Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift. By Sam Reynolds | Edited by Aoyon Ashraf Jan 26, 2026, 2:11 a.m. Make us preferred on Google What to know : Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar. Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000. Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone. 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. Gold’s breakout above $5,000 is beginning to look less like a spike and more like a regime shift, even as bitcoin drifts sideways, trading around $87,000 in the early hours of Hong Kong trading, in a low conviction market that continues to struggle with internal supply dynamics. 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 . Onchain indicators suggest the divergence reflects market structure rather than sentiment alone. In its latest report, CryptoQuant says bitcoin holders have started selling at a loss for the first time since October 2023, with older buyers exiting positions and newer holders stepping in, a pattern that typically marks a market moving into consolidation rather than acceleration. Glassnode says the market is being held back by supply, with rallies repeatedly running into sellers near the prices where recent buyers originally bought in. Options and prediction markets reinforce that view: the market is pricing gold’s strength as persistent while fading expectations for a near-term resurgence in bitcoin rally. Glassnode writes that the price continues to stall below key short-term holder cost bases near $98,000, with a dense supply overhang above $100,000 – meaning there are enough sellers at higher levels to cap rallies and make a sustained move above $100k difficult in the near term. Recent rallies have drawn out breakeven sellers and loss-driven exits from investors who accumulated during the 2025 highs, reinforcing overhead resistance and keeping upside fragile. Market mechanics reinforce that diagnosis. Futures volumes remain compressed, leverage deployment is subdued, and recent price movements have occurred in thin liquidity rather than alongside expanding participation. On Polymarket , traders are assigning higher odds to gold holding above $5,500 through mid-year, while increasingly betting that bitcoin sees further consolidation before any renewed upside. For now, gold is absorbing macro stress, while bitcoin remains in digestion mode , working through internal supply rather than responding to external catalysts. Market Movement BTC: Bitcoin is trading around $87,000, struggling to gain traction as overhead supply, thin participation, and subdued leverage keep rallies vulnerable to renewed distribution. ETH: Ether is underperforming bitcoin, with price action reflecting weak demand, muted derivatives participation, and little sign that investors are rotating meaningfully back into higher beta crypto assets. Gold: Gold surged to a fresh record above $5,000 an ounce as investors piled into the metal amid rising geopolitical flashpoints, sustained central bank buying, and a weaker U.S. dollar, reinforcing its role as a durable hedge against global risk. Nikkei 225: Japan’s Nikkei slid as Asia-Pacific markets traded mixed amid rising geopolitical uncertainty, with a stronger yen weighing on Japanese stocks while other regional benchmarks moved unevenly. Elsewhere in Crypto The big U.S. crypto bill is on the move. Here is what it means for everyday users ( CoinDesk ) Ethereum Foundation forms post-quantum security team, adds $1 million research prize ( The Block ) Gold Bitcoin News btc More For You KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market By CoinDesk Research Dec 22, 2025 Commissioned by KuCoin KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market. What to know : KuCoin recorded over $1.25 trillion in total trading volume in 2025 , equivalent to an average of roughly $114 billion per month , marking its strongest year on record. This performance translated into an all-time high share of centralised exchange volume , as KuCoin’s activity expanded faster than aggregate CEX volumes , which slowed during periods of lower market volatility. Spot and derivatives volumes were evenly split , each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line. Altcoins accounted for the majority of trading activity , reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover. Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity , indicating structurally higher user engagement rather than short-lived volume spikes. 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