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.
Like Bitcoin
Handling near $ 119,500, after recently breaking another highest height of $ 120,000, digital asset investment products also break items for influx-but there is a regional difference.
According to Coinshares, the US funds dominated by $ 3.74 billion in influx, while Germany saw $ 85.7 million in outflows, emphasizing a growing divergence in the global institutional mood.
This robust institutional appetite in the United States is exemplified by Vanguard’s evolving attitude towards cryptoinvestments. Despite once Branding Bitcoin as an “immature asset class”, the $ 10 trillionic actor now Michael Saylor’s Microstratey (Mstr)‘s largest shareholder who indirectly became the most significant Bitcoin holder in traditional funding, which Presto research has recently noticed in a daily market update.
Meanwhile, in a recent note that institutional enthusiasm still remains robust, exemplified by over $ 2 billion net inflow to Spot BTC ETFs last week.
Still, derivatives markets suggest a more nuanced approach. Living long positions expanding aggressively, with eternal financing rates approaching an elevated 30% and open interest rate that surpasses $ 43 billion, unprecedented levels since BTC regained $ 100,000 in January. Such an aggressive positioning raises caution and remembers February’s sudden liquidation event of $ 2 billion.
“Foam builds,” warns QCP.
BTC continues to surpass luxury watches
Bitcoin
has increased by 27.87% years to date and 13.22% in the last month, which easily surpasses Luxury Watch Market’s modest +4.5% rebound in the 2nd quarter, according to a recent report co -author of Morgan Stanley and WatchCharts.
Gains were concentrated in flagship models, Daytona, Nautilus, Royal Oak, while brands such as Panerai, Breitling and IWC underprested. Inventory to watches below $ 5,000 remains historically elevated, and the dealer turnover in this interval continues to hang.
“Price extraction remains narrow and concentrated,” notes the report, driven by “Renewed interest from advanced collectors and improved global risk activities.”
Both BTC and Watches, adding it, tends to take advantage of “expansional monetary environments and periods of wealth.”
But the speculative capital does not flow evenly. Bitcoin has attracted more of the macro-driven bid with institutional influx and 24/7 liquidity, making it the preferred asset with high beta.
The correlation of pandemic time between BTC and watches, both recipients of light money and speculatively excess, collapsed at the end of 2023 with the approval of us spot Bitcoin ETFs.
BTC has since matured to a macro -cooling, institutionally supported asset, while watches have returned to their roots: fashion.
Market Movement:
BTC: Bitcoin turned briefly to $ 123,000 before cooling, while crypto-related shares held modest gains, and analysts said the market remains far from euphoric, with a project BTC’s $ 2.5 trillion market capital could eventually converge with Gold’s $ 22 trillion.
ETH: ETH rose past $ 3,079 in early trade in a strong volume before retiring in the afternoon to settle near $ 3,011 and form a textbook breakout pulback pattern with support that holds over the key at $ 3,000 level.
Gold: Gold slipped 0.1% after hit a three -week high in the middle of renewed customs threats from President Trump and focus on trade negotiations and US data, while Silver rose to its highest level since September 2011.
Nikkei 225: The markets of the Asia-Stophavet opened mixed on Tuesday, with investors brushing President Trump’s customs offsets and turning attention to upcoming Chinese economic data while Japan’s Nikkei 225 remained flat.
S&P 500:RBC Capital Markets raised its 2025 S&P 500 target to 6,250 from 5,730, but unlike Goldman and BOFA, it expects a little upside from the current levels, with the index already over 6,280 from July 11.
Other places in crypto
- US bank regulators emit crypto ‘storage statement’ that doesn’t push new policy (Coindesk)
- China’s stableecoin -Studies suggest ‘layered’ but broken approach (Decryptter)
- Gray scale files Confidential submission to IPO Listing with SEC (Coindesk)
