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 is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.
The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.
A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.
A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”
Even so, QCP warned that recent macro developments had failed to spark directional conviction.
“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”
That context makes the current move all the more surprising.
Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research’s technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.
The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.
The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.
A ‘Massive Shift’ in Institutional Staking May Drive ETH’s Next Rally
Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.
“Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.”
There’s currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking
While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what’s interesting is that it originates predominantly from institutional investors.
“We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,” she noted.
Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both “massive” and “underappreciated.”
“I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,” Schmiedt said.
Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.
This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.
“EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,” Schmiedt added.
Ultimately, Schmiedt said, “I think we’ll see that a lot more [ETH] in institutional portfolios going forward.”
News Roundup
Trump Media May Be the Cheapest Bitcoin Play Among Public Stocks, NYDIG Says
Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported.
As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms.
While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.
By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold.
That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.
Circle Stock Nearly Quadruples Post-IPO as Bitwise and ProShares File Competing ETFs
Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported.
ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise.
CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. The crypto market saw some interesting movements today, with Bitcoin (BTC) trading at $109,795 after a 3.26% breakout. This surge was fueled by institutional buying, elevated volume, and macro uncertainty from US-China trade talks and an upcoming $22B Treasury auction. Ethereum (ETH) also rebounded 4.46% from a low of $2,480 to close at $2,581. Strong buying volume confirmed support at $2,580 and set up a potential breakout above $2,590.
In the conventional finance world, gold is trading at $3,314.45, edging up 0.08% as investors closely watch US-China trade talks in London. The subdued dollar is keeping gold prices attractive for investors. Meanwhile, in the Asia-Pacific markets, Japan’s Nikkei 225 rose by 0.51% as investors eagerly awaited updates from ongoing U.S.-China trade talks. The S&P 500 also closed slightly higher on Monday, boosted by Amazon and Alphabet, as investors continued to monitor U.S.-China trade negotiations.
In the world of crypto, new developments are on the horizon. If approved, these new tools could further blur the lines between crypto and conventional finance, giving investors fresh opportunities to engage with one of the hottest post-IPO names of the year. This integration of crypto and traditional finance could open up a whole new avenue for investors looking to diversify their portfolios and capitalize on the growing popularity of digital assets.
Overall, the market movements today reflect a complex interplay between geopolitical events, institutional buying, and investor sentiment. As the crypto and conventional finance worlds continue to converge, investors will have access to a wider range of tools and opportunities to navigate the ever-changing landscape of the financial markets. Bullish Group, majority-owned by Block.one, is a prominent player in the blockchain and digital asset industry. Both companies have interests in various blockchain and digital asset businesses and hold significant amounts of digital assets, including bitcoin.
CoinDesk, an independent subsidiary of Bullish Group, operates with journalistic integrity under the guidance of an editorial committee chaired by a former editor-in-chief of The Wall Street Journal.
The partnership between Bullish Group and Block.one has positioned them as key players in the cryptocurrency market. With a focus on blockchain technology and digital assets, they have made strategic investments and acquisitions to expand their presence in the industry.
As leaders in the cryptocurrency market, Bullish Group and Block.one have a keen interest in the latest developments and trends in the digital asset space. Their collaboration has led to innovative solutions and products that cater to the evolving needs of the market.
With a strong foundation in blockchain technology and a deep understanding of digital assets, Bullish Group and Block.one are well-positioned to capitalize on the growing demand for cryptocurrency and decentralized finance solutions.
Overall, the partnership between Bullish Group and Block.one signifies a significant step forward in the evolution of the blockchain and digital asset industry. Their combined expertise and resources are driving innovation and shaping the future of finance in a digital world. Could’ve sworn the page was around here somewhere…
Have you ever found yourself in a situation where you’re searching for something online, only to be met with a 404 error page? It can be frustrating, especially when you’re trying to access important information or complete a task. The infamous 404 error page is a standard response code in web browsers, indicating that the requested page couldn’t be found on the server.
