contributing a significant portion of the company’s $97 billion in 2024 automotive revenue. DeepMind’s AlphaFold sells access to databases essential to drug discovery through protein-structure prediction. Just as a doctor charges consultation fees, AI is being compensated for its specialized knowledge. The common problem these AI systems face is how to exchange economic value. Traditional banking systems were designed around humans. Identity verification, signatures, and decision-making all assume a human. Imagine an AI at a bank counter saying, “Hello, I’m ChatGPT. I’d like to open an account.” Under today’s system, that is impossible. AI cannot hold a passport, cannot go to a bank counter, and cannot sign documents. This limitation is not merely a technical issue. According to a recent McKinsey report, by 2030 as much as 30% of total working hours could be automated by AI. This is not simply about efficiency. It is a civilizational shift that requires a fundamental redesign of the economic system. Just as money evolved from shells to metal coins, to paper currency, and then to credit cards as society moved from agrarian to industrial, the AI era demands a new mechanism for value exchange. In fact, the U.S. labor market in October 2025 vividly illustrates this trend. Layoffs reached 153,000, the largest since 2003, while UPS announced record profits even as it cut 34,000 jobs—sending its shares up 12%. It is akin to the moment tractors were introduced in an agricultural society, allowing a single machine to replace the work of hundreds of farmers. Markets reward efficiency gains, not labor preservation, and interpret layoffs as a signal of value creation. AI and automation raise productivity, but the gains do not flow back to workers; they shift the system’s value framework. Structural limits of traditional finance and the need for public infrastructure Traditional financial systems have fundamental limitations that prevent them from absorbing these changes. First, they are centralized. Every transaction must pass through a bank—like a “traffic light.” If the bank closes, transactions stop, and crossing borders requires complex procedures. By contrast, AI runs 24/7, does not recognize borders, and transacts in microseconds. It is an inefficiency akin to a car that never stops having to wait for a traffic light to change. Second, there is the problem of identity verification. KYC (Know Your Customer) and AML (Anti-Money Laundering) rules presume humans. It is like requiring an eye test and written exam to issue a driver’s license—standards that cannot be applied to AI. How do we verify an AI’s “identity”? If an AI commits a crime, who goes to prison? The current system cannot answer these questions. Third, there are limits to measuring value. Traditional finance was designed around tangible assets such as factories, land, and buildings. Yet in 2024, 90% of S&P 500 company value was intangible assets; in 1975, it was only 17%. It is as if society suddenly moved from an era of weighing physical goods on a scale to one in which it must measure the value of ideas or brands. Netflix’s value lies not in DVD warehouses but in its recommendation algorithms, and Google’s value lies not in servers but in search technology. Moreover, new assets are emerging that require real-time measurement and immediate settlement, such as carbon credits. It is like measuring and trading air quality in real time. PwC projects the carbon market will reach $250 billion by 2030. How will copyrights for AI-generated content be traded? What is the value of health data produced by individuals? What about the right to use one second of computing power? Traditional finance lacks even the language to express these. As with the transition from DOS to Windows, the evolution from simple command processing to complex multitasking and object-oriented systems goes beyond the limits of imagination. That Netflix can process tens of millions of data points simultaneously to deliver personalized recommendations was inconceivable in the DOS era. Convergence of technical standards: protocols for digital civilization To overcome these constraints, new technical standards are advancing rapidly. Among them, the x402 protocol announced by Coinbase last May is an intriguing experiment. It is still early-stage, but noteworthy as an attempt to enable autonomous economic activity by AI agents. The protocol extends the HTTP 402 (Payment Required) status code to explore a standardized way for AI to execute payments directly on the web. If the existing 402 code merely conveyed the message “payment required,” x402 points toward a direction in which AI can pay immediately and use services. The significance of x402 lies less in its technical completeness than in the vision it presents. Imagine a future in which AI can make “economic judgments.” For example, when an AI research agent searches for academic papers and needs access to a paid journal, it could use such a protocol to instantly calculate value relative to cost and automatically pay the subscription fee. This could be a first step toward granting AI a level of autonomy akin to a human researcher deciding, “Do I need this paper for my work?” If this vision becomes reality, what would it look like? When AI journalists write articles while accessing data sources in real time, they could automatically reach Bloomberg or Reuters paid data via protocols like x402. Even more interesting is the possibility that such AI could acquire “budget management” capabilities. They might set a monthly budget, prioritize spending by importance, and switch to free sources when budgets run short. Further, one can imagine the formation of an economic ecosystem among AIs. A translation AI pays to access a specialized terminology database, and the AI managing that database uses the revenue to collect more data—a virtuous cycle. In other words, an autonomous economy could emerge in which AIs provide services to one another and get paid. In healthcare, particularly transformative possibilities could open up. When an AI diagnostic support system identifies rare diseases, one could envision a future in which it instantly accesses specialized medical databases worldwide via protocols like x402. The more complex a patient’s symptoms, the more data sources it accesses, evaluating each source’s reliability and cost in real time to produce an optimal diagnosis. The entire process happens within seconds, with costs settled automatically. Ultimately, what Coinbase’s x402 experiment aims for is to build an “operating system for the AI economy.” It is still early, but it explores the possibility that AI can evolve into fully autonomous economic actors that generate revenue, purchase needed resources, and collaborate with other AIs. If this succeeds, we will truly enter the era of an autonomous economy. The x402 standard has drawn explosive interest from developers and is spawning diverse ecosystems; since last October it has processed 15 million AI-to-AI payments, with transaction volume reaching $10 million. Of