Asia Morning Briefing: BTC Tests Its Floor as Legacy Sellers Meet Macro Rotation
Bitcoin is testing support around $106,500 as market desks debate if weakness stems from macro rotation or profit-taking by long-term holders.Summary
Bitcoin is trading near $106,500 in Asia, continuing a slide that erased nearly 13% over the past month, while Ether is near $3,620. Market participants are divided on the cause of crypto's weakness: some desks, like Enflux, point to a 'rotation' of liquidity out of crypto and back into equity markets driven by AI and fintech bets. Conversely, QCP Capital argues the weakness is due to 'legacy holders' or 'OGs' taking profits after a long rally, evidenced by large BTC transfers to exchanges. Despite these differing views, both agree the consolidation phase is ongoing. However, BTC holding above the $100,000 threshold suggests structural resilience, even as it struggles against the liquidity narrative favoring global equities. Gold also stabilized above $4,000, influenced by potential shifts in Chinese gold tax rebate policies.
(Source：CoinDesk)