Good morning, Asia. Know here what news is being made in the markets:
Welcome to the Asia Morning Briefing, a daily summary of the top stories and an overview of market action and analysis during US time. For a detailed overview of US markets, check out CoinDesk’s Crypto Daybook Americas.
Bitcoin’s recovery above $114,000 this week reflects a measured reset rather than a breakout. Glassnode data shows that since mid-October, approximately 62,000 BTC have moved out of long-term inactive wallets, representing approximately 0.4% of the total illiquid base.
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This change marks the first notable decline in illiquid supply this cycle, signaling that some long-held coins are returning to more liquid hands.
However, data from Glassnode shows that whales are quietly absorbing that flow.
Wallets with large balances have increased their positions over the past 30 days and have not sold off meaningfully since October 15. In contrast, small holders of between 0.1 and 10 BTC, about $10,000 to $1 million, have been steady sellers since late 2024. The result is a redistributive phase: weak hands are reducing risk, large holders are accumulating.
In derivatives, leverage has been balanced. Hyperliquid Leaderboard data shows that the $4.1 billion in open interest is split almost evenly between longs and shorts, with a slight tilt toward the latter.
CoinGlass tracked about $413 million in liquidations over the past 24 hours, of which about $337 million were short. This is a moderate flush, not a complete short squeeze, enough to clear out over-leveraged bets, but not to force a position reset or panic buying.
Together, these dynamics could help explain the quiet recovery in Bitcoin’s price. BTC’s rise from $110K to $114.9K was driven by a mix of light short covering and steady spot absorption rather than momentum chasing. Glassnode data shows that the market is now in neutral territory: illiquid supply is easing, whales are holding on, and leverage is balanced.
For now, Bitcoin is likely to oscillate between $113K and $116K until the next catalyst emerges. With a soft Fed already widely expected, the question is, what will it be?
Market Movement:
BTC: Bitcoin’s rise from $110K to around $114.9K reflects a modest recovery driven by whale accumulation and light short covering, not the kind of broad-based demand that signals a new uptrend.
ETH: Ether climbed to $4,186, up nearly 6% in 24 hours, outperforming Bitcoin as traders turned to higher-beta assets following BTC’s stabilization, though on-chain and derivatives data suggest the move is largely momentum-driven rather than supported by strong new inflows.
Sleep: JPMorgan expects gold to reach $5,055 an ounce by the end of 2026 and $6,000 by 2028, calling the recent decline a healthy consolidation within a broader rally fueled by Fed rate cuts, stagflation fears and rising demand from central banks and investors diversifying away from the dollar.
Nikkei 225: Japan’s Nikkei 225 rose above 50,000 for the first time as sentiment improved on optimism over US-China trade talks and hopes of expanding domestic demand under Prime Minister Takachi.
Elsewhere in crypto:
- Betting scandals are rocking sports. Will prediction markets help or hurt? (decrypt)
- Could China ‘Militarize’ Cryptocurrencies to Beat Financial Sanctions? (SCMP)
- Tether eyes new investment to bring USAT stablecoin to 100 million Americans at launch in December (CoinDesk)