course, experimental protocols like x402 alone are not enough. For AI’s economic activity to become fully autonomous, it needs a reliable store of value and transaction infrastructure. Here, blockchain technology plays a pivotal role. The evolution of blockchains is particularly noteworthy. When ERC-4337 (Account Abstraction), which has taken root as a standard across various ecosystems including Ethereum, is combined with AI agents, it allows AI agents to hold independent wallets and program complex payment conditions. Put simply, it gives AI an “allowance management capability.” In a joint prototype by Google and Visa, the AI set and executed rules on its own: “I can spend up to 1 million won per month, transact only with verified merchants, and if there is a problem with the goods, automatically request a refund.” ERC-6551 is even more innovative. This standard enables each digital asset to have its own wallet. For example, a digital artwork could manage its own revenue, collect exhibition fees, and pay insurance premiums. Yuga Labs’ Bored Ape NFT already manages licensing revenue through its own wallet—like the magical world of Harry Potter, where artwork comes alive and manages itself, made real. The International Organization for Standardization (ISO) has also joined the shift. ISO 24165 provides a standard for digital token identification, while ISO 20022 is becoming a foundation for financial message exchanges between AI systems. The Swiss National Bank and the BIS are running digital currency experiments using these standards. Traditional financial institutions, too, are beginning to recognize the need to build infrastructure suited to the AI-economy era. This progress in technical standards is not merely technological innovation. It is igniting a new form of competition among nations—because preempting technical standards and building economic ecosystems on top of them will determine hegemony in the future economy. Global competition: hegemony over digital infrastructure Major economies are recognizing stablecoins as the core of next-generation economic infrastructure. It resembles the 19th-century competition over who would build railway networks first. Just as the countries that laid railroads first led the Industrial Revolution, the countries that lay the digital economy’s railroads first will lead the future. The United States is building digital-dollar hegemony through Circle’s USDC. In 2025, USDC’s market capitalization is $75.2 billion, comparable to the GDP of a mid-sized country. Monthly transaction volume exceeds $5 trillion, accounting for a substantial share of global trade. It is like a digital version of the Bretton Woods system, in which the dollar became the world’s key currency after breaking from the gold standard. The European Union is writing the “rules of the game” through MiCA regulation. More than 20 euro stablecoins compete within those rules. The European Central Bank is reviewing a digital euro in stablecoin form. Just as the EU created a global standard for data protection through GDPR, it is attempting to set the standard for digital money. Japan’s approach is even more sophisticated. DCJPY, built jointly by MUFG, SMBC, and Mizuho, is not merely a digital yen. It is “programmable money”—money that thinks and acts. Just as smartphones evolved beyond simple phones into computers, money too is evolving beyond a mere store of value into a computer that executes smart contracts. Singapore’s Project Guardian shows theory becoming reality. Led by the Monetary Authority of Singapore (MAS) with participants including JPMorgan, DBS, and SBI Digital, it is an asset-tokenization pilot that tested new ways to trade and settle real-world assets such as government bonds, FX, and funds on blockchain. In particular, the carbon-credit trading system implemented in the project cut transaction costs by 92% and shortened settlement from days to instant. This is like the revolution that occurred when letters became e-mail—not just a speed improvement, but the birth of an entirely new market. Korea’s strategic choice: designing the digital arteries As all this global competition unfolds, where does Korea stand? Unfortunately, we are already far behind. Korea still lacks even a legal definition of stablecoins. Private issuance of won-denominated stablecoins is effectively prohibited, and relevant bills are merely pending in the National Assembly. Korea is one of the rare countries that built its own internet ecosystem outside the dominance of global Big Tech. Naver leading search, Kakao leading messaging, and NCSoft leading games is highly unusual in a world where Google and Meta dominate globally. This was possible because Korean founders were able to experiment freely during the internet’s formative years in the 1990s and early 2000s. At the very time Google and Yahoo were being born in Silicon Valley, innovation erupted simultaneously in Korea—producing competitive “homegrown platforms” to the point that Google once considered acquiring Naver. But the opposite is happening in the ongoing digital-finance revolution. As the U.S. effectively monopolizes the stablecoin market and sets global standards, Korean founders cannot even experiment due to unclear regulation. Whether Korea—once able to “start at the same time” in the internet era—can seize the opportunity again in the blockchain-finance era will be a watershed for digital sovereignty. Due to network effects, stablecoins and blockchains become exponentially more valuable as user numbers grow. Yet crisis is opportunity. Korea’s success story has always begun with challenges that seemed impossible. Just as it rose from one of the world’s poorest countries in the 1960s to become a semiconductor powerhouse, and just as it turned the IMF crisis of the 1990s into an opportunity for digital innovation, we can do it again. Latecomer advantages allow us to avoid past mistakes and design better systems. What matters is that we can no longer afford to waste time. Korea already has strong foundations. Above all, it has world-class software development capabilities. Korean developers already play key roles in global open-source projects and are deeply involved in major blockchain ecosystems such as Ethereum, Cosmos, and Polkadot. On algorithm platforms like LeetCode, Korean developers rank among the world’s best, and in GitHub contributions they are among the top in Asia. Even more important is Korean developers’ execution and completeness. Just as KakaoTalk built an independent ecosystem while competing with global messengers, Korean developers rapidly absorb global standards, localize them, and go further by adding innovative features. The fact that exchanges such as Upbit and Bithumb rank among the global top tier, and that Korean developers act as core contributors across numerous DeFi protocols, proves this. Samsung has already embedded a blockchain wallet into smartphones, and LG has developed a blockchain-based identity authentication system. This demonstrates Korea’s distinctive strength in combining hardware and software. Just