Asia Morning Briefing: Leverage Meets Patience as Bitcoin Builds Toward a Breakout
2025-07-02 00:10:30
Main Idea
Bitcoin remains resilient above $105.5K, with market data showing steady inflows into BTC spot ETFs and long-term holders largely unmoved, while companies like Figma and DDC Enterprise continue to invest in Bitcoin.
Key Points
1. Bitcoin is trading above $105.5K, slightly down from $107K, with long-term holders showing limited desire to sell despite near-record levels.
2. $2.2 billion in net inflows to BTC spot ETFs occurred last week, reshaping the market structure.
3. Figma disclosed a $70 million position in the Bitwise Bitcoin ETF (BITB) as part of its IPO filing, with plans to allocate up to $100 million to BTC.
4. Hong Kong-based DDC Enterprise announced a $528 million capital raise to buy 5,000 BTC over three years.
5. Ethereum faced heavy selling after failing to break resistance at $2,522, while gold rose over 1% due to a weaker dollar and global trade uncertainty.
Description
As Asia opens the Wednesday trading day, bitcoin (BTC) is changing hands above $105.5K, a slight correction from $107K, where it sat during the U.S. business day. Despite the geopolitical upheaval of the last few weeks – with the U.S. strike on Iran, an event that surprised both geopolitical scholars and Polymarket bettors – BTC has proven itself once again to be a resilient store of value. CoinDesk market data shows that the asset class has been fairly stable over the last month, up 1%. But thi...
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