Asia Market Briefing: Bitcoin Pulls Back From Highs, AI Tokens Rally on Big Tech Spending, Maple Tops DeFi Charts
Bitcoin cooled off from record levels on Tuesday, retreating nearly 2% to around $117,800 as traders took profits following last week’s euphoric rally above $120,000. The dip, while modest, served as a reminder that even in a strong uptrend, the market isn’t bulletproof.
Despite the pullback, some investors continue to eye targets above $150,000, though growing macroeconomic uncertainty and elevated leverage suggest increased vulnerability to corrections.
“Funding rates are rising fast, and long positions are looking stretched,” said Lennex Lai, Chief Commercial Officer at OKX. “Traders are excited, but the market is exposed. Macro data and tariff shocks could hit harder than expected.”
K33 Research echoed that caution, noting that average funding rates in 2025 are sitting at just 4.5% — the lowest since the FTX fallout. It’s a sign that even in a bull market, professional investors are staying cautious.
Maple Finance Becomes Largest On-Chain Asset Manager, Surpassing BlackRock’s BUIDL
In a landmark moment for DeFi, Maple Finance has overtaken BlackRock’s BUIDL to become the largest on-chain asset manager, with total assets under management reaching $2.9 billion following a fresh $100 million inflow this week.
Unlike BUIDL, which is backed by U.S. Treasury assets, Maple specializes in undercollateralized loans to institutions. Its rapid ascent underscores growing investor appetite for on-chain yield products beyond traditional models.
This marks a notable shift in digital asset capital flows, signaling that DeFi-native credit protocols may be maturing into mainstream alternatives.
AI Tokens Surge as Google and Meta Unveil Massive Infrastructure Projects
AI-focused cryptocurrencies rallied sharply, rising over 5% in the past 24 hours as Google and Meta announced new rounds of multibillion-dollar infrastructure spending.
Google revealed plans to invest $25 billion into U.S.-based AI infrastructure, including a $3 billion hydro-powered data center in partnership with Brookfield. Meta followed with details of its upcoming “Prometheus” AI campus in Ohio, part of a growing push to lead in on-demand computation.
These announcements came during the U.S. government’s AI summit at Carnegie Mellon, where public-private investment pledges exceeded $90 billion. The developments sparked renewed enthusiasm for AI-linked tokens, which many view as critical infrastructure for the decentralized web.
Market Snapshot
- Bitcoin (BTC): $117,810 ▼1.69% — Slips from highs as traders lock in gains.
- Ethereum (ETH): $3,066 ▲2.6% — Finds momentum amid renewed staking inflows.
- Gold: $3,331 ▼0.56% — Pauses after strong run, pressured by rising yields.
- Nikkei 225: Flat — Reacts to U.S. tariff news and softer tech sentiment.
- S&P 500 Futures: ▼0.4% — Market digests 2.7% U.S. inflation print for June.
