Asia Crypto Snapshot: BTC Hits All-Time Peak as Market Sees No Signs of Profit-Taking
Asia’s Trading Day Opens with Bitcoin Riding High Above $115K as Sell Pressure Stays Muted
Bitcoin continued its record-breaking run into the Asian trading session on Thursday, surging past its prior all-time high to hover around $115,300, according to CoinDesk data. But unlike previous bull runs, there’s still little sign that holders are rushing to take profits.
A new report from CryptoQuant reveals that even as BTC touched a fresh high of $112,200 on Wednesday, selling activity has remained subdued.
“Bitcoin selling pressure remains low despite hitting a new all-time high,” the report noted, pointing to historically low inflows of coins onto exchanges. Daily BTC flows into centralized exchanges have dropped to just 18,000 BTC—their lowest level since April 2015.
This trend isn’t limited to retail investors. The report shows large holders—wallets moving 100 BTC or more—are also showing restraint. Daily exchange deposits from these big players have plunged from 62,000 BTC in November 2024 to only 7,000 BTC now.
Altcoins Showing Similar Patterns
- Ethereum (ETH) inflows have declined from 1.57 million ETH in February to just 584,000 ETH, even as ETH has climbed 87% since April.
- XRP whales are keeping their distance, with daily inflows tumbling 85%, from 1.1 billion XRP to 169 million.
- Broader altcoin activity has quieted significantly too, with daily inflow transactions dropping to 21,000, compared to 120,000 during major tops in March and December of last year.
All together, the numbers confirm this is no typical market top. Instead, the market appears to be in a patient accumulation phase.
CryptoQuant sums it up: “It’s a breakout with no rush to exit. It’s HODLing season.”
Bitcoin Vaults Past Google, Sets Sights on Amazon
Bitcoin has now become the sixth-largest asset globally, with a market capitalization of $2.298 trillion, overtaking Alphabet (Google) and closing in on Amazon, which is valued at $2.359 trillion.
Earlier this year, BTC briefly surpassed Amazon during its surge to $109,400, but later cooled off. Renewed momentum—powered by favorable macro trends and growing institutional interest—is driving it back up the leaderboard.
A significant tailwind has come from spot bitcoin ETFs. After seeing $4.3 billion in outflows in February and March, the tide has turned:
- May: $5.23 billion in net inflows
- June: $4.6 billion
- July (so far): $1.18 billion
According to SoSoValue, cumulative net inflows now top $50 billion.
With total ETF assets approaching $140 billion, institutions are no longer sitting on the sidelines—they’re reshaping the market itself.
Next big milestone: Surpassing Amazon and setting sights on giants like Apple ($3.17 trillion) and Microsoft ($3.72 trillion).
Key Market Moves
- Bitcoin (BTC): Broke above $116,000 on Thursday, establishing a new record high. The rally wiped out nearly $950 million in short positions—the largest single-day liquidation of bearish bets so far in 2025, per CoinGlass data.
- Ethereum (ETH): Climbed to just under $3,000, marking a four-month high as ETF flows and tokenization narratives fuel optimism.
- Gold: Slipped about 4% from its June 13 peak of $3,432.56, recently trading near $3,294.71. Analysts still expect the precious metal could test $4,000 sooner than many forecast.
- Nikkei 225: Asian markets were mixed following President Trump’s announcement of 35% tariffs on Canadian goods, and hints of broader tariffs on other trading partners.
- S&P 500 and Nasdaq: U.S. equities posted new record highs on Thursday, buoyed by gains in Nvidia and bitcoin’s rally. The S&P 500 closed at 6,280.46, while the Nasdaq hit a fresh record for the second day running, despite ongoing trade policy uncertainty.
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