Hello, Asia. Here’s what’s making news on the markets:
Welcome to Asia Morning Briefing, a daily summary of the top news stories during U.S. business hours and insight into market movements and analysis. For a detailed look at US markets, check out CoinDesk’s Crypto Daybook Americas.
Bitcoin is trading around $110,300 Tuesday morning Hong Kong time as Asia begins its business day, with ETH changing hands at $3,970. Data from CoinDesk shows the market is relatively stable as the week continues.
The stabilization comes after a sharp correction that pushed BTC to $104,000 last week. In a recent market note, Glassnode described the move as a “flush, not a bust,” saying leverage was unwound, protection purchased, and positions cleaned up.
The company said open interest and futures funding rates have fallen sharply, ETF flows have become neutral and on-chain profit indicators show traders taking losses rather than completely capitulating, a sign of defensive normalization rather than structural collapse.
Market maker Enflux sees a similar dynamic playing out in capital formation. In a note to CoinDesk, he highlighted Blockchain.com’s planned U.S. SPAC listing with Cohen & Co. as a “full circle moment” for crypto exchanges re-entering the public markets.
Meanwhile, Tom Lee’s Bitmine allocating $800 million to buy more ETH has been interpreted as an “infrastructure-wide commitment” showing that institutional money continues to accumulate beneath the surface, even as retail speculation fades.
Glassnode and Enflux agree that the market has entered a reset phase defined by caution but supported by real capital commitment. Glassnode data implies that the speculative layer has been gutted; Enflux’s view is that long-term capital quietly rebuilds the foundations.
Gold’s continued strength above $4,000 an ounce, Enflux added, shows that digital assets now coexist with traditional hedges rather than compete with them, reflecting a portfolio shift toward diversification and not abandonment.
Market movement
BTC: Despite deep fears in the crypto market, Arca said Bitcoin’s recent selloff was a healthy reset rather than a breakdown, pointing to increasing trading volumes, improving liquidity and easing macroeconomic pressures as signs of structural recovery.
ETFs: ETH continues to rally after further purchases from Tom Lee, but analysts are concerned about falling on-chain fees. DeFiLlama data shows that over the past 24 hours, Ethereum generated fewer on-chain fees than Solana and BNB.
Gold: Gold jumped 2.9% to a record $4,380.89 an ounce as investors bought the dip amid renewed U.S.-China trade uncertainty, expectations of a Fed rate cut and market tension over the possibility of reaching a trade deal between Beijing and Washington.
Nikkei 225: Japan’s Nikkei 225 index rose more than 1% to a record high of 49,739.76, lifted by gains on Wall Street and optimism ahead of a parliamentary vote expected to confirm Sanae Takaichi as Japan’s next prime minister.
Elsewhere in crypto
- USDe issuer Ethena looks to expand its team as it prepares two new products (The Block)
- Dogecoin Firm House of Doge Acquires Majority Stake in Italian Football Club (Decrypt)
- Crypto’s half-finished legislative agenda falters as CEOs hold meeting with Democrats (CoinDesk)
