Ethereum Eyes $3K as Buterin’s Layer-1 Overhaul Gains Traction; Korea’s Crypto Outlook Steady Post-Election
Ethereum (ETH) hovered near $2,600 during early Asian trading hours, supported by institutional inflows and renewed confidence in Ethereum’s core roadmap. According to Lennix Lai, Chief Commercial Officer at OKX, ETH could break past $3,000 if founder Vitalik Buterin’s plan to scale Ethereum Layer 1 materializes.
Buterin recently proposed a tenfold increase in Ethereum’s base layer capacity, shifting the focus away from Layer 2 scaling solutions like rollups and sharding. “This could dramatically reduce dependence on Layer 2s and simplify user experience,” Lai said in a note to CoinDesk.
Lai added that Ethereum’s dominance on the OKX platform is increasing, with ETH perpetual futures representing 44.2% of derivatives volume over the past week—a sign of strong institutional attention.
He also pointed to broader macro catalysts, including this week’s ECB decision and U.S. jobs data, as potential accelerants for a risk-on environment that could boost ETH and broader altcoins.
Meanwhile, CoinDesk Research noted that ETH remains technically robust above the $2,600 level, buoyed by $1.2 billion in institutional inflows and steady whale accumulation.
South Korea’s Crypto Path Unchanged Under Lee Jae-myung, Says Hashed CEO
South Korea’s newly elected president, Lee Jae-myung, is unlikely to change the country’s pro-crypto stance, according to Hashed CEO Simon Kim, who told CoinDesk that digital assets are now a “mainstream political issue.”
“Crypto now exceeds the stock market in popularity,” Kim said, citing 16.29 million daily active crypto users compared to 14.24 million equity traders. He noted that both major parties now consider crypto policy a campaign issue.
Kim also confirmed that the planned crypto capital gains tax, set to take effect in early 2027, remains unchanged, and emphasized that Korean regulators are closely tracking U.S. policy developments to shape local frameworks.
Regarding stablecoins, Kim said they make up roughly 10% of South Korea’s trading volume, but the introduction of a won-backed stablecoin is unlikely due to capital control restrictions. “There’s little incentive to issue a stablecoin tied to a currency that’s not freely convertible,” he explained.
Instead, he believes the focus should be on safely integrating stablecoins into the local financial system to enable programmability, taxability, and compliance.
On AI, Kim expects President Lee’s administration to emphasize sector-specific, physical AI applications, particularly in manufacturing and semiconductors. “Our comparative advantage isn’t in generalized models like OpenAI,” he said. “It’s in building real-world AI solutions tied to our industrial base.”
Top Stories at a Glance
Circle Sets IPO at $31, Valuation Hits $6.9B
Circle priced its IPO at $31/share, exceeding its initial range and raising $1.1 billion via 34 million shares. Shares begin trading on Thursday under the ticker CRCL. The move follows a previously failed SPAC merger and positions Circle as a key player in regulated digital finance.
Crypto Bill Advances Amid Partisan Tensions
The U.S. House is progressing the Digital Asset Market Clarity Act, with Republicans backing clear guidelines for innovation and Democrats warning about potential conflicts of interest, including concerns over Donald Trump’s crypto business dealings.
Market Update
- BTC: -1.67%, under pressure at $105,000 amid outflows and macro headwinds
- ETH: +4%, bouncing from $2,590 on institutional support
- Gold: +0.80%, climbing to $3,382 as economic uncertainty lifts demand
- Nikkei 225: -0.39%, weak open amid U.S. jobs concern
- S&P 500: +0.3%, closing at 5,970.81, lifted by tech gains
Quick Hits
- CFTC Nominee Brian Quintenz heads to Senate hearing June 10 (The Block)
- Ethereum Foundation signals 2025–2026 will be pivotal for ecosystem strategy (The Block)
- Vitalik Buterin uses Railgun again, reinforcing privacy commitment (CoinDesk)
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