Asia Morning Briefing: Bitcoin Near $89K as Trading Cools and Treasuries Accumulate
Good morning, Asia. Here’s today’s market snapshot. For a full U.S. overview, see CoinDesk’s Crypto Daybook Americas.
Bitcoin hovered near $89,000 as Hong Kong began the week, giving back last week’s post-Fed gains. FlowDesk noted demand faded quickly after the Fed’s 25-basis-point rate cut, with liquidity thinning into year-end. BTC and ETH retraced midweek highs, while altcoins remained under pressure, reflecting a market defined more by macro caution than outright risk aversion.
Beneath the surface, positioning remains steady. FlowDesk reported low leverage, muted volatility, and a shift of capital toward short-dated yield, as counterparties lock in longer-term funding at compressed rates—indicating balance sheet management rather than 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 purchases point to a shift toward longer-term holders.
This mix of cautious trading and quiet accumulation keeps bitcoin range-bound, with rallies fading but downside limited. Price action is likely to remain subdued until leverage or macro catalysts emerge.
Market Highlights
- BTC: Range-bound near $89,000 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 demand.
- Nikkei 225: Opened lower; investors eye China’s November activity data and Japan’s Tankan survey, which showed large manufacturer sentiment at a four-year high.
