Asia AM Recap: ETH Targets $3K on Vitalik’s Push; South Koreans Favor Crypto Over Stocks

Vitalik’s Vision Could Reshape Ethereum’s Core—And Send ETH Past $3K

Ethereum is once again at a pivotal crossroads. While traders in Asia watch ETH consolidate around $2,600, a bolder narrative is forming: Vitalik Buterin wants to scale Ethereum’s base layer by 10x, and some say that’s enough to drive ETH toward $3,000 in the near term.

The idea, revealed during Buterin’s appearance at ETHGlobal Prague, challenges Ethereum’s current dependence on Layer 2 solutions—a patchwork of rollups, sidechains, and sharding meant to solve scaling bottlenecks. But what if the answer lies not in outsourcing throughput—but in radically upgrading Ethereum’s core itself?

OKX’s Chief Commercial Officer Lennix Lai believes this could be the tipping point. “If Layer 1 becomes 10 times more efficient, it redefines the scaling debate,” he wrote in a research note to CoinDesk. Lai also pointed to OKX internal data showing that ETH perpetual futures accounted for 44.2% of trading volume over the past week, reflecting deep institutional interest in Ethereum’s trajectory.

Beyond the technical shift, Lai cites macroeconomic catalysts—including the ECB’s upcoming rate decision and U.S. labor market data—as key short-term variables that could amplify ETH’s momentum. CoinDesk’s own market model flags $2,600 as a critical support zone, backed by $1.2 billion in institutional inflows and active whale accumulation.

If Vitalik’s Layer 1 overhaul gains traction, the Ethereum ecosystem could witness a rare convergence: narrative, macro, and market structure all aligning in ETH’s favor.

Korea’s New President Supports Crypto by Default, Says Hashed CEO

Meanwhile, halfway across the world, South Korea’s crypto industry is settling into a period of quiet confidence.

Left-leaning President Lee Jae-myung may not be a crypto evangelist, but according to Hashed CEO Simon Kim, that doesn’t matter. “Crypto is no longer partisan in Korea,” Kim told CoinDesk. “It’s popular, powerful—and essential to winning votes.”

He points to numbers that underscore crypto’s new social currency: 16.29 million daily crypto traders, versus 14.24 million in stocks. In Korea, crypto is not a fringe asset class—it’s mainstream.

Kim doesn’t expect major policy changes under Lee. The 2027 crypto capital gains tax remains on track, and stablecoin policy is likely to evolve gradually. While stablecoins already account for 10% of trading volume in the country, a won-backed stablecoin remains unlikely due to tight currency controls. “There’s no practical incentive,” Kim explained. “But stablecoins as a concept are embedded into the market now.”

He also sees a shift in Korea’s AI strategy. Instead of chasing general-purpose AI like OpenAI’s models, Korea is leaning into its strengths—hardware, robotics, semiconductors, and other “physical AI” domains. “That’s where Korea has unfair advantages,” Kim said. “And that’s where Lee’s administration is likely to invest.”

Quick News Bites

Circle IPO Priced at $31, Valued at $6.9 Billion

Stablecoin issuer Circle finalized its IPO at $31 per share, well above its target range, raising $1.1 billion and achieving a $6.9 billion valuation. Shares will begin trading on the NYSE under the ticker CRCL, signaling strong investor demand and institutional validation.

Crypto Legislation Progresses Amid Trump Scrutiny

The Digital Asset Market Clarity Act advanced in the U.S. House, with Republicans pushing for clear rules to retain innovation onshore. However, Democrats raised ethics concerns tied to Donald Trump’s crypto business activities, demanding stricter consumer protections and transparency.

Market Recap

• Bitcoin (BTC): Down 1.67% as it tests support at $105,000 amid macro pressure
• Ethereum (ETH): +4%, buoyed by strong support at $2,590 and large-scale accumulation
• Gold: +0.8% to $3,382 as economic data disappoints and safe-haven demand rises
• Nikkei 225: Down 0.39%, mirroring U.S. job market concerns
• S&P 500: Closed modestly higher at 5,970.81, lifted by resilient tech stocks

Headlines You May Have Missed

• Trump’s CFTC nominee Brian Quintenz heads to Senate hearing on June 10 (The Block)
• Ethereum Foundation anticipates pivotal treasury and governance reforms in 2025–26 (The Block)
• Vitalik Buterin continues to embrace privacy by using Railgun, underscoring Ethereum’s long-term commitment to user anonymity (CoinDesk)