Hello, Asia. Here is what is news on the markets:
Welcome to the morning briefing in Asia, a daily summary of the best stories during the hours and an overview of market movements and analyzes. For a detailed overview of the American markets, see the Americas of the Coindesk Crypto Daybook.
While Asia is starting its working day on Thursday, ETH is negotiated at $ 2,770.
ETH increased by almost 11% this month, according to Coindesk market data, surpassing the BTC, which increased by 5%.
Part of this could be due to institutional commercial demand, and to the fact that it is exceeded the BTC on the derivative markets as an increasingly sophisticated investors on structural growth and the role of the ETH as a bridge between decentralized finance (DEFI) and traditional finance (tradfi), the director of the OKX -in -chief, Lennix Lai, Coindesk in an interview.
“Ethereum eclipses the BTC on our perpetual term market, ETH representing 45.2% of the negotiation volume during last week. BTC, in comparison, is 38.1%,” said Lai.
This is a discovery similar to what is happening on Derebit, has recently reported Coindesk.
This does not mean that the institutions have made a lessee for the BTC. Far from it.
A recent Glassnode report shows that despite the recent Volatility of the BTC, the institutions happily buy the drops.
Long -term holders (LTH) have achieved more than $ 930 million profits per day during recent rallies, wrote Glassnode, competing with the distribution levels observed during peaks in the previous cycle. However, instead of triggering a sales cascade, the LTH Supply has really increased.
“This dynamic stresses that the pressures of maturation and accumulation prevail over distribution behavior,” wrote Glassnode analysts, noting that this is “highly atypical for the bull markets at an advanced stage”.
However, neither is safe from geopolitical risks or black swan events such as the eruption of Trump-Musk.
These episodes serve as reminders that feeling can change quickly, even in structurally strong markets. But under volatility at the surface level, institutional conviction remains intact. The ETH emerges as the vehicle of choice to access a regulated challenge, while BTC continues to benefit from a long -term accumulation by institutions via FNB.
“Macro uncertainties remain, but $ 3,000 ETH seem more and more likely,” concluded Lai.
Tron continues to win stablecoin entries
The Stablecoin market has just reached a top of $ 228 billion, up 17% of years to date, according to a new cryptocurrency report.
This increase in liquidity with a dollar, caused by the renewed confidence of investors presented by the IPO of the successful circle, the increase in DEFI yields and the improvement of American regulatory clarity, calmly becomes the card of the place where the capital lives in research.
“The amount of stalls on centralized exchanges has also reached high record levels, supporting the liquidity of cryptographic trading,” reported cryptocurrency.
Cryptocurrency noted that the total value of the Stablecoins ERC20 on centralized exchanges has climbed to a record of $ 50 billion.
Most of this growth in Stablecoin exchange reserves is the result of the increase in USDC reserves on exchanges, according to their data, which have increased from 1.6x so far in 2025 to 8 billion dollars.
Regarding protocols which were a net beneficiary of all this, Tron leads the pack. The mixture of rapid purpose and deep integration centers with stablecoin transmitters like Tether is credited to make a liquidity magnet
Presto Research, who recently published a report on the theme in the same way, wrote that he had marked more than $ 6 billion in stable entrances in May, exceeding all other chains and displaying the second largest number of daily active users behind Solana and was the most efficient of the growth of total native value (TVL).
On the other hand, Ethereum and Solana bled the capital, according to Presto data.
The two channels have experienced significant stallions and losses in the volume of bridges, indicating a lack of new performance opportunities or major improvements in the protocol. Presto data confirm a broader trend: institutional capital and retail capital runs to base, Solana and Tron.
The common point? These channels offer faster execution, more dynamic ecosystems and, in some cases, greater incentive programs
Agent savings arrive, but they need cryptographic rails to operate
The next generation of AI will not only speak to us, she will speak to herself. While autonomous agents become more capable, they will more and more manage end-to-end tasks: flight booking, data supply, or even putting other robots into service to complete the subtaches. But there is a problem: at the moment, these AI agents are trapped in silos and they need crypto to get them out.
In a recent trial of Crypto A16z, Scott Duke Kominers, research partner at A16z Crypto and affiliated from the Faculty in Harvard, maintains that today’s agent-agent interactions are mainly hard-coded appeal or internal characteristics in closed ecosystems.
There is no shared infrastructure for agents to meet, collaborate or transform between systems. This is where the crypto comes into play. Blockchains, with their open and composable architectures, offer a “compatible in front” means of building savings of interoperable agents, a neutral substrate which can evolve alongside the AI itself.
The first projects such as Halliday draw up standards in the protocol for the workflows of crossed agents, while companies like Catena and Skyfire use Crypto to allow autonomous agents to afford each other without a necessary human being.
Coinbase even intervened to support infrastructure efforts here. If these rails settle, the blockchains will not only be financial infrastructure; They will be the back-end of an open AI economy, where agents transact, coordinate and apply users transparent.
The message is clear: if AI agents are the future of productivity, crypto is the infrastructure that makes them play well.
Web 3 needs better games to grow
The game maintains its advance as a dominant category in the ecosystem of the distributed application (DAPP), even if its market share continues to slip, according to a new report by Dappradar.
Dappradar’s latest data show that the domination of the game has dropped for the second consecutive month, from 21% in April to 19.4% in May.
The daily activity of users remains relatively stable, oscillating approximately 4.9 million unique active portfolios, but the sharp drop in investments paints a more disturbing image: business financing for game projects dropped to only $ 9 million in May, decreasingly down more than $ 220 million per month at the end of 2024.
“2025 so far, has been a verification of reality for the game market. Various projects that have raised millions in previous years, have now closed the workshop. Among them, the Hero Shooter Nyan Heroes, the Fantasy Mmorpg Ember Sword, and the game of social deduction The Mystery Society”, wrote Dappradar analysts in their report.
Dappradar analysts underline a fundamental defect that stimulates this exodus: a lack of engaging gameplay.
Projects have frequently granted the tokenomic priority, speculative launches from NFT and Blitz Marketing, often put the dissemination of tests and critical development of gameplay.
Without fun and replayable mechanics at the base, even strongly funded web3 games had trouble maintaining players’ interest, suggesting that the biggest challenge in industry could simply learn to build large games.
And this story is nothing new: surveys have said that since 2022.
Market movements:
- BTC: Bitcoin slipped 2% after failing to maintain the level of $ 110,000, with key price tests at $ 108.5,000 in increasing geopolitical tensions and a mixed feeling, although strong institutional entries via punctual ETFs suggest that the underlying demand remains intact.
- ETH: ETH jumped 5% to exceed $ 2,800 while $ 815 million in institutional entries were paid into the ETH FNBTH, motivated by bruise techniques, record upgrade levels and new dry advice clarifying the development and portfolio software fall outside the securities of securities of securities
- Gold: Gold increased by 0.97% to reach $ 3,363 after the American inflation data showed cooling prices, which stimulated expectations that the Fed could resume rate decreases in September.
- Nikkei 225: Tokyo’s actions opened on Thursday, when a stronger yen weighed on exporters while optimism on an American potential trade agreement supported the purchase, the Nikkei fell 0.22% at the start of negotiations.
- S&P 500: Tokyo’s actions opened on Thursday, while a stronger yen weighed on exporters while optimism on an American potential trade agreement supported the purchase, the Nikkei dropped by 0.22% at the start of negotiations.
