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.
BTC is trading around $106,500 as Hong Kong works until the second business day of November. The world’s largest digital asset is stable after a week of decline that erased nearly 13% over the past month. Ethereum was trading around $3,620, still down almost 20% over the same period.
The debate among trading desks this week focuses on what’s driving crypto weakness: macro or micro.
Singapore-based market maker Enflux wrote in a note to CoinDesk that “the real story today was rotation,” with liquidity flowing out of crypto and back into AI and fintech-led stock markets.
“Wall Street is bracing for another rally, fueled by liquidity and infrastructure bets, while crypto continues to test where its bottom actually lies,” the company said in its note.
QCP Capital took a different view in its daily update, arguing that recent withdrawals have little to do with the macroeconomic situation.
Instead, QCP wrote, incumbent holders, the “OGs” of Bitcoin, are taking profits after a long rally, sending large BTC transfers to exchanges like Kraken. On-chain data shows that around 405,000 BTC of long-standing supply were moved over the past month, but prices remained above the $100,000 threshold.
“The market has absorbed existing supply without breaking key support,” QCP said, noting that leverage remains low and financing rates stable.
Despite divergent explanations, both sides agree that the consolidation phase of cryptocurrencies is not over.
The market is caught between profit-taking by early adopters and the broader rotation of venture capital into traditional assets. For now, BTC’s ability to stay above $100,000 suggests structural resilience, even as it struggles to compete with the liquidity narrative fueling global stocks.
Market movement
BTC: Bitcoin slipped to around $106,500 during Asian trading, extending its recent downward trend as selling by long-term holders offset a slight rebound in broader risk assets.
ETFs: Ether hovered around $3,620, underperforming Bitcoin as traders continued to shy away from alternative exposure amid decreasing DeFi activity and low risk appetite.
Gold: Gold stabilized above $4,000 an ounce on Monday, up 0.6% as traders weighed China’s decision to end a long-standing gold tax cut, a policy that could dampen local demand but push up global prices by tightening supply and raising replacement costs in the market.
Elsewhere in crypto
- Ripple Acquires Crypto Wallet Company Palisade to Expand Institutional Payments Business (CoinDesk)
- Nasdaq Reprimands TON Treasury Over $558 Million Stock Sale and Crypto Purchase (Decrypt)
- Ferrari to launch crypto token to allow wealthy fans to participate in 499P (Fortune) auction
