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 traded near $89,000 as Hong Kong entered another business week after recovering from last week’s post-Fed rally, and FlowDesk said in a recent note that demand quickly faded once the 25bp cut was implemented and liquidity tightened towards the end of the year.
BTC and ETH retraced mid-week highs while altcoins remained under pressure, reinforcing a market defined by macro caution and lack of follow-through rather than outright risk aversion.
That hesitation on the surface contrasts with a more stable position beneath it. In a Telegram note, FlowDesk said leverage remains low, volatility is moderate and capital is shifting towards short-term returns as counterparties lock in longer-term funding at compressed rates, indicating a focus on balance sheet optimization rather than directional bets.
Meanwhile, Glassnode notes that BTC price within a certain range means that digital asset treasury companies are buying bitcoin once again. A pause in DAT purchases is often cited as one of the reasons why Bitcoin remained stagnant during the fall.
For now, that combination of cautious trading and quiet balance sheet accumulation leaves Bitcoin stuck in a wide range, with rallies fading but declines also proving limited.
Until leverage yields or macroeconomic conditions force Treasury buyers to accelerate, price action is likely to remain subdued even as ownership continues to shift toward longer-term holders.
Market movement
BTC: Bitcoin hovered around $89,000 after regaining its post-Fed gains, with weak tracking and low liquidity keeping the price action range-bound.
ETH: Ether showed relative resilience, holding recent gains better than bitcoin, as selective demand and lower selling pressure supported prices despite greater market caution.
Gold: Gold remains near record levels of around $4,300 per ounce as rate cuts, heavy global debt loads and sustained demand from central banks continue to support prices heading into the end of the year.
Nikkei 225: Asian markets opened lower as investors digested Wall Street’s pullback and adopted a cautious tone toward risk, with attention focused on China’s November activity data and Japan’s Tankan survey, which showed business sentiment among large manufacturers rose to a four-year high.
