Asia Morning Briefing: Bitcoin Near $89K as Market Caution Persists and Treasuries Accumulate
Good morning, Asia. Here’s today’s market overview. For a U.S. perspective, see CoinDesk’s Crypto Daybook Americas.
Bitcoin hovered near $89,000 as Hong Kong opened the week, retracing last week’s post-Fed gains. FlowDesk noted that demand faded quickly after the Fed’s 25-basis-point cut, with liquidity thinning into year-end. BTC and ETH gave back midweek highs, while altcoins remained under pressure, reflecting a market shaped more by macro caution than outright risk aversion.
Underneath, positioning remains steady. FlowDesk reported low leverage, muted volatility, and a shift toward short-dated yield as counterparties lock in longer-term funding at compressed rates—highlighting balance sheet optimization over directional bets.
Glassnode data show digital asset treasuries quietly resuming bitcoin accumulation. Earlier pauses in treasury buying contributed to BTC’s sideways action, and current accumulation signals a shift toward longer-term holders.
This mix of cautious trading and treasury activity keeps bitcoin range-bound, with rallies fading but downside limited. Price action is likely to remain subdued until leverage or macro catalysts reemerge.
Market Highlights
- BTC: Hovered near $89,000, range-bound with low liquidity.
- ETH: Held recent gains better than BTC amid selective demand.
- Gold: Near $4,300 per ounce, supported by rate cuts and central bank activity.
- Nikkei 225: Opened lower; investors focused on China’s November activity data and Japan’s Tankan survey, which showed large manufacturer sentiment at a four-year high.
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