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 is trading around $110,300 on Tuesday morning Hong Kong time as Asia starts its trading day, with ETH trading at $3,970. CoinDesk data shows that the market is relatively flat as the week continues.
This stabilization comes after a sharp correction that pushed BTC down to $104,000 last week. In a recent market note, Glassnode described the move as a “flush, not a failure,” arguing that leverage has been eliminated, the security bought, and the position cleaned up.
The firm said futures open interest and funding rates have declined sharply, ETF flows have turned neutral, and on-chain profit metrics show traders realizing losses rather than completely capitulating, indicating a defensive normalization rather than a structural breakdown.
Market maker Nflux sees similar dynamics in capital formation. In a note to CoinDesk, it highlighted Blockchain.com’s planned US SPAC listing with Cohen & Co. as a “full-circle moment” for crypto exchanges re-entering public markets.
Meanwhile, Tom Lee’s allocation of $800 million to buy more ETH by Bitcoin was read as an “infrastructure-scale commitment”, indicating that institutional money continues to accumulate beneath the surface, even as retail speculation is waning.
Both Glassnode and Nflux agree that the market has entered a carefully defined but realistic reset phase based on capital mobilization. Data from Glassnode implies that the speculative layer has been cleared; Enflux’s view is that long-term capital is quietly rebuilding the foundation.
Gold’s continued strength above $4,000 an ounce shows that digital assets now co-exist rather than compete with traditional hedges, reflecting a portfolio shift toward diversification, not abandonment, Enflux said.
market movements
BTC: Despite deep fears in the crypto market, Arca said Bitcoin’s recent selloff was a healthy reset rather than a breakdown, pointing to rising exchange volumes, improving liquidity and easing macro pressures as signs of structural recovery.
ETH: ETH continues to rise after more buying from Tom Lee, but analysts remain concerned about its declining on-chain fees. DeFiLlama data shows that over the past 24 hours, Ethereum generated less on-chain fees than Solana and BNB.
Sleep: Gold rose 2.9% to a record $4,380.89 an ounce as investors shrugged off renewed US-China trade uncertainty, expectations of a Fed rate cut and market tensions over whether Beijing and Washington could reach a trade deal.
Nikkei 225: Japan’s Nikkei 225 rose more than 1% to a record high of 49,739.76, boosted by Wall Street gains and optimism ahead of an expected parliamentary vote to confirm Sanae Takachi as Japan’s next prime minister.
Elsewhere in Crypto
- USDE issuer looks to expand Athena team as it builds two new products (The Block)
- Dogecoin firm House of Doge acquires controlling stake in Italian soccer club (decrypt)
- Teeters on crypto’s half-baked legislative agenda as CEO sets up meeting with Democrats (CoinDesk)