by Good Morning, Asia! Welcome to your daily Asia Morning Briefing, where we bring you the hottest news impacting the cryptocurrency market during U.S. trading hours. Today, we have thrilling updates as Bitcoin (BTC) has surged past its all-time high, currently trading at approximately $115,300 according to CoinDesk market data. This remarkable milestone not only reflects the strength of Bitcoin but also raises intriguing questions about the current market dynamics.
Bitcoin Breaks All-Time High with Unprecedented HODLing Season
Bitcoin has seen numerous rallies over its storied history, yet on-chain data indicates that this time might be different. Typically, a rapid price appreciation in BTC is accompanied by increased selling pressure; however, recent findings from CryptoQuant reveal a significant drop in sell pressure. The report notes, “Bitcoin selling pressure remains low despite the price reaching a fresh all-time high of $112.2K yesterday.”
One of the most compelling indicators is the decline in Bitcoin flowing into exchanges. Daily inflows have plummeted to just 18,000 BTC, marking the lowest level since April 2015. This trend indicates that both retail and large holders are opting to HODL rather than sell. Large wallets, defined as those holding 100 BTC or more, have also significantly reduced their selling activity, dropping from 62,000 BTC on November 26, 2024, to just 7,000 BTC today.
Trends in Other Major Cryptocurrencies
The market dynamics are not unique to Bitcoin. Other major cryptocurrencies are reflecting similar trends. Ethereum (ETH) has seen a reduction in exchange inflows from 1.57 million ETH in February to only 584,000 ETH recently, coinciding with an impressive 87% rally since April. XRP whales have also adopted a wait-and-see approach, with daily inflows plummeting 85% from 1.1 billion XRP in February to just 169 million XRP today. This consistent behavior across various cryptocurrencies reflects a broader low-pressure environment.
Bitcoin’s Market Capitalization Surpasses Google
Bitcoin has now ascended to become the sixth most valuable asset globally, trading at around $115,595 with a market capitalization of $2.298 trillion. This achievement has seen it surpass Alphabet (Google) and inch closer to Amazon’s valuation of $2.359 trillion. This milestone is reminiscent of May when Bitcoin briefly surpassed Amazon’s market cap, achieving a valuation of $2.16 trillion.
The recent resurgence in Bitcoin’s price can be attributed to several macroeconomic tailwinds and increased institutional demand, notably through spot Bitcoin ETFs. Following substantial net outflows in February and March totaling over $4.3 billion, the market has rebounded spectacularly. May recorded net inflows of $5.23 billion, followed by $4.6 billion in June and $1.18 billion so far in July. With total ETF net assets approaching $140 billion, institutional presence is reshaping the market structure.
Market Movements: A Quick Overview
- BTC: Bitcoin recently surged past $116,000, marking a new all-time high and nearly doubling in value over the past year. This surge triggered approximately $950 million in short liquidations, the largest single-day wipeout of bearish positions in 2025, according to CoinGlass.
- ETH: Ethereum (ETH) reached nearly $3,000, its highest price in over four months, driven by strong ETF inflows and growing adoption in tokenization.
- Gold: Gold has seen a modest pullback, down about 4% from its June high of $3,432.56, recently trading around $3,294.71. Some investors view this as a buying opportunity amid forecasts that the metal could climb to $4,000 sooner than expected.
- Nikkei 225: Asia-Pacific markets traded mixed following President Trump’s announcement of 35% tariffs on Canada and potential tariffs on most U.S. trade partners.
- S&P 500: U.S. stocks closed at record highs, with the S&P 500 hitting 6,280.46 and the Nasdaq logging consecutive all-time highs despite renewed tariff threats.
Conclusion: What Lies Ahead for Bitcoin and the Crypto Market?
As Bitcoin continues to break records and demonstrate resilience amid low selling pressure, the cryptocurrency market is at a fascinating crossroads. Institutional interest, combined with a significant HODLing trend, suggests that the current rally may not be a typical cycle peak but rather a sustained breakout. Investors and enthusiasts alike are eagerly watching to see if Bitcoin can flip Amazon and approach the valuations of tech giants like Apple and Microsoft.
For those looking to get involved in this thrilling market, whether buying Bitcoin, Ethereum, or others, be sure to stay informed with the latest developments and market trends.
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Bitcoin has surged past all-time highs with unprecedented low sell pressure, marking a pivotal moment in the cryptocurrency market. Discover the latest updates and market dynamics shaping Bitcoin’s rise in our Asia Morning Briefing.
