Asia Morning Briefing: Bitcoin’s Thin-Liquidity Bounce Raises Questions on Staying Power
Main Idea
Bitcoin's recent rebound is questioned due to thin liquidity and potential profit-taking, while market participants await U.S. CPI data for further direction.
Key Points
1. Bitcoin rebounded sharply over the past week, but trading volumes fell 22% to $5.7 billion, indicating weak conviction behind the rally.
2. U.S.-listed spot bitcoin ETF outflows halved to $311 million, though ETF trade volume declined 27.7% to $13.7 billion.
3. Glassnode noted that 94.1% of Bitcoin supply is in profit, suggesting potential profit-taking could accelerate.
4. The market awaits U.S. CPI data, which could influence Bitcoin's momentum, with hotter prints delaying Fed rate cuts and softer readings possibly boosting prices.
5. Ethereum rose to $4,200, supported by increased on-chain capacity and lower DeFi costs, while gold slid amid improved risk sentiment.
Description
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 staged a sharp recovery over the past week, rebounding from a dip below $114,000 to trade near $121,000, in what Glassnode described in a recent report as a shift from “seller exhaustion to a strong rebound near recent A...
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