Asian Session Brief: Bitcoin Flat Around $109,000, Market Eyes Next Trigger

Bitcoin Holds Steady as Traders Pivot to Large Caps and Memecoins

Bitcoin continues to trade in a tight range, with investors increasingly shifting their focus toward large-cap tokens and memecoins while mid-tier assets struggle for momentum.

During the start of Wednesday’s Asian trading session, Bitcoin (BTC) hovered around $108,912, remaining flat as the market waits for a fresh catalyst to push prices higher. The CoinDesk 20 Index, which tracks major digital assets, climbed 1.7% to trade above 3,100.

Analysts say that while Bitcoin’s price is resilient, the market lacks the conviction needed for a strong breakout above the key $110,000 mark.

Glassnode reports that spot trading volumes for BTC remain muted, ETF inflows have dropped from recent highs, and institutional traders are showing caution despite healthy unrealized gains, as seen in elevated ETF Market Value to Realized Value (MVRV) ratios.

Wintermute described the environment as a “barbell market,” where traders are drawn either to high-risk memecoins or to the safety of established large-cap assets.

Tokens that once fueled hype—like those in the AI and DePIN sectors—have lost steam, prompting traders to rotate capital into memecoins. Coins like DOGE, SHIB, and PEPE have each rallied over 8% in the past week. Meanwhile, investors continue to anchor themselves in major assets such as BTC and ETH for stability during uncertain times.

Although global equity markets have largely brushed aside geopolitical tensions, Bitcoin’s sideways action suggests crypto traders are holding back, waiting for clearer signals before making bigger moves. Until then, the market is likely to remain rangebound.

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Bitcoin VC Firm Raises $100M for Builders, Not Speculators

Bitcoin-focused venture firm Ego Death Capital has closed a $100 million second fund, committed to backing projects that treat Bitcoin as critical infrastructure rather than merely a speculative asset.

The fund aims to target Series A rounds of $3 million to $8 million for startups that leverage Bitcoin’s base layer or scaling solutions to solve practical challenges.

“We’re putting money into businesses that see Bitcoin as infrastructure to build on, not just a trade to profit from,” said Lyn Alden, general partner at Ego Death.

Ego’s portfolio already includes firms such as Relai, a self-custody Bitcoin app, and Roxom, a securities exchange built directly on the Bitcoin blockchain.

While many venture funds chase trends across multiple blockchains, Ego Death is keeping its focus on Bitcoin’s long-term dominance, which still stands above 60%. The firm’s pitch to investors is clear: ignore the hype and invest in solid infrastructure.

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Tornado Cash Developer Faces Trial as Judge Limits Evidence

A U.S. federal judge has ruled that previous sanctions against Tornado Cash, which were imposed in 2022 and later overturned, cannot be brought up during the criminal trial of developer Roman Storm.

Judge Katherine Polk Failla determined that references to those earlier sanctions would confuse the jury and distract from the legal issues at hand. Those sanctions, imposed by the Treasury’s OFAC, alleged Tornado Cash had been used by North Korea’s Lazarus Group, but were nullified earlier this year in Van Loon v. Treasury.

Storm is facing several charges tied to his role in developing Tornado Cash, a privacy protocol that obscures crypto transaction trails. Prosecutors claim he profited from the project through multimillion-dollar TORN token sales and luxury property purchases.

The judge also allowed evidence from fellow Tornado Cash developer Alexey Pertsev’s phone to be used at trial, rejecting Storm’s defense that the data was selectively gathered and unreliable.

While Storm can discuss his personal commitment to privacy and civil liberties, the court barred him from portraying his actions as protected under the First Amendment.

A final pre-trial conference is set for Friday, with the trial scheduled to start on June 14. The case could set significant precedents for how courts treat developers of open-source privacy software.

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Market Highlights

• BTC: Bitcoin stayed above $108,000 between July 7 and 8, finding resistance at $109,200 and support around $107,470. CoinDesk’s market analysis suggests institutional players remain confident despite some profit-taking late in the session.
• ETH: Ethereum rose 3% to $2,610 during the same period, driven by $515 million in coordinated weekend buying. Volumes surged nearly threefold, pushing prices past important resistance levels.
• Gold: Gold fell 1.2% to under $3,300 on Tuesday as traders weighed potential tariff delays and new trade negotiations, while waiting for insights from upcoming FOMC minutes.
• Nikkei 225: Asian markets traded mixed Wednesday. Japan’s Nikkei 225 slipped by 8.39 points (0.021%) after President Trump confirmed he would proceed with new tariffs on August 1, including a 50% duty on copper imports and the possibility of 200% pharmaceutical tariffs with an 18-month delay.
• S&P 500: The S&P 500 ended nearly unchanged on Tuesday as markets digested Trump’s tariff statements and awaited further economic data.

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