Asia Crypto Roundup: Bitcoin Surges Through Confusion as Opinions Diverge

Bitcoin has rebounded above $123,000 in early Thursday trading in Asia, recovering from a dip to $120,000. Analysts remain divided on what’s driving the rally: QCP Capital sees it as a rotation of capital from overextended AI stocks into “credibility hedges” like BTC and gold, while Glassnode and CryptoQuant highlight record ETF inflows and steady mid-tier accumulation as key support factors.

On-chain data suggests institutional and mid-tier buying is sustaining the trend. Glassnode notes that ETF inflows have flipped prior resistance into support, while CryptoQuant points out that profit-taking is still moderate, indicating room for further upside. However, elevated futures open interest and funding rates above 8%, along with a call-heavy options market, signal potential short-term vulnerability, a setup analysts call “strong trend, weak hands.”

Market Overview:

• BTC: Trading near $123,500, up 1.5% over 24 hours, underpinned by institutional inflows and whale accumulation.
• ETH: Holding around $4,516, supported by ETF demand and anticipation of the Fusaka upgrade in December.
• Gold: Surpassed $4,000, reaching its 40th record high this year, driven by geopolitical tensions, fiscal uncertainty, and central bank purchases.
• Nikkei 225: Up 1.1%, led by a 10% surge in SoftBank after its $5.4 billion ABB robotics acquisition, boosted by expectations of expansionist economic policies.

Overall, the market shows structural strength but remains tactically crowded. Traders are watching for leverage resets that could stabilize Bitcoin before the next leg higher.