CoinEx Daily: Korean Martial Law Shocks Market; Grayscale Files Spot Solana ETF Application

Overview

Within an hour of South Korea declaring martial law, over 163 million USDT flowed into the country’s largest crypto exchange, Upbit. The Korean crypto market experienced extreme volatility, with Bitcoin on Upbit trading at a 33% discount compared to international prices. Major tokens like XRP and ETH saw intraday drops exceeding 50%.

Daily Macro

Bitcoin Market Performance:

Impacted by Korea’s martial law, Bitcoin fell further before staging a partial recovery.

Bitcoin ETF Activity:

Bitcoin ETFs recorded net outflows of $17 million yesterday.

Ethereum ETF Activity:

Ethereum ETFs recorded net inflows of $67 million yesterday.

Macroeconomic Data:

Federal Reserve Governor Christopher Waller expressed support for a December rate cut, fueling speculation of a looser monetary policy.

Daily Focus

RSR

Reason for Focus:

Reports claim that Donald Trump has selected Paul Atkins, a former advisor to the RSR project, as the next SEC chairman. RSR surged 50.72% to $0.026 on the news. However, uncertainty arose as subsequent reports suggested Atkins has not confirmed the position and may remain undecided, causing RSR to experience a sharp pullback.

Related Token Performance:

RSR: +67.2% (24h)

How to Participate:

Rumors suggest Atkins may interview for the SEC chairmanship this Sunday or Monday. Investors should closely monitor developments, though significant uncertainty persists.

Next Focus

Solana

Reason for Focus:

Grayscale has filed an application with the SEC for a spot Solana ETF. If approved, the Grayscale Solana Trust Fund will trade on the New York Stock Exchange under the ticker GSOL.

How to Participate:

Approval of the Solana ETF could positively impact SOL’s price. Investors should keep a close watch on the application process for potential opportunities.