Good morning Asia. This is what is making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top news during US time and an overview of market movements and analysis. For a detailed overview of the US markets, see CoinDesk’s Crypto Daybook Americas.
Bitcoin is trading around $110,300 on Tuesday morning Hong Kong time as Asia begins its business day, with ETH changing hands at $3,970. Data from CoinDesk shows the market remaining relatively stable as the week progresses.
The stabilization comes after a sharp correction that pushed BTC to a low of $104,000 last week. In a recent market note, Glassnode described the move as a “flow, not a bust,” arguing that leverage has been unrolled, protection bought, and positions cleared.
The firm said futures open interest and funding rates have fallen sharply, ETF flows have turned neutral and on-chain profit metrics show traders realizing losses rather than completely capitulating, a sign of defensive normalization rather than structural collapse.
Market maker Enflux sees a similar dynamic in capital formation. In a note to CoinDesk, he highlighted Blockchain.com’s planned US SPAC listing with Cohen & Co. as a “coming full circle moment” for crypto exchanges to re-enter the public markets.
Meanwhile, Tom Lee’s Bitmine allocation of $800 million to purchase more ETH was read as an “infrastructure-scale commitment” that shows institutional money continues to accumulate beneath the surface even as retail speculation fades.
Both Glassnode and Enflux agree that the market has entered a reset phase defined by caution but backed by real capital commitment. Glassnode data implies that the speculative layer has been removed; Enflux’s view is that long-term capital is quietly rebuilding the foundation.
Gold’s continued strength above $4,000 an ounce, Enflux added, shows that digital assets are now coexisting with traditional hedges rather than competing against them, reflecting a portfolio shift toward diversification, not abandonment.
Market movement
BTC: Despite readings of deep fear in the cryptocurrency market, Arca said Bitcoin’s recent sell-off was a healthy reset rather than a crash, pointing to rising exchange volumes, improving liquidity and easing macro pressures as signs of structural recovery.
ETH: ETH continues to recover after more purchases from Tom Lee, but analysts are worried about falling on-chain fees. Data from DeFiLlama shows that in the last 24 hours, Ethereum generated less on-chain fees than Solana and BNB.
Gold: Gold rose 2.9% to a record $4,380.89 an ounce as investors bought the dip amid renewed U.S.-China trade uncertainty, expectations of a Federal Reserve rate cut and market tension 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 a parliamentary vote expected to confirm Sanae Takaichi as Japan’s next prime minister.
Elsewhere in Crypto
- USDe issuer Ethena seeks to expand its team as it prepares two new products (The Block)
- Dogecoin Company House of Doge Acquires Majority Stake in Italian Soccer Club (Decrypt)
- Crypto’s Half-Finished Legislative Agenda Wobbles as CEOs Meet with Democrats (CoinDesk)
