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.
Like Bitcoin
Operations about $ 119,500, having recently broken another historical maximum of $ 120,000, digital asset investment products are also breaking ticket records, but there is a regional disparity.
According to Coinshares, the funds that are quoted in the United States dominated with $ 3.74 billion in tickets, while Germany saw $ 85.7 million in exits, underlining a growing divergence in global institutional feeling.
This solid institutional appetite in the United States is exemplified with the avant -garde evolutionary position on cryptographic investments. Despite once the Bitcoin brand as a “kind of immature assets”, the $ 10 billion asset administrator is now the microstratege of Michael Saylor (Mstr)The biggest shareholder, indirectly, becoming the most significant Bitcoin head in traditional finances, such as Presto’s investigation recently indicated in an update of daily markets.
Meanwhile, QCP Capital stands out in a recent note that institutional enthusiasm remains remarkably robust, exemplified by more than $ 2 billion of net tickets in ETF Spot BTC last week.
However, derivative markets suggest a more nuanced approach. The leverage long positions are expanding aggressively, with perpetual financing rates that are close to 30% and an open interest that exceed $ 43 billion, invisible levels since BTC recovered $ 100K in January. Such aggressive positioning increases caution flags, remembering the abrupt settlement event of $ 2 billion in February.
“The foam is building,” QCP warns.
BTC continues to overcome luxury watches
Bitcoin
27.87% to date and 13.22% in the last month, easily exceeding the modest rebound of the Luxury Watch Market +4.5% market in the second quarter, according to a recent report in Morgan Stanley and Watcharts co -authorship.
The profits were concentrated in flagship, Daytona, Nautilus, Royal Oak models, while marks such as Panerai, Breitling and IWC had a lower performance. The inventory for watches of less than $ 5,000 remains historically high, and the rotation of the concessionaire in that range continues to delay.
“Price recovery remains limited and concentrated,” says the report, promoted by “renewed interest of high -end collectors and the best appetite of global risk.”
Both BTC and watches, add, tend to benefit from “expansive monetary environments and periods of wealth creation.”
But speculative capital does not flow uniformly. Bitcoin has attracted more of the macro offer, with institutional entries and liquidity 24 hours a day, 7 days a week, which makes it the preferred high beta asset.
The correlation of the era of the pandemic between BTC and the watches, both beneficiaries of easy and excess speculative money, broke at the end of 2023 with the approval of the US Bitcoin Spot ETFs.
Since then, BTC has matured in a macro-sensible and institutionally supported asset, while the watches have returned to their roots: fashion.
Market movements:
BTC: Bitcoin briefly approached $ 123,000 before cooling, while cryptographic -related shares had modest profits and analysts said the market is far from euphoric, and one projects the market capitalization of $ 2.5 billion BTC could converge with the $ 22 billion gold.
ETH: ETH increased more than $ 3,079 in the early negotiation of a strong volume before withdrawing in the afternoon to establish about $ 3,011, forming a breakout-backback rupture pattern with support that maintains above the key level of $ 3,000.
Gold: Gold fell 0.1% after reaching a maximum of three weeks amid renewed tariff threats of President Trump and focuses on commercial conversations and the United States data, while silver rose to its highest level since September 2011.
Nikkei 225: Asia-Pacific markets opened Mixed on Tuesday, with investors wearing the tariff changes of President Trump and calling attention to the next Chinese economic data, while Japan Nikkei 225 remained stable.
S&P 500:RBC Capital Markets raised its 2025 S&P 500 to 6,250 target of 5,730, but unlike Goldman and Bofa, it expects little rise from current levels, with the index already above 6,280 to July 11.
In another part of crypto
- American banking regulators issue a cryptographic “custody” statement, not pressing new policies (Cindenesk)
- China’s Stablecoin studies suggest a ‘staggered’ but fractured approach (Decipher)
- Gray files confidential shipping for IPO with SEC (Cindenesk)
