Summary of Key Events:
- Bitcoin price remained stable in Asia, rising 1.4% to $114,610, while ether increased by 5.8% during a strategic investment shift.
- The CoinDesk 20 index saw a 3.5% rise, reflecting a selective purchasing spree towards ether amidst macroeconomic influences.
- According to CryptoQuant, Bitcoin demand has seen a notable decrease, indicating a market in a ‘bullish cooldown’ stage.
Details:
Welcome to the Asia Morning Briefing, providing a snapshot of the latest market movements and analysis. Notably, Bitcoin clocked in at $114,610 (+1.4%) and ether surged by 5.8%, signalling a focused trade amidst the ongoing market transformation.
The CoinDesk 20 index, which tracks top cryptocurrencies, has shown an upswing of 3.5%. Notably, with rising interest in ether over Bitcoin, the market is starting to demonstrate active capital shifts, as pointed out by Gracie Lin, CEO of OKX.
“Crypto capital is becoming more selective.”
Translation: The choice of cryptocurrency investments is becoming increasingly focused.
Lin emphasized that the movements aren’t indicative of a broad crypto season but instead highlight targeted investments, especially in ether, as upcoming events like the Jackson Hole conference and U.S. inflation reports approach.
Fresh metrics from CryptoQuant reveal that Bitcoin’s demand recently fell from 174,000 BTC in July to just 59,000 BTC, with ETF inflows significantly declining, marking the lowest levels since April.
Heavy profit-taking continues to be a trend, demonstrated by whales achieving $2 billion in earnings on a single day, thus escalating cumulative profits to $74 billion since July. Analysts argue that the market is currently in a ‘bullish cooldown’ phase, emphasizing the crucial $110,000 support level.
- Market Insights:
- BTC: Bitcoin edged up 1.4% to $114,000 with altcoins displaying resilience as Bitcoin dominance dips.
- ETH: Ether outperformed Bitcoin, climbing 5.8% amid traders favoring major cryptocurrencies despite waning BTC demand.
- Gold: UBS has forecasted a target of $3,600 per ounce by Q1 2026, driven by robust bullion demand amid U.S. macroeconomic uncertainties.
Additional Points:
- Enthusiasm for altcoins has severely subsided when compared to previous weeks, as highlighted by Enflux, a market-making firm, noting that the altcoin space is transforming into a selective and concentrated investment area, which is reflected in the upcoming macroeconomic sentiment.
