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Asia Morning Briefing: BTC Stalls at 105K as Analyst Says Market Looks ‘Overheated’

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 BTC is trading above $105K as Asia begins its business week. The world’s largest digital asset remained relatively stable over the weekend, with a 0.4% movement, and trading volume was compressed.
While overall market conditions remain bullish, a new report from CryptoQuant suggests that certain metrics indicate the BTC market is “overheating.”
The report shows bitcoin demand has climbed to 229,000 BTC over the past 30 days, approaching the December 2024 peak of 279,000 BTC. At the same time, whale-held balances have risen by 2.8 percent, a pace that often signals slowing accumulation.
These indicators suggest the current rally, which pushed prices to a record $112,000, may be nearing a short-term top.
The report highlights $120,000 as the next major resistance level, tied to the upper band of the Traders’ On-chain Realized Price, where unrealized profits would hit 40 percent, a threshold that has historically marked local tops.
While CryptoQuant’s «Bull Score Index» remains strong at 80, signaling continued bullish momentum, rising profit margins, and peaking demand growth suggest traders may face a period of consolidation before the next leg higher.
News Roundup:
James Wynn Gets Liquidated, But Says He’ll ‘Run it All Back’
James Wynn, a trader renowned for his aggressive, high-leverage bets on Hyperliquid, has been fully liquidated, leaving him with just $23 in his account after sustaining losses totaling more than $17 million, CoinDesk previously reported.
Wynn, who attracted significant attention with trades involving bitcoin, memecoins like PEPE, and even obscure tokens such as FARTCOIN, first faced steep declines from a massive $1.25 billion long position on BTC, resulting in a loss exceeding $37 million after prices dipped below $105,000 amid geopolitical turmoil.
Throughout the volatile month, Wynn rapidly cycled through trades, briefly netting an unrealized gain of $85 million before market swings wiped him out completely. An account associated with Wynn downplayed the dramatic liquidation, defiantly stating on X: «I’ll run it back, I always do. And I’ll enjoy doing it. I like playing the game. I took a large and calculated bet at making billions.»
Brazil’s Méliuz Shares Sink 8% After Announcing $78M Equity Raise to Buy Bitcoin
Brazilian fintech Méliuz plans to raise up to $78 million through a public equity offering, intending to allocate all proceeds to purchasing Bitcoin and positioning the cryptocurrency as a primary strategic asset in its treasury, CoinDesk previously reported.
However, Méliuz’s strategy hasn’t impressed the market yet, as shares dropped more than 8% following the announcement. The initial offering includes 17 million common shares, with the potential to expand up to 51 million, and investors will receive subscription warrants allowing future stock purchases at set prices.
Known for its cashback and financial services platform serving over 30 million users, Méliuz currently holds 320.2 BTC, having previously committed 10% of its cash reserves to Bitcoin in March. Trading for the subscription warrants is expected to commence on June 16, with share settlement and warrant issuance finalized by June 18.
NYC Comptroller Rejects Mayor Adams’ ‘BitBond’, Warns Deviating from Dollar Could Undermine City’s Credit Reputation
New York City’s Comptroller Brad Lander sharply criticized Mayor Eric Adams’ plan to issue municipal bonds backed by bitcoin, labeling the proposed «BitBond» as «legally dubious and fiscally irresponsible,» CoinDesk previously reported.
Lander rejected the idea just days after Adams introduced it at a bitcoin conference in Las Vegas, emphasizing that cryptocurrency’s instability makes it unsuitable to reliably fund critical city projects such as infrastructure and affordable housing.
Mayor Adams has actively promoted cryptocurrency initiatives since entering office, including converting his own paychecks into digital assets and establishing a digital asset advisory council.
However, Comptroller Lander highlighted serious practical concerns with the BitBond proposal, noting federal tax laws and city financial regulations would make the proposal unworkable, and warned that deviating from the dollar-based municipal borrowing system could undermine investor confidence and New York City’s credit reputation.
Market Movements:
- BTC: Bitcoin showed resilience, staging a V-shaped recovery between $103,813.37 and $105,305.75 amid notable volume spikes.
- ETH: Ethereum formed a bullish reversal pattern, rebounding from strong support at $2,472.84 to $2,527.53 amid high-volume buying momentum, according to CoinDesk’s Market Insight Bot.
- Gold: Gold climbed 0.6% to $3,311.66, as traders weighed its recent retreat from record highs against ongoing investor and central bank appetite driven by uncertainty over US tariffs and broader economic risks.
- Nikkei 225: Japan’s Nikkei 225 dropped 0.89% as Asia-Pacific markets traded mixed following Trump’s announcement of increased steel tariffs.
- S&P 500 Futures: Stock futures dipped Sunday to start June after the S&P 500’s strongest month since November 2023, amid uncertainty over President Trump’s tariffs following recent contradictory court rulings.
Elsewhere in Crypto:
- Wintermute warns Pectra upgrade leaves Ethereum users at risk of automated attacks (The Block)
- Here’s What’s at Stake for Crypto in South Korea’s Upcoming Election (Decrypt)
- JPMorgan’s Jamie Dimon Says U.S. Should Stockpile Missiles, Not Bitcoin (CoinDesk)
- IMF Raised Concerns Over Pakistan’s Plan to Allocate 2,000MW of Electricity for Bitcoin Mining (Local Report)
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ATOM Surges 5% Before Forming Bearish Head-and-Shoulders Pattern

