Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

As Asia begins the trading week, bitcoin {{BTC}} is trading above $100,500 as the initial volatility from news over the weekend that the U.S. struck some of Iran’s nuclear facilities begins to subside.

While prices briefly dipped below six figures on Sunday in a risk-off reaction, markets have since stabilized. Equity futures are flat, and gold is up only marginally, suggesting that traders are not yet pricing in a broader escalation.

The lack of follow-through in traditional markets may reflect expectations that Iran’s response will be contained or delayed, rather than immediate and destabilizing.

Crude oil is holding its gains near $76 per barrel after spiking nearly 4% Sunday evening on fears that Iran could block the Strait of Hormuz, a key chokepoint for global oil shipments. Still, commentary from U.S. officials and muted early-week trading suggest that investors remain in a wait-and-see mode.

In crypto markets, altcoins that had mirrored BTC’s weekend drop, like ether

, XRP , and solana’s SOL , are also clawing back losses.

For now, the market appears to be treating the U.S.-Iran clash as a geopolitical flashpoint, not a structural break.

OKX Considering U.S. IPO: Report

Crypto exchange OKX is considering a public listing in the U.S., according to a report from The Information.

Earlier this year, the exchange announced a U.S. expansion after settling with the Department of Justice over accusations that it operated in the country without a money transmitter license.

Among other crypto-linked companies, Bullish, a competitor to OKX and the parent company of CoinDesk, is also said to be considering an IPO given investors’ appetite for companies with exposure to digital assets.

OKX told CoinDesk it had no comment on the matter.

Polymarket Bettors Less Certain About Second U.S. Strike on Iran

Polymarket bettors are cooling to the idea that the U.S will hit Iran a second time before the end of the month.

The ‘yes’ side of a contract asking if the U.S. will conduct another military action on Iran by June 30 is now trading at 54%, from 74% in the hours after the initial strike on Iranian nuclear sites.

There appears to be a growing market belief that deconfliction – on both sides – is on the agenda, as evidenced by another contract asking bettors about the likelihood of Iran closing the Strait of Hormuz, which is currently trading at 49% down from 52%.

Market Movements:

• BTC: Bitcoin rebounded to $101,419 after a volatile 4.5% intraday swing, finding strong support at $99,000 amid geopolitical tensions and surging institutional buying interest, according to CoinDesk Research’s technical analysis data.
• ETH: Ethereum fell 2.3% to $2,237 amid U.S.-Iran tensions, breaking a six-week consolidation pattern despite over $500 million in institutional accumulation.
• Gold: Bank of America analysts predict gold could hit $4,000 an ounce within a year, an 18% jump, driven less by geopolitical tensions and more by mounting U.S. fiscal debt and a global shift by central banks away from the dollar toward gold.
• Nikkei 225: Asia-Pacific markets fell Monday as the U.S. strikes on Iranian nuclear sites fueled oil price spikes and fears of broader Middle East escalation, with Japan’s Nikkei 225 down 0.56%.

Elsewhere in Crypto:

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On-chain data shows conviction remains strong among the Shiba Inu long-term holders as they still control a decent majority of the supply.

Shiba Inu Long-Term Holders Haven’t Been Selling Amid Volatility

In a new post on X, the market intelligence platform IntoTheBlock has discussed how the holdings of the Shiba Inu long-term holders have changed recently.

The analytics firm defines long-term holders or ‘HODLers’ as investors who have been holding onto their coins since more than one year ago. The investors not part of this group can be classified into two categories: ‘traders’ who purchased their coins within the past month and ‘cruisers’ who have gone beyond the one-month cutoff but are yet to mature into the HODLers.

Statistically, the longer an investor holds onto their coins, the less likely they become to sell said coins in the future. As such, holder resolve rises as one goes from traders to HODLers.

Though the long-term holders include the strongest of hands in the market, it doesn’t mean that the cohort never participates in selling. Indeed, some periods can be too overwhelming for even these stalwart diamonds.

As the below chart shows, the Shiba Inu HODLers saw their supply go through a notable drop during the price rally in the first quarter of 2024, suggesting the members of this group took part in profit-taking.

The value of the metric appears to have been climbing in recent months | Source: IntoTheBlock on X

A couple of small selloffs also came toward the end of 2024 and the start of 2025, but other than them, the Shiba Inu long-term holders have shown remarkable resilience through the recent volatility.

In fact, the supply held by these diamond hands has observed a net increase in the last couple of months. Following this rise, the HODLers own more than 80% of the meme coin’s circulating supply. “This indicates that even amid challenges in the memecoin market, many SHIB holders remain optimistic,” notes IntoTheBlock.

Something to note is that an increase in this metric isn’t an indication that the long-term holders are participating in ‘buying.’ Rather, it represents a promotion of supply from the cruiser group. The actual buying would have occurred twelve months ago, meaning that there is a delay of one year present between when the indicator goes up and when the accumulation actually happened.

While buying has this time-gap attached to it, the same isn’t true for selling, since HODLers are instantly demoted into the trader group as soon as they break their dormancy.

In another X post, the analytics firm has also shared the trend in the supply of Bitcoin long-term holders. From this chart, it’s visible that the BTC diamond hands participated in significant selling during the bull rally, but their supply has also started to turn around recently.

The trend in the BTC HODLer balance over the past decade | Source: IntoTheBlock on X

SHIB Price

At the time of writing, Shiba Inu is floating around $0.000012, down almost 16% in the last seven days.

The trend in the SHIB price during the last five days | Source: SHIBUSDT on TradingView

Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

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