Asia Kicks Off With Bitcoin Above $115K as Sell Pressure Remains Absent
Bitcoin’s relentless climb continued into the Asian trading session on Thursday, breaking past its previous all-time high and trading at $115,300, according to CoinDesk data. But unlike prior bull cycles, this rally isn’t facing a wave of selling pressure.
According to a new report by CryptoQuant, on-chain metrics show that long-term holders are not moving to cash out, even as BTC hit $112,200 on Wednesday.
“Bitcoin selling pressure remains low despite reaching a fresh all-time high,” CryptoQuant wrote, citing minimal BTC inflows to centralized exchanges — just 18,000 BTC per day, the lowest since April 2015.
This trend isn’t limited to retail investors. Large wallet holders — those transacting 100 BTC or more — are also holding tight. Daily exchange deposits from these entities have plunged from 62,000 BTC in late 2024 to just 7,000 BTC today.
Altcoins Echo the Trend
- Ethereum (ETH) exchange inflows dropped from 1.57M ETH in February to 584,000 ETH now, as ETH has gained 87% since April.
- XRP whales have stepped aside, with exchange inflows falling 85% from 1.1B to 169M XRP.
- Even altcoins are showing restrained activity. Daily transactions fell from 120,000 to just 21,000, signaling the broader market is in a low-pressure accumulation phase.
Conclusion: This isn’t a typical market top — it’s a breakout phase with no urgency to exit. The HODLing continues.
Bitcoin Overtakes Google, Closes in on Amazon in Global Asset Rankings
Bitcoin is now the sixth most valuable asset in the world, with a market capitalization of $2.298 trillion, surpassing Alphabet (Google) and narrowing the gap with Amazon ($2.359 trillion).
Earlier this year, BTC briefly topped Amazon’s valuation after a rally to $109,400, but cooled off soon after. Recent strength — driven by favorable macro factors and rising institutional adoption — has reignited momentum.
A major catalyst: spot bitcoin ETFs. After net outflows of $4.3B in Q1, inflows have surged:
- May: $5.23B
- June: $4.6B
- July (so far): $1.18B
Total net ETF inflows now exceed $50B, per SoSoValue.
With ETF AUM nearing $140B, institutional investors are no longer on the sidelines — they’re shaping the market.
Next Target: Flip Amazon, then potentially chase down Apple ($3.17T) and Microsoft ($3.72T).
Market Highlights
- Bitcoin (BTC): Hit $116,000, a fresh record. Nearly $950M in short positions were liquidated — the largest one-day wipeout of bearish trades in 2025.
- Ethereum (ETH): Climbed to just under $3,000, its highest level in over four months, amid ETF flows and tokenization momentum.
- Gold: Pulled back 4% from its June 13 peak ($3,432), recently trading around $3,294. Analysts still expect a run to $4,000.
- Nikkei 225: Asia-Pacific stocks were mixed following Trump’s announcement of 35% tariffs on Canadian goods and hints at more widespread tariffs.
- S&P 500 & Nasdaq: U.S. equities hit record highs on Thursday, fueled by gains in Nvidia and the ongoing crypto rally.
