The Nevada Gaming Control Board has filed a civil enforcement action against 
KalshiEX LLC, accusing the federally regulated prediction market of offering 
unlicensed wagering in the state. Nevada moves to block Kalshi’s event trading 
In a complaint filed in Carson…

Nevada sues Kalshi in fresh prediction market showdown

Crypto market researcher Dom (@traderview2) says he’s identified what looks 
like a persistent, algorithmic XRP seller on South Korea’s Upbit: one that, by 
his estimates, has offloaded roughly 3.3 billion XRP into the XRP/KRW order 
book over the past 10 months. If the analysis holds, it reframes Upbit’s XRP 
flow as a venue-specific phenomenon rather than a simple reflection of global 
risk-on/risk-off sentiment. XRP/KRW Saw $5 Billion in Net Selling Dom analyzed 
“82 million trades on Upbit XRP/KRW” and mapped their net imbalance over time. 
His headline conclusion: “A $5 billion one directional selling pipeline 
running 24/7 for almost a year.” Dom said the work began after an intense 
intraday stretch that forced a closer look at the tape. “It started with 
yesterday’s price action. -57M XRP in CVD over 17 hours. It looked insane,” he 
wrote. “So I ran forensic queries &#8211; bot fingerprinting, iceberg detection, 
wash trade checks. The selling was real. Algorithmic. 61% of trades fired 
within 10ms. Single bot running 17 hours straight with one 33 second pause.” 
Related Reading: Analyst Reveals What XRP Price Will Move Toward In Bid For $4 
Instead of treating that -57 million XRP cumulative volume delta as an 
outlier, Dom said he zoomed out and found it matched a longer-running pattern. 
“-57M isn’t an anomaly,” he wrote. “Upbit XRP/KRW has been net negative every 
single month for 10 months,” listing several months with large net selling: 
“Apr: -165M,” “Jul: -197M,” “Oct: -382M,” and “Jan: -370M.” In total, he put 
the figure at “3.3 BILLION XRP in net selling. ~$5B.” He also argued the flow 
is unusually consistent. “Only 1 week out of 46 was positive. One,” Dom wrote, 
adding that there is “no weekday/weekend distinction” and “no time of day 
where buying outweighs selling in aggregate.” That persistence is part of why 
he framed it as something closer to execution infrastructure than 
discretionary trading. “This isn’t a trader,” he wrote. “It’s infrastructure.” 
A key part of the thread is the cross-venue comparison. Dom said Binance’s 
XRP/USDT market showed materially less sell pressure during the same 
windows—“2-5x less sell pressure on the same coin,” he wrote, pointing to a 
June period where “Binance was net positive while Upbit bled -218M.” He also 
flagged a weak relationship between the two venues’ hour-by-hour flow, 
claiming “the hourly correlation between the two venues is only 0.37,” which 
would imply Upbit’s net selling is being driven by local factors rather than 
simply mirroring global positioning. XRP Traded Cheaper In Korea For Months 
Dom’s pricing observations added another layer. He said that from April 
through September, Upbit XRP traded “3-6% BELOW Binance,” calling it a 
“reverse Kimchi discount.” In his view, that detail matters because it 
suggests the seller was willing to accept consistently worse execution than 
what was available elsewhere. “The sellers were accepting 6% worse fills than 
available on global markets, for many months,” Dom wrote. “They don’t care 
about the price. They need KRW, are mandated to use Upbit, and/or are Korean 
holders taking profit…” Related Reading: XRP Vs Gold Hits Historic Zone As 
Sentiment Capitulates: Analyst He then pointed to what he described as a 
structural break around Oct. 10. “Korean retail went insane. Premium flipped 
from -0.07% to +2.4% in a single day. Trades 5x’d to 832K,” Dom wrote, adding 
that the premium “has only briefly gone negative since.” The seller, in his 
telling, did not back off—if anything, the pace increased. “And the sellers? 
They doubled their daily rate. From -6.3M/day to -11.2M/day.” Dom tried to 
connect that behavior to market regimes by “bucket[ing] every day by what XRP 
did on Binance globally,” reporting that Upbit flow skews heavily negative on 
down days and especially on crash days. He summarized the dynamic as feedback 
between a systematic seller and retail behavior: “On moon days, Korean retail 
becomes a NET BUYER. They’re accumulating,” he wrote. “On crash days, sell 
intensity is 8x heavier. The systematic seller + retail panic amplify each 
other. Korean retail buys every rip. The pipeline sells into all of it.” To 
support the “machine versus retail” framing, Dom contrasted order-size 
fingerprints on both sides of the tape. He claimed the sell side repeatedly 
used round-number clips—“10, 50, 100, 500, 1000 XRP”—with “57-60% of all 
trades fire within 10ms,” while the buy side showed a large fraction of “tiny 
fractional sizes,” such as “2.535, 3.679, 2.681 XRP,” which he argued is 
consistent with KRW-denominated retail tickets like buying a fixed won amount 
of XRP. “One side looks like retail,” he wrote. “The other looks like a 
machine.” The scale claim is also central to why the thread traveled. Dom said 
“3.3 billion XRP” represents “5.4% of XRP’s entire circulating supply,” moved 
through “a single trading pair, on a single exchange, in 10 months.” He 
emphasized he’s working from trade-level datasets: “This analysis used tick 
trade data I collected from Upbit and Binance,” he wrote, citing “82M Upbit 
trades + 444M Binance trades.” Dom stopped short of naming a specific entity 
behind the selling, instead posing a question he framed as the next 
investigative step: who can sustain “300-400M per month for a year straight,” 
seemingly “doesn’t care about 6% discounts,” and “needs KRW specifically or is 
in some walled garden and can only use Upbit?” At press time, XRP traded at 
$1.45. Featured image created with DALL.E, chart from TradingView.com

This Korean XRP Exchange Data Has The Community Losing It

Abu Dhabi-linked sovereign investors held more than $1 billion in U.S. spot 
Bitcoin ETF exposure at the end of 2025, a milestone that comes as the broader 
market faces renewed outflows this week. The disclosure adds to a broader 
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Bitcoin-focused public company Nakamoto Inc., led by chairman and CEO David 
Bailey, has signed definitive agreements to acquire BTC Inc. and UTXO 
Management GP, LLC in an all-stock transaction valued at approximately $107.3 
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WLFI rallied 20% as traders positioned ahead of the World Liberty Forum and 
large on-chain withdrawals drew attention. World Liberty Financial (WLFI) was 
trading at $0.1178 at the time of writing, up about 20% in the past day. The 
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