Daily Crypto Roundup - 1 Sep
Today’s Market Update
Korean retail investors, globally renowned for their aggressive stock investment strategies such as high-leverage options or "gambling-style" all-in bets on individual stocks, are now redirecting their focus to the cryptocurrency sector.
This shift comes as significant cracks appear in the long-held "Tesla long-term bull market narrative" logic they once believed in—suggesting their bullish outlook on Tesla may be gradually collapsing.
As disappointment among Korean retail investors toward this U.S. electric vehicle manufacturer, leader in autonomous driving, and humanoid robotics intensifies, and as their interest in buying Bitcoin, Ethereum, and other cryptocurrencies surges dramatically, they unusually increased their selling of Tesla stock and related call options last month.
Crypto Dynamics Roundup
Economist Peter Schiff posted on social media that gold prices have reached a historic high, nearing $3,460, with silver breaking the $40 threshold to trade near $40.20. Schiff suggested that when U.S. markets open on Tuesday, these precious metals could rise further, while Bitcoin might trend in the opposite direction.
Bitcoin consultant Luke Broyles on the *Coin Stories* podcast stated that skepticism about Bitcoin’s ability to rise further has persisted for years, and even if prices reach millions, this doubt may continue, requiring “an extremely long time” to change.
Broyles believes Bitcoin’s greatest obstacle is not technical but psychological, as most people still don’t believe it can improve daily life. “Unfortunately, I think many won’t change until they see it with their own eyes.”
California Governor Gavin Newsom proposed a cryptocurrency called the “Trump Corruption Coin” on the *Pivot* podcast, accusing Trump and his family of using crypto-related projects to profit from policy decisions, warning that such actions blur ethical lines.
His comments reinforce Democratic concerns that Trump’s personal investments and pro-crypto policies are eroding public trust in regulatory processes.
According to *The Korea Times*, Korean retail investors are aggressively purchasing U.S.-listed crypto-related stocks, buying over $12 billion worth of shares from companies like Bitmine, Circle, and Coinbase this year. This behavior is reshaping global capital flows, drawing Wall Street’s attention, with U.S. and Korean stablecoin legislation providing a strong backdrop.
10x Research data shows Korean investors bought $426 million of Bitmine, $226 million of Circle, and $183 million of Coinbase stocks in August alone, plus $282 million into a 2x Ethereum ETF.
According to *Oakparkjournal*, Canary Capital CEO Steven McClurg discussed XRP’s market standing, noting it ranks second only to Bitcoin in Wall Street recognition.
If an XRP ETF gains SEC approval, demand could surge. Canary Capital filed for a spot XRP exchange-traded fund (ETF) in October last year, with no regulatory approval yet.
Per Nikkei News, Japan Post Bank, one of the country’s largest financial institutions, plans to launch a digital currency in 2026, potentially allowing users to trade blockchain-based financial products like security tokens and NFTs.
Crypto analyst Ali noted that if Ethereum closes above $4,500 on a 4-hour chart, it would break the recent downtrend line, signaling potential bullish momentum. The next key resistance is $4,600; a decisive break could open a path to $5,000.
However, Ethereum currently trades mid-channel, following the downtrend. The SuperTrend indicator remains in sell mode. Unless it reclaims $4,500 as support, the short-term outlook remains bearish.
According to DefiLlama, Ethereum’s on-chain DEX trading volume in August surpassed $140.1 billion, setting an all-time monthly record. Active addresses reached 16.77 million, also a historic monthly high. Ethereum’s TVL stands at $92.58 billion, needing about a 17% increase to match the $108.8 billion peak from the 2021 bull market end.