as it has vertically integrated capabilities from semiconductor design to system integration, it can build full-stack capabilities in blockchain infrastructure as well. Korean Autonomous Protocol (KAP) The Korean-style blockchain network we must build—Korean Autonomous Protocol (KAP)—should not be merely a won stablecoin. It must be a comprehensive trust system operating on public blockchains. It is a strategic tool for Korea to secure sovereignty in the digital-economy era and, furthermore, to lead global standards. KAP’s design principles are clear. First, interoperability. Korea’s stablecoin must operate across major public blockchains such as Ethereum, Polygon, and Solana. It is like Korea’s 5G technology being compatible with global standards. An isolated system, no matter how strong, cannot survive global competition. Second, openness. The core of public blockchains is that anyone can participate. KAP must be a public good that all developers and companies can use—not a monopoly of a particular company or institution. It is like Hangul being an asset of all Koreans, not the property of any one person. Third, innovation. Rather than merely replicating existing systems, it must provide new functions suited to the AI era. For example, it could embed mechanisms to monitor AI behavior in real time, automatically block anomalous transactions, and ensure fair revenue distribution. Consider specific use cases. If a K-content creator mints a work as an NFT, fans worldwide can purchase it with stablecoins, and revenue is distributed automatically via smart contracts. The entire process proceeds transparently on public blockchains and can be verified by anyone. If Korean SMEs record supply-chain data on blockchain, AI can analyze it to propose optimization measures and receive rewards based on improved efficiency. Individuals’ health data can be encrypted and stored on blockchain, with automatic compensation paid each time research institutions use it. All of this is possible because public blockchains are the digital arteries. And stablecoins are the lifeblood of value flowing through those arteries. A new governance of trust: transparency and decentralization The greatest strengths of public blockchains are transparency and decentralization. But they also introduce new challenges. Transparency means all transactions are public. It is a powerful tool to prevent corruption and manipulation, but it also raises privacy issues. How will KAP strike this balance? Using cryptographic techniques such as Zero-Knowledge Proofs, it can prove transaction validity while protecting details. It is like verifying the legitimacy of an election while guaranteeing a secret ballot. Decentralization means there is no single point of failure. In traditional systems, if a central server goes down, everything is paralyzed. But because tens of thousands of nodes operate simultaneously in public blockchains, the whole system continues even if some fail. It follows the same principle as the internet being designed to survive nuclear war. However, decentralization increases governance complexity. Who makes decisions, and how? KAP should enable stakeholders to participate democratically through a DAO (Decentralized Autonomous Organization) structure. Citizens (stablecoin users), companies, and government agencies should all participate in governance, with a structure allowing proposals to be submitted and voted on. More important is a mechanism to protect human dignity. When AI causes mass unemployment, public blockchains can be a tool to distribute the gains from automation fairly. If a company achieves productivity gains from AI, a portion of that benefit could automatically be transferred to a social fund through a “smart tax” system. This is a social contract written in code. At a crossroads for digital financial sovereignty We are now at an inflection point of a digital renaissance. Just as the 15th-century Renaissance was triggered by the convergence of printing technology and banking systems, the 21st-century digital renaissance is unfolding through the convergence of public blockchains and stablecoins. Public blockchains are not merely technical innovation; they are foundational infrastructure for a new civilization. If the Roman Empire built physical connectivity through roads, digital civilization is building connectivity of value through a trust network called blockchain. Korea’s technological capabilities are already proven. Global leadership in semiconductors, pioneering deployment of ultra-fast internet infrastructure, and the global spread of cultural content demonstrate our potential. But in the competition over digital financial infrastructure, a different dynamic is playing out. Unlike semiconductors or telecommunications infrastructure, blockchains and stablecoins are domains dominated by network effects. In market structures where first-mover advantage is maximized, it becomes exponentially harder for latecomers to catch up. Empirical data supports this. USDC grew from $1 billion in 2020 to $75.2 billion in 2025, posting a 134% CAGR. Tether’s market capitalization has surpassed $140 billion and is expected soon to exceed Korea’s holdings of U.S. Treasuries. Japan’s DCJPY is building infrastructure targeting transaction volume of 100 trillion yen, and Singapore’s stablecoin payment volume has exceeded $1 billion per quarter. The fees and financial data generated by $5 trillion in daily global stablecoin volume—and the resulting financial hegemony—are already concentrating in specific countries and companies. In the Age of Exploration, port cities rose; in the 20th century, city-states such as Singapore and Hong Kong emerged as global financial hubs by touting low corporate taxes and flexible regulation. Now it is the era of digital finance led by blockchains and stablecoins. Korea already has all the necessary conditions: world-class technology, consumers quick to adopt new services, and robust digital infrastructure. But without institutional support, the opportunity will vanish. If we do not move now, Korea will remain a permanent periphery in the global digital economy. It is time for government and the private sector to take on the challenge together. Stablecoins and public blockchains are not merely technology; they are core infrastructure that will determine economic sovereignty in the AI era. The choices we make now will determine Korea’s digital-economic standing for decades to come. There is no time left to hesitate. ■Profile of Kim Seo-jun, CEO of Hashed △Early graduation from Seoul Science High School △Graduated from POSTECH (Pohang University of Science and Technology), Department of Computer Science and Engineering △Co-founder and Chief Product Officer (CPO) at Nori △CEO of Hashed △Venture Partner at SoftBank Ventures Asia △Adviser to the National Assembly Special Committee on the Fourth Industrial Revolution △Member of the Ministry of Education Future Education Committee The views expressed in external contributors’ columns may differ from the editorial direction of this publication.

