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.
As Asia begins a new trade week, Bitcoin
Change hands of $ 109K, an increase of 0.8% in the last week or 4.5% in the last month according to Coindesk Market Data.
In an era with continued significant BTC buyer from Michael Saylor’s strategy (Mstr)At Persistent BTC Exchange Traded Fund (ETF) influxAnd several companies adopt a BTC Treasury strategy, one has to wonder why Bitcoin’s award has not shot past all the time.
A new report from Cryptoquant spell it out: All this institutional action does not compensate for a general decrease in spot demand for BTC.
“The annual growth of Bitcoin demand shows a similar picture: ETFs and MSTR purchases are part of Bitcoin demand, the overall demand contraction is more than equalizing these purchases, and the acceleration of total demand growth is what drives price stars,” Cryptoquant wrote in a recent report.
Cryptoquant points out that over the past 30 days there has been a contraction in demand for BTC for the tune of -895K.
Compared to December, ETF and MSTR buy also. In the last month of the year, ETFS bought 86,000 BTC and MSTR 171,000, while these numbers in the last month are significant down. ETFS bought only 40k BTC, while Mstr bought 16k.
BTC is stuck in a consolidation phase, and demand is not there to burn a fuel, writes Cryptoquant.
A further data point for evidence that slowing down demand is BTC’s almost empty MEMPOOL, which demonstrates how little retail space requires the market to have.
The question is if institutional buyer continues to slow down how much resistance will it set BTC’s price?
Skybridge Capitals Anthony Scaramucci is on the record and says the BTC Treasury trend – a reliable source of demand for Bitcoin – will fade.
“Right now we have this replicative Treasury Company Side,” Scaramucci said during an interview with Bloomberg last week. “Then you know it will fade.”
“Saylor’s case is different because he has a few different products that are going now,” Scaramucci continued in the interview. “I’m not negative to the others because I’m too Bullish on Bitcoin, but I just want to say as an investor, you have to look through the underlying costs associated with each of these treasury companies.”
Meanwhile, Standard Chartered remains a BTC Tyr with the bank that maintains its $ 200,000 price target for the world’s largest digital asset.
Market Movement:
- BTC: Bitcoin consolidated over $ 108,500 over the weekend then rose from $ 108,327 to $ 108,620 in the last hour, with $ 108,200- $ 108,300 now supporting up.
- ETH: Ethereum gathered from $ 2,520.45 to $ 2,558.63 on July 6 with trading volume spiking at 272,352 ETH, and finds support for $ 2,510 in the midst of global economic tensions, while $ 1.1 billion in June ETF ETF EXCLUDING and registration of whale collection signal potential for an outburst of an outburst, despite an outburst of $ 2,600.
- Gold: Gold rose 1.91% to $ 3,336.61 last week, driven by a debilitating dollar, 91.5% odds for a federal reserve rate in September, threatening customs threats and a 73% increase in China’s gold import
- Nikkei 225: Japan’s benchmark Nikkei 225 slipped 0.26%after the White House continued with its mixed messages on customs.
Elsewhere in crypto:
- US Recession Odds on Polymarket jumps to 22%as merchant tensions cool (Coindesk)
- Ethereum drives Wall Street’s future. The cryptoscene at Cannes shows how far it has come (CNBC)
- Sweden orders police to increase the attack of criminal crypto surplus (Decryptter)
