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Ethereum Eyes $3K as Vitalik’s Layer 1 Vision Gains Momentum; Korea’s Crypto Future Steady Under Lee
Ethereum traders in Asia are waking up to a market on the move, with ETH holding steady around $2,600 and signs pointing to a breakout. According to OKX Chief Commercial Officer Lennix Lai, the path to $3,000 is increasingly plausible—but it hinges on Vitalik Buterin’s push to radically scale Ethereum’s base layer.
Buterin, speaking recently at ETHGlobal Prague, proposed a dramatic shift: boosting Layer 1 throughput by 10x, potentially reducing Ethereum’s dependence on Layer 2 scaling frameworks like rollups and sharding.
“If successful, this pivot will redefine the scaling roadmap and bring Ethereum closer to a truly self-contained Layer 1 ecosystem,” Lai noted in a research note. On OKX, ETH perpetual futures accounted for 44.2% of total trading activity last week, a sign that institutional traders are paying attention to these structural shifts.
Lai also pointed to global macro conditions, including this week’s ECB rate decision and U.S. labor data, as potential tailwinds that could drive broader risk appetite and send ETH higher—though he emphasized that long-term success rests on Buterin’s technical roadmap.
Meanwhile, data from CoinDesk Research shows Ethereum benefiting from $1.2 billion in institutional inflows and consistent whale buying, reinforcing $2,600 as a key support level and potentially setting the stage for an altcoin-led surge.
South Korea’s Crypto Industry Poised for Stability Under President Lee
Despite a change in political leadership, South Korea’s crypto industry is unlikely to face major disruptions, according to Simon Kim, CEO of leading Korean crypto investment firm Hashed.
Newly elected President Lee Jae-myung, viewed as progressive, has not signaled any dramatic departures from the country’s existing digital asset policy framework. “Crypto has become a central pillar of Korean politics,” Kim said in an interview with CoinDesk. “No major party can afford to oppose it.”
In fact, crypto now appears to outpace equities in popularity among South Korean investors: Kim cited figures showing 16.29 million daily crypto traders, versus 14.24 million in the stock market.
According to Kim, Korean policymakers are largely guided by U.S. regulatory signals, especially as the global framework for digital assets continues to evolve. The country’s capital gains tax on crypto, scheduled for 2027, remains in place.
Stablecoins, too, are becoming a critical part of Korea’s crypto landscape, now comprising about 10% of trading volume. But Kim is skeptical of a won-backed stablecoin emerging any time soon due to Korea’s tight monetary controls and onshore currency restrictions.
“There’s little incentive for a stablecoin linked to the won,” he said. “But stablecoins overall are here to stay—they’re not just a payments tool but a foundation for programmable economies.”
Kim also anticipates that President Lee will ramp up investment in AI innovation, though he dismissed the idea of Korea developing its own version of a generalized AI model like OpenAI. Instead, he sees Korea’s strength in “physical AI”—real-world applications in sectors such as semiconductors, robotics, and precision manufacturing.
“Korea has competitive advantages in physical AI infrastructure. That’s where the future lies,” Kim emphasized.
In Case You Missed It: Key Headlines
Circle IPO Prices at $31, Valued at $6.9 Billion
Circle has officially priced its IPO at $31 per share, well above expectations. The stablecoin issuer raised over $1.1 billion, selling 34 million shares—and will begin trading on the NYSE under the symbol CRCL. The move comes after a previously failed SPAC attempt and positions Circle at the forefront of regulated crypto-finance.
Crypto Bill Advances in Congress Amid Trump Conflict Concerns
House Republicans pushed forward the Digital Asset Market Clarity Act in two hearings on Wednesday, aiming to establish clearer U.S. crypto regulations. However, Democrats raised concerns over the bill’s speed and transparency—especially in light of potential conflicts of interest tied to Donald Trump’s crypto business ties.
Market Snapshot
- Bitcoin (BTC): Down 1.67%, struggling to hold $105,000 amid outflows and global trade friction
- Ethereum (ETH): Up 4%, rebounding strongly from $2,590 support on rising institutional demand
- Gold: Gained 0.8% to $3,382 as risk aversion climbs amid U.S.-China tensions
- Nikkei 225: Slipped 0.39% amid mixed Asia trading and cautious macro sentiment
- S&P 500: Closed at 5,970.81, lifted by tech gains despite labor market concerns
Other Notable Developments
- Brian Quintenz, Trump’s CFTC pick, faces Senate confirmation on June 10
- Ethereum Foundation eyes major upgrades to treasury strategy ahead of pivotal 2025–26 cycle
- Vitalik Buterin uses privacy tool Railgun again, reinforcing his focus on on-chain anonymity