As $2.2 billion worth of Bitcoin (Bitcoin, BTC) and Ethereum (Ethereum, ETH) options approach expiry, the market is catching its breath around the max-pain level—the price point that inflicts the greatest losses on option holders—while a convergence of macro catalysts, including the release of U.S. jobs data and a Supreme Court ruling on tariffs, is adding to the sense of a calm before the storm. According to crypto news outlet BeInCrypto on Jan. 9 (local time), cryptocurrency options totaling $2.2 billion are nearing expiry on crypto derivatives exchange Deribit. Bitcoin traded near $90,985, closely tracking its max-pain price of $90,000, while Ethereum held around $3,113, slightly above its max-pain level of $3,100. The notional options outstanding amounted to roughly $1.89 billion for Bitcoin and $396 million for Ethereum, setting the stage for a tense standoff ahead of expiry. In the Bitcoin options market, open interest stood at 10,105 call contracts versus 10,633 put contracts, putting the put-call ratio at 1.05 and indicating a balance between bullish and bearish forces. This symmetrical setup tends to intensify dealers’ hedging activity, which can suppress volatility into expiry and effectively pin the spot price within a narrow range. Ethereum, by contrast, showed an asymmetric tilt to the upside, with 67,872 call contracts versus 59,297 put contracts, translating to a put-call ratio of 0.87. Deribit analysts said Ethereum call positions are concentrated above $3,000, suggesting that if spot remains above max pain, dealers are more likely to respond with upside positioning after expiry. Analyst Kyle Doops also noted that if Ethereum stays above its max-pain price, dealers could step in to buy spot following expiry. He added that volatility typically compresses into expiry, with clearer directional moves emerging only afterward. Alongside the options expiry, the U.S. December employment report is emerging as a key market variable. With markets expecting nonfarm payrolls to rise by 73,000 and the unemployment rate to print at 4.5%, the dollar index’s roughly 0.5% gain last week has weighed on non-yielding assets such as Bitcoin and gold. In particular, a stronger-than-expected increase in average hourly earnings could complicate the Federal Reserve’s inflation outlook, pushing Treasury yields higher and dragging Bitcoin lower. Adding to uncertainty, the U.S. Supreme Court is set to rule on the legality of tariffs imposed by the administration of U.S. President Donald Trump (Donald Trump). Prediction markets are leaning toward a decision that would curb the president’s tariff authority, a development that could trigger near-term trade and growth risks. Traders interpret current positioning as defensive rather than outright bearish. They expect the market’s direction to become clearer after expiry, once dealers’ hedges unwind and the impact of the jobs data and the Supreme Court ruling fully filters through. Disclaimer: This article is for investment reference only, and we do not take responsibility for investment losses based on it. The content should be interpreted for informational purposes only.

