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People & Appointments

Hanwha promotes Kim Dong-kwan to vice chairman, revamps CEOs at five affiliates

Hanwha Group has reshuffled its leadership by promoting key executives and nominating new chief executives at five affiliates. The changes take effect on Aug. 1. Kim Dong-kwan is promoted to vice chairman. Kim Dong-won becomes vice chairman and Kim Dong-sun is promoted to president. The group also named CEO nominees at Hanwha Aerospace’s business division, Hanwha Systems, Hanwha Impact’s business division, Hanwha Asset Management and Hanwha Semitech.

Crypto

Japan's Gumi launches crypto management fund with SBI to invest in bitcoin and altcoins

Japanese game developer Gumi will launch a 3 billion yen cryptocurrency investment fund with SBI Financial Services. The fund will invest in bitcoin and major altcoins, while seeking returns through staking and using hedging and rebalancing strategies to manage risk. Gumi said the fund aims to connect Japanese corporate capital with crypto markets and to build a track record ahead of possible future approval of crypto exchange-traded funds in Japan.

Crypto

Bitcoin spot trading volume hits lowest since 2019, with buyers and sellers showing little interest

Institutional money is not flowing into the bitcoin market in earnest as U.S. Treasury yields exceed returns from crypto carry trades, an analysis said. Spot trading volume has fallen to its lowest level since 2019, and exchange inflows and outflows are also at multi-year lows. Glassnode said bitcoin is trading in the $62,000 to $68,000 range and flagged $69,000 as a key level. Spot ETF flows and derivatives indicators also point to subdued activity.