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Welcome to the Asia Pacific Morning Brief—your essential digest of overnight crypto developments shaping regional markets and global sentiment. Monday’s edition is last week’s wrap-up and this week’s forecast, brought to you by Paul Kim. Grab a green tea and watch this space.

With the US employment situation deteriorating dramatically, the conflict between the Trump administration and the Fed over interest rate cuts is intensifying. The outlook for interest rates over the next three months is fluctuating daily with the inflation and employment indicators’ releases. The market is showing signs of extreme sensitivity.

US Stagflation Fears Triggered

Last week’s volatility in the cryptocurrency market began with the release of the ISM Services PMI on Tuesday. The index signaled a slowdown in the US services sector. Additionally, it reported that prices in the services sector have risen and employment has declined since April, when Trump’s “tariff war” began.

The situation where prices are rising while employment is declining is stagflation, one of the most difficult economic crises to deal with, because it prevents central banks from either lowering or raising interest rates. Concerns are growing in the market that the Trump administration’s tariff policy is pushing the US into stagflation.

At the same time, the probability of three interest rate cuts this year has been reduced to two. Last week, prices of most risk assets sensitive to market liquidity, including cryptocurrencies, fluctuated in line with the ever-changing interest rate outlook. When the probability of a rate cut was two times within the year, prices fell, and when it changed to three times, prices rose repeatedly.

The news that marked the end of the week was that Stephen Miran, chair of the White House Council of Economic Advisers, was appointed to fill the vacant position of Fed Governor Adriana Kugler. Miran is one of President Trump’s closest economic advisors. The market interpreted this appointment as a sign that President Trump strongly pushes to lower interest rates. The US stock market closed with the expectation of three interest rate cuts this year.

Ethereum Recovers From BlackRock Outflow

Over the weekend, Fed Vice Chair Michelle Bowman’s unexpected remarks fueled Ethereum’s surprise rise. In a speech to the Kansas Bankers Association, Bowman bluntly stated that “three rate cuts are necessary.” She emphasized that recent employment data show that proactive measures are needed to prevent further weakening of economic activity and employment conditions. Then, the price of Ethereum temporarily exceeded $4,300.

On the contrary, BlackRock made a move that was largely unexpected in the market. The major player in the US spot exchange-traded fund (ETF) industry withdrew significant funds from both its Bitcoin spot ETF (IBIT) and Ethereum spot ETF (ETHA) on Monday, injecting uncertainty into the market.

Net outflow of $292.21 million occurred in IBIT that day, marking the largest single-day outflow since May 30, over two months ago. Market analysts began speculating that Bitcoin prices could drop back down to the $111,000 level.

The Ethereum spot ETF, ETHA, saw a net outflow of $375 million. This represents a 3% decrease in BlackRock’s Ethereum holdings in a single day. The massive outflow from BlackRock’s ETF halted the 21-day consecutive net inflow record for Ethereum spot ETFs.

Tom Lee: “Buying Ethereum the Most Important Trade in Next 10 Years.”

Fortunately, the net outflow of ETF funds stopped after two days. Among the two major cryptocurrencies, Ethereum showed a faster recovery. The strategic purchases of ETH by U.S.-listed companies acted as a catalyst for Ethereum’s price recovery. Bitmain also updated its record as the world’s largest Ethereum-holding listed company, holding over 830,000 ETH.

Tom Lee, a renowned Wall Street investment guru, emphasized that buying Ethereum will be the most important trade he makes in the next 10 years. Geoff Kendrick, head of digital asset research at Standard Chartered Bank, explained that stocks of companies buying Ethereum could be a more attractive investment target than Ethereum spot ETFs.

It was a week when President Trump signed new executive orders to prevent debanking for lawful crypto businesses and to open the retirement fund market. Ethereum saw a 25.01% increase in its weekly price, while Bitcoin rose by only 5.44%, despite that it regained $119,000 over the weekend. Solana (SOL), which has a lower market capitalization than ETH, saw a 15.04% increase. It was a week in which Ethereum showed its clear presence.

CPI Should Be Low for a Stronger Market

This week is expected to follow a similar pattern to last week. The market’s attention is focused on whether the Fed will implement three interest rate cuts this year and whether a definite interest rate cut will be announced at the September Federal Open Market Committee (FOMC) meeting.