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Bitcoin (BTC) fell below $90,000. According to CoinMarketCap on the 8th, as of 4:05 p.m. that day, Bitcoin was trading at $89,771.45, down 3.08% from the previous day. Compared with a week earlier, it is up 2.65%. The kimchi premium came in at 0%. According to Cryprice, as of 4:05 p.m. that day, the kimchi premium was tallied at 0.64%.

16:12:34 [Body] General news Image X Bloomberg Beat Newsroom Reporter

BlackRock, the world's largest asset manager, has recently made large-scale purchases of Bitcoin and Ethereum over the past three days, underscoring its presence in institutional flows within the crypto market. Even amid heightened market volatility, spot-based buying continued, drawing attention to the fund flows themselves. According to a report by CryptoNews on the 8th, BlackRock bought 9,6194% Bitcoin and 46,854% Ethereum over the last three trading days. On-chain analytics account LookOnChain estimated the holdings' value at about $1.0274% billion. In detail, BlackRock purchased 3,948 Bitcoin on Jan. 6 alone, worth about $371.89 million. The same day, it also bought an additional 31,737 Ethereum, estimated to be worth about $100.23 million. A significant portion of the crypto liquidity that has flowed in early this year is coming through BlackRock. This buying trend somewhat diverges from price action. Based on CoinMarketCap data, Bitcoin is trading around $90,730, down about 2.18% over the past 24 hours, while Ethereum is down nearly 4% at around $3,142. 4% Previously, during the year-end holiday period, BlackRock transferred 1,134 Bitcoin and 7,255 Ethereum to Coinbase 4%Prime. At the time, some in the market raised speculation about potential selling, but the resumption of spot purchases has also led to views that focus on the fund flows themselves. 4% Meanwhile, Strategy, led by Michael Saylor, bought an additional 1,287 Bitcoin over the same period, increasing its total holdings to 673,7834%. As major institutions and companies continue to buy and hold, market monitoring of on-chain fund movements is expected to continue for the time being.

BlackRock, the world’s largest asset manager, has recently made large-scale purchases of Bitcoin and Ethereum over the past three days, underscoring its presence in institutional flows within the crypto market. Even amid heightened market volatility, spot-based buying continued, drawing attention to the fund flows themselves. According to a report by CryptoNews on the 8th, BlackRock bought 9,619 Bitcoin and 46,851 Ethereum over the last three trading days. On-chain analytics account LookOnChain estimated the holdings’ value at about $1.027 billion. In detail, BlackRock purchased 3,948 Bitcoin on Jan. 6 alone, worth about $371.89 million. The same day, it also bought an additional 31,737 Ethereum, estimated to be worth about $100.23 million. A significant portion of the crypto liquidity that has flowed in early this year is coming through BlackRock. This buying trend somewhat diverges from price action. Based on CoinMarketCap data, Bitcoin is trading around $90,730, down about 2.18% over the past 24 hours, while Ethereum is down nearly 4% at around $3,142. Previously, during the year-end holiday period, BlackRock transferred 1,134 Bitcoin and 7,255 Ethereum to Coinbase Prime. At the time, some in the market raised speculation about potential selling, but the resumption of spot purchases has also led to views that focus on the fund flows themselves. Meanwhile, Strategy, led by Michael Saylor, bought an additional 1,287 Bitcoin over the same period, increasing its total holdings to 673,783. As major institutions and companies continue to buy and hold, market monitoring of on-chain fund movements is expected to continue for the time being.

Bitcoin extended its pullback, sliding toward a major support zone. While attempts at a short-term rebound are continuing, the market is focused on whether the $90,000 level can hold. According to a report by NewsBTC on the 8th (local time), analyst Aayush Jindal said, "Bitcoin entered a downside correction after failing to hold the $94,500 peak," adding, "It is currently trading below $92,000 and remains in a short-term bearish phase." After breaking below $94,000, Bitcoin slipped under $93,200 and $92,500 in succession, widening its losses. It later fell as low as $90,650 to form a bottom, and is currently in a limited corrective phase within the broader decline. The price has tested the 23.6% Fibonacci retracement level between the recent swing high of $93,771 and the swing low of $90,666. Bitcoin is currently trading below the 100-hour simple moving average and $92,000. On the hourly chart, a downward trendline has formed around $92,650, which is described as acting as near-term resistance. Jindal said, "A rebound attempt could emerge if the price stabilizes above $90,500." Near-term resistance is cited at $91,400, followed by the $92,200 and $92,500 zones. If Bitcoin breaks above $92,500, it could target $93,050, and a retest of $93,800 and $94,000 was also mentioned. Conversely, if the rebound fails, further downside remains possible. Immediate support is at $90,500, with the key support level indicated at $90,000. If $90,000 gives way, selling pressure could extend toward $89,000, and further to $87,200 and $86,000, the analysis said. On technical indicators, the hourly MACD is maintaining downside pressure in bearish territory, while the relative strength index (RSI) is below the 50 level. The analyst said, "Near-term direction is likely to be determined by whether support holds."

