Good morning, Asia. Here’s what’s making news in the market:
Welcome to Asia Morning Briefing. We bring you a daily summary of the top news US time, as well as an overview of market movements and analysis. For a detailed overview of the US market, see CoinDesk’s Crypto Daybook Americas.
In Asia, Bitcoin opened Thursday’s trading day above $123,000, and its chart resembles a rocket’s trajectory through fog, analysts say, painting an aggressive bull run fueled by ETF inflows, mid-tier accumulation, and a quiet conviction that this is not the top yet.
This belief is based on three converging signals from major market watchers.
QCP wrote in its latest note that as policy uncertainty deepens, it expects capital to circulate away from over-the-top AI stocks and into “credibility hedges” like gold and Bitcoin.
Glassnode notes that it records ETF inflows and cumulative resistance in the middle layer reversing to support. And CryptoQuant wrote that it found that on-chain profit-taking remains well below historical peaks, suggesting there is room for the rally to continue even as leverage increases. Taken together, this represents a structurally bullish but tactically crowded market, with solid hands on the bottom and froth on the top.
But the same data that show confidence also show complacency. Futures open interest is at an all-time high, funding interest rates are above 8%, and call-heavy option positions mean the market is likely to fall sharply if momentum wears off. Analysts call this the classic “strong trend, weak hands” setup. It is often necessary to reset leverage before the next leg goes up.
“The current selloff is currently testing this leverage, helping to reset positioning and restore balance,” Glassnode wrote in its weekly report. QCP Capital added that “yesterday’s decline appeared to be positioning rather than policy,” while CryptoQuant observed that “profit taking remains subdued compared to historical market highs.”
However, messages are not unified even between data desks. Glassnode warns that leverage needs to be flushed before the rally stabilizes. CryptoQuant argues that the market still has some breathing room before the euphoria sets in. And QCP frames this move as a macro rotation into “confidence hedges” like gold and BTC.
Bitcoin’s rise is being monitored from three different altitudes.
With funding rates high and open interest still rising, traders could see the reset they have been warning about. The question is not whether Bitcoin can hold onto $120,000, but whether the next pullback will prove the depth of the bull market or expose its vulnerabilities.
market movements
Bitcoin: Bitcoin It is trading steadily above $123,000 after rebounding from this week’s pullback as ETF inflows and whale accumulation continue to support the price. Although short-term momentum has slowed, institutional demand and a broader “down trade” narrative will sustain the uptrend heading into October’s seasonally bullish period.
Ethereum: Ethereum Trading at $4,516, it has stabilized despite recent volatility as traders return to key layer 1 assets. Sentiment continues to be supported by strong ETF inflows, optimism ahead of the Fusaka rating upgrade in December, and renewed institutional interest in staking and DeFi yield.
gold: Gold surpassed $4,000 for the first time on Wednesday, hitting its 40th all-time high this year, driven by geopolitical tensions, U.S. financial uncertainty and sustained central bank demand from China’s 11th consecutive month of gold purchases.
Nikkei 225: Japan’s Nikkei stock average rose 1.1% on Thursday, with optimism about Prime Minister-elect Sanae Takaichi’s continued expansionist policies and accommodative monetary policy driving gains across tech and cyclical stocks, led by a 10% jump in SoftBank after it agreed to buy ABB’s robotics division for $5.4 billion.
Elsewhere for cryptocurrencies
- ‘Don’t be stupid’: Why Grant Cardone says Bitcoiners shouldn’t chase gold’s historic rise (Decoded)
- Coinbase hires “token and governance research specialist” for Base team (The Block)
- Brevan Howard-backed tokenization firm expands funding into sei as RWA gains momentum (CoinDesk)
