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 heads into the Asian trading day with on-chain data flashing full bear market signals as prices hover in the mid-$70,000s and global equity markets continue to search for direction.
CryptoQuant’s latest weekly report frames the weakness as structural rather than cyclical, with the Bull Score Index sitting at zero while bitcoin trades well below the October peak. The report claims that the market is no longer digesting gains, but is operating with a thinner buyer base and tightening liquidity.
Glassnode data reinforces this picture, pointing to weak spot volumes and a demand vacuum where selling pressure is not being met with sustained absorption. In fact, the issue is less panic than participation.
Institutional flows underline the shift. US spot bitcoin ETFs, which were net accumulators this time last year, have turned into net sellers, creating a year-over-year demand gap measured in tens of thousands of bitcoin.
At the same time, the Coinbase premium has been negative since October, signaling that US investors are not stepping meaningfully despite lower prices. Historically, sustained bull phases have coincided with strong US spot demand. That engine is currently idling.
Liquidity conditions are also tightening below the surface. Stablecoin expansion, which typically promotes risk appetite and trading activity, has stalled and USDT market cap growth has turned negative for the first time since 2023.
Apparent growth in longer-term demand has also collapsed from last year’s highs, suggesting that this is not just leverage being washed away, but that participation itself is fading. Technically, bitcoin remains below its 365-day moving average, with on-chain valuation bands gathering major support in the $70,000 to $60,000 corridor.
Overlaying this is a macro backdrop where bitcoin increasingly behaves like high-beta software rather than digital gold. Prediction markets show traders are still leaning heavily against no change at the Federal Reserve’s April meeting, with only modest expectations for a rate cut in June. This hesitation limits the prospect of short-term liquidity relief.
The political narrative is further complicated by politics. Speaking to the press recently about his Fed nominee Kevin Warsh, President Donald Trump said during an interview with NBC News that a Fed chairman who wanted to raise interest rates “wouldn’t have gotten the job,” a remark that dampened earlier optimism about central bank independence.
For Asia, the result is a market defined less by shock than by absence, where rejections remain possible but conviction remains thin.
Market movement
BTC: Bitcoin drifted lower in the mid-$70,000s after briefly testing support, with rebounds fading fast as spot demand remained thin and tech stocks remained under pressure.
ETH: Ether hovered just above the low $2,000s, struggling to build momentum as broader risk sentiment softened and flows remained muted across major exchanges.
Gold: Gold returned to the $5,000-$5,100 range, extending a volatile safe-haven rally after U.S.-Iran tensions flared and softer private payrolls data offset mixed economic signals as traders reassessed the Fed outlook under Trump’s new chair pick.
Nikkei 225: Japan’s Nikkei 225 fell by approx. 0.3% as chip and technology heavyweights followed Wall Street’s sell-off, although broader Japanese stocks remained relatively robust compared with regional peers.
Elsewhere in Crypto:
- Binance denies issuing legal threats over insolvency allegations (The Block)
- Multicoin Capital Co-Founder Kyle Samani Resigns After Nearly a Decade to Pursue Other Tech Fields (CoinDesk)
