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.
When Asia begins its business day on Thursday, ETH is quoted at $ 2,770.
ETH increased almost 11% this month, according to Coendesk market data, surpassing BTC, which increased by 5%.
Part of this could be due to the demand for institutional trade, and to the fact that it has surpassed BTC in derivative markets such as sophisticated investors increasingly in structural growth and the role of ETH as an entrance door between decentralized finances (Defi) and traditional (traditional) finances, OKX commercial officer, Lennix Lai, told Coinndesk in an interview.
“Ethereum is eclipsando BTC in our perpetual futures market, with ETH that represents 45.2% of the negotiation volume during the past week. BTC, in comparison, is located at 38.1%,” said Lai.
This is a finding similar to what is happening in Derebit, Coindesk recently reported.
That does not mean that institutions have had a disinterest in BTC. Nothing of the sort.
A recent Glassnode report shows that despite BTC’s recent volatility, institutions are happily buying falls.
The long -term headlines (LTH) obtained more than $ 930 million in profits per day during the recent demonstrations, Glassnode wrote, rivuring the distribution levels seen in the previous cycle peaks. However, instead of activating a sales waterfall, the LTH supply actually grew.
“This dynamic emphasizes that maturation and accumulation pressures are overcoming distribution behavior,” wrote Glassnode analysts, pointing out that this is “highly atypical for the upward markets of the late stage.”
However, they are not immune to geopolitical risk or black swan events such as Trump moss burst.
These episodes serve as reminders that feeling can change rapidly, even in structurally strong markets. But below surface level volatility, institutional conviction remains intact. ETH is emerging as the choice vehicle to access defi regulated, while BTC continues to benefit from long -term accumulation by institutions through ETF.
“The macro uncertainties remain, but $ 3,000 eth seems increasingly likely,” said Lai.
Tron continues to win the entry of Stablecoin
The Stablecoin market has just achieved a historical maximum of $ 228 billion, 17% to date, according to a new cryptocation report.
This increase in dollar liquidity, promoted by the renewed confidence of the investors that is exhibited by the IPO of the Circle of great success, the increase in defense yields and the improvement of the regulatory clarity of the United States, is silently redesigning the map where capital lives in the chain in the chain in the chain.
“The amount of stable in centralized exchanges has also reached high record levels, which supports cryptography trade liquidity,” Cryptoquant said.
Cryptoquant said that the total value of ERC20 Stablecoins in centralized exchanges has risen to a record of $ 50 billion.
Most of this growth in Stablecoin change reserves has been the result of the increase in USDC reserves in exchanges, according to their data, which have grown in 1.6 times in until now in 2025 to $ 8 billion.
As for the protocols that have been a net beneficiary of all this, Tron leads the package. The rapid -purpose tron combination and deep integrations with stablecoin emitters such as Tether is attributed to it being a liquidity magnet
Presto Research, who recently published a similar thematic report, wrote that he obtained more than $ 6 billion in net stable tickets in May, exceeding all other chains and publishing the second highest number of daily active users behind Solana and was the best performance in the growth of total native value (TVL).
On the contrary, Ethereum and Solana Bled Capital, said the Presto data.
Both chains experienced significant stable outputs and bridge volume losses, indicating a lack of new performance opportunities or protocol improvements. Presto data confirms a broader trend: institutional and retail capital is turning towards Base, Solana and Tron.
The community? These chains offer faster execution, more dynamic ecosystems and, in some cases, larger incentive programs
Agent economies are coming, but they need cryptographic to work
The next generation of AI will not only talk to us, it will be discussed alone. As autonomous agents become more capable, they will increasingly handle end -to -end tasks: book flights, obtain data, even order other bots to complete the subtasses. But there is a problem: at this time, these AI agents are trapped in silos and need cryptography to get them out.
In a recent A16Z Crypto essay, Scott Duke Kominers, a research partner of A16z Crypto and an affiliate of the Faculty in Harvard, argues that the interactions of agent to agent today are mostly called API coded or internal characteristics within the closed ecosystems.
There is no shared infrastructure so that agents are, collaborate or perform transactions between systems. That’s where Crypto enters. Block chains, with their open and compound architectures, offer a “compatible with the front” shape to build economy economies, a neutral substrate that can evolve together with AI.
The first projects such as Halliday are building standards at the protocol for workflows of cross agents, while companies such as Catena and Skyfire are using cryptography to allow autonomous agents to be paid without a necessary human being.
Coinbase has even intervened to support infrastructure efforts here. If these rails take over, blockchains will not only be financial infrastructure; They will be the back-end of an open AI economy, where agents transacce, coordinate and enforce the user’s intention in a transparent way.
The message is clear: if AI agents are the future of productivity, cryptography is the infrastructure that makes them play well.
Web3 gaming needs better games to grow
Gaming maintains its leadership as the dominant category in the distributed application ecosystem (DAPP), even when its market participation continues to slide, according to a new Dappradar report.
The latest Dappradar data shows that the mastery of the game fell for the second consecutive month, from 21% in April to 19.4% in May.
The daily activity of the user remains relatively stable, around 4.9 million unique active wallets, however, the strong decrease in investment paints a more worrying image: risk financing for collapsed games projects only $ 9 million in May, abruptly lowering more than $ 220 million per month at the end of 2024.
“2025 Until now, it has been a verification of reality for the play market. Several projects that raised millions in the previous years, have now closed the store. Among them, the Hero Heroes shooter of Fantasy MMORPG and the social deduction game The Mystery Society,” they wrote in their report in their report.
Dappradar analysts point out a fundamental failure that drives this exodus: an attractive lack of game.
The projects often prioritize the tokenomics, the NFT speculative releases and the marketing bombings, often on the side of the critical tests and development of the game.
Without a fun and reproducible mechanics in their nucleus, even the very financed web 3 games have struggled to maintain the interest of the players, which suggests that the greatest challenge in the industry could simply be learning to build great games.
And this narrative is nothing new: surveys have been saying this since 2022.
Market movements:
- BTC: Bitcoin slipped 2% after not maintaining the $ 110K level, with a key pricing test support at $ 108.5K in the middle of geopolitical tensions and mixed feelings, although strong institutional entries through ETF SPOT suggest that the underlying demand remains intact.
- ETH: ETH increased 5% to exceed $ 2,800 as $ 815 million in institutional entries in ETH ETF, driven by bullish technicians, record levels and a new orientation of the SEC that clarifies the rethinking and wallet software
- Gold: Gold increased 0.97% to $ 3,363 after the United States inflation data showed cooling prices, which increases the expectations that Fed could resume tariff cuts in September.
- Nikkei 225: Tokyo’s actions opened Mixed on Thursday, since a stronger yen weighed in exporters, while optimism on a possible commercial agreement between the United States and Japan supported the purchase, with the Nikkei fell 0.22% in early trade.
- S&P 500: Tokyo’s actions opened Mixed Thursday, since a stronger yen weighed in exporters, while optimism on a possible commercial agreement between the United States and Japan supported the purchase, with the Nikkei fell 0.22% in early trade.
