Good morning, Asia. Here’s what’s making news in the markets:
Welcome to the Asia Morning Briefing, a daily summary of the top stories in the US hour and an overview of market moves and analysis. For a detailed overview of US markets, see The Americans.
Bitcoin’s recovery above $114,000 this week reflects a measured reset rather than a breakout. Glassnode data shows that since mid-October, about 62,000 BTC have moved to long-term inactive wallets, roughly 0.4% of the total inactive base.
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The shift marks the first known decline in unknown supply this cycle, signaling that some long-held coins are back in more liquid hands.
Whales, however, quietly absorb that flow, the data from Glassnode shows.
Wallets holding large balances have added to their positions over the past 30 days and have not sold significantly since October 15. Conversely, smaller holders between 0.1 and 10 BTC, approximately $10,000 to $1 million, have been steady sellers since late 2024. The result is a phase of redistribution: the weaker the risk of trimming hands, the greater holding nag – will save.
In derivatives, leverage remained balanced. Hyperliquid Leaderboard data Show about $4.1 billion in open interest split almost evenly between longs and shorts, with a slight tilt toward the latter.
Coinglass Tracked around $ 413 million in liquid in the past 24 hours, about $ 337 million of which were shorts. That’s a modest flush, not a full short squeeze, enough to clear the over-leveraged bet but not to reset the positioning or force a panic buy.
Together, these dynamics help explain the calm recovery in Bitcoin’s price. BTC’s move from $110k to $114.9k was driven by a mix of subtle short-covering and steady spot absorption rather than momentum chasing. Glassnode data shows that the market now sits in a neutral zone: erratic supply is easing, whales are holding, and action is balanced.
For now, Bitcoin is likely to oscillate between $113k and $116k until the next catalyst appears. With so much Fed widely expected, the question is, what is it?
Market Movement:
BTC: Bitcoin’s rise from $110K to $114.9k reflects a moderate recovery fueled by whale accumulation and mild short covering, not the kind of broad demand-based that indicates a new uptrend.
Eth: Ether climbed to $4,186, up 6% in 24 hours, outpacing Bitcoin as traders pivoted to higher-beta assets following BTC’s stabilization, though on-chain and derivatives data suggested the move remained largely momentum-driven rather than supported by strong new inflows
Gold: JPMorgan expects gold to climb to $5,055 an ounce by late 2026 and $6,000 by 2028, calling the recent pull a healthy consolidation within a broader rally driven by fed rate cuts, fears of stagflation, and increased demand from central banks and investors who diversified into the dollar.
Nikkei 225: Japan’s Nikkei 225 passed 50,000 for the first time as optimism over US-China trade talks and hopes for expanding domestic demand under Prime Minister Takaichi lifted sentiment.