Geopolitical tensions and evolving trade policies continue to shape cryptocurrency markets as stablecoin giant Circle prepares for its landmark NYSE listing.
The company behind USDC has increased both share count and price range, signaling strong institutional confidence in the stablecoin sector despite ongoing regulatory uncertainty.
Meanwhile, industry associations have issued a joint statement urging lawmakers to maintain focus on creating comprehensive stablecoin oversight without getting sidetracked by peripheral issues.
ATOM has showed mixed signals to the news, rising by 5% before forming a bearish pattern known as a head-and-shoulders pattern.
Technical Analysis Highlights
- ATOM-USD demonstrated significant bullish momentum over 24 hours, surging from $4.307 to $4.532, representing a 5.22% range.
- Price action formed a clear uptrend with higher lows and higher highs between 20:00-01:00, breaking through key resistance at $4.42 with above-average volume (689K-1055K).
- Strong support established at $4.43-$4.44 following the breakout.
- In the last hour, ATOM-USD formed a head-and-shoulders pattern with decreasing volume on rebounds, suggesting weakening bullish momentum.
- Support at $4.44 was tested multiple times but ultimately failed to hold, indicating potential further downside if bearish momentum continues.
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Litecoin Breaks $90 Barrier as Traders Watch for Sustained Momentum

Litecoin LTC edged higher, climbing 2.1% in the last 24 hours and breaking through the $90 resistance level. The move came as global markets grappled with rising geopolitical friction and a shifting macroeconomic outlook.
LTC briefly pierced the psychologically significant $90 threshold during early trading hours. While prices retreated slightly, the overall trend remains bullish, buoyed by a pattern of higher lows.
The broader context added to the rally’s momentum. President Trump’s latest round of tariffs rattled the wider market, adding fresh uncertainty to the near future.
At the same time, inflation in the eurozone dropped below the European Central Bank’s target, leading to growing bets on a new rate cut in the near future. That could spark renewed appetite for risk assets.
Technical Analysis Overview
- From a technical perspective, Litecoin has shown solid footing, according to CoinDesk Research’s technical analysis data model.
- A strong support zone formed around $87.90, with volume spikes during key trading windows. Traders noted a double top pattern near $89.60 and a selloff that briefly pushed prices to $89.20 before buyers regained control.
- The session closed with price consolidation near $89.32, a sign the market is still digesting recent moves.
- If support levels hold, Litecoin could see renewed attempts to challenge and maintain levels above $90 in the coming days.
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Agri-Tech Firm Dimitra Partners With MANTRA to Bring Cacao, Carbon Credits onto the Blockchain

Dimitra, a blockchain-based agricultural technology company, has partnered with Layer 1 blockchain platform MANTRA to bring real-world agricultural assets on-chain.
Jon Trask, Dimitra’s founder CEO, told CoinDesk at Bitcoin 2025 in Las Vegas last week that the partnership aims to eventually bring a billion dollars worth of agricultural assets, starting with cacao in Brazil and carbon credits in Mexico, onto MANTRA’s blockchain.
Trask added that the two pilot projects with MANTRA are currently small in scale — in Brazil, only 25 of the 374 cocoa farmers in Brazil’s so-called “cocoa pole” in the southern region of Roraima are currently signed up to participate — but could be expanded “indefinitely” with enough investor interest.
Through the partnership, MANTRA holders will be able to invest directly in smallholder farmers, providing funding for a variety of regenerative agricultural projects in a way that is made traceable and verifiable by the blockchain. Trask estimated that investors could see between a 10-30% return on their investments annually, which he clarified was a a projected range based on preliminary modeling — with agriculture comes risks like pests and drought which could impact yield, he added.
Trask said that Dimitra is still in the process of integrating the two pilot programs with MANTRA, but expects that holders of MANTRA’s native OM token will be able to invest in the projects within the next couple of months.
Dimitra’s announcement comes a month after MANTRA took a beating. Its OM token plummeted 90% in a flash-crash in April. Since the crash, OM has hovered around $0.34 — a far cry from its height of $8.47 in February.
Asked why Dimitra went forward on a partnership with MANTRA following the fallout, Trask said that the deal pre-dated the crash, but admitted it initially gave him pause.
“We made the deal many months ago,” Trask told CoinDesk. “Then they had their crash, and we all took a pause to reassess to ensure we were making the best decisions for the long-term benefit of the community and projects amid a time of volatility.”
But ultimately Trask decided to move forward with the partnership, telling CoinDesk that, when the dust settled, he still found the fundamental reasons for the partnership to hold true: MANTRA had a strong team, he said, the real-world asset (RWA) development was sound, and he was impressed by their virtual asset service provider (VASP) license, granted by Dubai’s Virtual Asset Regulatory Authority (VARA), which it obtained earlier this year.
MANTRA has done a number of RWA tokenization projects in the Middle East, including tokenizing $500 million worth of real estate in the United Arab Emirates (UAE) for a Dubai-based real estate group.
“Tokenizing agriculture isn’t just about innovation, it’s about finding solutions to real-world issues long associated with food supply — at scale — and for long-term impact,” said John Patrick Mullin, CEO of MANTRA, in a press release shared with CoinDesk. “Dimitra is solving real-world problems, with a focus on traceability and transparency — and we’re proud to help bring those to a wider audience. MANTRA Chain was built to support projects like these.”
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