Upbit Coin Market Sideways... XRP and Some Altcoins Show Selective Strength Amid Surging US Treasury Yields

Upbit, trading volume retreats to 2 trillion won… Coin market ‘stuck in place’ amid surging US Treasury yields

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As US Treasury yields soared to near 20-year highs, pressuring risk assets, the domestic virtual asset market also failed to find a clear direction. Bitcoin (BTC) is holding the 115 million won line on Upbit, but trading volume has decreased, and a selective market continues with buying concentrated only on XRP (Ripple) and some altcoins.

According to Upbit, the largest domestic virtual asset exchange, at 10:58 AM on the 25th, Bitcoin rose 0.16% from the previous day to 115,311,000 won. Ethereum (ETH) fell 0.05% to 3,667,000 won, and XRP rose 0.33% to 2,100 won. The Upbit Composite Index rose only 0.11% to 11,733.01, and the Altcoin Index rose 0.06% to 3,265.31, indicating a largely sideways trend for the overall market.

New York stocks also closed mixed overnight due to a surge in US Treasury yields. On the 24th (local time), the Dow Jones Industrial Average fell 0.31% and the Standard & Poor's (S&P) 500 Index fell 0.02%, while the Nasdaq Composite Index rose 0.01%. The US 30-year Treasury yield hit 5.50% during the session, its highest since June 2004, and the 10-year yield also rose to 5.22%, the highest since June 2007. The Chicago Mercantile Exchange (CME) FedWatch reflected an approximately 70% chance of an additional interest rate hike by the Federal Reserve (Fed) in October. The dollar index also rose to 101.40 during the session, and Brent crude closed up 3.41% at $106.60 per barrel, limiting further upside for risk assets.

However, within the market, some altcoins showed strong upward momentum. Based on Upbit's weekly gains, B3 ranked first with 56.02%, followed by ZAMA with 46.70%, DRV with 46.29%, BLAST with 45.09%, and CPOOL with 39.46%. ONDO also rose 31.74%. In the global market on this day, Real-World Asset (RWA) and institutional adoption-related assets showed strength, including ONDO, which announced the launch of a tokenized investment portfolio based on BlackRock's model strategy, and QNT, which announced cooperation with The Clearing House regarding tokenized deposit networks in the US banking sector. Stellar Lumens (XLM) and Litecoin (LTC) also showed upward trends, backed by the expansion of their respective payment/RWA ecosystems and increased on-chain activity, highlighting a rotation centered on individual catalysts rather than the overall market.

Trading volume, however, contracted. According to Upbit Datalab, as of 10:59 AM, the 24-hour trading volume was 2.12 trillion won, a decrease of 21.77% compared to the previous day, and the daily trading volume recorded 307.508 billion won. XRP maintained the top spot in 24-hour trading volume share at 13.64%, followed by ONDO at 11.08%, Bitcoin at 4.95%, Tether (USDT) at 4.19%, and Ethereum at 3.54%. On the exchange screen, XRP's 24-hour trading volume was approximately 289 billion won, significantly exceeding Bitcoin's approximately 104.3 billion won. This indicates that trading concentrated on XRP and some surging altcoins amidst a decrease in overall market trading.

For the remainder of this week, key market variables are expected to be US Treasury yields, expectations of further interest rate hikes by the Fed, and institutional fund flows. Recently, US spot Ethereum Exchange Traded Funds (ETFs) recorded net inflows for four consecutive trading days, and spot XRP ETFs also continued to see fund inflows, indicating that institutional demand is supporting some virtual assets. Conversely, a macroeconomic environment where the 10-year Treasury yield exceeds 5% and international oil prices and the dollar remain strong is a burden for risk assets, including Bitcoin. Whether Bitcoin maintains its current price level and trading volume increases again, or if a selective market continues with funds concentrated only on institutional/RWA-related altcoins, will determine the short-term direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*