Good morning, Asia. Here’s what makes news in the markets:
Welcome to Asia Morning Briefing, a daily overview of top stories during the US HOURS and an overview of market movements and analysis. For a detailed overview of US markets, see Coindesk’s Crypto Doybook Americas.
Bitcoin’s award almost holds items, but the chain itself is quiet. Glassnode -Data shows that transaction fees have collapsed back to decade -made, even when BTC flows with six numbers.
In previous cycles, fee tips are traced as dealers offer blockspace. This year, the fee curve is flat as the price rises, a clear sign that the onchain demand is no longer driving the market.
A new report from Galaxy Research shows that median daily fees have fallen more than 80% since April 2024, with as much as 15% of the daily blocks now clearing at only 1 satoshi per day. VBYTE. Almost half of the recent blocks are not full, signaling the weak demand for blockpace and a dormant MEMPOOL.
This is a sharp contrast to prior bull cycles, where price rallies translated into overload and fee tips.
The data confirms a structural shift: SPOT ETFs and custodians now have more than 1.3 million BTC, and coins parked in these wrappers rarely touch the chain.
At the same time, the retail activity that once clogged Bitcoin blockchain is migrated to Solana, where Memecoins and NFTs benefit from cheaper and faster execution. The result, notes Galaxy, is that the Bitcoin price is set by deterioration, while the network’s onchain demand – when a power of attorney for price movement – has subsided.
For miners, this dynamic is especially punitive. With rewards halved to 3,125 BTC and fees contributing less than 1% of the block income in July is the profitability under load. This stress pushes erected miners to diversify to AI and HPC hosting.
Read more: Bitcoin Mining is facing ‘incredibly difficult’ market as the power becomes the real currency
A report from earlier this year by Rittenhouse Research claims that Galaxy Digital’s relocation from mining could be the model of the sector.
This step has been welcomed by the stock markets. While BTC is down by more than 3% in the year, Coinhares Bitcoin Mining ETF has gained almost 22%. Investors are rewarding companies that have leaned in diversification rather than relying on block pay alone.
Listed miners tell a similar story. Hive, Core Scientific and Terawulf reported all results in Q2, padded by HPC and AI, which hosts revenue.
Those with no diversification, such as Bitdeer and Bitfufu, remain deeply exposed to electricity costs, equipment depreciation and a fee market that Galaxy warns in its report is “anything but robust.”
The composition tells: Galaxy’s own research warns that Bitcoin Blockchain’s settlement role is stagnating while Galaxy’s balance is relocated for growth in AI data centers.
Onchain data makes the point: Without organic demand for blockpace, fees cannot finance security. And if fees remain low, stock markets paint a clear picture that the mining sector’s best future returns can come from AI, not Bitcoin.
Market movements
BTC: Bitcoin traded at $ 113,286.95, down 1.79%, after cards fell to a six -week low near $ 110,600, with the wider crypto market facing heavy liquidations and volatility.
ETH: Ether traded flat for $ 4,779, when Jerome Powell’s Dovish Jackson Hole remarks increased expectations of a September reduction, with asset managers predicting new heights for Bitcoin and a ETH breakout of $ 5,000 despite risks from the treasurer and stock evolators.
Gold: Gold closed at $ 3,371, after Powell’s Dovish Jackson Hole markings increased September-rate-cut odds.
Nikkei 225: Asia-Pacific stocks climbed Monday with Japan’s Nikkei 225 up 1.08%, after Powell signalized potential fed the rate in September during his Jackson Hole speech.
Other places in crypto
- FINANCE: Why raising a crypto vc -fund is harder now – even at a bull market (block)
- Why Luca Netz gets ‘disappointed’ if pudgy penguins not iPO within 2 years (decryptter)
- KPMG says investor interest in digital assets will create strong other half for Canadian Fintechs (Coindesk)
