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 trades just under $ 110,000 after the second failed rejection, down approx. 7%when they peaked over $ 117,000 in the wake of Powell’s Dovish Jackson Hole speech, according to Coindesk Market Data. Ethereum, which briefly affected $ 4,900 before a sharp reversing, holds over $ 4,300, but shows signs of exhaustion after weeks of better than better than outperformance.
Bull Run is frothy, says market observers, as thinner liquidity, ETF flow and fragile activity on OnThchain collide with whales rotating into ETH and details that are liquidated. Still, below the surface, billions of dollars scale sovereign and institutional assignments quietly in volatility, creating a sharp divergence between weak short -term conviction and programmatically long horizing.
Glassnode’s latest market pulse shows the cycle sliding from euphoria to fragility: Spot -Momentum fading against oversold territory, ETF currents fluctuating to an outflow of $ 1 billion and realized the profits collapsed back to Breakeven.
This fragility was emphasized by QCP Capital, which is traced this weekend’s crash to an early owner who unloaded 24,000 BTC in thin liquidity, a step that cascaded to $ 500 million in liquidation. QCP said sales exposed, where the crispy market has joined ETFs bleeding $ 1.2 billion in outflows even when whales rotate to ETH, pushing the ETH/BTC cross through 0.04.
Singapore-based market manufacturer Enflux picks it up and argues that not all currents are created equal.
While the retailer was blown out, an effort of $ 2.55 billion was conducting a single contract, and UAE Royal Family’s $ 700 million BTC exposure via Citadel mining looks less speculative punts and more as sovereign and institutional awards.
In other words, even when Glassnode’s onchain data shows weakened address activity and amount of fee, there are counterparties that deliberately use volatility to scale in size.
The result is a divergence: Retail gearing continues to be flushed, while long horizer allows quietly accumulate.
But with transaction fees that collapse back towards decade and block clearing with a little overload, the liquidity of Bitcoin blockchain itself looks. It is a problem for miners already pressed by halved rewards, leaving the wider market reconciliation for consolidation or deeper steps in September, historically Bitcoin’s weakest month.
Market movement
BTC: Bitcoin’s short rebound from his weekend jump failed Monday, with prices rejected to $ 113,000 before slipping to a seven-week low near $ 109,700, down 2.7% on the day and 7% from Friday’s post-powell-top over $ 117,000.
ETH: Altcoin’s excited Monday with ETH, which fell almost 8% under $ 4,400 and sun, DOGE, ADA and LINK slid 6-8%, triggering $ 700 million in liquidation, mostly from over $ 627 million in long bets.
Gold: Gold lasts over $ 3,350 as Powell’s Dovish Jackson Hole markings increase frequency-cut bets and geopolitical tensions maintain demand for safe haven, even as dollar strength and upcoming US growth data as headwinds.
Nikkei 225: Asia-Stockhav’s shares fell Tuesday, with Japan’s Nikkei 225 and Topix down 0.54% as investors weigh Trump’s China comments and US-South Korea trading interviews on planned 15% duty.
S&P 500: US shares withdrew on Monday from a SATS-Cut-driven rally with the S&P 500 down 0.4%when Focus turned to NVIDIA’s upcoming earnings.
Elsewhere in crypto:
- Grayscale files for conversion of Avalanche Trust to ETF (Decrypt)
- Japan’s Finance Minister says crypto assets can be part of the diversified portfolio (Coindesk)
- Venture Trends, Regulatory Wins and Consumer Innovation: Tom Schmidt and Alok Vasudev on Crypto’s new era (The Block)
