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 held its ground as Hong Kong began its trading day, trading above $91,000, after the Federal Reserve cut rates by 25 basis points and acknowledged heightened uncertainty over the U.S. outlook.
The calm reflects more than the central bank’s action. In its most recent report, CryptoQuant writes that currency inflows have fallen sharply from November highs and whales have reduced deposits, reducing short-term selling pressure and allowing the market to settle in a tight range.
CryptoQuant also highlights that whales suffered losses of over $600 million when BTC first broke below $100,000, followed by an estimated cumulative losses of $3.2 billion. Short-term holders have been selling at negative profit margins since mid-November, a pattern that typically appears only after sentiment has already capitulated. Historically, that combination signals the point at which selling pressure begins to run out.
That backdrop has kept Bitcoin pegged at around $92,000 despite several macro catalysts.
QCP says current stability should not be confused with conviction. The desk describes a market that is still in a holding pattern, noting that ETF inflows have improved only modestly and derivatives positioning remains cautious.
Attention is now shifting to Tokyo, where prediction markets overwhelmingly expect a 25 basis point hike at the Bank of Japan’s Dec. 19 meeting. QCP argues that the next big driver lies at home, where long-term JGB yields are hitting multi-decade highs and policymakers have expressed displeasure with the speed of the move.
The market is stable today, although the path forward now depends on how Japan’s decision reshapes global risk appetite.
Market movement
BTC: Bitcoin spent the session quietly moving between $91,000 and $92,000, showing little reaction to the Fed cut as on-chain flows kept volatility contained.
ETH: Ether followed the same muted tone, holding near $3,270 with no clear catalyst to take it out of its recent range.
Gold: Gold rose after the Federal Reserve cut rates despite lingering uncertainty over next year’s policy path, while silver hit a record high as strong industrial demand and tight supply continued to lift prices.
Nikkei 225: Most Asia Pacific markets rose after the Federal Reserve’s third rate cut of the year, although Japan’s Nikkei 225 opened strong before falling 0.11 percent.
Elsewhere in Crypto
- Trump’s Official Crypto Game Revealed with $1 Million in Solana Meme Coin (Decrypt) Rewards
- Consumer Groups Join Unions Trying to Derail US Crypto Market Structure Bill (CoinDesk)
