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 staged a sharp improvement over the past week and rebounded from a dip below $ 114,000 to act near $ 121,000, in what Glassnode described in a recent report as a shift from “Seller Ediction to a strong rebound near newer ATHS.”
However, the rally came without an increase in spot market participation.
Glassnode -Data shows that mockery amounts dropped 22% to $ 5.7 billion, close to their statistical low tapes, suggesting that rebound has been driven more by placing shifts than deep conviction purchases. Spotcumulative Volume Delta turned 94% against the purchase pressure, a sign that aggressive sales have been replaced by renewed demand, but not yet across a wide base of dealers.
On the derivative side, geared merchants involved aggressively, Glassnode detailed in his report.
Perpetual Cumulative Volume Delta, a measure of the Perps purchase pressure, jumped 88%, the financing rates remained increased and the open interest rates increased 6.7% to $ 42.4 billion. Still, volatility prices of almost a third collapsed, indicating a degree of complacency that has historically preceded major market movements.
ETF streams offered some relief, with the US erected Spot Bitcoin Etf Empire Half to $ 311 million from $ 686 million the previous week. Still, ETF trade volume fell 27.7% to $ 13.7 billion and kept activity near its low tapes.
QCP Capital framed the weekend rise, which briefly pushed BTC over $ 122,000, as a feature of thin order books and a wider risk-on-change in global markets.
“Crypto staged an impressive comeback over the weekend in thin trade in low liquid,” wrote the Singapore-based trading company, noting that Bounce was in line with a rebound in US shares and growing expectations at a September-fed rate.
While activity on the chain improved, active addresses burst 8.4% to 793,000 and the fee volume increased 10%. Glassnode warned that increased profitability levels could quickly turn into the sale of pressure if the mood changes. With 94.1% of the supply in profits and the realized profit-to-loss ratio that climbs to 1.9, the market may be approaching a point where profit is accelerating.
The combination of thin liquidity, bullish derivative positioning and macro-driven optimism leaves Bitcoin, which is due to volatile movements as it approaches all time heights, with the next test that probably comes from Tuesday’s US CPI release.
Polymarket dealers are leaning against a modest uptick in line with consensus that would probably hold BTC consolidation, with warmer prints that make up a short-term headwind by delaying bold cuts and softer readings that offer a potential breakout catalyst if ETF streams and spot activity strengthen.
Market Movers
BTC: Bitcoin deals with $ 118K when dealers retire and position themselves for the possibility of Tuesday’s CPI report possibly breaking BTC’s momentum.
ETH: Ethereum is trading for $ 4200. Analysts say ETH’s rally is partly due to increased capacity on chain and lower defi costs.
Gold: Gold slipped to $ 3,355.13 as optimistic risk mood and Trump’s promise to exclude gold from tariffs that weigh the demand for safe haven, although losses were muted by rising bold-raised bets ahead of this week’s US inflation data.
Nikkei 225: The markets in the Asia-Stophavet rose on Tuesday, with Japan’s Nikkei 225 hit a record high after the US-China commercial weapon was extended, while investors waited for the Reserve Bank of Australia’s expected rate cut.
S&P 500: US shares eased, with the S&P 500 down 0.2% and just below its record as investors are awaiting new inflation data. The meeting, Citigroup and UBS raised their output S&P 500 goals with reference to easing political risks and solid earnings, with Citi raising its forecast to 6,600 and UBS to 6,100.
Other places in crypto
- Jeff Bezos’ Blue Origin now accepts Bitcoin, Ethereum and Solana for aerospace (Decryptter)
- Rumble wins on plans to acquire Tether-affiliated Northern Data (Coindesk)
- Senate Bank Committee Democratic Personnel Slam Gop Crypto Draft Bill as ‘Superhighway’ to evasion (The block)
