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.
Bitcoin
BTC $119,126.55
Bitcoin traded at $119,430 during early Asia hours on Monday, up 1.24%, as bullish momentum continued following a series of institutional milestones and a breakthrough trade deal between the United States and the European Union. The CoinDesk 20 (CD20) Index rose 2.37% to 4,099.18, extending its recent recovery.
Over the weekend, President Donald Trump and European Commission President Ursula von der Leyen announced a framework trade agreement in Turnberry, Scotland, which sets a 15% U.S. import tariff on E.U. goods, avoiding the previously threatened 30% rate. The deal includes $600 billion in E.U. investment in U.S. energy and defense over the next three years and aims to reduce Europe’s reliance on Russian fuel. Tariffs on steel and aluminum remain at 50% for now.
At the same time, Bitcoin’s realized market capitalization crossed the $1 trillion threshold for the first time, according to Glassnode.
BTC continues to consolidate above $118,000 after hitting a record high of $122,700 last week. This rally prompted significant long-term holder selling, drawing in new buyers and fresh capital. BTC dominance has edged down to 60.98%, suggesting modest rotation into altcoins.
On Friday, Galaxy Digital executed a $9 billion BTC transaction on behalf of a Satoshi-era investor, marking one of the largest single bitcoin transfers in history. This sale involved 80,000 BTC and was reportedly part of an estate planning strategy.
The lack of price movement despite the sizable deal likely reflects how much BTC is illiquid due to long-term holding. A market near a supply-shock rally may require additional funds to be put up for sale.
Meanwhile, Polymarket bets now indicate a 24% chance of Bitcoin reaching $125,000 before the end of July, up from 18% earlier this week, as traders consider macro tailwinds and growing on-chain conviction.
Market Movements
BTC: Bitcoin is trading above $119K following the U.S.-EU trade agreement, while CoinGlass data shows traders have leaned toward majority short positions.
ETH: Ether is trading at $3,867.76, up 3%, supported by strong on-chain fundamentals: 28% of ETH is staked, exchange balances are at eight-year lows, and new buyer inflows are rising.
Gold: Gold has now declined for four straight days, trading around $3,335 in early Asia, despite a 28% year-to-date gain, as progress on U.S.–EU and U.S.–China trade deals dims safe-haven demand before this week’s FOMC meeting.
Nikkei 225: Asia-Pacific markets traded mixed on Monday as investors awaited specifics from U.S.–China trade talks.
Elsewhere in Crypto
- Michael Saylor is bringing a Bitcoin-backed money-market-style vehicle to Wall Street: NYDIG (CoinDesk)
- A drug company will buy up to $700 million in BNB after the coin hits an all-time high (Decrypt)
- A fake Bitcoin ATM scheme has wasted 4,000 hours of scammers’ time (Decrypt)
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