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 around $110,300 Tuesday morning Hong Kong time as Asia starts its business day, with ETH changing hands at $3,970. CoinDesk data shows that the market is relatively flat as the week continues.

The stabilization comes after a sharp correction that pushed BTC as low as $104,000 last week. In a recent market note, Glassnode described the move as a “flush, not a failure,” arguing that leverage has been unwound, protection bought, and positions cleaned up.

The firm said futures open interest and funding rates have fallen sharply, ETF flows have turned neutral, and on-chain profit metrics show traders realizing losses rather than capitulating entirely, a sign of defensive normalization rather than structural breakdown.

Market maker Enflux sees a similar dynamic playing out in capital formation. In a note to CoinDesk, it highlighted Blockchain.com’s planned U.S. SPAC listing with Cohen & Co. as a “full-circle moment” for crypto exchanges re-entering public markets.

Meanwhile, Tom Lee’s Bitmine allocating $800 million toward buying more ETH was read as an “infrastructure-scale commitment” showing that institutional money continues to accumulate under the surface, even as retail speculation fades.

Both Glassnode and Enflux agree the market has entered a reset phase defined by caution but underpinned by real capital engagement. Glassnode’s data implies that the speculative layer has been flushed; Enflux’s view is that long-term capital is quietly rebuilding the foundation.

Gold’s continued strength above $4,000 an ounce, Enflux added, shows that digital assets now coexist with traditional hedges rather than compete against them, reflecting a portfolio shift toward diversification, not abandonment.

BTC: Despite deep fear readings in the crypto market, Arca said Bitcoin’s recent selloff was a healthy reset rather than a breakdown, pointing to rising exchange volumes, improving liquidity, and easing macro pressures as signs of structural recovery.

ETH: ETH continues to rally after more buys from Tom Lee, but analysts are concerned about its dropping chain fees. DeFiLlama data shows that in the last 24 hours, Ethereum generated less chain fees than Solana and BNB.

Gold: Gold surged 2.9% to a record $4,380.89 an ounce as investors bought the dip amid renewed U.S.-China trade uncertainty, expectations of a Fed rate cut, and market tension over whether Beijing and Washington might reach a trade deal.

Nikkei 225: Japan’s Nikkei 225 rose over 1% to a record high of 49,739.76, lifted by Wall Street gains and optimism ahead of a parliamentary vote expected to confirm Sanae Takaichi as Japan’s next prime minister.

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