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 begins on Thursday trading day in Asia, shopping over $ 123,000, and its diagram looks like a rocket track through the fog, says analysts and paints it as an aggressive rally-high-high-high-way, in the midst of the level and a quiet conviction that this is not the top yet.
This conviction is based on three converging signals from larger market surveys.
In its latest note, QCP wrote that it sees capital rotating out of overcoming AI shares and in “credibility hedge” like gold and bitcoin when the police uncertainty is elaborated.
Glassnode points to the registration of ETF flow and mid-accumulation of the accumulation of resistance to support. And Cryptoquant wrote that it finds a profit on the chain still well under historic tops, suggesting that the rally has room to run even when leverage is building. Together they describe a market that is structurally bullish, but tactically crowded: stable hands below, foam on top.
But the same data that shows conviction also points to self -satisfaction. Futures Open Interest has reached record highs, the financing rates are over 8%, and a call -tuning option position leaves the market vulnerable to a sharp decline if momentum fades. Analysts call it a classic setup of “strong trend, weak hands”: one who often needs reset of leverage before the next leg higher.
“The current withdrawal is now testing this gearing and helping to reset positioning and restore balance,” Glassnode wrote in its weekly report. QCP Capital added that “yesterday’s movement lower similar to positioning, not politics”, while Cryptoquant observed that “Profit remains muted compared to previous market tops.”
But even among the data protectors, the message is not uniform. Glassnode warns that leverage should be flushed before the rally can stabilize; Cryptoquant claims that the market still has the respiratory room before Euphoria enters; And QCP frames the move as a macrototation to “credibility hedges” like gold and BTC.
Bitcoin’s increase is monitored from three different heights.
With financing rates high and open interest rates that still climb, dealers may have the reset they have warned about. The question is not whether Bitcoin can contain $ 120,000, that is whether the next dip will prove rally’s depth or expose its fragility.
Market movement
BTC: Bitcoin is trading over $ 123,000, stable after rebounding from this week’s withdrawal, as ETF flow and whale accumulation continue to support prices. While short -term momentum has cooled, the institutional demand and the wider “down -based trade” tale keeps on the way intact on the way into October’s Season Bullish period.
ETH: Ethereum Shops for $ 4,516 and keep steady after the recent volatility when dealers rotate back to larger LAG-1 assets. Sentiment remains supported by strong ETF flow, optimism prior to December’s Fusaka upgrade and renewed institutional interest in efforts and defi- yields.
Gold: Gold rose past $ 4,000 for the first time Wednesday, the 40th record high this year, driven by geopolitical tensions, American tax uncertainty and sustained demand for central bank led by China’s eleventh consecutive month with gold purchases
Nikkei 225: Japan’s Nikkei 225 rose 1.1% on Thursday, led by a 10% increase in Softbank after it agreed to buy ABB’s robotic unit for $ 5.4 billion, as optimism over prime minister-elected Sanae Takaichi’s expansionist agenda and continued loose monetary policy driven gains across tech and cyclic stores.
Other places in crypto
- ‘Don’t be stupid’: Why Grant Cardone says Bitcoiners shouldn’t chase Gold’s Historic Rally (Decrypt)
- Coinbase hires a ‘Token & Governance Research Specialist’ for his Basisteam (The Block)
- Brevan Howard-backed Tokenization Company expands money to SEI when RWA Momentum grows (Coindesk)
