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.
Like Bitcoin
Exchanges close to $ 119,500, having recently exceeded another record level of $ 120,000, investment products for digital assets also break records for entries – but there is a regional disparity.
According to Coinshares, the funds listed in the United States dominated with $ 3.74 billion in admissions, while Germany experienced $ 85.7 million in outings, highlighting a growing divergence of global institutional feeling.
This robust institutional appetite in the United States is illustrated by the evolutionary position of Vanguard on cryptographic investments. Despite once the Bitcoin brand as “Immature asset class”, the asset manager of 10 billions of dollars is now Microstrategy by Michael Saylor (MSTR)The largest shareholder, indirectly becoming the most important Bitcoin holder in traditional finance, as presto’s research has recently noted in an update of daily markets.
Meanwhile, QCP Capital highlights in a recent note that institutional enthusiasm remains significantly robust, illustrated by more than $ 2 billion in net entries in the BTC ETF last week.
However, derivative markets suggest a more nuanced approach. Long leverages positions develop aggressively, perpetual financing rates of 30% and open interest exceeding $ 43 billion, have not been visible since BTC recovered $ 100,000 in January. Such aggressive positioning increases prudence flags, recalling the brutal liquidation event of $ 2 billion in February.
“The foam is built,” warns QCP.
BTC continues to exceed luxury watches
Bitcoin
increased by 27.87% for the start of the year and 13.22% in the last month, easily surpassing the modest rebound of + 4.5% of the luxury watch market in the second quarter, according to a recent co-author report by Morgan Stanley and Watchcartts.
The gains were concentrated in flagship models, Daytona, Nautilus, Royal Oak, while brands like Panerai, Breitling and IWC subperformed. The inventory for watches of less than $ 5,000 remains historically high, and the turnover of dealers in this range continues to delay.
“Price recovery remains narrow and concentrated,” notes the report, drawn by “a renewal of the interests of high -end collectors and an improvement in the appetite for global risks”.
BTC and the watches, he adds, tend to benefit from “expansionary monetary environments and periods of wealth creation”.
But speculative capital does not flow evenly. Bitcoin has attracted more macro-axée offer, with institutional entries and 24/7 liquidity, making it the favorite asset in high beta.
The correlation of the pandemic era between the BTC and the watches, both beneficiaries of easy money and speculative excess, broke down at the end of 2023 with the approval of the Bitcoin Etf of us.
BTC has since been matured in a macro-sensitive asset and supported by institution, while the watches returned to their roots: fashion.
Market movements:
BTC: Bitcoin briefly approached $ 123,000 before cooling, while the Crypto -related shared actions have held modest gains and analysts said the market remained far from the euphoric, with a market capitalization of 2.5 billions of BTC dollars for the BTC could possibly converge with $ 22 billion.
ETH: ETH exceeded $ 3,079 at the start of negotiations on a strong volume before retiring in the afternoon to settle nearly $ 3,011, forming a manual warming model with a key support of $ 3,000.
Gold: Gold slipped 0.1% after reaching a three -week summit in the midst of President Trump’s renewed pricing threats and the concentration of trade and American data negotiations, while Silver has reached its highest level since September 2011.
Nikkei 225: The Asia-Pacific markets opened on Tuesday on Tuesday on Tuesday, investors withdrawing the price changes from President Trump and turning attention to the Chinese economic data to come, while the Nikkei 225 in Japan has remained flat.
S&P 500:RBC Capital Markets has increased its S&P 500 2025 objective to 6,250, against 5,730, but unlike Goldman and Bofa, it expects the current levels, the index already greater than 6,280 from July 11.
Elsewhere in crypto
- American banking regulators issue a “security” declaration of cryptography, without pushing a new policy (Coindesk)
- China’s stablecoin studies refer to a “several level” but fractured approach (Decrypt)
- Confidential submission gray files for the IPO with dry (Coindesk)
