Good morning, Asia. Here’s what’s making news in the markets:
Welcome to the Asia Morning Briefing, a daily overview of top stories in US hours and an overview of market movements and analysis. For a detailed overview of US markets, see CoinDesk’s Crypto Diary Americas.
Bitcoin was trading near $89,000 as Hong Kong started another working week after giving back last week’s post-Fed rally, with FlowDesk saying in a recent note that demand was fading fast once the 25 bps cut landed and liquidity was thinned at the end of the year.
BTC and ETH pulled back from mid-week highs, while altcoins remained under pressure, reinforcing a market defined by macro caution and a lack of follow-through rather than outright risk aversion.
This hesitation at the surface contrasts with a more stable positioning below it. In a Telegram note, FlowDesk said leverage remains low, volatility subdued and capital is moving towards short-term interest as counterparties lock in long-term funding at compressed rates, signaling a focus on balance sheet optimization rather than directional bets.
Meanwhile, Glassnode observes that the range-bound BTC price means digital asset companies are once again buying bitcoin. A lull in DATs making purchases is often cited as a reason why bitcoin remained stagnant throughout the fall.
So far, this mix of cautious trading and quiet balance accumulation leaves bitcoin stuck in a wide range, with rallies disappearing, but downside also proving limited.
Until leverage returns or macro conditions force treasury buyers to accelerate, price action is likely to remain muted even as ownership continues to shift toward long-term owners.
Market movement
BTC: Bitcoin hovered near $89,000 after giving back its post-Fed gains, with weak follow-through and low liquidity keeping the price action range bound.
ETH: Ether showed relative resilience, holding recent gains better than bitcoin as selective demand and lower selling pressure supported prices despite broader market caution.
Gold: Gold is holding close to record highs around $4,300 per ounce as interest rate cuts, large global debt burdens and persistent central bank demand continue to support prices towards the end of the year.
Nikkei 225: Asian markets opened lower as investors digested Wall Street’s retreat and adopted a cautious tone on risk, with attention focused on China’s November activity data and Japan’s Tankan survey, which showed business sentiment among major manufacturers rose to the highest level in four years.
