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.

As Asia begins a new trading week, ETH is trading close to $2500, up 11% in the seven days, according to CoinDesk market data, outperforming BTC.

Market observers have attributed ETH’s outperformance versus bitcoin and other major cryptocurrencies to a string of bullish headlines in the past few weeks. Stablecoins have regulatory clarity thanks to the GENIUS Act – and Ethereum is home to the most stablecoin deposits; ETH exchange-traded funds (ETFs) continue to see sizable flow.

Technical analysis by CoinDesk’s analyst Omkar Godbole indicates a potential bullish case is forming on-chain, with traders increasingly viewing $ 3,000 ETH as a possibility in the near future.

But behind the scenes, something more fundamental is happening.

Ethereum’s validator architecture, the backbone of its proof-of-stake security model, is undergoing a quiet transformation that could cement ETH’s role as Wall Street’s favorite programmable asset.

At the center of that shift is distributed validator technology, or DVT, a system that allows Ethereum validators to be split across multiple operators and machines, making them far more resilient, secure, and decentralized. Obol Labs is one of the leading teams behind the technology.

“Ethereum is coming back in favor because it’s the most secure and battle-tested blockchain,” said Anthony Bertolino, head of ecosystem at Obol Labs. “And security comes from validators. The most advanced and secure ones now are distributed validators.”

Obol’s technology eliminates a long-standing problem in Ethereum staking: single points of failure. Traditional validators rely on a single node to propose and attest to blocks.

If that node goes offline or is misconfigured, the validator is penalized, or slashed in Ethereum parlance. Obol’s system uses threshold cryptography and an “active-active” architecture so that even if some nodes fail, the validator keeps running without interruption.

This upgrade is not just a technical improvement. It is an institutional requirement. As Ethereum sees inflows from ETFs, funds, and structured finance products, staking infrastructure needs to meet the standards of traditional capital allocators.

Blockdaemon, for instance, recently announced that it is integrating Obol’s distributed validator technology into its staking infrastructure. Blockdaemon is a $100 billion name for institutional crypto.

“Historically, institutions had to choose between performance and security,” Bertolino said. “Now they get both.”

Momentum is building fast. Lido, Ethereum’s largest staking protocol with $22 billion in total value locked, is preparing to approve distributed validator use across its “Curated Set” — the collection of professional node operators who manage over 30 percent of all staked ETH.

A new governance proposal would allow these operators to use either Obol or SSV in intra-operator setups, and eventually expand usage across thousands of validators.

This move builds on the success of Lido’s Simple DVT Module, which has already deployed over 9,600 DVT-powered validators with a 97.5 percent effectiveness score, outperforming the network average.

“These clusters are already showing better uptime, higher effectiveness, and similar yields to conventional setups,” Bertolino said. “This is the infrastructure shift that makes Ethereum staking enterprise-grade.”

For Ethereum, the implications go beyond validator design. DVT mitigates one of the network’s core criticisms, that its staking layer is increasingly centralized, and helps fulfill the vision of Ethereum to be neutral, distributed infrastructure.

«Institutions are thinking about two things. How do I secure the assets, and how do I generate attractive yield? Historically, you had to choose one. DVT gives you both,” Bertolino said.

And Wall Street continues to pay attention.

News Recap: Short COIN, Long BTC as Coinbase Nears Overvaluation, Says 10x Research

Coinbase shares have surged 84% in the past two months, far outpacing bitcoin’s 14% gain and raising red flags about overvaluation, according to 10x Research, covered late last week by CoinDesk.

In a Friday note, Head of Research Markus Thielen recommended a short COIN/long BTC trade, arguing that Coinbase’s fundamentals—mainly trading volumes—don’t justify the rally. “While Coinbase hasn’t quite breached the +30% overvaluation threshold, it’s approaching fast,” Thielen wrote, suggesting options strategies or pair trades to exploit the potential reversal.

