How the $36 million hack of Upbit led to surging altcoin prices, China’s mining ban less effective than ever, Thailand vs WRLD: Asia Express Korean crypto traders are having an outsize effect on local altcoin prices following a major hack at South Korean exchange Upbit, according to CryptoQuant CEO Ki Young Ju. Upbit got hacked and paused withdrawals, but Koreans are pumping alts since arbitrage bots are no longer running, Ju said in an X post on Thursday, shortly after the exchange halted transaction activity after detecting an abnormal transaction with a value of around $36 million. With arbitrage activity suspended, local buy orders are having more significant pressure on prices, allowing Korean-listed altcoins to surge, as the selling pressure that typically puts a ceiling on price increases has disappeared. Read more
ETH investor sentiment wavers as onchain activity and bearish derivatives positioning leave whales unconvinced, reducing the odds for a rally to $4,000. Key takeaways: ETH derivatives exhibit a fading bullish appetite as Ethereum’s TVL declines and network fees decrease, reinforcing persistent risk aversion. US job layoffs climb, and seasonal hiring weakens, leaving traders waiting for fresh liquidity before rebuilding confidence in ETH’s near-term upside. Read more
The small nation’s Ether staking adds to its expanding blockchain activity as it remains one of the few governments holding Bitcoin. Blockchain data shows the Royal Government of Bhutan has staked 320 Ether (ETH) worth roughly $970,000 through Figment, marking the latest onchain activity from the Himalayan state as it expands its crypto holdings and validator operations. Figment is a staking provider that helps large investors and institutions stake digital assets across multiple blockchains and earn rewards for securing proof-of-stake networks. The move adds to a growing wave of Ethereum-focused activity from Bhutan. In October, the South Asian nation of roughly 800,000 people began migrating its self-sovereign digital ID system from Polygon to Ethereum, allowing residents to verify their identities and access government services on the network. Read more