$5bn more than planned “Round 2 of the AI investment war begins” Elon Musk-led artificial intelligence (AI) company xAI has raised $20bn (about 26 trillion won), becoming the first major AI firm this year to announce a large-scale funding round. The capital will be used to expand data centers and train AI models. After global AI companies raised record amounts last year, this year is expected to see intensifying competition to secure funding, with listings by OpenAI and Anthropic anticipated. xAI said in a blog post on the 6th (local time) that it secured $20bn in its Series E round—$5bn more than its original target. The Qatar Investment Authority and others participated, and Nvidia and others joined as strategic investors. xAI said, “With this funding, we will build world-class infrastructure to accelerate AI development for billions of users and support research that advances our core mission of ‘understanding the universe.’” Here, “understanding the universe” refers to its truth-seeking AI philosophy. xAI is developing its next-generation generative AI model “Grok 5” and is considering expanding into gaming and robotics. As part of its AI infrastructure buildout, xAI is expanding the “Colossus” supercomputer complex in Tennessee, US. Colossus 1 is already in operation, and construction of “Colossus 2” is under way. Colossus 1 and 2 will provide computing resources equivalent to about 1 million Nvidia H100 GPUs. The company recently purchased a third site in Mississippi for an additional data center. The industry views the deal as a sign that the AI capital race has entered its second round. Last year, global AI companies raised a record $150bn or more. OpenAI, valued at $500bn, recently wrapped up a $41bn fundraise, and reports say it is targeting up to $100bn in new funding in the first quarter of this year. Anthropic raised $13bn in September last year, taking its valuation to $183bn. xAI did not disclose its valuation on the day, but the industry estimates it at around $230bn. Reporter Choi Young-chong youngchoi@hankyung.com

Suspicious transactions that appear to have exploited a proxy contract on the Arbitrum network have been detected, and indications have been confirmed that this led to fund losses totaling about $1.5 million. On the 5th, blockchain security firm Cyvers Alert said on X (formerly Twitter) that it had "detected multiple suspicious transactions related to a proxy contract on the Arbitrum network," adding that "estimated losses to date are about $1.5 million." According to Cyvers Alert’s preliminary analysis, an operator account that had been solely deploying and managing the USDGambit and TLP projects is believed to have been exposed. After obtaining this account, the attacker deployed a new contract and altered the admin privileges (ProxyAdmin) to place them under their control, thereby taking control of the existing proxy contract, the firm said. The siphoned funds were then moved from the Arbitrum network to the Ethereum network and deposited into Tornado Cash, a privacy mixer used to obscure fund flows, according to the analysis. Cyvers Alert said the incident "once again shows how critical admin privilege management is in proxy architectures," adding that heightened vigilance is needed from project operators and infrastructure providers to prevent similar security incidents.

Suspicious transactions believed to have exploited proxy contracts were spotted on the Arbitrum network, with indications confirming losses of about $1.5 million. On the 5th, blockchain security firm Cyvers Alert said via X (formerly Twitter) that it had "detected multiple suspicious transactions related to proxy contracts on the Arbitrum network" and that "the estimated damage so far is about $1.5 million." According to Cyvers Alert’s initial analysis, an operator account that single-handedly deployed and managed the USDGambit and TLP projects is believed to have been exposed externally. The attacker who obtained this account reportedly deployed a new contract and then changed the administrator privileges (ProxyAdmin) to be under their control, thereby taking control of the existing proxy contracts. The funds siphoned off in the process were moved from the Arbitrum network to the Ethereum network and then deposited into Tornado Cash, a privacy mixer used to obscure fund flows. Cyvers Alert said, "This case once again shows how critical administrator privilege management is in proxy architectures," adding that "special caution is needed from project operators and infrastructure providers to prevent similar security incidents."

It has emerged belatedly that the US government sold Bitcoin seized during criminal investigations, raising the possibility that the sale violated an executive order signed by President Donald Trump. According to Bitcoin Magazine on the 6th (local time), the US Marshals Service (USMS), acting on instructions from the US Department of Justice (DOJ), reportedly sold about 57.55 BTC confiscated in connection with the Samourai Wallet case on November 3, 2025, through Coinbase Prime. The issue is that the move could run directly counter to the intent of Executive Order EO 14233 signed by President Trump. The order stipulates that Bitcoin obtained through criminal or civil forfeiture procedures should not be sold into the market, but instead incorporated into and held as the US government’s “U.S. Strategic Bitcoin Reserve.” In other words, the core of the executive order is that seized Bitcoin should be managed as a strategic national asset rather than converted into cash. Accordingly, if this sale took place after the executive order took effect, critics say controversy over procedural and legal consistency would be unavoidable. Market participants also say the case could serve as a test of how consistently the US stance on Bitcoin policy is being applied in actual administrative enforcement. In particular, attention is on explanations from the Justice Department and relevant authorities, as the case may indicate whether the Strategic Bitcoin Reserve concept will remain a symbolic declaration or take hold as a concrete asset-management principle.

