Good morning, Asia. This is what news is doing in the markets:
Welcome to Asia Morning Briefing, a daily summary of the main stories during the US hours and an overview of the movements and market analysis. To obtain a detailed description of the US markets, see Cryptokook from Coindesk America.
When Hong Kong begins his negotiation day, ETH is changing hands above $ 4600, 3% less in the day.
As ETH increases almost 16% in the last week, and 45% in the last month, this is probably not a concern for most merchants. After all, the ETH/BTC ratio has broken above its 365 -day mobile average, a sign that has historically marked extended periods of superior performance ETH, and ETF spot flows are reinforcing the movement.
However, the same data show early signals of short -term cooling, such as Cryptoquant argued in a recent report.
ETH daily tickets to exchanges have passed those of Bitcoin, which suggests that some holders are positioning to take profits. ETHRV’s MVRV ratio against BTC has increased from 0.4 in May to 0.8, addressing the historical overvaluation territory. Cryptoquant warns that in the past cycles, such levels have preceded pauses or setbacks in the relative force of ETH.
Commercial desks echo this opinion.
In a recent note, Flowdesk, based in France, reports that although there were $ 1 billion in ETF tickets of ETH of one day on Monday, with a wide purchase of customers versus BTC and Sol, there was also a greater overwhelming calls in ETH options in the $ 7K– $ 8K strikes for December, a sign that some are limiting the expectations.
QCP framed the ETH rally within a softer macro Macro CPI background in its daily color telegram update in Asia, with strong expectations for a cut fed by September and geopolitical flexibility, but indicates the next comments of Jackson Hole and the remaining IPC/NFP impressions such as potential propagations of feelings.
The Mercado Enfux manufacturer added in the comments to COINDESK that a hottest PPI impression reminded merchants that inflation risks remain unequal, and that ETH huge performance could invite consolidation.
Although structural drivers remain intact, the demand of ETF, institutional participation and favorable signals in the chain, the market is entering a phase where the stretched positioning and the risk of macro events could prove the promotion of ETH. As Cryptoquant data shows, the rally is strong, but so are the first signs of profits.
Market movements
BTC: Bitcoin fell more than 3% from the maximum record after the warmest inflation of the inflation of the rate reduction rate of the rate and the treasure said that Bitcoin’s purchases will not expand for its strategic reserve.
ETH: ETH has dropped 3.3% as the sales pressure increases, as merchants get profits after record demonstration.
Gold: Gold fell 0.62% to $ 3,336.6 as the US inflation data and strong works increased the dollar and yields, cutting expectations for a large rate cut in the September Fed.
Nikkei 225: The Nikkei 225 opened more as Japan’s economy grew 1.0% annualized in the second quarter, exceeding forecasts in strong exports and capital expenses, although analysts warn that US tariffs could delay growth in the coming months.
S&P 500: US actions stopped on Thursday when a hottest PPI than expected cushioned the hopes of a big cut of September. Goldman Sachs warns that his models show high probabilities of a S&P 500 drop, citing low volatility and growing tariff risks.
In another part of Crypto:
- Us Blacklists Crypto Network Behind Stablecoin backed by Rublo E Exchange guarantax closed guarantorx (Cindenesk)
- The strategy pushed the ‘misleading’ comparison with Apple and Nvidia, says Wall Street veteran (Decipher)
- CEO of Crypto Casino accused after allegedly playing with the millions of investors (Decipher)
