PA Daily News | South Korea's KOSPI index plunges 12% intraday; Upbit to list EDGE token on the Korean Won, BTC, and USDT markets.

Today's top news highlights:

CFTC Chairman: Ready to implement the Clarity Act during Trump's term.

South Korea's KOSPI index plunged 12% intraday as panic intensified.

Upbit will list its EDGE token on the Korean Won, BTC, and USDT markets.

Binance Alpha lists stock tokens from companies including Robinhood and Alibaba.

Bitcoin is just days away from its 20 millionth coin being mined, with the remaining 1 million coins expected to take 114 years to mine.

Binance will launch MANTRA 1-50x USDT-margined perpetual contracts.

Ripple expands its payment platform into a comprehensive stablecoin infrastructure.

Bitcoin spot ETFs saw a total net inflow of $225 million yesterday, with BlackRock's IBIT leading the way with a net inflow of $322 million.

Regulation & Macro

CFTC Chairman: Ready to implement the Clarity Act during Trump's term.

Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), reiterated his call for the swift passage of the Clarity Act in a post on the X platform. He stated that President Trump is right and the Clarity Act must pass. He emphasized the crucial importance of establishing a future-oriented digital asset market structure, and the CFTC is eager to implement the act under this historic administration. Selig stated that Trump is ushering in a golden age for America, and this legislation is a key part of ensuring America remains a global leader in innovation; now is the time to act.

Selig also revealed that the CFTC will set clearer standards for the types of prediction markets that are self-certified, and plans to release a high-level proposed rule preview (ANPRM) in the near future to lay the foundation for more comprehensive prediction market rules.

Escalating conflict in the Middle East has brought Dubai flights to a complete standstill, putting 20% ​​of global gold flows at risk.

According to Jinshi News, the global flow of gold and silver is being severely disrupted due to the disruption of most air traffic to and from Dubai caused by the conflict in the Middle East. Traders say this could trigger further volatility in metal prices, which have already been highly volatile this year. Dubai is a key hub for precious metals transportation, accounting for approximately 20% of global gold flows last year. Traders and analysts point out that if the transportation of gold and silver goods is prolonged, it could push up regional prices in Asian markets. John Reade, senior market strategist at the World Gold Council, said, "With flights to and from the Middle East suspended, the availability of gold has become a worrying issue." One gold trader said, "Currently, there is no cargo moving by air." Normally, gold is transported as cargo by passenger planes, with a single trip carrying up to 5 tons, worth approximately $830 million at current prices.

Iran's Supreme Leader election may reportedly be postponed until next week.

Iranian sources reported on March 3 that the election for Iran's Supreme Leader may be postponed until next week. The sources said that the highest level of security measures have been implemented to ensure the smooth conduct of the election by the Council of Experts. The election may be held in person after the funeral of the late Supreme Leader Khamenei.

South Korea's KOSPI index plunged 12% intraday as panic intensified.

According to Jinshi News, panic continues to escalate, with South Korea's KOSPI index plunging 12% intraday to 5096.16 points.

Project Updates

Upbit will list its EDGE token on the Korean Won, BTC, and USDT markets.

South Korean cryptocurrency exchange Upbit will list the EDGE token on the Korean Won, BTC, and USDT markets.

Ronin plans to adjust its economic model, eliminating passive staking rewards and shifting to token-weighted governance.

Ronin announced on its X platform that, coinciding with the network's upgrade to Ethereum Layer 2 in late March, it will implement a series of economic model reforms. These include eliminating passive staking rewards and the old validator system, shifting to a "contribution-based" mechanism that provides targeted rewards to influential builders. The treasury will increase revenue streams, including increased Ronin Market transaction fee sharing, orderer profits, and token revenue from Ronin applications and games. Governance will shift from validators to a token-weighted voting system, with RON holders voting on treasury buybacks, investments, and DeFi activities. The new treasury mechanism will increase the proportion of protocol NFT and ERC20 transaction volume flowing into the treasury, incorporate orderer net profits into the treasury, and transfer approximately 90 million RON previously used for passive staking to the treasury. An additional 5 million RON will be allocated annually from the original staking reward pool for PoD rewards, based on TVL, Gas consumption, user retention, and transaction volume.

Bitcoin is just days away from its 20 millionth coin being mined, with the remaining 1 million coins expected to take 114 years to mine.

According to CoinDesk, Bitcoin is just days away from its 20 millionth BTC being mined, with over 95% of the total supply of 21 million already in circulation. The final 1 million BTC will take another 114 years to mine.

Binance will launch MANTRA 1-50x USDT-margined perpetual contracts.

According to an official announcement, Binance will launch MANTRA 1-50x USDT-margined perpetual contracts on March 4, 2026 at 16:00 (UTC+8). In addition, MANTRA (MANTRA) will be listed on Binance Wealth Management, One-Click Crypto Buying, Instant Exchange, Margin Trading, and VIP Lending.

Binance Alpha will list Block Street (BSB) at 6 PM today, with an airdrop threshold of 245 points.

Binance Alpha will launch Block Street (BSB) trading on March 4, 2026 at 18:00 (UTC+8). Users with at least 245 Binance Alpha Points can receive an airdrop of 320 BSB tokens on a first-come, first-served basis. If the reward pool is not fully distributed, the points threshold will automatically decrease by 5 every 5 minutes. Please note that claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim on the Alpha event page within 24 hours, otherwise they will be considered to have forfeited their claim.

Ripple expands its payment platform into a comprehensive stablecoin infrastructure.