In this context, the July US Consumer Price Index (CPI) data to be released on Tuesday is crucial. If the actual CPI figure significantly exceeds market expectations, the outlook for interest rate cuts in the second half of the year will likely become uncertain again. If that happens, cryptocurrency prices will face adjustment again.

The Producer Price Index (PPI) on Thursday night and the US July industrial production and retail sales figures on Friday are also worth watching. This is because they will provide evidence of whether the US economy is contracting.

Comments from Fed officials, who have a significant influence on the September FOMC interest rate decision, are also important. On Wednesday, Chicago Federal Reserve Bank President Austan Goolsbee will attend a monetary policy luncheon hosted by the Springfield Chamber of Commerce. Any comments on the current economic outlook or future interest rate directions could impact the market.

According to FedWatch data, as of the time of publication on Monday morning, the probability of a 0.25% interest rate cut at the September FOMC meeting stands at 88.4%. This probability might rise slightly once the benchmark interest rate futures market reopens after Vice Chair Bowman’s remarks over the weekend. However, it is difficult to confirm whether the probability of a rate cut will remain at this level by the end of the week.

I wish all our readers successful investments this week as well.

The post Ethereum Surges Past $4,300 as Markets Await Pivotal CPI Data appeared first on BeInCrypto.

Ethereum reached new local all-time highs in both Japan and South Korea on Sunday. The reason is likely to be the rising domestic demand rather than currency effects.

By Monday morning, ETH is trading slightly off the intraday high but still well above recent averages.

Japanese Yen, Korean Won Denominated Prices Soar

On August 10, Ethereum briefly touched ￥639,455 in Japan by CoinMarketCap data, surpassing its previous local record of ￥632,954 yen set on December 17, 2024.

While ETH’s dollar-denominated price hovered around $4,300 at the time—still 12% short of the $4,891 ATH in November 2021—the yen-denominated price for the second largest cryptocurrency has already broken a record.

In South Korea, Ethereum hit ￦5,971,000 on August 10 by Upbit exchange data, eclipsing the previous local peak of ￦5.9 million from December 2021. This marked the highest Korean won-denominated price in nearly 3 years and 8 months.

Investors who track only US dollar charts may miss key regional signals. Local peaks often appear first where currency trends and demand align.

Exchange Rate Effect? Not Likely

Cryptocurrency price changes in non-dollar terms are often linked to exchange rate effects. In this case, however, that is unlikely. Year to date, the won–dollar rate fell from ₩1,476.23 to ₩1,388.77, and the yen–dollar rate fell from ¥157.33 to ¥147.65.

Both currencies appreciated against the dollar during this period. Normally, a stronger local currency means a smaller gain when converting from dollars. Yet Ethereum prices in both South Korea and Japan rose more than dollar prices.

This suggests increased domestic demand in both markets. Trading occurs in local currencies on domestic exchanges in the two countries, and foreign investors cannot open accounts. These restrictions are due to foreign exchange regulations limiting overseas participation.

Apparently, the Japanese and Korean public welcomed the multiple catalysts that underpinned ETH’s price advance, including expanding corporate adoption beyond Bitcoin and a US presidential executive order permitting cryptocurrency investments within 401(k) retirement plans. The US Securities and Exchange Commission’s (SEC) withdrawal of litigation against Ripple also buoyed the broader altcoin market.

The rally has also been supported by a surge in Ethereum purchases from publicly listed US companies implementing what is dubbed an “Ethereum Treasury” strategy—systematic, strategic accumulation of ETH as a corporate asset.

For instance, Bitmine now holds over $2.9 billion in Ethereum after rapidly accumulating 833,137 ETH in just 35 days. The firm aims to control up to 5% of ETH’s total supply through aggressive accumulation and strategic liquidity partnerships. This approach positions Bitmine ahead of public company peers, solidifying its lead in institutional Ethereum holdings.

The post Ethereum Breaks ATH in Japan and Korea in Local Currencies appeared first on BeInCrypto.

Vitalik Buterin’s Ethereum holdings have surpassed $1 billion. The milestone arrives as over-the-counter ETH liquidity appears tight, drawing fresh scrutiny. As a result, large traders and institutions are competing for supply and revisiting Ethereum’s standing against Bitcoin.

