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.
Since the October flash crash, cryptocurrencies have been trading around a single fault line.
Glassnode identifies bitcoin’s true market average near $81.3k as the level that separates time-driven drawdowns from more aggressive loss realization. In the post-October regime, that level has acquired greater weight.
The correlation data helps explain why that level is important beyond bitcoin itself. Over the past 90 days, and especially since the Oct. 10 flash crash, large-cap crypto assets have remained closely correlated with bitcoin, reinforcing its role as a market anchor.
As a result, a sustained break below the true market average would not only deepen losses in already weak tokens.
Data from Glassnode shows that when bitcoin trades below this level for extended periods, selling pressure has historically spread more widely across the market.
Given that large-cap assets continue to move closely with bitcoin, while high-beta tokens have already sold off, a move below $81.3k would risk bringing that weakness back to the core of the market.
Taken together, the picture is less about declaring a crash and more about identifying where market equilibrium lies. As long as Bitcoin remains above the actual market average, losses may remain uneven.
But if $81.3K gives way and does not recover, historical data from Glassnode suggests that selling pressure would be more likely to extend beyond the long tail. In a post-October market defined by thin liquidity and tight correlations among large caps, that would mark a shift from a slow, frustrating decline to a more synchronized restart.
Market movement
BTC: Bitcoin was little changed near $86,400, down about 1% on the day and down about 6.5% over the past week as the recent pullback extended.
ETH: Ether traded around $2,830, down about 3.6% in the last 24 hours and about 15% on the week, underperforming Bitcoin as the broader market weakened.
Gold: Gold has hit record levels in 2025, with prices doubling in two years to more than $4,300 an ounce, as central bank buying, geopolitical risk, U.S. fiscal concerns and a broadening investor base prompt major banks to forecast prices will rise toward $5,000 in 2026.
Elsewhere in Crypto
- California’s Newsom Upsets Trump, Pointing to Convicted Crypto Allies CZ, Ross Ulbricht (CoinDesk)
- Indian parliamentarian pushes tokenization bill to democratize access to investments for the middle class (Decrypt)
