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’s rally above $114,000 this week reflects a measured reset rather than a breakout. Data from Glassnode shows that since mid-October, around 62,000 BTC have left long-term inactive wallets, or around 0.4% of the total illiquid base.
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This change marks the first notable decline in illiquid supply during this cycle, signaling that some long-held coins are returning to more liquid hands.
Whales, however, have been quietly absorbing this flow, according to Glassnode data.
Wallets holding large balances have increased their positions over the past 30 days and have not sold significantly since October 15. On the other hand, small holders between 0.1 and 10 BTC, or around $10,000 to $1 million, have been regular sellers since the end of 2024. The result is a redistribution phase: weaker hands reduce risk, larger holders accumulate.
In derivative products, debt remained balanced. Hyperliquid Leaderboard data shows approximately $4.1 billion in open interest split almost equally between long and short positions, with a slight tilt toward the latter.
Coinglass tracked approximately $413 million in liquidations over the past 24 hours, including approximately $337 million in short sales. This is a moderate chase, not a full short squeeze, enough to clean out overleveraged bets, but not to reset positioning or force panic buying.
Together, these dynamics can help explain the calm recovery in the price of Bitcoin. BTC’s move from $110,000 to $114.9,000 was driven by a mix of light short covering and regular spot absorption rather than continued momentum. Data from Glassnode shows that the market is now in a neutral zone: illiquid supply is decreasing, whales are holding strong, and leverage is balanced.
For now, Bitcoin will likely hover between $113,000 and $116,000 until the next catalyst appears. With a dovish Fed already widely expected, the question is: what will it be?
Market movement:
BTC: Bitcoin’s rise from $110,000 to around $114.9,000 reflects a modest rally fueled by whale accumulation and light short covering, not the type of widespread demand that signals a new uptrend.
ETFs: Ether soared to $4,186, up about 6% over 24 hours, outperforming Bitcoin as traders shifted to higher beta assets following BTC’s stabilization, although on-chain and derivatives data suggests the move remains largely driven by momentum rather than supported by large new inflows.
Gold: JPMorgan expects gold to climb to $5,055 an ounce by the end of 2026 and $6,000 by 2028, calling the recent pullback a healthy consolidation within a broader uptrend driven by Fed rate cuts, stagflation fears and growing demand from central banks and investors diversifying away from the dollar.
Nikkei 225: Japan’s Nikkei 225 index rose above 50,000 for the first time as optimism over U.S.-China trade talks and hopes for expanding domestic demand under Prime Minister Takaichi lifted sentiment.
Elsewhere in Crypto:
- Betting scandals rock sport. Will prediction markets help or hurt? (Decrypt)
- Could China “Weaponize” Cryptocurrencies to Defeat Financial Sanctions? (SCMP)
- Tether Considers New Investments to Push USAT Stablecoin to 100 Million Americans at December Launch (CoinDesk)
