Asia Morning Briefing: Bitcoin Drifts Near $89K as Traders Step Back and Balance Sheets Step In

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Asia Morning Briefing: Bitcoin Drifts Near $89K as Traders Step Back and Balance Sheets Step In FlowDesk sees fading post-Fed demand and low leverage, while Glassnode data show digital asset treasuries quietly resuming bitcoin accumulation in a range-bound market. By Sam Reynolds | Edited by Aoyon Ashraf Dec 15, 2025, 2:28 a.m. What to know : Bitcoin traded near $89,000 as liquidity thinned and demand faded following a recent Fed rate cut. Market caution persists with BTC and ETH retracing gains, while altcoins remain under pressure. Gold maintains near-record highs due to rate cuts and central bank demand, while Asian markets opened lower amid cautious investor sentiment. Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. Bitcoin traded near $89,000 as Hong Kong started another work week after giving back last week’s post-Fed rally , with FlowDesk saying in a recent note that demand faded quickly once the 25 bps cut landed and liquidity thinned into year-end. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . BTC and ETH retraced midweek highs while altcoins remained under pressure, reinforcing a market defined by macro caution and a lack of follow-through rather than outright risk aversion. That hesitation at the surface contrasts with steadier positioning beneath it. In a Telegram note, FlowDesk said leverage remains low, volatility muted, and capital is shifting toward short-dated yield as counterparties lock in longer-term funding at compressed rates, signaling a focus on balance sheet optimization rather than directional bets. Meanwhile, Glassnode observes that the range-bound BTC price means digital asset treasury companies are once again buying bitcoin. A pause in DATs making purchases is often cited as a reason why bitcoin remained stagnant throughout the fall. For now, that mix of cautious trading and quiet balance sheet accumulation leaves bitcoin stuck in a broad range, with rallies fading but downside also proving limited. Until leverage returns or macro conditions force treasury buyers to accelerate, price action is likely to remain subdued even as ownership continues to shift toward longer-term holders. Market Movement BTC: Bitcoin hovered near $89,000 after giving back its post-Fed gains, with weak follow-through and low liquidity keeping price action range-bound. ETH: Ether showed relative resilience, holding recent gains better than bitcoin as selective demand and lower selling pressure supported prices despite broader market caution. Gold: Gold is holding near record highs around $4,300 per ounce as rate cuts, heavy global debt loads, and sustained central bank demand continue to underpin prices heading into year-end. Nikkei 225: Asian markets opened lower as investors digested Wall Street’s pullback and adopted a cautious tone toward risk, with attention turning to China’s November activity data and Japan’s Tankan survey, which showed business sentiment among large manufacturers rising to a four-year high. btc Bitcoin News ETH More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts By Helene Braun , AI Boost | Edited by Cheyenne Ligon 11 hours ago Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report. What to know : Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity. Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said. Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds. 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