Major indexes on the New York stock market in the United States rose across the board. Although a geopolitical crisis emerged, including the U.S. invasion of Venezuela, the market appeared busy searching for beneficiaries. On the 5th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 48,977.18, up 594.79 points (1.23%) from the previous session. The Standard & Poor’s (S&P) 500 gained 43.58 points (0.64%) to 6,902.05, and the Nasdaq rose 160.19 points (0.69%) to finish at 23,395.82. The Dow notched a new all-time intraday high and also ended at a record closing level. By sector, financials and energy climbed more than 2%, while consumer discretionary, materials, and industrials also jumped over 1%. Utilities fell 1.16%. Markets turned their attention to related stocks after the U.S. said it had arrested Venezuelan President Nicolás Maduro and would step in to help rebuild Venezuela’s oil industry. Estimates are emerging that restoring Venezuela’s oil infrastructure could cost about $100 billion over the next decade. Shares of Chevron—among major U.S. refiners, the only one still operating in Venezuela—jumped 5.1%, drawing attention. Exxon Mobil rose 2.21%, and ConocoPhillips gained 2.59%. Oilfield services and equipment makers also drew strong interest. Within the oil equipment and services index, Schlumberger—the largest by market capitalization—surged 8.96%, while Baker Hughes rose 4.09%. Halliburton also leapt 7.84%. Valero Energy also soared 9.23%. Valero is based along the U.S. Gulf Coast and is regarded as almost uniquely capable of processing large volumes of heavy crude and sour crude (high-sulfur crude). Defense stocks also strengthened after U.S. President Donald Trump warned that he could topple regimes in Iran, Cuba, and Colombia following Venezuela. Lockheed Martin rose 2.92%. Sam Stovall, chief investment strategist at CFRA Research, said, "In the short term, oil prices could rise due to uncertainty over oil supply and transport," but added, "Over the long term, as conditions have steadily worsened over the past few years, U.S. intervention could instead lead to positive outcomes." Bank stocks also advanced on expectations of indirect benefits from the collapse of the Maduro regime. JPMorgan rose 2.63%, Bank of America gained 1.68%, Morgan Stanley added 2.55%, and Goldman Sachs climbed 3.73%. Venezuela has been in default on more than $60 billion in external debt since 2017. If U.S.-Venezuela relations normalize after Maduro’s ouster, the likelihood increases that restructuring will begin in earnest for Venezuelan sovereign bonds and debt issued by the state-owned oil company Petróleos de Venezuela, S.A. (PDVSA). In this process, investment banks are expected to benefit from large advisory fees and brokerage revenues. Among mega-cap tech companies with market capitalizations above $1 trillion, Amazon and Tesla rose around 3%. By contrast, Apple, Nvidia, Broadcom, and Microsoft fell about 1%. The U.S. manufacturing activity index remained in contraction for the 10th consecutive month. The Institute for Supply Management (ISM) reported that the December manufacturing purchasing managers’ index (PMI) came in at 47.9, down 0.3 points from 48.2 in November. According to the CME FedWatch Tool, the federal funds rate futures market priced in an 83.9% probability that rates will be held steady in January, little changed from around the prior close. The Cboe Volatility Index (VIX) rose 0.39 points (2.69%) from the previous session to 14.90. Jin Young-gi, Hankyung.com reporter young71@hankyung.com

