Good morning, Asia. This is what makes news in the market:
Welcome to Asian morning briefings, daily summary of top stories throughout the US time, and an overview of market movements and analysis. For a detailed overview of the US market, see Coindesk’s Crypto Daybook Americas.
Bitcoin stabilized in Asia at $114,610 on Thursday (+1.4%)pulling back some ground after last week’s slide, but the ether jumped 5.8% to $4,370.73 as investors selectively rotated across the market.
The largest measure of crypto assets’ performance, Coindesk 20, has grown by 3.5%, trading above 4,078.
Gracie Lin, CEO of OKX Singapore, said in a note to Coindesk that the rising ETH/BTC ratio indicates that capital will shift to the relative strength of ether while Bitcoin consolidates.
“Crypto Capital is becoming more selective,” Lin told Coindesk.
She emphasized that this is not a broad “alto season,” but rather a move targeted at ETH as a loom-like macrocatalyst for the Jackson Hole Conference and US inflation data.
A fresh figure from Cryptoquant highlights why the Bitcoin rally has cooled down. Obvious demand fell from 174,000 BTC in July to 59,000 BTC today, but the inflow of ETFs has been the weakest since April,” the company wrote in a recent report.
The profit acquisition remains heavy, with the whales recognizing $2 billion in profits on August 16 alone, bringing their total profit since July to $74 billion. Cryptoquant analysts currently categorize the market as a “bulging cooldown” phase, flagging $110,000 as a key support level.
In a note to ENFLUX analyst Coindesk, the Singapore-based market maker noted that retail enthusiasm for Altseason has declined sharply despite BNB continuing to draw out strategic bets like all-time high-liquid operational power and high-altitude operational power.
“This indicates that the Altcoin market is no longer a uniform beta trade, as macro convictions are formed, but they are more selective and concentrated institutional aspects,” the company said.
As a result, markets that are less defined in broad gatherings are not selective winners. ETH sets the tone so that capital stays in the code, but it focuses more sharply and prefers speculation.
Market Movers
BTC: Bitcoin rose 1.4% to just over $114,000 while US stocks were slipping, and Altcoins showed extraordinary resilience as BTC dominance approached its six-month low.
ETH: The ether surpassed Bitcoin, rising 5.8% as traders revolved into the majors despite slowing demand for BTC.
gold: UBS raised its gold price target to $3,600 per ounce in the first quarter of 2026. It cited the strongest bullion demand since 2011 since US macro risk, de-cooperative, severe ETFs and central bank purchases.
S&P 500: The NASDAQ fell 0.68%, and the S&P 500 slipped 0.26% on Wednesday.
Other locations in the code
- Wincrevos Twins will add $21 million to Republicans in next year’s Battle of Congress (Coindsk).
- Crypto companies urge the UK to form a national stubcoin strategy to avoid falling behind us (CNBC)
- Bitmex founders who were pardoned by Trump join the longevity hacking trend (Bloomberg)
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