Bitcoin falls after hitting new record high of $109,500: CNBC Crypto World
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an hour ago
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Asia Morning Briefing: SEC's In-Kind BTC, ETH ETF Redemption Shift Happened Years Ago in Hong Kong
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 Wednesday in the U.S., the Securities and Exchange Commission announced that investors are now allowed to do in-kind redemptions for bitcoin and ether exchange-traded funds (ETFs). The decision lets institutional traders create and redeem ETF shares directly in BTC or ETH, improving efficiency by avoiding fiat conversions. But in Hong Kong, this isn't anything new. In late 2023, during the early days of the regulatory process to bring crypto ETFs to the market (they launched in April 2024), the Securities and Futures Commission – the city's markets regulator – mentioned in a circular that in-kind redemptions would be allowed. Part of the reason why they were allowed was a technical one: ETF issuers were required to partner with licensed local crypto exchanges and use custody solutions. This wasn't the case in Ontario, Canada, which had crypto ETFs first, nor the U.S. In Hong Kong there wasn't the same debate about the status of Ether as a security as there was in the U.S. In contrast, U.S. regulators wrestled with concerns over custody, anti-money laundering risks, and potential market manipulation. While the SEC never explicitly banned in-kind redemptions, ETF sponsors were required to remove them from early filings. The Commission favored a cash-only approach as a cautious first step, citing untested operational processes and uncertainty over how to securely settle large crypto transfers. That stance wasn't without internal pushback. SEC Commissioner Mark Uyeda publicly criticized the agency's approach during the January 2024 approval of spot bitcoin ETFs. He pointed out that commodity-based ETFs, like those backed by gold, routinely use in-kind redemptions and questioned why crypto was being treated differently. Uyeda argued that the SEC failed to explain why it considered cash-only redemptions 'non-novel,' despite the clear deviation from standard ETF practice, and warned that the lack of reasoning set a troubling precedent. The episode highlights how Hong Kong's regulator moved with greater clarity and cohesion from the start as it brought these products to market. By enabling in-kind redemptions early on, and pairing them with strict licensing and custody requirements, the SFC avoided the internal contradictions and policy drift that defined the U.S. rollout. However, there's going to be one side effect from all of this: tracking flows. Crypto data aggregator SoSoValue, which provides daily flow updates for crypto ETFs, warns that "subscriptions of physical bitcoin do not generate cash inflows for the [ETFs], so they cannot be simply counted in daily net inflow statistics." They've tried to create methods and models to work around this, but say they have been unsuccessful so far. So unless ETF issuers in the U.S. publish daily flow in cash and crypto, tracking this metric is going to be an issue. And it's an important one to track, as it shows investor sentiment for the asset class. Market Movements BTC: Bitcoin is trading above $117,500 after a modest rebound, but momentum remains weak as ETF outflows persist, whales take profit near $118K, and macro headwinds, including a firm dollar and hawkish Fed expectations, continue to limit upside. ETH: ETH is trading above $3,700. "Ethereum has proven in parallel with BTC since its inception to be the second most battle-tested network, and very likely institutions now see Ether the token as a formidable asymmetric bet alongside bitcoin," said March Zheng, General Partner of Bizantine Capital, in a note to CoinDesk. Gold: Gold rebounded to $3,334 on Tuesday, snapping a four-day losing streak ahead of the Fed meeting, as traders priced in steady rates despite weak U.S. job data Nikkei 225: Asia-Pacific markets opened mixed as U.S. Commerce Secretary Howard Lutnick confirmed Trump's Friday tariff deadline will proceed as planned, with Japan's Nikkei 225 flat at the open. S&P 500: U.S. stocks closed lower Tuesday, with the S&P 500 ending a six-day record streak, as investors weighed earnings, economic data, and the upcoming Fed rate decision. Elsewhere in Crypto: Tornado Cash Developer Roman Storm Will Not Take the Stand, Lawyers Say (CoinDesk) Cornell Tech Professor Warns AI Agents And Crypto Spell Trouble (Bloomberg) Sen. Lummis introduces bill requiring Fannie Mae and Freddie Mac to consider crypto as an asset for mortgages (The Block)
Yahoo
2 hours ago
- Yahoo
Asia Morning Briefing: Bitcoin Drops to $115K as Third Major Profit-Taking, New Tariff Tensions Add Pressure
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 (BTC) is set to end the trading week in Asia down 2.3% on the day, changing hands above $115,300. A new round of global tariffs from the White House is dragging down markets in Asia, with the Nikkei 225 opening in the red along with Seoul's KOPSI. Bitcoin is also not immune to this, as historically digital assets also follow equity markets when the White House announces tariffs – though that has also begun to weaken. CoinGlass data shows around $260 million in long positions have been liquidated over the last 4 hours. BTC is struggling with tariff pressure and continued profit taking after a historic run past all-time highs. According to a new report by CryptoQuant, bitcoin just experienced its third major profit-taking wave of the 2023–2025 bull cycle, with $6–8 billion in realized gains recorded in late July. Like the previous phases, this wave was defined by large spikes in the Spent Output Profit Ratio (SOPR), particularly among short-term holders, and a significant 80,000 BTC