STX Token Debuts on Korean Exchange Bithumb

Experts Offer Insights into Bitcoin ETFs, Stablecoins, and On-Chain Data AnalysisDuring Korea Investment Week 2023, hosted by local newspaper Korea Economic Daily, experts in the field of virtual assets gathered at the Korea Exchange (KRX) PR Hall on Thursday. They came together to share their expertise on the cryptocurrency market and discuss various investment strategies.Key topics covered at the event ranged from the global outlook for virtual asset exchange-traded funds (ETFs) to the prospects of the US approving Bitcoin spot ETFs. Strategies based on on-chain data analysis were also on the agenda.Photo by Kanchanara on UnsplashThe potential of Bitcoin spot ETFsOne of the notable speakers, Lee Tae-yong, the Chief Global Strategy Officer at Wavebridge, a cryptocurrency market index provider, argued that the potential approval of Bitcoin spot ETFs could attract global investors to the market. He opined that this could subsequently improve market liquidity and contribute to stabilizing the Bitcoin market.Lee has made a prediction that Bitcoin spot ETFs will likely receive approval in the United States. He cited examples from Europe, Australia, and Brazil, where such financial products are already being managed effectively. He also suggested that the US Securities and Exchange Commission (SEC) would likely take note of this global trend and may find it challenging to go against it.Experts believe that among the various Bitcoin spot ETF applications submitted to the US SEC, Grayscale Investments’ proposal to convert the Grayscale Bitcoin Trust (GBTC) into an ETF stands the best chance of receiving approval first. Data from The Block indicates that the Grayscale Bitcoin Trust manages crypto assets totaling $16.13 billion as of September 7.Lee predicts that the approval of Bitcoin spot ETFs will serve as a pivotal milestone for the cryptocurrency market, potentially triggering a significant uptick in the price of Bitcoin. To support this assertion, Lee pointed to the historical precedent set by the introduction of a gold-backed ETF in 2004. Since its inception, the gold-backed ETF has swelled in value to exceed $45 billion. Importantly, gold does not have a fixed supply, yet the availability of an ETF mechanism boosted its value considerably. Lee argues that the impact on Bitcoin could be even more pronounced given its fixed supply cap.There was also a projection that virtual assets are set to play a crucial role in expanding the size of the ETF market, potentially more than doubling it. Lee pointed out that conventional ETFs typically charge fees of around 0.15%, whereas virtual asset ETFs tend to charge over 1%. This underscores that virtual assets are seen as a new revenue source among asset managers.Stablecoins and regulationsSome viewed that stablecoins would emerge as a focal point among the innovations taking place within the cryptocurrency industry. Kim Yong-beom, the CEO of Hashed Open Research and a former vice minister of the Ministry of Strategy and Finance, noted that Asia has been actively advancing regulations related to stablecoins. Stablecoins are a category of cryptocurrencies that are pegged to traditional fiat currencies like the US dollar.Highlighting the efforts of many countries to develop a comprehensive regulatory framework for cryptocurrencies, Kim noted the importance of establishing regulations that accommodate stablecoins. In his view, the introduction of such regulations will amplify the impact of stablecoins within the market.Kim mentioned that Asian countries are leading in blockchain research and digital competitiveness. He said that Asian universities, particularly those in China, are among the world’s best in producing blockchain research papers and offering related lectures. Kim also pointed out that while the leadership in the blockchain industry has shifted towards Asia, South Korea is now emerging as a prominent hub for virtual assets in the region. He emphasized the need for South Korea to position itself as a more influential nation in this context.On-chain data and investmentDuring the event, a cryptocurrency investment strategy based on on-chain data was also presented. On-chain data refers to publicly accessible information about transactions conducted on a blockchain network. This data can be utilized as an investment indicator that is not available within the traditional financial sector.Ju Ki-young, the CEO of on-chain analytics resource CryptoQuant, underlined that virtual asset investors are particularly interested in tracking who is selling which tokens at any given moment. He stressed that examining on-chain data, such as deposit and withdrawal information from major cryptocurrency exchanges, can be a valuable tool for risk mitigation.