On-chain dashboards and industry reports back the claims on both fronts. Moreover, prominent blockchain explorers offer open visibility into Buterin’s portfolio. Social posts reflect the tense mood and speculation around what scarcity could mean for ETH’s price path.

The Billion-Dollar ETH Portfolio: Full Transparency

As of mid-2024, Buterin’s known Ethereum addresses are documented with holdings above $1 billion. Both entity-level dashboards and public explorers list these wallets. Arkham’s platform shows more than 240,000 ETH and details validator roles and transactions. Arkham entity data on Vitalik Buterin remains a central reference for monitoring balances.

While Buterin’s fortune draws headlines, a different story is building among OTC desks. The private market for large ETH trades is reportedly facing a sharp supply squeeze.

“In the past hour, Binance, Coinbase & Bitstamp moved ~$160M in ETH to Galaxy Digital’s OTC desk. Largest single tx: 4.5K ETH ($18.99M). Ethereum whales are moving heavy today,” CryptosRus said.

Large transfers reveal the scale of activity moving through OTC channels. However, observers also report shortfalls at active desks.

“WinterMute, known Market Maker, have run out of Ethereum on their OTC desk. This means the only way to buy ETH is by the public open market. I wonder if Ethereum can punch $5,000 soon?” yourfriendSOMMI wrote on X.

Such posts illustrate broad speculation. If demand persists, scarce OTC supply could push buying back onto public markets.

The ETH vs. BTC Debate Returns

The debate over Ethereum’s place relative to Bitcoin tends to flare when liquidity tightens. It also resurfaces when ETH gains market share.

A popular post recalls a moment when ETH nearly matched Bitcoin’s dominance:

“You may not know, but Ethereum almost surpassed BTC to become the coin with the largest market capitalization on June 18, 2017. At that time, BTC held 37.8% of the market share, while ETH reached 31.2%. However, in the end, that didn’t happen; BTC regained its dominance and has maintained a significant gap with ETH ever since.”ThuanCapital said.

That history colors current analysis. With OTC supply tight, some market voices again mention a possible flippening, even if brief. Meanwhile, Buterin’s on-chain stake, visible on mainnet and via third-party trackers, signals his alignment with Ethereum’s future.

Greater transparency across on-chain assets and OTC channels keeps attention on Ethereum. Ultimately, traders will gauge whether scarcity and demand can challenge the status quo in the months ahead.

The post Vitalik Buterin’s Ethereum Holdings Top $1 Billion as Whales Fight For Limited ETH Supply appeared first on BeInCrypto.

The crypto market cap continued its upward trajectory this weekend, with the charts painted in green. The market cap hit $4 trillion during early Asian trading hours today, up 1.54% over the past 24 hours.

As major cryptocurrencies approach their all-time highs, crypto whales are making significant moves in the market. The largest of these transactions was a staggering $210 million. Here’s a detailed breakdown of the whale’s trades.

Crypto Whales Capitalize on Bull Market with Multi-Million Dollar Trades

On-chain data showed that whales are actively trading Ethereum (ETH). This interest in the second-largest cryptocurrency comes as it continues to rise and remains just 11.8% shy of its all-time high (ATH).

According to data from Onchain Lens, the largest transaction involved a whale or institutional entity purchasing 49,533 ETH valued at $210.68 million. The purchase was made through Galaxy Digital, FalconX, and BitGo exchanges.

The Ethereum whale now has 221,166 ETH, valued at $940.73 million, spread across six different wallets. Furthermore, Maelstrom’s CIO, Arthur Hayes, took a more diversified approach. He acquired a total of $6.85 million in assets. This included:

• 1,250 ETH, valued at $5.29 million.
• 424,000 Lido DAO (LDO), worth $550,000.
• 420,000 Ether.fi (ETHFI), valued at $510,000.
• 92,000 Pendle (PENDLE) tokens, worth $500,000.

These purchases reflect a significant addition to his crypto portfolio, focusing primarily on Ethereum-based assets.