When you encounter a 404 error page, it usually means that the URL you entered doesn’t exist or has been moved or deleted. It can happen for various reasons, such as a mistyped URL, a broken link, or a page that has been removed from the website. While it can be a minor inconvenience, it’s essential to address the issue promptly to ensure a seamless user experience.
If you’ve landed on a 404 error page, don’t fret. There are a few steps you can take to navigate your way back to the content you were looking for. Here are some tips to help you get back on track:
1. Double-check the URL: The first thing you should do is verify that the URL you entered is correct. Check for any typos or extra characters that may be causing the error. If you copied and pasted the URL, ensure that it’s accurate.
2. Use the website’s search function: Many websites have a search bar that allows you to look for specific content. Try using the search function to find the page or information you’re looking for.
3. Go to the homepage: If you’re unable to locate the specific page, you can always go back to the website’s homepage and navigate from there. Look for menus, categories, or site maps to help you find the content you need.
4. Contact the website administrator: If you believe the page should exist and you’re still unable to access it, you can reach out to the website administrator for assistance. They may be able to provide you with the correct link or troubleshoot the issue.
Remember, encountering a 404 error page is a common occurrence on the web, and it doesn’t necessarily mean the end of your search. By following these tips and staying persistent, you can likely find the information you’re looking for. And if all else fails, take a deep breath, relax, and try again – the internet is a vast and ever-changing landscape, and sometimes all it takes is a little patience to navigate it successfully. In recent years, there has been a significant increase in the popularity of outdoor activities and adventures. From hiking and camping to rock climbing and kayaking, more and more people are seeking out ways to connect with nature and push themselves physically and mentally. This trend has been fueled by a variety of factors, including a desire to escape the stresses of modern life, a growing awareness of the importance of preserving the environment, and the influence of social media in showcasing the beauty and excitement of outdoor pursuits.
One of the key reasons behind the rise in outdoor activities is the increasing recognition of the mental and physical benefits of spending time in nature. Studies have shown that being outdoors can reduce stress, anxiety, and depression, while also improving mood and cognitive function. The fresh air, natural surroundings, and physical activity associated with outdoor adventures can help to clear the mind, improve focus, and boost overall well-being. In a world where many people are constantly connected to technology and surrounded by artificial stimuli, the simple act of spending time outside can provide a much-needed break and a chance to recharge.
Additionally, the growing concern about the environment and the impact of human activity on the planet has led many individuals to seek out more sustainable and eco-friendly ways to enjoy the great outdoors. People are increasingly interested in minimizing their carbon footprint, supporting conservation efforts, and preserving natural spaces for future generations. This has led to a rise in environmentally-conscious outdoor brands, sustainable travel options, and a greater awareness of Leave No Trace principles among outdoor enthusiasts.
Social media has also played a significant role in popularizing outdoor activities and adventures. Platforms like Instagram, Facebook, and YouTube are filled with stunning photos and videos of people hiking through mountains, camping under the stars, and exploring remote wilderness areas. These images and stories inspire others to get outside, try new things, and experience the beauty of nature for themselves. Social media has also made it easier for outdoor enthusiasts to connect with like-minded individuals, share tips and advice, and plan group outings or trips.
Overall, the increasing popularity of outdoor activities and adventures is a positive trend that can have numerous benefits for individuals and society as a whole. By spending more time in nature, people can improve their physical and mental health, support environmental conservation efforts, and foster a greater sense of community and connection with the natural world. Whether it’s a weekend camping trip with friends, a solo hike in the mountains, or a family kayaking excursion, there are endless opportunities to explore and enjoy the great outdoors. So grab your gear, pack your bags, and get ready for your next outdoor adventure! the perspective of a small business owner on the challenges and opportunities of operating a business during a pandemic:
As a small business owner, navigating the challenges of operating a business during a pandemic has been both daunting and eye-opening. The onset of the COVID-19 pandemic brought about unprecedented disruptions to the global economy, forcing businesses of all sizes to adapt quickly to a new normal. For small businesses in particular, the challenges have been immense, but there have also been opportunities for growth and innovation.
