Good Morning, Asia. Here’s the latest in market news:
Welcome to the Asia Morning Briefing, your daily digest of key stories during U.S. hours along with an overview of market trends and analysis. For a comprehensive look at U.S. markets, check out CoinDesk’s Crypto Daybook Americas.
Crypto markets kick off the year in a mode of recalibration rather than retreat, with bitcoin stabilizing above $90,000 and ether recovering strength as institutional positions readjust.
As Hong Kong began trading on Wednesday, BTC saw a slight dip in short-term frames but stayed range-bound after surpassing the crucial $90,000 mark.
“With stocks, gold, and other precious metals hitting all-time highs, we perceive a situation where prices may correct higher to align with other assets or drift lower in the coming months to adhere to the 4-year cycle,” noted George Mandres, a crypto analyst at trading firm XBTO, emphasizing that the latter “can swiftly become a self-fulfilling prophecy.”
To date, neither force has dominated price movements. Instead of a sharp correction, bitcoin has showcased sideways movement, indicating a phase of digestion rather than distribution. Mandres pointed out the calendar effect as a key differentiator from late 2025.
“What differs now compared to a few weeks ago, aside from the [btc] price crossing above $90k, is the fresh year that has commenced, resetting PNLs to zero and prompting investors to seek attractive risk/reward opportunities,” he added.
Ethereum presents a slightly different narrative. While ETH has outperformed bitcoin on both weekly and monthly scales, futures data indicates a cooling in positions.
Bradley Park, founder of DNTV Research, remarked that CME ethereum futures open interest provides valuable context beyond spot charts.
“Increasing open interest has signaled greater institutional participation through DAT-style and ETF arbitrage trades, while declining open interest points to an unwind,” Park stated in his note to CoinDesk.
That unwind seems to be well underway.
“The recent decline appears less like a structural break and more like a loss of momentum, with positions reverting to approximately July 2025 levels,” Park added.
Crucially, that reset has not led to a drastic spot selloff.
A recent report from Glassnode underscores this trend across assets. Options markets have aggressively de-risked, with a contraction in open interest and rising volatility expectations, while U.S. spot ETF inflows have reverted to net positive, signaling renewed institutional interest but also heightened sensitivity to imminent profit-taking.
Collectively, these signals indicate consolidation and rotation rather than a broad risk-off sentiment. Bitcoin is absorbing clashing macro narratives without breaking trend, while Ethereum appears less congested and more favorably positioned should institutional flows pick up again.
Market Movement
BTC: Bitcoin is trading sideways above $90,000, with price movements reflecting consolidation following a recent rise rather than renewed selling pressure, as macro support and cycle-based caution counterbalance each other.
ETH: Ether is priced around $3,247, slightly declining in short-term frames while showing robust gains on weekly and monthly charts, highlighting resilience despite a recent cooling in futures positions.
Gold: Following a nearly 65% surge in 2025, banks forecast gold reaching new highs in 2026 amid declining rates, central bank purchases, and geopolitical uncertainties.
Nikkei 225: Japan’s Nikkei 225 dipped 0.45% on Wednesday, while Asia-Pacific markets exhibited mixed performance, with Australia’s ASX 200 climbing 0.38% after inflation figures fell below expectations.
Elsewhere in Crypto
- Senate crypto bill faces DeFi and ethics disputes ahead of Jan. 15 vote (CoinDesk)
- Rapper Drake hit with RICO lawsuit for promoting and using crypto casino Stake (Decrypt)
