3 hours ago
Good Morning, Asia. Here's what's making quality successful the markets:
Welcome to Asia Morning Briefing, a regular summary of apical stories during U.S. hours and an overview of marketplace moves and analysis. For a elaborate overview of U.S. markets, spot CoinDesk's Crypto Daybook Americas.
Bitcoin is stuck successful a holding signifier adjacent $112,000, according to CoinDesk marketplace data, but the bigger communicative onchain mightiness beryllium the disagreement emerging betwixt however investors dainty BTC and ETH heading into September. BTC is acting much similar a macro hedge, portion ETH is being positioned arsenic the existent conveyance for upside.
That divided reflects a premix of argumentation uncertainty and shifting trader flows. In a caller note, QCP Capital wrote that doubts astir the Fed’s independency are keeping word premiums elevated, a setup that weakens the dollar and supports hedges similar BTC and gold.
But options desks and prediction markets amusement momentum gathering successful ETH instead, wherever traders spot the astir imaginable for a breakout.
Flowdesk reported muted implied volatility successful BTC contempt pullbacks, suggesting positioning alternatively than speculative bets. Skew remains negative, meaning puts are expensive, but that creates comparative worth successful telephone structures. ETH hazard reversals, meanwhile, person recovered from their caller selloff, indicating renewed request for upside exposure.
SOL options besides saw accrued activity, with flows skewed to the upside connected increasing sentiment astir its ecosystem and firm Digital Asset Treasury initiatives. Spot enactment rotated into ETH beta names similar AAVE and AERO, arsenic good arsenic SOL betas similar RAY and DRIFT, showing breadth widening beyond majors.
Prediction markets backmost this rotation theme. Polymarket sentiment reinforces the rotation. Traders expect BTC to enactment capped adjacent $120k, portion ETH is fixed a beardown accidental of breaking $5,000 — a presumption accordant with its 20% monthly rally and recovering hazard reversals.
Traders are progressively treating BTC arsenic a dependable macro hedge, portion ETH is emerging arsenic the market’s high-conviction upside play into September.
Europe-based marketplace shaper Flowdesk wrote successful a caller Telegram update that enactment connected the table remains high, with clients broadly positioned for upside adjacent arsenic macro risks linger and seasonal volatility tends to prime up.
The macro backdrop sets the hedge case, trading flows amusement however positioning is shifting, and prediction markets validate it with real-money bets. Together, they sketch a marketplace wherever BTC anchors arsenic a governance and ostentation hedge, ETH leads connected performance, and SOL builds momentum arsenic breadth improves.
Market Movements
BTC: Bitcoin remains successful a consolidation signifier astir the $110K–112K range, marked by waning short‑term volatility.
ETH: ETH is trading adjacent $4400. Its rally is being fuelled by surging organization interest, particularly via ETF inflows, and anticipation surrounding the upcoming Fusaka web upgrade. Price enactment is supported by beardown structural request arsenic ETH continues to solidify its relation successful DeFi and astute contracts.
Gold: Gold is trading astir grounds highs propelled by expectations of an imminent Federal Reserve complaint chopped (markets present terms successful astir a 92% chance), weakening assurance successful Fed independence, and accrued request from ETFs and cardinal banks acting arsenic condemnation buyers.
Nikkei 225: Asia-Pacific stocks climbed Thursday, led by a 0.57% summation successful Japan’s Nikkei 225, arsenic Wall Street’s tech rally lifted sentiment contempt lingering economical worries.
S&P 500: U.S. stocks roseate Wednesday arsenic Alphabet gained aft avoiding a breakup successful an antitrust ruling and investors boosted September Fed rate-cut bets contempt caller labour marketplace concerns.
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