Good morning, Asia. Here’s what’s happening in the market:
Welcome to Asia Morning Briefing, your daily digest of the top news from the U.S. and an overview of market moves and analysis. For a detailed overview of the US market, see CoinDesk’s Americas Crypto Diary.
Bitcoin trades near $89,000 as Hong Kong begins another working week after giving up last week’s post-Fed rally, with FlowDesk saying in a recent report that demand will fade quickly once interest rates are cut by 25 basis points and liquidity dwindles by the end of the year.
BTC and ETH are back to mid-week highs while altcoins remain under pressure, reinforcing a market defined by macro caution and a lack of follow-through rather than outright risk-off sentiment.
The apparent hesitation contrasts sharply with the inner stability. Leverage remains low, volatility subsides, and capital is moving toward short-term yields as counterparties lock up long-term funds at compressed rates, suggesting a focus on balance sheet optimization rather than directional bets, FlowDesk said in a Telegram note.
Meanwhile, Glassnode observed that range-bound Bitcoin prices mean digital asset finance firms are once again buying Bitcoin. The pause in DAT purchases was often cited as the reason why Bitcoin remained stagnant throughout the fall.
For now, cautious trading and quiet balance sheet accumulation have kept Bitcoin stuck in a broad range, with gains fading but downside limited.
Until leverage returns or macro conditions force Treasury buyers to accelerate their purchases, price action is likely to remain subdued even as ownership continues to shift toward long-term holders.
market trend
Bitcoin: Bitcoin is hovering near $89,000 after giving back post-Fed gains, with subsequent weakness and low liquidity leading to range-bound price action.
Ethereum: Ethereum has shown relative resilience, outperforming Bitcoin of late as selective demand and low selling pressure have supported prices despite overall market caution.
Gold: Gold prices are currently trading near record highs around $4,300 an ounce as interest rate cuts, heavy global debt burdens and continued central bank demand continue to support gold prices through the end of the year.
Nikkei 225 Index: Asian markets opened lower as investors digested a pullback on Wall Street and took a cautious approach to risks, with attention turning to November activity data from China and Japan’s Tankan survey, which showed business confidence among major manufacturers rose to a four-year high.