“On 8/2, he believed BTC would drop to $100,000 and ETH to $3,000, so he sold the ETH and ETH ecosystem tokens he bought in July, including ENA, AAVE, LDO, ETHFI, and PEPE,” analyst EmberCN wrote.

Besides buying, some whales are staking their assets for additional returns. A whale, identified by the address 0xA5e…eda0, which had remained dormant for three years, staked 4,736 ETH, valued at $19.84 million. 

This whale had accumulated the ETH for $9.12 million approximately 4-5 years ago. The investor has made a profit of around $10.7 million. Similarly, another whale, 0x1fc…aed5, withdrew 2,009 ETH, worth $8.53 million, from Binance to stake.

“Over the past 2 months, a total of 10,999 ETH, ($46.69 million) has been withdrawn from Binance for staking on EigenLayer and ETH2.0. Currently making a profit of $13.53 million,” OnChain Lens added.

Separately, some whales executed sell-offs. The 1inch team investment fund offloaded 5,000 ETH at an average price of $4,215. This was then converted into 21.07 million USDC. 

Additionally, they sold 6.45 million 1INCH tokens at an average price of $0.28, resulting in 1.8 million USDC. These sales have yielded a profit of $8.36 million.

This indicated that the team is capitalizing on the current bullish market with a profit-taking strategy. Stablecoin bank Infini’s hackers also sold substantial ETH.

“The Infini Exploiter sold another 1,771 ETH($7.44 million) at $4,202 today. On February 24, they exploited @0xinfini, stealing $49.5M to buy 17,696 $ETH at $2,798. As ETH increased, they sold 1,770 ETH($5.88 million) at $3,321 and sent 4,501 ETH($15.03 million) to TornadoCash on July 17. They still hold 9,154 ETH(38.85 million),” Lookonchain revealed.

In addition to Ethereum, large investors are also engaging with other cryptocurrencies. Whale 0xc9d…642 borrowed 20 million USDC from Aave, transferred the funds to Kraken, and acquired 109.6 WBTC, worth $12.91 million. 

“This whale is leveraging WBTC purchases through Aave in a looping loan strategy. They have currently accumulated a total of 603.5 WBTC ($71.62 million), with an average cost of approximately $90,382,” EmberCN posted.

After a month of inactivity, another crypto whale withdrew 274.22 Bitcoin (BTC), valued at approximately $32 million, from Binance. Moreover, Galaxy Digital transferred 224,000 Solana (SOL), worth around $41.12 million, to two centralized exchanges, Binance and Coinbase, sparking sell-off concerns.

Additionally, a smart money address pulled out 210,000 LINK from Binance. The address holds a total of 335,000 LINK. Lastly, Nansen CEO Alex Svanevik sent 1 million LDO tokens to Coinbase.

These transactions reflect a mix of profit-taking, long-term staking, and speculative trading among whales and institutions.

The post What Are Crypto Whales Buying and Selling as the Market Taps $4 Trillion? appeared first on BeInCrypto.

An Ethereum developer going by the pseudonym “Fede’s Intern” has reportedly been detained in Izmir, Turkey.

The incident, which unfolded over the weekend, sparked widespread concern, especially as details remain scarce and the accusations unclear.

Ethereum Dev Held in Turkey Over Mysterious ‘Misuse’ Claims

According to posts on X (formerly Twitter), Fede’s Intern stated that Turkish authorities claimed he had assisted people in misusing the Ethereum network.

“I’m in Turkey, Izmir. They are telling my lawyer that I helped people to misuse Ethereum, and I might have a charge,” the developer wrote.

Fede’s Intern, an Argentinian and renowned crypto researcher, denied any wrongdoing. He emphasized that he and his team are “just infra builders” and are open to cooperating with authorities.

In a follow-up statement, he revealed that Turkey’s Minister of Internal Affairs had specifically made the claim.

The vague nature of the “misuse” allegation has raised questions within the crypto space. Cenk, a Turkish crypto commentator, noted that there is “zero legal basis” for a detention based solely on such claims.

This skepticism stems from Turkey applying existing commercial, consumer, and penal codes for crypto-related cases.

Amidst the supposed detention, Fede’s Intern posted intermittent updates, indicating he had been moved to a private room and served food.