10x’s model finds 75% of COIN’s price action is tied to bitcoin’s price and volumes, meaning recent gains likely reflect excessive speculation. The report notes other bullish catalysts, including Circle’s IPO and U.S. stablecoin legislation, are likely priced in, while Korean investor momentum is fading. “This rare deviation suggests Coinbase’s valuation is extended and vulnerable to mean reversion,” Thielen said, warning that COIN could soon follow other overheated crypto stocks lower.

Market Movements:

• BTC: Bitcoin is trading above $108K as Asia opens its trading week, but analyst Michaël van de Poppe says it must break $109K resistance to sustain momentum, with the rally fueled more by leveraged futures than spot demand.
• ETH: Ethereum broke above $2,440 with strong volume support, signaling bullish momentum amid new U.S. stock market highs, improving global liquidity, and easing geopolitical tensions.
• Gold: Gold is trading at $3,248.26, down slightly, as Australia cuts its commodity export earnings forecast due to weak iron ore and gas prices despite surging gold.
• Nikkei 225: Nikkei 225 futures are trending higher with an expectation that the White House will reach trade deals with Japan and other export-heavy Asian economies.

Elsewhere in Crypto:

• Bitcoin Alkanes: The Next Big BTC Innovation After Ordinals and Runes? (Decrypt)
• Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market (CoinDesk)
• Vitalik Buterin Warns Worldcoin May Still Pose Risks Despite Zero-Knowledge Protections (Vitalik Buterin blog)

Bitcoin (BTC) BTC traded at $107,937 as of 22:22 UTC on Sunday, up 0.54% over the past 24 hours, as attention turned to fiscal policy tensions in Washington following President Trump’s latest post on Truth Social.

Price action remained volatile, with BTC fluctuating between $107,194 and $108,489 during the 24-hour window, according to CoinDesk Research’s technical analysis model.

On June 29, 2025, President Donald Trump posted a pointed message on Truth Social addressing Republican lawmakers amid intense debate over his sweeping tax-and-spending package. “For all cost cutting Republicans, of which I am one, REMEMBER, you still have to get reelected. Don’t go too crazy! We will make it all up, times 10, with GROWTH, more than ever before,” he wrote. This statement underscores the deep divisions within the GOP as it wrestles with the ambitious legislation dubbed the “One Big Beautiful Bill.”

The bill, exceeding 900 pages, combines roughly $3.8 trillion in tax cuts with targeted spending reductions and increased funding for defense and border security. It seeks to make permanent many of the tax breaks from Trump’s 2017 Tax Cuts and Jobs Act, including eliminating taxes on tips, overtime pay, and certain auto loans. The child tax credit would rise to $2,200 under the Senate version, while deductions for seniors would increase temporarily. However, to offset these tax cuts, Republicans propose significant cuts to Medicaid and nutrition programs, sparking fierce debate within the party.

Moderate Republicans from high-tax states are pushing for a higher cap on state and local tax deductions (SALT), while conservatives demand deeper spending cuts, particularly targeting Medicaid. These internal disagreements complicate efforts to secure the narrow Republican majorities needed in both chambers to pass the bill, which Democrats uniformly oppose as favoring the wealthy and worsening inequality.

Trump’s social media message reflects an attempt to balance these competing pressures — urging fiscal restraint to satisfy conservatives while emphasizing that robust economic growth will compensate for revenue losses and help reduce deficits over time. This supply-side economic approach projects that growth will “make it all up” despite near-term increases in the national debt, which nonpartisan analysts estimate could add trillions to the existing $36.2 trillion debt.

Crypto analyst Will Clemente’s reaction on X (formerly Twitter) shortly after Trump’s post captures a common market sentiment: “How can you read this and hold long term US treasuries at current yields lol… Also, how can you read this and not hold any Bitcoin or gold.” Clemente’s skepticism toward long-term U.S. Treasuries reflects concerns that the bill’s deficit-financed tax cuts and modest spending cuts signal a loose fiscal policy that could fuel inflation and currency debasement.

