2 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 trading conscionable beneath $110,000 aft different failed bounce, down astir 7% since peaking implicit $117,000 successful the aftermath of Powell’s dovish Jackson Hole speech, according to CoinDesk marketplace data. Ethereum, which concisely touched $4,900 earlier a crisp reversal, is holding supra $4,300 but showing signs of exhaustion aft weeks of outperformance.
The bull tally is fraying, marketplace observers say, arsenic thinning liquidity, ETF outflows, and fragile onchain activity collide with whales rotating into ETH and retail longs getting liquidated. Yet beneath the surface, billion-dollar sovereign and organization allocations are softly scaling into volatility, creating a crisp divergence betwixt anemic short-term condemnation and programmatic long-horizon buying.
Glassnode’s latest Market Pulse shows the rhythm slipping from euphoria into fragility: spot momentum fading toward oversold territory, ETF flows swinging to a $1 cardinal outflow, and realized profits collapsing backmost to breakeven.
That fragility was underscored by QCP Capital, which traced this weekend’s clang to an aboriginal holder unloading 24,000 BTC into bladed liquidity, a determination that cascaded into $500 cardinal successful liquidations. QCP said the merchantability exposed conscionable however brittle the marketplace has go with ETFs bleeding $1.2 cardinal successful outflows adjacent arsenic whales rotate into ETH, pushing the ETH/BTC transverse done 0.04.
Singapore-based marketplace shaper Enflux picks up that thread, arguing that not each flows are created equal.
While retail longs were blown out, a $2.55 cardinal ETH stake routed through a azygous contract and the UAE royal family’s $700 cardinal BTC vulnerability via Citadel Mining looks little similar speculative punts and much similar sovereign and organization allocations.
In different words, adjacent arsenic Glassnode’s onchain information shows weakening code enactment and interest volumes, determination are counterparties deliberately utilizing volatility to standard into size.
The effect is simply a divergence: retail leverage continues to get flushed, portion long-horizon allocators softly accumulate.
But with transaction fees collapsing backmost toward decennary lows and blocks clearing with small congestion, liquidity connected the Bitcoin blockchain itself looks thin. That’s a problem for miners already squeezed by halved rewards, and it leaves the broader marketplace bracing for consolidation, oregon deeper drawdowns into September, historically Bitcoin’s weakest month.
Market Movement
BTC: Bitcoin’s little rebound from its play plunge failed Monday, with prices rejected astatine $113,000 earlier sliding to a seven-week debased adjacent $109,700, down 2.7% connected the time and 7% from Friday’s post-Powell highest supra $117,000.
ETH: Altcoins buckled Monday with ETH dropping astir 8% beneath $4,400 and SOL, DOGE, ADA, and LINK sliding 6–8%, triggering $700 cardinal successful liquidations, mostly from implicit $627 cardinal successful agelong bets.
Gold: Gold is holding supra $3,350 arsenic Powell’s dovish Jackson Hole remarks boost rate-cut bets and geopolitical tensions prolong safe-haven demand, adjacent arsenic dollar spot and upcoming U.S. maturation information loom arsenic headwinds.
Nikkei 225: Asia-Pacific stocks fell Tuesday, with Japan’s Nikkei 225 and Topix down 0.54%, arsenic investors weighed Trump’s China comments and U.S.–South Korea commercialized talks connected planned 15% tariffs.
S&P 500: U.S. stocks pulled backmost Monday from a rate-cut-fueled rally, with the S&P 500 down 0.4% arsenic absorption turned to Nvidia’s upcoming earnings.
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