Upbit adds Bubblemaps (BMT) to its won market; price briefly hits 98 won

Upbit added Bubblemaps (BMT) to its Korean won market at noon KST on Oct. 24, after posting a notice at 11:35 a.m. the same day. Upbit's one-minute candles show the first won-market trade came at 12:05 p.m. at 57.7 won, and the price jumped to 98.1 won 11 minutes later, at 12:16 p.m. By around 3:30 p.m., it was trading at about 56 won.

As of 3:30 p.m., cumulative turnover on the BMT won market was about 115 billion won, the fourth-highest on Upbit's entire won market. Bitcoin's won market had turnover of about 18.5 billion won at the same time.

A 29.4-won BTC-market close, and a first trade near double

BMT already traded on Upbit's BTC and USDT markets; the exchange has now added a market where it can be bought and sold directly in won. Upbit based its trading restrictions on BTC-market prices. The previous BTC-market close given in the notice was 0.00000027 BTC, or 29.40 won.

For about five minutes after trading opened, buy orders were blocked, and sell orders more than 10% below the previous close were also restricted during that time. Only limit orders were accepted for about two hours. The first trade at 57.7 won was close to double that previous close. In the meantime, Binance's price had risen from $0.02647 at 11:35 a.m. to the $0.039 range (about 52 won) at 12:05 p.m.

Binance jumps 50% within five minutes of the notice

Binance's five-minute candles for spot BMT/USDT show the price opening at $0.02647 in the 11:35 a.m. bar, when the notice went up, and briefly reaching $0.03999, a 51% rise in five minutes. At 12:16 p.m., when Upbit's won price peaked at 98.1 won, Binance's price was around $0.0497, or about 66 won at Coinyong's exchange rate of 1,325 won per dollar. Upbit's price was about 49% above the global price at that point.

The gap had nearly disappeared by the afternoon. At 3:31 p.m., BMT traded at 56.4 won on Upbit and $0.04254 (about 56.4 won) on Binance. Binance's 24-hour gain was 52.8%. On Bithumb's won market, BMT traded at 53.51 won, up 44.6% over 24 hours.

Funding rates on Binance's BMT perpetual futures turned sharply negative. Funding (a fee exchanged between long and short positions) settles every four hours, and the 1 p.m. settlement was -1.42%. The previous five settlements ranged from -0.07% to -0.01%. When the funding rate is negative, short positions pay long positions. Upbit's market information shows "sharp price swings" and "concentration of trading in a small number of accounts" caution flags on the BTC market, and "sharp price swings" and "global price difference" flags on the USDT market.

Mapping wallet links as bubbles

Bubblemaps is an on-chain analytics service that draws wallets holding large amounts of a token as bubbles of varying sizes and links them with lines showing tokens moving between wallets. It shows at a glance whether a single group holds supply spread across many wallets, and is used to track insider holdings in new tokens. According to its official documentation, Bubblemaps' maps are embedded in services such as DEXScreener, CoinGecko and Etherscan.

BMT is used in the Intel Desk, where the community submits cases to investigate and votes on them. Holders can use BMT to direct votes to the cases they want investigated or fund bounties. Holding BMT also unlocks advanced analytics features on Bubblemaps V2. Maximum supply is 1 billion tokens, with 25.6% released at the token generation event. CoinGecko puts circulating supply at about 753.45 million. CoinGecko lists the all-time high as $0.3173 on March 18, 2025; the current price is about one-seventh of that.