In this context, traditional fixed-income assets like Treasuries may appear less attractive, as rising deficits and potential monetary accommodation threaten bond values. Conversely, hard assets such as gold and Bitcoin are increasingly viewed as stores of value and hedges against inflation and fiscal risk. The expectation of sustained deficits and political challenges to fiscal discipline bolster demand for these inflation-resistant assets.

With the Senate racing to finalize the bill before the July 4 holiday, Trump’s call for unity and moderation highlights the high stakes and political challenges in passing one of the most consequential fiscal packages in recent U.S. history. The bill’s fate remains uncertain as lawmakers negotiate to balance tax relief, spending cuts, and political feasibility.

Technical Analysis Highlights

• From June 28 15:00 to June 29 14:00 UTC, BTC traded from $107,194 to $108,489, a 1.21% intraday range.
• Support was established at $107,300, with multiple rebounds during the 02:00–03:00 window.
• Volume peaked at 7,538 BTC between 08:00 and 11:00 UTC on June 29, confirming upward momentum.
• During the final session hour (13:05–14:04 UTC), BTC fell from $108,219 to $108,059, forming a descending channel.
• A 130 BTC volume spike at 13:35 coincided with a sharp dip to $108,030, which was tested and held.
• Final intraday rally pushed price back toward $108K before fading slightly by 22:22 UTC to $107,937.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

BNB BNB traded in a narrow range on Sunday, reflecting resilience amid low volatility as the BNB Chain community gears up for a significant infrastructure upgrade, according to CoinDesk Research’s technical analysis model.

The Maxwell hard fork upgrade scheduled for June 30 is poised to enhance the performance of the BNB Smart Chain (BSC) mainnet by cutting block times from 1.5 seconds to 0.75 seconds—doubling the chain’s throughput potential.

This upgrade builds on earlier milestones like the Lorentz fork, which reduced block time from 3 seconds and introduced enhanced network stability. Maxwell moves BSC into sub-second block speeds, helping it compete more directly with faster chains such as Solana.

The hard fork will be powered by three protocol improvement proposals: BEP-524, BEP-563 and BEP-564. These measures overhaul key components of validator coordination and consensus mechanics. Notably, validators will now serve longer block proposal turns (16 blocks per turn), and the epoch length is being extended from 500 to 1,000 blocks — changes expected to stabilize performance even under accelerated conditions.

To avoid network congestion and excessive state growth, the per-block gas limit will be halved from 70 million to 35 million. Improvements on the networking side are also expected, with faster block propagation among validators — within 400 milliseconds —and improved range synchronization for lagging nodes.

Named after physicist James Clerk Maxwell, the upgrade is designed to balance speed with stability, aiming to elevate BNB Chain’s standing across DeFi, GameFi, and enterprise blockchain sectors. By delivering more responsive block finality and smoother validator participation, the Maxwell hard fork could help drive future adoption and developer growth across the ecosystem.

Technical Analysis Highlights

• Between June 28 15:00 UTC and June 29 14:00 UTC, BNB climbed from $646.29 to $650.25, a 0.61% gain with a $5.75 (0.89%) trading range.
• The price found key support at $647.11 during the 02:00 UTC hour on June 29, with above-average volume of 10,034 units.
• Resistance emerged at $651.30 during the 12:00 UTC hour, capping further gains.Notable volume spikes at 07:00 and 09:00 UTC (18,696 and 22,494 units, respectively) confirmed persistent buyer interest above $648.
• From 13:05 to 14:04 UTC on June 29, BNB dipped slightly from $650.85 to $650.25, posting a 0.09% intraday loss.
• Price briefly hit a session peak of $651.07 at 13:23 UTC before rejecting lower, with a volume spike of 957.81 units at 13:25 UTC.
• As of 21:24 UTC, BNB traded at $648.37, paring earlier gains and holding below resistance near the $651 level.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.