Asia Markets: BTC Demand Slows, and Investors Are Getting Pickier, Warns OKX Executive Gracie Lin

Bitcoin Stabilizes as Capital Rotates Into Ether and Select Altcoins

Bitcoin steadied during Thursday’s Asian session, inching up 1.4% to $114,610, while Ether posted a stronger 5.8% rebound to $4,370.73 as investors began reallocating into assets showing relative strength. The CoinDesk 20 Index advanced 3.5% to 4,078, signaling a more selective risk appetite in crypto markets.

OKX Singapore CEO Gracie Lin pointed to a rising ETH/BTC ratio as evidence that capital is rotating toward Ether amid macro uncertainty. “Capital is becoming more discerning,” Lin said, noting this isn’t a broad altcoin rally but rather a focused move ahead of major events like the Jackson Hole symposium and fresh U.S. inflation data.

CryptoQuant data shows a marked decline in BTC demand—dropping from 174,000 BTC in July to 59,000 BTC this week. ETF inflows have also slowed to their lowest levels since April. Meanwhile, on-chain data indicates whales realized $2 billion in profits on August 16 alone, with total realized gains since July reaching $74 billion.

Analysts now describe the market as in a “bullish cooldown,” with $110,000 identified as key support for BTC.

Market maker Enflux reported waning retail participation in altcoins despite capital inflows into select tokens like BNB, which recently hit a record high, and Hyperliquid, which continues to show operational strength.

“This isn’t the typical altseason,” Enflux said. “We’re seeing targeted, fundamentals-driven interest—particularly from institutions.”

Market Summary

BTC: Up 1.4% to $114,610, but demand and inflows continue to cool.
ETH: Gained 5.8%, outperforming BTC as macro positioning shifts toward majors.
Gold: UBS raised its Q1 2026 price forecast to $3,600/oz, citing macro stress, de-dollarization, and record ETF demand.
S&P 500: Nasdaq down 0.68%, S&P 500 down 0.26% as investors shift out of tech and into defensive sectors ahead of the Fed’s Jackson Hole meeting.