Asia Morning Briefing: Bitcoin Steadies Around 90k With Liquidity Drained and a Fed Cut Fully Priced In

Bitcoin is hovering around $90,000 following volatile weekend swings that highlighted thin year-end liquidity, with perpetual open interest for BTC and ETH dropping significantly since October, weakening the market's ability to absorb directional trades. Traders have already priced in this week's expected 25 basis point Fed cut, anticipating a shallow easing path rather than an aggressive cycle, which keeps BTC range-bound. Market direction is now expected to hinge on surprises in the Fed's guidance and the widening divergence in policy signals across major central banks (BOE, ECB, BOJ), rather than the rate decision itself. The recent clearing of leveraged positions has improved market structure, allowing prices room to move based on global capital adjusting to these uneven macro signals.

(Source：CoinDesk)