One of the biggest challenges for small businesses during the pandemic has been the sudden and drastic drop in consumer demand. With widespread lockdowns and social distancing measures in place, many small businesses saw a significant decline in foot traffic and sales. This sudden loss of revenue has put many small businesses at risk of closure, forcing owners to make tough decisions about staffing, expenses, and overall business operations.
Another challenge for small businesses has been the need to adapt to new health and safety guidelines to protect both employees and customers. Implementing measures such as social distancing, increased cleaning and sanitation protocols, and the use of personal protective equipment has added an extra layer of complexity to an already challenging situation. Small businesses have had to invest in new technologies and training to ensure compliance with these guidelines, adding to their financial burden.
Despite these challenges, there have also been opportunities for small businesses to innovate and adapt to the changing landscape. Many small businesses have shifted their operations online, offering products and services through e-commerce platforms and social media channels. This shift to digital has allowed small businesses to reach a wider audience and generate revenue during a time when in-person sales are limited.
Additionally, the pandemic has forced small businesses to reassess their business models and identify new opportunities for growth. Some small businesses have pivoted to offering new products or services that are in high demand during the pandemic, such as online fitness classes, virtual events, or contactless delivery options. This ability to adapt and innovate in the face of adversity has been crucial for small businesses to survive and thrive during these uncertain times.
As a small business owner, I have learned valuable lessons from navigating the challenges of operating a business during a pandemic. It has taught me the importance of resilience, flexibility, and creativity in the face of adversity. While the road ahead may still be uncertain, I am confident that small businesses have the ability to overcome these challenges and emerge stronger on the other side. By staying agile, adapting to change, and embracing innovation, small businesses can weather the storm and continue to serve their customers and communities for years to come. The Importance of Mental Health in Everyday Life
Mental health is just as important as physical health, yet it is often overlooked or dismissed in today’s society. The truth is, our mental well-being plays a crucial role in our overall quality of life and should be prioritized just like any other aspect of our health.
One of the key reasons why mental health is so important is its impact on our daily functioning. When our mental health is in good shape, we are better able to cope with stress, make decisions, and maintain healthy relationships. On the other hand, poor mental health can lead to a variety of issues such as anxiety, depression, and even substance abuse.
Taking care of our mental health also has a positive effect on our physical health. Research has shown that there is a strong connection between the mind and body, and that mental health problems can contribute to physical ailments such as heart disease, obesity, and chronic pain. By prioritizing our mental well-being, we can improve our overall health and well-being.
Furthermore, mental health plays a significant role in our professional lives. A healthy mind is better able to focus, be productive, and handle the demands of a job. Employers are increasingly recognizing the importance of mental health in the workplace and are implementing programs to support the mental well-being of their employees.
In addition to the impact on our daily functioning, mental health also affects our relationships with others. When we are struggling mentally, it can be difficult to connect with others, communicate effectively, and maintain healthy boundaries. By taking care of our mental health, we are better able to nurture our relationships and create a supportive network of friends and family.
There are many ways to prioritize mental health in everyday life. Some simple strategies include practicing self-care, getting regular exercise, eating a healthy diet, getting enough sleep, and seeking support from a therapist or counselor when needed. It is also important to engage in activities that bring us joy and fulfillment, whether it’s spending time with loved ones, pursuing a hobby, or volunteering in the community.
Ultimately, mental health is a vital component of our overall well-being and should not be ignored. By taking care of our mental health, we can improve our daily functioning, enhance our physical health, excel in our professional lives, and cultivate strong relationships with others. It’s time to start prioritizing mental health in everyday life and reaping the benefits of a healthy mind. The Benefits of Regular Exercise
Regular exercise is essential for maintaining good physical and mental health. Whether you prefer to hit the gym, go for a run, or participate in a team sport, the benefits of regular exercise are numerous and well-documented. In this article, we will explore some of the key advantages of incorporating exercise into your daily routine.
