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.
ETH's chances of hitting $5,000 this month climbed to 26% on Polymarket, up from 16% just a few days ago, as traders priced in momentum from institutional accumulation and shifting BTC-ETH flows.
“Ethereum’s recent strength is mainly showcased by the level of flows into it, where a major liquidity floor has been built by institutions,” said March Zheng, General Partner at Bizantine Capital in a note to CoinDesk.
He added that the ETH/BTC ratio had been sitting at a localized low, making a rebound overdue, and that this cycle is supported by stronger fundamentals such as global stablecoin adoption and clearer regulation.
Market rotation added further color to the rally, Enflux, a market maker, wrote to CoinDesk in a note. XRP joined ETH in leading the majors, while capital chased new narratives, such as CRO, following Trump Media’s “Cronos Treasury” initiative.
Hyperliquid’s surge in trading volume, surpassing Robinhood in July, highlighted how retail speculation is tilting toward native infrastructure, with its $HYPE token gaining double digits. These undercurrents suggest that what matters most is not the day’s closing print but the structural reallocation of liquidity across the crypto landscape, Enflux noted.
Liquidity is being redistributed across the crypto landscape, market observers say, but ETH’s role at the center is reinforced by institutional conviction.
“Markets react to headlines, but longer-term value is driven by fundamentals,” Gracie Lin, CEO of OKX Singapore, told CoinDesk in a note.
“This is why Ethereum continues to show strength through real utility — even as prices pull back, big institutional moves like BitMine’s ETH accumulation prove there’s deep conviction in its role at the core of crypto,” Lin continued. “With new macro data like the US PCE coming in later this week, we’re about to see how that conviction holds up amidst volatility.”
ETH has outpaced BTC by a wide margin, gaining 20% over the past 30 days compared to bitcoin’s 6% decline, market data shows, and trading volumes show ETH commanding more liquidity than BTC despite its smaller market cap.
Market Movements
BTC: Bitcoin is trading at $111,733.63, but weak on-chain activity and $940M in liquidations signal fading momentum.
ETH: Ether is trading at $4,598.67, below its recent all-time high of $4,946, as institutional inflows power the rally while DeFi activity and TVL remain weaker than in past cycles.
Gold: Gold is trading at $3,410.80, holding above $3,400 as Powell’s rate-cut hints, Trump’s Fed shake-up, and record central bank buying fuel safe-haven demand with traders eyeing a run toward $3,500.
Nikkei 225: Asia-Pacific markets mostly fell Wednesday despite Wall Street’s overnight gains, with Japan’s Nikkei 225 down 0.17%.
S&P 500: The S&P 500 rose 0.41% to 6,465.94 on Tuesday as investors looked past Trump’s removal of Fed Governor Lisa Cook and awaited Nvidia’s earnings.
Elsewhere in Crypto:
- Trump-backed World Liberty Token Could Decimate Retail Investors, Compass Point Warns (Decrypt)
- U.S. CFTC, a Top Crypto Watchdog, Is About to Shrink Commission to Only One Member (CoinDesk)
- Bitcoin Miner Hut 8 Surges 10% on 1.5GW Expansion Plans (CoinDesk)
