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 (BTC) is set to end the trading week in Asia down 2.3% on the day, changing hands above $115,300. A new round of global tariffs from the White House is dragging down markets in Asia, with the Nikkei 225 opening in the red along with Seoul's KOPSI. Bitcoin is also not immune to this, as historically digital assets also follow equity markets when the White House announces tariffs – though that has also begun to weaken. CoinGlass data shows around $260 million in long positions have been liquidated over the last 4 hours. BTC is struggling with tariff pressure and continued profit taking after a historic run past all-time highs. According to a new report by CryptoQuant, bitcoin just experienced its third major profit-taking wave of the 2023–2025 bull cycle, with $6–8 billion in realized gains recorded in late July. Like the previous phases, this wave was defined by large spikes in the Spent Output Profit Ratio (SOPR), particularly among short-term holders, and a significant 80,000 BTC sell-off by an OG whale on July 25. New whale cohorts, those who accumulated BTC within the last 155 days, were the dominant sellers, according to the data provider. Exchange inflows surged to 70,000 BTC in a single day after the OG whale sold off, a level that typically signals a strong intent to exit positions at peak prices. The selling wasn’t limited to BTC: Ethereum-based whales holding WBTC, USDT, and USDC also realized up to $40 million in daily profits, further supporting the narrative of broad-based capital rotation. Historically, these profit-taking events have been followed by a two- to four-month period of consolidation before the next leg higher, CryptoQuant wrote. That pattern may be playing out again, with U.S. investor appetite waning. The Coinbase premium, an indicator that tracks price differences between Coinbase and other global exchanges, recently flipped negative, suggesting that American buyers are no longer paying a premium. Adding to the cautious tone is the return of macro risk. Trump’s tariff escalation, including new measures that specifically target Canada , has rattled broader risk assets. Equities, bonds, and crypto alike saw declines amid fears of inflation and supply chain disruption. Without a clear macro catalyst or structural inflows, risk-taking remains selective and conviction light, added market maker Enflux in a note to CoinDesk. "Until BTC or ETH can post a clean reclaim of recent local highs, price action may stay choppy and rotation thematic rather than trend-driven," the market maker said. Market Movements: BTC : Bitcoin (BTC) is trading at $115,500, down 2.3% on the day, as renewed White House tariffs weigh on Asian markets; despite the drop, BTC remains range-bound. ETH: Ether (ETH) hovered near $3,800 on Thursday after surging over 50% in July—its best month since 2022—as bullish price targets circulated on social media, including a popular analyst projecting a breakout to $15K–$16K this cycle, backed by $5.3 billion in U.S. spot ETF inflows and strong institutional demand. Gold: Gold rose to $3,296 earlier Thursday before slipping to $3,287.39, down 0.38%, as dip-buying offset a firm U.S. dollar after the Fed held rates steady and Powell pushed back on a September cut amid strong jobs data and rising core PCE inflation. Nikkei 225: Asia-Pacific markets opened lower Friday, with Japan’s Nikkei 225 down 0.65% and the broader Topix index trading flat S&P 500: S&P 500 futures slipped Thursday night as traders weighed Big Tech earnings and looked ahead to July’s jobs report. Elsewhere in Crypto: Tyler Winklevoss has ‘serious concerns’ over Trump’s pick to lead the CFTC, Brian Quintenz (The Block) Tether-Focused Blockchain Stable Raises $28M to Power Stablecoin Payments (CoinDesk) HKMA’s strict stablecoin regime to shape Hong Kong’s crypto future (SCMP)