Ripple has expanded its payment platform into a comprehensive fiat and stablecoin infrastructure, allowing businesses to collect, hold, exchange, and pay funds across 60 markets. This upgrade, based on its recent acquisitions of Palisade and Rail, adds custody management, treasury automation, virtual accounts, and fiat and stablecoin settlement capabilities, all integrated into a single interface. Ripple states that its platform has processed over $100 billion in transactions to date. Last year, global annual transaction volume reached $33 trillion, with stablecoins accounting for approximately 30% of on-chain activity.

Binance Alpha lists stock tokens from companies including Robinhood and Alibaba.

According to information on the official page, Binance Alpha has listed stock tokens of several companies, including Robinhood, Oracle, Coinbase, Palantir, Intel, MicroStrategy, Alibaba, Micron Technology, iShares Silver Trust, and iShares Gold Trust.

Trump met privately with Coinbase CEO on Tuesday.

Politico reports that Trump met privately with Coinbase CEO on Tuesday.

Luxury cars seized by Chen Zhi's Prince Group were auctioned in Taiwan, with 24 vehicles fetching a total of approximately NT$93 million.

According to Red Star News, 33 luxury cars seized from Chen Zhi's Taizi Group were auctioned in Taiwan on the morning of March 2nd. The most eye-catching items were the supercars known as the "Four Divine Beasts": a Bugatti "Mountain Boar," a limited-edition Ferrari, a Porsche "Frog King," and a McLaren. The report stated that the auction attracted 266 buyers, with 10 cars sold within just half an hour. One Ferrari, one of only 499 produced worldwide, sold for NT$135 million (approximately RMB 29 million). The highly anticipated Bugatti "Mountain Boar" and McLaren P1 failed to sell. It is understood that a total of 24 cars were auctioned that day, with a total transaction value of approximately NT$430 million (approximately RMB 93 million).

Opinions & Analysis

Binance report: If oil prices remain above $110, Bitcoin may break its correlation with US stocks, triggering the "digital gold" narrative.

According to a macro briefing released by Binance Research, a review of eight major energy supply disruptions between 1979 and 2019 reveals a two-stage oil price pattern: The first stage is the "hesitation period" (0-30 days), where market pricing is driven by uncertainty rather than scarcity, with a historical average increase of only about 2%. However, Brent crude oil has already risen by 9% on the fifth day of the current conflict, indicating that the market is pricing in the tail risk in advance. The second stage is the "scarcity digestion period" (30-360 days), which begins when Gulf countries are forced to halt production after their 25-day inventory buffer is exhausted. Historically, this stage has seen an average increase of 44%, with extreme cases reaching 110%-140%.

The report points out that the daily oil flow in the Strait of Hormuz has dropped from the normal 16 million barrels to 4 million barrels. Gulf countries have only 25 days' worth of reserves left, and oil fields will be forced to shut down when storage tank utilization reaches the critical threshold of 85%. Oil prices will then enter an accelerated phase of "digestion digestion." If oil prices remain between $85 and $95, a 30-40 basis point increase in CPI is manageable; if oil prices rise to $115-$130, CPI will rise by 110-150 basis points, and the Federal Reserve's interest rate cut may be delayed until 2027; if oil prices break through $180, CPI will rise by more than 300 basis points, potentially triggering stagflation. Bitcoin currently maintains a correlation of over 0.9 with tech stocks. If oil prices continue to rise above $110, a CPI increase to 3% and a real interest rate exceeding 2.5% will trigger a sell-off in tech stocks. At that point, the correlation between Bitcoin and US stocks may break, triggering a shift in the "digital gold" narrative. Key indicators to watch include: shipping traffic in the Strait of Hormuz, inventory utilization rates in Gulf countries, CPI data on March 11, Fed guidance on March 18, whether the real interest rate on 10-year TIPS exceeds 2.5%, whether the 30-day correlation between Bitcoin and the IGV index falls below 0.5, and whether ETF fund flows turn into net inflows.

Analysis: Ethereum validator entry queue surges to approximately 3.4 million ETH, possibly driven by large investors.

According to Decrypt, the Ethereum validator entry queue has surged to approximately 3.4 million ETH as large investors such as enterprises and exchanges choose to stake Ethereum for yield rather than sell during market rallies, marking one of the longest staking queues since the network transitioned to PoS, with an estimated wait time of about 60 days. This figure represents a significant increase from approximately 900,000 ETH in early January, indicating that large market participants are choosing to lock up their supply to generate yield. Industry feedback suggests that the current demand is primarily driven by large enterprises and exchanges seeking to generate yield on idle crypto assets. Analysts suggest that the narrative surrounding Ethereum's potential in payment infrastructure and AI-related applications may also be contributing to this demand.

Important data

Bitcoin spot ETFs saw a total net inflow of $225 million yesterday, with BlackRock's IBIT leading the way with a net inflow of $322 million.

The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock ETF IBIT, with a net inflow of $322 million. IBIT's historical total net inflow has now reached $586 million. This was followed by Valkyrie ETF BRRR, with a net inflow of $11.5724 million, also with a historical total net inflow of $11.5724 million. The Bitcoin spot ETF with the largest single-day net outflow yesterday was Fidelity ETF FBTC, with a net outflow of $89.2936 million. FBTC's historical total net inflow has now reached $5.502 million.

As of press time, the total net asset value of Bitcoin spot ETFs was $87.582 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.42%, and a cumulative net inflow of $55.484 billion.

Antalpha deposited another 3,000 XAUTs into Bybit, worth approximately $15.39 million.

Antalpha deposited another 3,000 XAUTs ($15.39 million) into Bybit today. Antalpha currently holds 59,033 XAUTs ($303 million), making it the largest holder outside of Tether.