Asia Morning Briefing: Fed Cut Brings Little Volatility as Bitcoin Waits for Japan
Bitcoin remained stable above $91,000 following the Fed's rate cut as seller exhaustion sets the stage for the Bank of Japan meeting.Summary
Bitcoin traded quietly above $91,000 as Asian markets opened, showing minimal reaction to the Federal Reserve's 25-basis-point rate cut. This stability is attributed to on-chain data from CryptoQuant, which indicates seller exhaustion, with whale deposits dropping sharply from November highs and short-term holders realizing significant losses, suggesting selling pressure is waning.
However, QCP cautions that this calm is not conviction, noting that ETF inflows are modest and derivatives positioning remains cautious. Attention is now focused on the Bank of Japan's (BOJ) upcoming meeting on December 19, where a 25-basis-point hike is widely expected due to rising long-end JGB yields. The market's next major move will depend on how the BOJ's decision impacts global risk appetite.
Market movements were muted, with BTC holding near $92,000 and ETH near $3,270. Gold rose slightly after the Fed's decision, while silver hit a record high driven by strong industrial demand.
(Source：CoinDesk)