Bitcoin rose above $80,000 for the first time in 3 months, supported by dollar weakness, expectations of clearer U.S. digital asset regulation and inflows into spot exchange-traded funds (ETFs). In South Korea, debate over a basic digital asset law is restarting, drawing attention to whether it will lead to institutional improvements such as corporate investment and spot ETFs.

• Bitcoin breaks above $80,000 after 3 months... Will a tailwind for institutionalisation reach South Korea? • Digital asset alliance emerges... Banks, brokerages and asset managers move into competitive tie-ups • Hanwha Investment & Securities: "Preparing for digital asset institutionalisation... Running a two-track strategy for token securities and RWA"

Financial firms are moving competitively to form digital asset alliances. As brokerages expand related businesses centred on investments in digital asset exchanges and token securities (STO), banks and asset managers are also speeding up tie-ups in digital assets. With the domestic brokerage industry entering a competition to commercialise digital asset businesses, Hanwha Investment & Securities, which declared in October last year it would become a "digital asset specialist brokerage", is also moving faster.

• Bitcoin retreats on hawkish Jackson Hole remarks... Pushed into the $77,000 range • Bull and bear indicator flips after 10 months... CryptoQuant: "Bear market is over" • It was not short liquidations... The truth behind $2.2 billion hidden behind bitcoin's $80,000

Bitcoin, which rose above $81,000 on Aug. 25, gave back much of its gains after a Jackson Hole speech by Federal Reserve Chair Kevin Warsh. When Warsh said he still lacked sufficient confidence that inflation was falling enough toward the Fed's 2 percent target, the market took it as a hawkish signal. Based on CME FedWatch, the probability of a rate hike at the September Federal Open Market Committee (FOMC) meeting jumped to 55.7 percent after the remarks from 35.4 percent before them. About $481 million in leveraged positions were liquidated over 24 hours, and bitcoin at one point slipped below $77,000.

An analysis also emerged that last week's surge was not solely driven by a derivatives-led short squeeze. During the move above $80,000, U.S. spot bitcoin ETFs saw inflows for 6 straight trading sessions, absorbing a significant portion of selling. On Aug. 25 alone, investors realised $1.72 billion in profits, the largest since late November 2024, and profit-taking was cited as the main cause of the pullback. Separately, CryptoQuant said an on-chain indicator that separates bullish and bearish phases flipped after 10 months and judged the structural bear market to be over. Market participants are generally viewing the latest pullback as a short pause rather than a trend reversal. The next variables cited are the September FOMC and money flows in U.S. equities and ETFs.

• Why is BlackRock ignoring XRP... Expert: "It will eventually change its stance" • Selling pressure in derivatives market despite XRP's 70 percent jump... Highest this year • In the end, victory goes to bitcoin... XRP plunges 88 percent versus BTC despite 43 percent surge

XRP was the asset that took the most dramatic rollercoaster ride this week. From around $1 in mid-August, the price surged about 70 percent in 4 days, touching the $1.7 level, the highest since January. It was the result of a combination of the Treasury's announcement to expand long-term bond buybacks and broad market liquidations of large short positions.

• Stablecoins in the XRP ecosystem first top $1 billion... RLUSD share exceeds 95 percent • XRPL AI agents show clear preference for RLUSD... Amount paid surpasses XRP payments

Separate from price volatility, the XRP ecosystem's infrastructure expansion continued steadily this week. The market capitalisation of stablecoins issued on the XRP Ledger (XRPL) topped $1 billion for the first time. Among them, RLUSD issued by Ripple accounted for more than 95 percent, effectively leading the ecosystem, the data showed.

A notable point is the payment pattern of AI agents operating on XRPL. According to related data, payments between AI agents using RLUSD exceeded payments using XRP itself. It indicates a clearer trend of automated transactions favouring stablecoins with fixed value over native tokens with high price volatility.

• After pouring in 280 billion won... U.S. crypto industry's long-sought Clarity Act at risk of failing this year • Ripple CLO: "Clarity Act directly linked to U.S. jobs and economic growth"... Eyes on September vote

The Clarity Act, a U.S. virtual asset market structure bill, failed to be processed before the August summer recess, shifting the centre of discussion to September.

The industry spent more than $225 million (about 280 billion won) to expand its influence in Washington after the launch of a second Trump administration, but the bill was held up after it failed to secure the 60 votes needed in the Senate. With Republicans holding 53 seats, agreement from at least 7 Democrats is required. The biggest sticking point remains the scope of applying conflict-of-interest prevention provisions surrounding President Trump's and his family's crypto businesses. There are also multiple hurdles left, including coordination between the Senate Banking Committee version and the Agriculture Committee version, consultations with the House-passed version and the president's signature. The market generally sees it could take several more months before actual legislation.

• Tom Lee forecasts $150,000 bitcoin... Focus on institutional inflows • Changpeng Zhao: "Bitcoin is going to $1 million... It will outpace even gold" • Metaplanet CEO: "The first Asian bitcoin cycle has already begun"

Even as prices pulled back, long-term outlook comments became more flamboyant. Fundstrat co-founder Tom Lee said bitcoin could reach $150,000 if the Fed holds rates at the September FOMC, and he interpreted fears of a September plunge as a contrarian signal. He said it was not an aggressive forecast but a conservative estimate, and stressed that institutional inflows were only the "first wave" so far.

By contrast, Binance founder Changpeng Zhao (CZ) reaffirmed the view that bitcoin would approach $1 million in this cycle and become an asset that replaces gold, citing scarcity as the mined amount has reached about 95.6 percent (20.07 million) of the 21 million cap. But CZ has previously wavered on the timing, alternately pointing to 2033 or "much faster than 25 years," prompting observations that such long-term price forecasts should be considered together with their context rather than taken at face value.

Assessments of institutional investor sentiment also continued. Metaplanet CEO Simon Gerovich said bitcoin has already bottomed, and that the current low adoption rate, with only 20 Asian listed companies, is an opportunity. "If the previous cycle was the West's, the first Asian cycle has already started," he said.