Good morning, Asia. This is what makes news in the market:
Welcome to Asian morning briefings, daily summary of top stories throughout the US time, and an overview of market movements and analysis. For a detailed overview of the US market, see Coindesk’s Crypto Daybook Americas.
Crypto Traders was cautious ahead of Thursday’s US CPI report, with BTC trading at over $111,600 and ETH at $4,298. The largest measure of digital assets’ performance, CD20, has grown by 1.6%, above 4,000.
The non-farm salary prize in August, which added just 22,000 jobs against a 75,000 forecast, pushed futures higher and dragged the Treasury yield in two years as a market priced at a 72 bps cut this year. However, codes are different from broader risk sentiments and range.
The options market confirms its defensive stance. QCP Capital has pointed out that in a recent Asian market update, risk reversals have become increasingly skewed against Puts, with short-term implicit Vols rising to CPI.
Polymarket Data supports this positioning. ETH has a 70% chance of over $4,600 this month, but only 13% chance of breaking $5,600. Traders are enduring turbulence and are not chasing them upside down. Sol is an outlier, with the new highest odds ever before 2026’s sharp rise, indicating it improves width under the surface.
In a note to Coindesk, market maker Enflux shows that Crypto is deeply embedded in the system, combining it with the SEC’s forward-looking rules for token sales and listings with stable marches and key indexes for agencies like Coinbase. This is the “reality of split screens” for 2025. Speculation controls the headlines, and adoption rails are in the background.
The legitimacy story also unfolded in real time on Friday. Michael Saylor’s strategy was removed from the S&P 500 despite meeting all standards, but Robinhood was included instead unexpectedly, bringing up inventory by 7%, highlighting that crypto adjacent companies with diversified business lines could reach blue chip status faster than the pure Treasury.
The WLFI confusion illustrates the speculative aspect of the split screen. The protocol has frozen over 270 wallets, including Justin San, to “protect users” after a phishing-related compromise.
“On the other hand, speculative stories like WLFI run the risk of cannibalizing themselves through governance dramas,” Enflux wrote in his notes. “On the other hand, facility-grade infrastructure and regulations are solidifying at a pace that suggests that rails for mainstream adoption are being laid faster than most expected.”
The ONCHAIN data indicates that the Sun transfer took place several hours after the WLFI crash. This was instead driven by short circuits and dumping of the entire exchange. However, Freeze rattles whales and market makers – shocked that the crypto free market could be broken by the Protocol Governance Fiat.
Takeout: Short-term volatility and governance dramas can turn upside down, but the deeper story is that the institutional and regulatory foundations of cryptography are becoming stiffer.
“Structural justification, not speculation, remains the true story of 2025,” Enflux continued.
For traders, it means braces of CPI noise. For investors, that means that the story of legitimacy continues to build.
Market movements:
BTC: Bitcoin holds a stable holding above $111K, a solid on-chain support zone, with support from integrations close to major resistance levels. Analysts suggest that this stability could pave the way for breakouts, but be careful about the possibility that a pullback to $100K may be present
ETH: Ethereum prices were slightly relaxed, with a deal of around $43,000. This move could reflect the dynamics of the broader crypto market, including relatively restrained demand and locations around current technology levels.
gold: Gold has surged to a fresh record high, reaching $3,636/ounce, as US interest rate cuts forecasts rise amid weak labor data, soft US dollars, geopolitical concerns and continuing central bank demand.
Nikkei 225: Japan’s Nikkei 225 rose 0.9% to record high, while Topix rose 0.52% as investors bet that the new LDP leader could offer a new fiscal stimulus package following Prime Minister Isba’s resignation.
S&P 500: US stocks rose Monday, with the S&P 500 rising 0.2% as investors waited for inflation data to measure the likelihood of a Jumbo Fed rate reduction next week.
Other locations in the code
- Upbit Parent Files ‘Giwa’ trademark is amid rumors of the launch of a new blockchain (Coindesk)
- How Trump came to Crypto and what Crypto hopes in return (Bloomberg)
- Calci’s $875 million trading volume in August, competition from recent competition to rise in funding signals (block)