He also claimed that arrangements were underway for him to leave Turkey via private jet to Europe within hours. Once in Europe, he would continue to fight the charges with a team of lawyers.

Messages from prominent figures in the Ethereum and Solana communities reportedly expressed support, with some offering legal connections.

Many call for transparency and due process, drawing precedent from Binance’s executive Tigran Gambaryan, who was arrested in Nigeria alongside Nadeem Anjarwalla.

However, some have expressed skepticism, suggesting the incident could involve translation errors or misunderstandings about the nature of blockchain infrastructure. Others worry it signals potential regulatory overreach in the region.

“Ethereum developer being held in Turkey – “Ethereum misuse” being given to him as the reason. Still developing. Very troubling. Wasn’t Istanbul a proposed location for DevCon 2026Ryan Sean Adams, a well-known Ethereum advocate, pointed out.

The unfolding situation has left several points unclear:

• Whether the charges are directed at Fede’s Intern personally or an affiliated entity.
• Is his detention connected in any way to a broader sweep of arrests announced by Turkey’s Ministry of Internal Affairs earlier this week?
• What specific actions are being classified as “misuse” of Ethereum?

Fede’s Intern has stated that he will share more concrete details once he is out of Turkey and his legal team approves.

For now, the situation remains fluid. The only certainty is that the intersection of blockchain technology, legal systems, and international jurisdictions can produce fast-moving, high-stakes scenarios.

This is especially true when the charges are as nebulous as “Ethereum misuse.”

This is a developing story. We will update as more information becomes available.

The post Ethereum Developer Reportedly Detained in Turkey — All We Know So Far appeared first on BeInCrypto.

Digital art superstar Beeple pulled off a controversial stunt, stirring mixed emotions within the NFT (non-fungible token) market.

After quelling the hype around Ethereum’s NFT Torch weeks ago, Beeple’s move exacerbates the hype in the digital collectibles sector.

Beeple Pulls the Most Controversial NFT Move of the Year

The event at Beeple Studios in Charleston, South Carolina, was meant to celebrate the iconic CryptoPunks NFTs. However, it quickly turned into one of the most talked-about moments in NFT Twitter this week.

During the gathering, Beeple presented what appeared to be a recorded interview with Matt Hall and John Watkinson, the creators of CryptoPunks. In it, they claimed that Nakamigos NFTs came before CryptoPunks and were a secret Larva Labs project.

The pair even counted down dramatically to the “reveal” of so-called “V0 Punks,” tying the fictional backstory directly to Nakamigos. Flyers handed out at the event reinforced the playful claim, further fueling speculation.

Within hours, the floor price for Nakamigos, a popular NFT collection often known for its meme-like community, shot upward by almost 140%, triggering a frenzy of trading activity.

For Nakamigos NFT holders, the sudden spike in value was a welcome surprise, even if short-lived. As of this writing, Nakamigos NFT is up 25% and trading for 0.23 ETH.

However, the video was quickly identified as satire, allegedly crafted using AI. The entire “V0 Punks” story was also said to be fictional.

CryptoPunks was launched in 2017, and there is no evidence of a pre-existing Nakamigos link or Larva Labs involvement.

Meanwhile, reactions across the NFT space were mixed. Some traders saw the move as clever trolling that injected much-needed levity into an industry often weighed down by market drama.

“People are genuinely mad at Beeple for this obvious troll. I think it’s about time we start to make NFTs fun again. If you lost money trading this, it’s on you for not understanding that Beeple is an epic troll,” wrote Beanie, a notable NFT personality.

Others argued the stunt blurred the line between performance art and market manipulation, pointing out that Beeple knew the claim was false while also driving trading activity.

While Beeple has not directly addressed the controversy, the incident again highlights his ability to command attention and move markets with a single creative act.

Whether viewed as a satirical performance piece or a calculated market play, the stunt reflects the volatility and theater that define NFT culture.

Meanwhile, this incident exacerbates the recent frenzy around NFTs, revitalized recently with Ethereum’s 10^th anniversary. While hype around Ethereum’s NFT Torch dwindled, Beeple’s latest stunt serves to invigorate the sector.

The post Beeple’s NFT Stunt Fuels 25% Surge for Nakamigos — Troll or Market Play? appeared first on BeInCrypto.