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.
Once Hong Kong begins trading days, ETH has fallen by 3%, exceeding $4,600.
This is probably not a concern for most traders as ETH rose nearly 16% last week and 45% last month. After all, the ETH/BTC ratio is broken above the 365-day moving average, a signal historically marked as an extension of ETH outperformance, and SPOT ETF flows have enhanced movement.
However, as encryption claimed in a recent report, the same data shows early warning signs of short-term cooling.
The daily ETH inflow into exchanges outweighs Bitcoin, suggesting that some holders are positioned to benefit. The MVRV ratio of ETH to BTC rose from 0.4 to 0.8 in May, approaching past overestimated areas. Cryptoquant warns that in past cycles such levels precede a pause or pullback of the relative strength of ETH.
The trading desk reflects this view.
In a recent memo, the France-based flow desk reported that there was $1 billion in a daily ETF inflow on Monday, and that call live writing for ETH options increased in December with a wide range of clients purchasing against BTC and SOL.
QCP has stakes strong expectations for September’s Fed cut and geopolitical easing against the backdrop of softer headline CPI in the daily Asia Color Telegram update, but has assembled the ETH rally in high hopes that Jackson Hole’s remarks and the rest of the CPI/NFP prints will be printed as potential emotional pivots.
Market maker Enflux commented on Koindsk, adding that the hotter than expected PPI print reminded traders that inflation risk remains uneven and that ETH’s ingenious performance could induce integration.
The structural driver remains intact and remains as ETF demand, institutional participation and favorable on-chain signals, but the market is at a stage where growing positioning and macro-event risk can test ETH momentum. As Cryptoquant data shows, the gatherings are strong, but early signs of profit are also strong.
Market Movers
BTC: Bitcoin has surpassed 3% from record highs after hotter US inflation cut hopes of reducing the decay rate, indicating that the Treasury will not expand its Bitcoin purchases for strategic preparation.
ETH: ETH drops 3.3% when selling pressure rises as traders make profit after a record gathering.
gold: Gold fell 0.62% to $3,336.6 as US inflation and strong employment data increased the dollar, increased harvests and trimmed expectations for a massive Fed rate cut in September.
Nikkei 225: Japan was high as Japan’s economy increased by 1.0% per year in the second quarter, breaking strong export and capital expenditure forecasts, but analysts warn that US tariffs could slow growth in the coming months.
S&P 500: US stocks stalled Thursday in hopes of a hotter than expected PPI attenuation. Goldman Sachs warns that the model shows a higher odds for a decline in the S&P 500, citing lower volatility and increased risk of tariffs.
Other locations in the code:
- US blacklist cryptographic network behind Ruble-backed Stablecoin and Shuttered Exchange Garantex (Coindesk)
- A Wall Street veteran says the strategy has driven “deceptive” comparisons with Apple and Nvidia (decrypt)
- Crypto Casino CEO accused of allegedly gambling millions of investors
