Good morning, Asia. Here’s what makes news in the markets:
Welcome to the Asia Morning Briefing, a sunny summary of the leading stories of US time and a general measures of movements and market reviews. For a detailed overall -analysis of US markets, see The Americans.
As Asia begins on its trading day, ETH trades above $ 4600, up to 10% in the last 24 hours, as The likelihood of a rate cut in September It works its way through the market. Some merchants see that the eth is likely to be Quick challenge its All times high of $ 4876 set in 2021.
Polymarket bettors will still go one step; They believe that $ 5000 is possible Before the end of August, and they also provide a 28% chance of the price of the owner that crosses $ 5800 before the end of the month.
The advancement helped Pull Bitcoin’s dominance from 65% to 59% While traders rotate the Altcoins.
In a recent report, analysts wrote that on glassnode ETH is now close The +1 standard deviation of the “actively realized price” band around $ 4.7K, a level that has triggered heavy sales in previous cycles.
But behind the scenes, there is a growing sinking of liquidity that can weigh over the next stage of ETH growth.
A new one Cryptoquant report It is shown that Ethereum is increasingly a source of liquidity for the USDT ecosystem of the Tron.
On August 9, the cryptoquant data shows that a record of $ 7.7 million worth of ETH is bridal on the Tron and converted to the USDT, while June 25 saw a $ 19 million worth of ERC20 tokens, most of the USDC, made the same move.
The flows from the Tron back to the Ethereum remain minimal, featuring a one-way amount of value that supports the stablecoin economy of the Tron but the siphons of liquidity from Ethereum’s native Defi activity.
Over time, the ongoing flow can weigh in place of demand and reduce Ethereum’s Continued income And staking rewards as more than the stablecoin economy are leaving elsewhere.
If this trend continues, Ethereum’s role may be like a wholesale funding layer, enabling liquidity for rival networks rather than gaining transactional activity itself.
That dynamic -new may not erase the current rally in the short term, but it can limit the maintenance of higher values if the capital flight towards faster, cheaper layers of regulating such as the Tron continues to be unstoppable.
But so far, the market has eyes at $ 5K ETH.
Movers in the market
BTC: Bitcoin holds $ 119,943 (+0.4%) With bullish momentum intact, even the resistance shrinks to $ 123k amid ETF flows and ETH rally, according to the BOT of views on the CoinDesk market.
Eth: ETH is trading above $ 4600 because of the possibility of a 50 bps rate cut looms large.
Gold: Gold reached around $ 3,350 as US inflation data reinforced the Fed Rate Cut Bets, while avoiding US-China’s limited acquisition tensions.
S&P 500: The S&P 500 and Nasdaq hit record highs while July CPI data has achieved expectations, boosting bets on a September cut by the September rate and lifting tech stocks.
NIKKEI 225: Asia-Pacific Markets opened the higher Wednesday, along with Nikkei 225 to Japan following a record near Tuesday.
Everywhere in Crypto
- Polymarket active entrepreneurs jump 18% while the six -month collapse ends, but the average trade size collapses (The block)
- Top Crypto VC Matt Huang to lead Stripe Blockchain Tempo as CEO, Stay in Paradigm (Fortune)
- Who is Patrick Witt, President Trump’s next senior adviser in Crypto? (CoinDesk)
