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 Daybook Americas.
Bitcoin is trading around $110,300 Tuesday morning Hong Kong time as Asia kicks off its business day, with ETH changing hands at $3,970. CoinDesk data shows the market is relatively flat as the week continues.
The stabilization comes after a sharp correction that pushed BTC as low as $104,000 last week. In a recent market note, Glassnode described the move as a “flush, not a failure,” arguing that leverage has been wound down, protection bought and positions cleaned up.
The firm said futures open interest and funding rates have fallen sharply, ETF flows have turned neutral and on-chain profit metrics show traders are realizing losses rather than capitulating entirely, a sign of defensive normalization rather than structural collapse.
Market maker Enflux sees a similar dynamic in capital formation. In a note to CoinDesk, it highlighted Blockchain.com’s planned US SPAC listing with Cohen & Co. as a “full circle moment” for crypto exchanges re-entering public markets.
Meanwhile, Tom Lee’s Bitmine, which allocated $800 million to buy more ETH, was read as an “infrastructure-scale commitment” that shows institutional money continues to accumulate below the surface even as retail speculation fades.
Both Glassnode and Enflux agree that the market has entered a reset phase defined by caution, but supported by real capital commitment. Glassnode’s data suggests that the speculative layer has been flushed; Enflux’s view is that long-term capital is quietly rebuilding the foundation.
Gold’s continued strength above $4,000 per ounce, Enflux added, shows that digital assets are now coexisting with traditional hedges rather than competing against them, reflecting a portfolio shift toward diversification, not abandonment.
Market movement
BTC: Despite deep fear readings in the crypto market, Arca said Bitcoin’s recent selloff was a healthy reset rather than a crash, pointing to rising exchange volumes, improved liquidity and easing macro pressures as signs of structural recovery.
ETH: ETH continues to grow after several purchases from Tom Lee, but analysts are concerned about its falling chain fees. DeFiLlama data shows that in the last 24 hours Ethereum generated less chain fees than Solana and BNB.
Gold: Gold rose 2.9% to a record high of $4,380.89 per ounce as investors bought the drop amid renewed U.S.-China trade uncertainty, expectations of a Fed rate cut and market tensions over whether Beijing and Washington can reach a trade deal.
Nikkei 225: Japan’s Nikkei 225 rose more than 1% to a record 49,739.76, lifted by Wall Street gains and optimism ahead of a parliamentary vote expected to confirm Sanae Takaichi as Japan’s next prime minister.
Elsewhere in Crypto
- USDe issuer Athena looks to expand team as it prepares two new products (The Block)
- Dogecoin Firm House of Doge Acquires Controlling Stake in Italian Football Club (Decrypt)
- Crypto’s half-baked legislative agenda tilts as CEOs meet with Democrats (CoinDesk)
