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 overview of US markets, see Crypto Daybook Americas from CoinDesk.
Bitcoin held firm as Hong Kong began its business day, trading above $91,000, after the Federal Reserve cut rates by 25 basis points and acknowledged elevated uncertainty around the U.S. outlook.
This calm does not only reflect the action of central banks. In its most recent report, CryptoQuant writes that exchange flows have fallen sharply from November highs and whales have reduced their deposits, reducing short-term selling pressure and allowing the market to stabilize within a narrow range.
CryptoQuant also highlights that whales suffered losses of over $600 million when BTC first fell below $100,000, followed by cumulative losses estimated at $3.2 billion. Holders of short-term securities have been selling at negative profit margins since mid-November, a trend that typically only emerges after sentiment has already capitulated. Historically, this combination signals the point where selling pressure begins to exhaust.
This context has kept Bitcoin around $92,000 despite several macro catalysts.
QCP asserts that current stability should not be confused with conviction. The bureau describes a market still in a hold pattern, noting that ETF inflows have only modestly improved and derivatives positioning remains cautious.
Attention now turns to Tokyo, where forecast markets overwhelmingly expect a 25 basis point hike at the Bank of Japan meeting on December 19. QCP says the next major driver is at home, where long-term JGB yields are at multi-decade highs and policymakers have expressed discomfort with the speed of movement.
The market is stable today, although the path forward now depends on how Japan’s move will reshape risk appetite globally.
Market movement
BTC: Bitcoin spent the session moving quietly between $91,000 and $92,000, showing little reaction to the Fed’s cut as on-chain flows contained volatility.
ETFs: Ether followed the same muted tone, holding near $3,270 with no clear catalyst to break it out of its recent range.
Gold: Gold rose after the Fed’s rate cut despite continued uncertainty over next year’s political policy, while silver hit a record as strong industrial demand and tight supply continued to drive prices higher.
Nikkei 225: Most markets in the Asia-Pacific region rose after the Fed’s third rate cut of the year, although Japan’s Nikkei 225 opened strongly before falling 0.11 percent.
Elsewhere in crypto
- Official Trump Crypto Game Revealed With $1 Million in Solana Meme Coin Rewards (Decrypt)
- Consumer groups join unions in attempt to derail US crypto market structure bill (CoinDesk)