sell-off by an OG whale on July 25. New whale cohorts, those who accumulated BTC within the last 155 days, were the dominant sellers, according to the data provider. Exchange inflows surged to 70,000 BTC in a single day after the OG whale sold off, a level that typically signals a strong intent to exit positions at peak prices. The selling wasn't limited to BTC: Ethereum-based whales holding WBTC, USDT, and USDC also realized up to $40 million in daily profits, further supporting the narrative of broad-based capital rotation. Historically, these profit-taking events have been followed by a two- to four-month period of consolidation before the next leg higher, CryptoQuant wrote. That pattern may be playing out again, with U.S. investor appetite waning. The Coinbase premium, an indicator that tracks price differences between Coinbase and other global exchanges, recently flipped negative, suggesting that American buyers are no longer paying a premium. Adding to the cautious tone is the return of macro risk. Trump's tariff escalation, including new measures that specifically target Canada, has rattled broader risk assets. Equities, bonds, and crypto alike saw declines amid fears of inflation and supply chain disruption. Without a clear macro catalyst or structural inflows, risk-taking remains selective and conviction light, added market maker Enflux in a note to CoinDesk. "Until BTC or ETH can post a clean reclaim of recent local highs, price action may stay choppy and rotation thematic rather than trend-driven," the market maker said. Market Movements: BTC: Bitcoin (BTC) is trading at $115,500, down 2.3% on the day, as renewed White House tariffs weigh on Asian markets; despite the drop, BTC remains range-bound. ETH: Ether (ETH) hovered near $3,800 on Thursday after surging over 50% in July—its best month since 2022—as bullish price targets circulated on social media, including a popular analyst projecting a breakout to $15K–$16K this cycle, backed by $5.3 billion in U.S. spot ETF inflows and strong institutional demand. Gold: Gold rose to $3,296 earlier Thursday before slipping to $3,287.39, down 0.38%, as dip-buying offset a firm U.S. dollar after the Fed held rates steady and Powell pushed back on a September cut amid strong jobs data and rising core PCE inflation. Nikkei 225: Asia-Pacific markets opened lower Friday, with Japan's Nikkei 225 down 0.65% and the broader Topix index trading flat S&P 500: S&P 500 futures slipped Thursday night as traders weighed Big Tech earnings and looked ahead to July's jobs report. Elsewhere in Crypto: Tyler Winklevoss has 'serious concerns' over Trump's pick to lead the CFTC, Brian Quintenz (The Block) Tether-Focused Blockchain Stable Raises $28M to Power Stablecoin Payments (CoinDesk) HKMA's strict stablecoin regime to shape Hong Kong's crypto future (SCMP) 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Yahoo
3 hours ago
- Yahoo
JPMorgan Boss Jamie Dimon Praises Stablecoins, Remains Bitcoin Skeptic
JP Morgan Chase CEO Jamie Dimon reaffirmed his belief in stablecoins on Thursday, but said that he still wasn't a fan of Bitcoin. Speaking with CNBC, billionaire banking boss Dimon said that stablecoins could be used in ways that fiat currency can't. "There are things that stablecoins maybe can do that your traditional cash can't," Dimon said, although he emphasized that the bank was looking to address client demand more than the bank's preferences. "It's what the customer wants," he said. "It's not what JP Morgan personally wants." Dimon's comments underscored his reservations about digital assets. Still, he expressed his belief in the potential usefulness of blockchain technology and his willingness to allow the banking giant to participate in the space. JP Morgan has introduced multiple cryptocurrency-focused initiatives in recent months. Earlier this week, JP Morgan announced a deal with America's largest crypto exchange, Coinbase, allowing customers to link their accounts to the platform and buy digital assets. Dimon has also recently praised stablecoins, a perspective he reiterated to CNBC. "I'm not against stablecoins," Dimon said. "I'm a believer in stablecoin, a believer in blockchain, not personally a believer in Bitcoin itself, but you're the customer—I don't like to tell customers what they can and can't do with their money." Stablecoins are digital tokens running on blockchains—like Ethereum or Solana—that are pegged to non-volatile assets, usually dollars. With a stable value, such cryptocurrencies were previously used by traders to enter and exit digital asset trades without the need for banks. But now, banks, major companies, including Meta and Amazon, and even U.S. states are all interested in issuing the tokens, which are supposed to accelerate payments leveraging blockchain technology. This month, U.S. President Donald Trump signed the GENIUS Act into law, establishing a framework for issuing and trading stablecoins in the U.S. JP Morgan Dives Deeper into Stablecoins Despite Jamie Dimon Doubts JP Morgan's Coinbase deal means that Chase customers will be able to directly link bank accounts to their cryptocurrency wallets from next year. The bank also said it will "seamlessly and securely convert their points into cryptocurrencies." Publicly-traded Coinbase is the biggest exchange in the U.S. and allows users to buy, sell, and bet on the future price of digital coins and tokens. It also has a deal with the U.S. government to take custody of confiscated crypto. In the past, Dimon had been unsparing in his comments on Bitcoin, calling it a "pet rock" and valuable only to criminals. The bank has used blockchain technology in its products, though. NYSE-listed JP Morgan's stock was down by a little over 1% Thursday. Coinbase—which trades on the Nasdaq—was up marginally, by less than 1%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