With Bitcoin (BTC) and Ethereum (ETH) rising in tandem since the start of the year, a potential phase shift in the crypto (digital asset) market is being raised as geopolitical variables and options-market flows also come into play. On the 5th (local time), QCP Capital said in a report that “the crypto market, which had remained range-bound in December last year, attempted a clear upside break in the early-year Asian session, with Bitcoin and Ethereum rising together. This unfolded in an environment where equity markets strengthened and oil prices fell at the same time after the U.S. arrested Venezuelan President Nicolás Maduro.” The report interpreted this move not as mere coincidence but as an early signal of a ‘regime shift’ in how the crypto market trades. It explained that as the impact of year-end tax loss harvesting faded and optionality around policy variables came back into focus, crypto began to respond in the same direction as traditional risk assets such as equities. This suggests that the crypto market’s macro sensitivity stepped up a notch starting in early 2026. The Venezuela factor was cited as an additional indirect catalyst. While the disinflationary effect from lower oil prices is relatively clear, the possibility that Venezuela may have been secretly stockpiling Bitcoin was seen as a more complex variable. QCP said, “The story about Venezuela’s Bitcoin stockpile remains unverified,” but added that “if seized Bitcoin is held rather than sold into the market, the nation-state Bitcoin accumulation narrative could be strengthened, potentially having a meaningful impact on supply-demand dynamics.” In derivatives, gradually constructive signals are emerging. As demand for put options to hedge against price declines eases, the market’s downside caution also appears to be softening. Meanwhile, demand is increasing for $100,000 call options and upside straddles expiring on January 30, 2026. If spot prices rise gradually, the options structure could draw in additional buying and reinforce the upswing, the report said. Still, QCP added that given the repeatedly observed “post-rally pullback” pattern in recent U.S. equities, restrained positioning is needed rather than excessive optimism. While the structural backdrop is improving, it said a cautious approach is still warranted during bouts of heightened short-term volatility.

In the Bitcoin (BTC) options market, positions targeting higher price levels for late-January expiries are gradually gaining traction. According to a Bloomberg report on the 6th (local time), citing Deribit data, open interest is concentrated in call options with a $100,000 strike among Bitcoin options expiring on January 30. The notional size of the $100,000 call options for that expiry was tallied at more than double that of $80,000 put options with the same expiry. This is seen as indicating that, in the near term, market participants are increasingly betting on an upside scenario rather than a sharp drop. Jake Ostrovskis, head of OTC trading at Wintermute, said, "It’s hard to say the position size itself is very large, but it is consistent in directional terms." He added, "There’s still a bit of put premium left, but it has eased significantly." Ostrovskis added that the shift suggests downside expectations are gradually moderating and could be interpreted as an early stage of the market seeking price stability after a bout of volatility.

"A 1,500 won per dollar exchange rate is excessive … but it won’t be easy to fall below 1,400 won either" "Korea’s labor and financial policies that deter foreign investment" "Fears of inflation reigniting have eased … the Trump variable remains a burden" Korean economists who attended the American Economic Association (AEA) meeting held this year in Philadelphia were preoccupied with the exchange rate and artificial intelligence (AI). As investment money from around the world pours into the United States, they were deeply concerned about how Korea could defend its exchange rate. Lively discussions also took place on how economics can contribute in relation to AI. On the final day of the AEA meeting, the 5th (local time), Kim Sung-hyun, a professor in the Department of Economics at Sungkyunkwan University (right in photo), who attended as a member of the Korea-America Economic Association, said he does not think the won-dollar exchange rate will exceed 1,500 won, but that it also will not be easy to drop below 1,400 won as in the past. He explained that while the U.S. continues to draw global investment into its AI industry, global investors do not necessarily see Korea as an attractive place to invest. Korea lacks many factors to attract foreign investment Professor Kim assessed, "Exchange rates are ultimately determined by supply and demand, and because demand for dollars continues to be created (through AI and the like), the dollar’s value rises. Meanwhile, there are not many reasons for foreigners to invest in Korea." Some argue that the surge in so-called ‘Seohak ants’ investing in the U.S. stock market is the reason, but he said it is not at a level that would sway the exchange rate. Professor Kim pointed to the Lee Jae-myung administration’s labor and financial policies as the biggest reasons Korea is failing to attract foreign investors. He said, "A rigid labor market structure is a factor that blocks foreign investors," adding, "On this, I’d like to give an F grade." He added, "If there were companies in Korea that foreign investors see as good places to invest, they would bring their money in," but "right now, confidence in the U.S. stock market is high, so due to currency supply-demand dynamics, (the won’s undervaluation) is inevitably the outcome." On inflation, Professor Kim said economists’ concerns about another sharp spike have subsided. However, he noted there is considerable skepticism about whether stable readings can be maintained, given U.S. President Donald Trump’s pressure on the U.S. central bank (the Fed) to cut rates and rising global geopolitical tensions. U.S. state governments focus on forecasting power demand Jang Yoo-soon, a professor at Indiana State University who attended that day as a member of the Korea-America Economic Association, shared various developments related to U.S. AI investment. Professor Jang said, "U.S. state governments are competing to attract data centers," and stressed that "there is enormous demand for forecasts of power demand and the resulting power price issues when data centers come in." He explained that econometricians could build models to forecast scenarios. If data centers are built, expectations for tax revenue rise, but at the same time there is a high likelihood that electricity bills borne by local residents with voting rights will increase. Meanwhile, Professor Kim voiced concern about the concentration of investment in AI. He said, "AI does help real life or improve corporate efficiency, but it isn’t clearly translating into results," and predicted, "If the timing of profit realization is delayed beyond investors’ expectations, a bubble could burst due to psychological factors." Philadelphia = Park Shin-young, correspondent nyusos@hankyung.com

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