Asia Morning Update: BTC Stays Near $89K Amid Cautious Traders and Stabilizing Balance Sheets

Asia Morning Briefing: Bitcoin Near $89K as Traders Hold Back and Treasuries Accumulate

Good morning, Asia. Here’s today’s market snapshot. For a detailed U.S. overview, see CoinDesk’s Crypto Daybook Americas.

Bitcoin hovered near $89,000 as Hong Kong started the week, retracing last week’s post-Fed rally. FlowDesk noted that demand quickly faded after the Fed’s 25-basis-point cut, with liquidity thinning into year-end. BTC and ETH gave back midweek highs, while altcoins remained under pressure, highlighting a cautious market defined more by macro uncertainty than outright risk aversion.

Behind the surface, positioning remains steady. FlowDesk reported that leverage is low, volatility muted, and capital is shifting toward short-dated yield as counterparties lock in longer-term funding at compressed rates—signaling balance sheet management over directional bets.

Meanwhile, Glassnode observes that digital asset treasuries are quietly resuming bitcoin accumulation. Earlier pauses in treasury buying contributed to BTC’s sideways action, and current accumulation suggests a shift toward longer-term holders.

This mix of cautious trading and quiet accumulation keeps bitcoin range-bound, with rallies fading but downside limited. Price action is likely to remain subdued until leverage returns or macro conditions accelerate treasury activity.

Market Highlights

BTC: Hovered near $89,000, range-bound with low liquidity.
ETH: Held recent gains better than BTC amid selective demand.
Gold: Near record highs around $4,300 per ounce, supported by rate cuts and central bank demand.
Nikkei 225: Opened lower as investors digested Wall Street’s pullback; focus on China’s November activity data and Japan’s Tankan survey, which showed large manufacturer sentiment at a four-year high.