The virtual asset market has entered a broad downtrend. While major virtual assets such as Bitcoin and Ethereum declined, real-world asset (RWA)-related tokens posted notably steep losses. Only a handful of assets rose, indicating that investor sentiment across the market as a whole has contracted.

93.75% of Assets Decline… Broad-Based Selling Pressure

According to virtual asset market analysis on the 23rd, only 3 of 48 major trading pairs with secured liquidity rose, while the remaining 45 all fell. With decliners accounting for 93.75% of the total, the selling pressure appears to have spread across the entire market rather than being confined to specific assets.

Among major virtual assets, Bitcoin recorded a relatively smaller decline than Ethereum. Ripple (XRP) fell 4.8%, showing pronounced weakness among major assets.

The Fear and Greed Index, which reflects market sentiment, dropped 6 points from 54 to 48. While the index remained in neutral territory, this is interpreted as a weakening in risk appetite compared with before.

Arkham and Dash Rise Amid Downtrend

A small number of assets maintained gains even in the bearish market. Arkham (ARKM) rose 1.2%, with about $7 million in trading volume over the past 24 hours. Recently announced news regarding a service integration was also cited as a factor drawing market attention.

Dash (DASH) climbed 0.8%. The Payments sector, to which Dash belongs, showed a relatively better performance among tracked sectors. However, the overall Payments sector return remained negative, meaning the gains of individual assets did not spread across the sector.

RWA Plunges 9%… IOST Falls 47.6%

The real-world asset (RWA) sector fell 9.0%, making it the worst-performing sector. Within the sector, Lumia (LUMIA) posted a steep decline of 18.6%.

Among individual assets, IOST recorded the largest drop, plunging 47.6%, a decline that was large even compared with other major decliners.

Zcash (ZEC) also fell 10.2%, with about $268.3 million in trading volume over the past 24 hours. Given the double-digit decline amid heavy trading, future changes in its price and volume are drawing attention.

Large Purchase of Bitcoin Call Options… Strike Price of $86,000

In the derivatives market, Bitcoin call option trades drew attention. A trade purchasing 150 Bitcoin call options with a strike price of $86,000 was reported. A call option represents the right to buy the underlying asset at a specified price. However, this trade alone cannot definitively indicate the investor's overall position or the future direction of Bitcoin's price.

In Ethereum, a technical proposal has emerged aimed at shortening blockchain transaction finalization times. The goal is to modify the chain head selection method and block finalization voting structure to reduce finalization time by at least fourfold compared with current levels. The proposal is a technical discussion related to the Ethereum network's processing structure, and its actual adoption and timeline require separate confirmation.

Expansion of Rising Trading Pairs Is Key Going Forward

The current virtual asset market is characterized by the simultaneous occurrence of broad declines and relative strength in a handful of assets. The Payments sector saw smaller losses than other sectors, but real-world assets, decentralized finance (DeFi), and Layer 1 and Layer 2-related assets were relatively weak.

Going forward, how much the number of rising trading pairs increases from the current three will be a key observation point. If rising assets do not expand, it will be difficult to judge an overall market recovery based solely on rebounds in a few assets. Whether the Payments sector's relative strength continues, whether RWA-related assets' declines narrow, and whether Zcash, with its large trading volume, sees its downtrend stabilize also warrant attention.

With the Fear and Greed Index having slipped into neutral territory and decliners overwhelmingly outnumbering gainers in the current market structure, whether the number of rising assets expands market-wide—rather than gains in individual assets—is expected to be a key indicator for judging changes in investor sentiment.

[This article is intended to provide information for investment reference purposes and does not recommend the purchase or sale of any specific asset. Conditions may vary depending on market circumstances. Investment decisions and the responsibility for them rest with the investor. AI provided partial assistance.]