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 entering the Asian trading day with on-chain data showing full bear market signs, as prices hover around $70,000 and global stock markets continue to search for direction.
CryptoQuant’s latest weekly report frames the weakness as structural rather than cyclical, with its Bull Score index at zero while bitcoin trades well below its October peak. The report argues that the market is no longer digesting the gains, but is instead operating with a smaller buyer base and increasingly tight liquidity.
Glassnode data reinforces that picture, pointing to weak volumes and a demand gap where selling pressure is not met with sustained absorption. Indeed, the issue is less panic than participation.
Institutional flows underline the change. US spot bitcoin ETFs, which were net accumulators this time last year, have become net sellers, creating a year-over-year demand gap measured in tens of thousands of bitcoins.
At the same time, Coinbase’s premium has remained negative since October, indicating that US investors are not intervening significantly despite the lower prices. Historically, sustained bull phases have coincided with strong spot demand in the United States. That engine is currently idling.
Liquidity conditions are also tightening beneath the surface. Stablecoin expansion, which normally fuels risk appetite and trading activity, has stalled and USDT market capitalization growth has turned negative for the first time since 2023.
Apparent long-term demand growth has also plummeted from last year’s highs, suggesting this is not simply a loss of leverage, but a decline in participation. Technically, bitcoin remains below its 365-day moving average, with on-chain valuation bands clustering major support in the $70,000 to $60,000 corridor.
Overlaid on top of this is a macro backdrop in which bitcoin increasingly behaves like high-beta software rather than digital gold. Prediction markets show traders are still leaning heavily toward no change at the Federal Reserve’s April meeting, with only modest expectations of a rate cut in June. That hesitation limits the prospect of near-term liquidity relief.
The political narrative is further complicated by politics. President Donald Trump recently spoke to reporters about his Federal Reserve nominee, Kevin Warsh, saying during an interview with NBC News that a Fed chair who wanted to raise rates “wouldn’t have gotten the job,” an observation that tempers earlier optimism about the central bank’s independence.
For Asia, the result is a market defined less by shock than absence, where rebounds remain possible but conviction remains thin.
Market movement
BTC: Bitcoin fell to the mid-$70,000s after briefly testing support, and bounces quickly faded as spot demand remained thin and tech stocks remained under pressure.
ETH: Ether remained just above $2,000, struggling to build momentum as broader risk sentiment softened and flows remained weak on major exchanges.
Gold: Gold rallied toward the $5,000 to $5,100 range, extending a volatile rally fueled by safe-haven buying after U.S.-Iran tensions flared and weaker private payrolls data offset mixed economic signals as traders reassessed the Federal Reserve’s prospects under Trump’s new presidential election.
Nikkei 225: Japan’s Nikkei 225 was down about 0.3% as chip and technology heavyweights followed Wall Street’s sell-off, although Japanese stocks overall remained relatively resilient compared to regional peers.
Elsewhere in Crypto:
- Binance denies issuing legal threats over insolvency allegations (The Block)
- Multicoin Capital Co-Founder Kyle Samani Resigns After Nearly a Decade to Dedicate Himself to Other Areas of Technology (CoinDesk)
