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 traded near $89,000 as Hong Kong entered another working week after giving in to last week’s post-Fed rally, with FlowDesk saying in a recent note that demand quickly faded once the 25 basis point cut took place and liquidity diminished at the end of the year.
BTC and ETH retraced their midweek highs while altcoins remained under pressure, reinforcing a market defined by macro caution and a lack of tracking rather than pure risk aversion.
This hesitation on the surface contrasts with a more stable positioning below. In a Telegram note, FlowDesk said leverage remains low, volatility muted and capital shifts toward short-term yield as counterparties lock in long-term funding at compressed rates, signaling a focus on balance sheet optimization rather than directional bets.
Meanwhile, Glassnode observes that the range-bound BTC price means digital asset treasury companies are buying Bitcoin again. A pause in DAT buying is often cited as a reason why bitcoin remained stagnant throughout the fall.
For now, this mix of cautious trading and quiet balance sheet accumulation leaves Bitcoin stuck in a wide range, with rallies fading but decline also proving limited.
Until leverage returns or macroeconomic conditions force Treasury buyers to accelerate, price action will likely remain subdued, even as ownership continues to shift toward longer-term holders.
Market movement
BTC: Bitcoin hovered near $89,000 after giving back its post-Fed gains, with weak tracking and liquidity keeping price action range-bound.
ETFs: Ether showed relative resilience, holding on to recent gains better than bitcoin as selective demand and less selling pressure supported prices despite greater market caution.
Gold: Gold is holding at a record high around $4,300 an ounce as rate cuts, heavy global debt and sustained demand from central banks continue to support prices as the end of the year approaches.
Nikkei 225: Asian markets opened lower as investors digested Wall Street’s decline and adopted a cautious tone on risk, with attention turning to November business data in China and Japan’s Tankan survey, which showed business sentiment among major manufacturers had reached its highest level in four years.