South Korea’s retail-heavy crypto market is losing momentum ahead of broader institutional access to trading. Data from the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), cited by Financial News, shows that in the first half of 2025, Korean-won balances held at the country’s five licensed fiat-to-crypto exchanges sank 42% to 6.2 trillion won ($4.4 billion), signaling less dry powder waiting on the sidelines for trading. Only five platforms are permitted to support won-denominated trading, and the drop in parked cash underscores a broader cooling. By the end of June, the Korean crypto market cap stood at 95.1 trillion won ($67.5 billion), down 14% from six months earlier. The global market also contracted, but the decline was more modest at about 7% over the same period.Photo by Y K on UnsplashTrading slows but retail base expandsTrading activity eased as well. Average daily volumes across 25 domestic virtual asset service providers (VASPs) fell 12% to 6.4 trillion won ($4.5 billion) in the first half. Paradoxically, the number of market participants climbed 11% to 107.7 million across those platforms. Nearly all were individuals, as only 220 were institutions, reflecting long-standing restrictions on institutional won trading. That retail skew has consequences. Data submitted by the FSS to a lawmaker, cited by Digital Asset, reveals that the top 10% of users by trading volume accounted for roughly 90% of activity at the five fiat on-ramps. By exchange, the figures were Upbit (89.36%), Bithumb (97.97%), Coinone (97.54%), Korbit (97.52%), and Gopax (97.95%).  Market lawyers warn that this concentration heightens manipulation risk. Lee Seung-min of SEUM Law Firm said volatility may be more pronounced in tokens listed only on Korean venues, but added that deeper institutional participation could help reduce such volatility and support longer market cycles.  Regulators are inching in that direction. Earlier this year, authorities allowed universities and nonprofits to sell their crypto holdings. By year-end, the FSC plans to let about 3,500 publicly traded companies and professional investors, excluding financial institutions, open accounts at the licensed platforms for trading. Exchanges pour cash into promotionsWhile regulators are preparing to bring more institutional players into the fold, exchanges continue their long-running effort to draw in retail users. Another Digital Asset report noted that from 2023 through July 2025, promotional outlays by the five won-enabled platforms totaled 190.3 billion won ($135 million). Bithumb alone accounted for 180.3 billion won ($128 million), far outspending Upbit (9.4 billion won), Coinone (1.7 billion won), Korbit (1.6 billion won), and Gopax (100 million won). The gap suggests Bithumb, which ranks second in market share, has pursued a particularly aggressive approach to expand its customer base. Taken together, the numbers depict a subdued market, with less capital parked on exchanges and lighter trading while activity remains heavily concentrated among a small cohort of traders. Even so, the expanding base of individual accounts represents a bright spot, underscoring the market’s continued dependence on retail investors. If policymakers follow through on opening the door to a broader set of corporate and professional players later this year, Korea’s crypto landscape could shift from retail-driven fluctuations toward steadier, institution-supported flows. 

Mammoth Foundation signs deal with the Philippines’ AFAB for blockchain business collaborationThe Mammoth Foundation, a blockchain research and development company, announced on Thursday that it has signed a memorandum of understanding (MOU) with the Authority of the Freeport Area of Bataan (AFAB) of the Philippines to establish business partnerships in the blockchain field. Under this agreement, the Mammoth Foundation intends to bring its blockchain technology to the Philippines as a part of efforts to expand its global business.Photo by Sean Yoro on UnsplashFostering innovation in the PhilippinesAFAB is a free economic zone in the Philippines dedicated to pushing development, economic growth and sustainability through creating jobs and establishing technologically-relevant infrastructure systems. In particular, it is focusing on the adoption of cutting-edge technologies such as blockchain, artificial intelligence (AI) and fintech. As one of the oldest free economic zones in Asia, companies residing in the zone are granted preferential measures such as tax exemptions and special visas. Firms that operate innovative businesses can also receive licenses to support the development of the global IT industry — the Mammoth Foundation being one of these.Global expansion and daily engagementHeadquartered in Singapore with offices in the United Kingdom and several Asian countries, the Mammoth Foundation offers dApps in a range of fields such as healthcare, e-commerce, entertainment and gaming through its mainnet Giant Mammoth Chain (GMMT). GMMT is built on the BNB Chain Application Sidechain and is fully compatible with the Ethereum virtual machine (EVM).Participants in GMMT can acquire token rewards through Play-to-Earn (P2E) and Life-to-Earn (L2E) mechanisms by participating in everyday activities and hobbies like walking, shopping, gaming and reading comics. These tokens can then be used within the Mammoth ecosystem.“The Philippines’ market for advanced technologies such as AI and blockchain is expected to grow in the future,” said John Baek, Chairman of the Mammoth Foundation. “We will strive to expand GMMT globally.”