Good Morning, Asia. Here’s what’s trending in the markets:
Welcome to Asia Morning Briefing, your daily digest of key stories from U.S. hours along with a market overview and analysis. For a comprehensive look at U.S. markets, refer to CoinDesk’s Crypto Daybook Americas.
Following October’s flash crash, cryptocurrency is currently trading along a critical fault line.
According to Glassnode, bitcoin’s True Market Mean is approximately $81.3k, marking the boundary between time-driven pullbacks and more severe loss realizations. This level has gained significance in the post-October period.
The correlation data sheds light on why this level is crucial beyond just bitcoin. Over the past 90 days, particularly since the October 10 flash crash, large-cap crypto assets have closely mirrored bitcoin, emphasizing its role as the market’s anchor.
Consequently, a persistent drop below the True Market Mean could exacerbate declines in already struggling tokens.
Glassnode data indicates that when bitcoin remains below this threshold for prolonged periods, selling pressure tends to intensify across the market.
With large-cap assets continuing to track bitcoin closely while high-beta tokens have already sold off, a breach below $81.3k could bring that weakness back into the core of the market.
Overall, the situation emphasizes not simply predicting a breakdown, but understanding the market’s equilibrium. As long as bitcoin stays above the True Market Mean, losses may remain varied.
However, should $81.3k falter and not recover, historical data from Glassnode implies that selling pressure is likely to extend beyond the longer tail. In a post-October market characterized by limited liquidity and tight correlations among large caps, this would represent a transition from a gradual, frustrating decline to a synchronized market reset.
Market Movement
BTC: Bitcoin saw little change, hovering around $86,400, down approximately 1% for the day and about 6.5% over the past week, as the recent retracement continues.
ETH: Ether traded near $2,830, down roughly 3.6% in the last 24 hours and about 15% for the week, underperforming against bitcoin amid a broader market downturn.
Gold: Gold prices have hit record highs in 2025, doubling to over $4,300 an ounce due to central bank purchases, geopolitical tensions, U.S. fiscal worries, and an expanding investor base, leading major banks to predict prices could reach $5,000 by 2026.
Elsewhere in Crypto
- California’s Newsom takes a jab at Trump, highlighting convicted crypto allies CZ and Ross Ulbricht (CoinDesk)
- Indian MP Advocates Tokenization Bill to Democratize Investment Opportunities for the Middle Class (Decrypt)
