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Asia Morning Briefing: BTC Slips Below $110K as ‘Signs of Fatigue’ Emerging

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.
Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.
The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.
A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.
A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”
Even so, QCP warned that recent macro developments had failed to spark directional conviction.
“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”
That context makes the current move all the more surprising.
Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research’s technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.
The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.
The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.
A ‘Massive Shift’ in Institutional Staking May Drive ETH’s Next Rally
Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.
“Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.»
There’s currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking
While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what’s interesting is that it originates predominantly from institutional investors.
«We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,» she noted.
Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both «massive» and «underappreciated.»
«I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,» Schmiedt said.
Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.
This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.
«EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,» Schmiedt added.
Ultimately, Schmiedt said, «I think we’ll see that a lot more [ETH] in institutional portfolios going forward.”
News Roundup
Trump Media May Be the Cheapest Bitcoin Play Among Public Stocks, NYDIG Says
Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported.
As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms.
While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.
By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold.
That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.
Circle Stock Nearly Quadruples Post-IPO as Bitwise and ProShares File Competing ETFs
Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported.
ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise.
CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year.
Market Movements:
- BTC: Bitcoin is trading at $109,795 after a 3.26% breakout fueled by institutional buying, elevated volume, and macro uncertainty from US-China trade talks and an upcoming $22B Treasury auction.
- ETH: Ethereum rebounded 4.46% from a low of $2,480 to close at $2,581, with strong buying volume confirming support at $2,580 and setting up a potential breakout above $2,590.
- Gold: Gold is trading at $3,314.45, edging up 0.08% as investors watch US-China trade talks in London and a subdued dollar keeps prices attractive.
- Nikkei 225: Asia-Pacific markets rose Tuesday, with Japan’s Nikkei 225 up 0.51%, as investors awaited updates from ongoing U.S.-China trade talks.
- S&P 500: The S&P 500 closed slightly higher Monday, boosted by Amazon and Alphabet, as investors monitored U.S.-China trade talks.
Elsewhere in Crypto
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Circle Valuation Is ‘Outside Our Comfort Zone,’ Initiate at Underweight: JPMorgan

Wall Street heavyweight JPMorgan (JPM) initiated coverage of stablecoin issuer Circle (CRCL) with an underweight rating and an underwhelming $80 price target.
The shares were trading 4.5% higher at around $189 at publication time.
Circle is well positioned, the bank said, and its USDC stablecoin has an «early-mover advantage,» with growing use cases in payments.
«We think highly of the Circle management team and are confident in the outlook for outsized stablecoin and USDC growth,» analysts led by Kenneth Worthington wrote.
Still, the analysts see the company’s market capitalization as elevated, and initiated coverage with an underweight rating. The stock priced at $31 a share in its initial public offering (IPO), and hit a record high of $299 last Monday.
Other Wall Street analysts were not as bearish. Broker Bernstein initiated coverage with an outperform rating and a $230 price target, saying Circle was an «investor must-hold.»
«CRCL is building a market-leading digital dollar stablecoin network, with a strong regulatory edge, liquidity headstart and marquee distribution partnerships,» analysts led by Gautam Chhugani wrote.
Bernstein is also bullish about the wider stablecoin market, and expects total market cap to reach around $4 trillion in the next decade from $225 billion today.
Rival broker Canaccord Genuity started coverage of Circle with a buy rating and a $247 price target.
The firm’s analysts view the issuer of USDC as «having many of the key attributes that could make it a long-term winner in this potentially very large and new market for truly digital money.»
Read more: Circle Mania Grips South Korea as Retail Investors Pile Into Stablecoin Play
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Popular Financial Advisor Ric Edelman Says Investors Should Allocate Up to 40% of Wealth to Crypto

Prominent financial advisor Ric Edelman says investors should consider putting as much as 40% of their wealth into cryptocurrency, a bold recommendation that reflects how far digital assets have come in recent years.
“Today I am saying 40%, that’s astonishing,” Edelman told CNBC’s Crypto World on Friday. “No one has ever said such a thing.”
Edelman, founder of the Digital Assets Council of Financial Professionals, has been active in crypto for over a decade. He first urged investors to allocate part of their portfolios to bitcoin BTC in 2018. In his 2021 book “The Truth About Crypto,” he described even a 1% crypto allocation as “reasonable” for most people.
Now, Edelman believes the case for crypto exposure is far stronger, pointing to what he called a “massive change” in the industry over the past four years. In particular, he highlighted growing political support for digital assets, especially following the election of U.S. President Donald Trump.
“Today, all those questions have been resolved,” Edelman said, referring to regulatory uncertainty and institutional hesitation. “It’s radically changed and is now a mainstream asset.”
Edelman’s firm, Edelman Financial Engines, manages nearly $300 billion in assets. Though traditionally known for retirement planning and wealth management, the firm’s growing attention to digital assets mirrors a broader trend among financial institutions embracing crypto as a legitimate asset class.
Even though Edelman described crypto as the “best investment opportunity of the decade,” he acknowledged that a 40% allocation may not suit everyone, suggesting a more conservative 10% for those with lower risk tolerance.
Edelman’s recommendation marks one of the most aggressive calls from a mainstream financial figure to date. Most financial advisors in the U.S. are currently recommending well under 5% to their clients.
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.
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BitMine Immersion Stock Triples as It Raises $250M for Ether Treasury, Adds Thomas Lee to Board

BitMine Immersion Technologies (BMNR) has secured $250 million via a private placement of common stock and will use the funds to launch an ether (ETH) treasury.
When the deal closes, expected July 3, the Las Vegas-based miner said it will rank among the largest publicly traded holders of ETH.
The financing, priced at $4.50 a share, brought together investors including Founders Fund, Pantera Capital, Kraken, Galaxy Digital and Republic. Cantor Fitzgerald advised lead investor MOZAYYX, while ThinkEquity placed the deal.
BitMine justified its choice of ether as a primary reserve asset saying Ethereum currently leads in stablecoin payments, tokenized assets, and decentralized financial applications.
“By having a direcT ETH treasury position, the company has access to native protocol-level activities, such as staking and decentralized finance mechanisms, on the Ethereum network,” the company wrote.
The move also reshapes BitMine’s leadership. Fundstrat founder Thomas Lee, long known on Wall Street for his crypto research and bullishness, was newly appointed Chairman of the Board of Directors.
Lee said the round reflects “the rapid and continued convergence of traditional financial services and crypto” and set a new key performance metric for the company: ether per share.
SharpLink Gaming (SBET) is one of the few other publicly traded companies creating and ether treasury, having recently boosted it to 188,478 ETH. Most other companies creating crypto treasuries focus on bitcoin (BTC).
BitMine’s shares have more than tripled in premarket action to nearly $14.
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