One of the most significant benefits of regular exercise is improved cardiovascular health. Exercise helps to strengthen the heart muscle, improve circulation, and lower blood pressure. This can reduce the risk of developing heart disease and other cardiovascular conditions. Additionally, regular exercise can help to increase HDL (good) cholesterol levels and decrease LDL (bad) cholesterol levels, further protecting against heart disease.
Exercise is also crucial for maintaining a healthy weight. By burning calories and building muscle mass, regular physical activity can help you to achieve and maintain a healthy body weight. This is important for preventing obesity and associated health conditions such as type 2 diabetes, high blood pressure, and certain types of cancer.
In addition to its physical benefits, exercise is also beneficial for mental health. Regular physical activity has been shown to reduce symptoms of anxiety and depression and improve overall mood. This is due in part to the release of endorphins, chemicals in the brain that act as natural painkillers and mood elevators. Exercise can also help to reduce stress levels, improve sleep quality, and boost self-esteem and confidence.
Another important benefit of regular exercise is improved muscle strength and flexibility. Strength training exercises, such as weightlifting and bodyweight exercises, can help to build muscle mass and increase strength. This is important for maintaining mobility and independence as we age. Flexibility exercises, such as yoga and stretching, can help to improve range of motion and prevent injuries.
In conclusion, regular exercise offers a wide range of physical and mental health benefits. From improving cardiovascular health and maintaining a healthy weight to reducing symptoms of anxiety and depression and increasing muscle strength and flexibility, the advantages of regular physical activity are clear. Whether you prefer to work out at the gym, go for a run, or participate in a team sport, finding an exercise routine that you enjoy and can stick to is essential for maintaining a healthy lifestyle. So lace up your sneakers, grab your water bottle, and get moving! Your body and mind will thank you. title: The Benefits of Incorporating Meditation into Your Daily Routine
Meditation has been practiced for centuries as a way to cultivate mindfulness, reduce stress, and improve overall well-being. In recent years, the practice has gained popularity as more and more people are recognizing the numerous benefits it can offer. Incorporating meditation into your daily routine can have a profound impact on your mental, emotional, and physical health. In this article, we will explore some of the many benefits of meditation and how you can start incorporating it into your daily life.
One of the primary benefits of meditation is its ability to reduce stress and anxiety. In today’s fast-paced world, many of us are constantly bombarded with external stressors that can take a toll on our mental health. By practicing meditation regularly, you can learn to quiet the mind, focus on the present moment, and let go of negative thoughts and emotions. This can help you feel more calm and centered, even in the midst of a hectic day.
Meditation has also been shown to improve concentration and focus. By training your mind to stay present and focused on the task at hand, you can increase your productivity and performance in both work and daily activities. This can lead to a greater sense of accomplishment and satisfaction in your daily life.
Additionally, meditation has been linked to improved emotional well-being. By cultivating mindfulness and self-awareness through meditation, you can learn to better understand and regulate your emotions. This can lead to a greater sense of inner peace and happiness, as well as improved relationships with others.
In terms of physical health, meditation has been shown to have a number of benefits as well. Research has found that meditation can lower blood pressure, improve immune function, and reduce inflammation in the body. It can also help with pain management and improve sleep quality, leading to an overall improvement in physical well-being.
So how can you start incorporating meditation into your daily routine? One of the simplest ways is to set aside a few minutes each day to sit quietly and focus on your breath. You can also try guided meditation apps or classes to help you get started. It’s important to remember that meditation is a practice, and like any skill, it takes time and consistency to see the full benefits. Start with just a few minutes each day and gradually increase the time as you become more comfortable with the practice.
In conclusion, incorporating meditation into your daily routine can have a profound impact on your mental, emotional, and physical health. By reducing stress, improving focus, and enhancing emotional well-being, meditation can help you lead a more balanced and fulfilling life. So why not give it a try and see the benefits for yourself?