Asia Morning Briefing: Bitcoin Trades at $109K as U.S. ETF Demand Fades and Powell’s Hawkish Tone Hits Risk Assets
Bitcoin trades near $109K as fading U.S. ETF demand and Fed Chair Powell's hawkish comments pressure risk assets.Summary
Bitcoin is trading around $109K as Asian markets open, influenced by Fed Chair Jerome Powell's remarks suggesting further rate cuts are not guaranteed, which has dampened sentiment for risk assets like BTC ETFs. U.S. spot Bitcoin ETFs saw a seven-day average outflow of 281 BTC, and ether inflows have nearly stopped, with Coinbase premiums and CME futures basis dropping, indicating profit-taking by institutional and retail traders. On-chain data shows long-term holders are distributing about 104,000 BTC monthly, with exchange transfers surging. The broader market suffered, with Solana falling 8% to $186 despite the launch of its first U.S. spot ETFs, further dampened by large on-chain transfers. Traders are now closely watching the Fed's next move, with expectations for a December rate cut significantly reduced following Powell's press conference.
(Source：CoinDesk)