{"id":36889,"date":"2025-07-15T03:02:28","date_gmt":"2025-07-15T03:02:28","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=36889"},"modified":"2025-07-15T03:02:28","modified_gmt":"2025-07-15T03:02:28","slug":"asia-morning-briefing-u-s-loads-up-germany-cashes-out-as-btc-holds-near-119k","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=36889","title":{"rendered":"Asia Morning Briefing: U.S. Loads Up, Germany Cashes Out as BTC Holds Near $119K"},"content":{"rendered":"
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Good Morning, Asia. Here’s what’s making news in the markets:<\/strong><\/h2>\n

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.<\/a><\/em><\/p>\n

As bitcoin (BTC) trades near $119,500, having just recently broken through another all-time high of $120,000<\/a>, digital asset investment products<\/a> are also breaking records for inflows \u2013 but there’s a regional disparity.<\/p>\n

According to CoinShares, U.S.-listed funds dominated with $3.74 billion in inflows, while Germany saw $85.7 million in outflows, underscoring a growing divergence in global institutional sentiment.<\/p>\n

This robust institutional appetite in the U.S. is exemplified by Vanguard\u2019s evolving stance on crypto investments. Despite once branding bitcoin as an “immature asset class,” the $10 trillion asset manager is now Michael Saylor’s MicroStrategy (MSTR)’s largest shareholder, indirectly becoming the most significant Bitcoin holder in traditional finance, as Presto Research recently noted in a daily markets update.<\/a><\/p>\n

Meanwhile, QCP Capital highlights in a recent note that institutional enthusiasm remains notably robust, exemplified by over $2 billion net inflows into spot BTC ETFs last week.<\/p>\n

Yet, derivatives markets suggest a more nuanced approach. Leveraged long positions are expanding aggressively, with perpetual funding rates approaching an elevated 30% and open interest surpassing $43 billion, levels unseen since BTC reclaimed $100k in January. Such aggressive positioning raises caution flags, recalling February’s abrupt $2 billion liquidation event.<\/a><\/p>\n

\u201cFroth is building,\u201d QCP warns.<\/p>\n

\"(CoinDesk)\"<\/p>\n

BTC Continues to Outpace Luxury Watches<\/strong><\/h2>\n

Bitcoin (BTC) is up 27.87% year-to-date and 13.22% in the past month, easily outperforming the luxury watch market\u2019s modest +4.5% rebound in Q2, according to a recent report co-authored by Morgan Stanley and WatchCharts.<\/a><\/p>\n

Gains were concentrated in flagship models, Daytona, Nautilus, Royal Oak, while brands like Panerai, Breitling, and IWC underperformed. Inventory for watches under $5,000 remains historically elevated, and dealer turnover in that range continues to lag.<\/p>\n

\u201cPrice recovery remains narrow and concentrated,\u201d the report notes, driven by \u201crenewed interest from high-end collectors and improved global risk appetite.\u201d<\/p>\n

Both BTC and watches, it adds, tend to benefit from \u201cexpansionary monetary environments and periods of wealth creation.\u201d<\/p>\n

But the speculative capital isn\u2019t flowing evenly. Bitcoin has attracted more of the macro-driven bid, with institutional inflows and 24\/7 liquidity making it the preferred high-beta asset.<\/p>\n

The pandemic-era correlation between BTC and watches, both beneficiaries of easy money and speculative excess, broke down in late 2023<\/a> with the approval of U.S. spot bitcoin ETFs.<\/p>\n

BTC has since matured into a macro-sensitive, institutionally backed asset, while watches have returned to their roots: fashion.<\/p>\n

Market Movements:<\/strong><\/h2>\n

BTC: <\/strong>Bitcoin briefly approached $123,000 before cooling off, while crypto-related stocks held modest gains and analysts said the market remains far from euphoric, with one projecting BTC\u2019s $2.5 trillion market cap could eventually converge with gold\u2019s $22 trillion.<\/p>\n

ETH: <\/strong>ETH surged past $3,079 in early trading on strong volume before retreating in the afternoon to settle near $3,011, forming a textbook breakout-pullback pattern with support holding above the key $3,000 level.<\/p>\n

Gold: <\/strong>Gold slipped 0.1% after hitting a three-week high amid renewed tariff threats from President Trump and focus on trade talks and U.S. data, while silver surged to its highest level since September 2011.<\/p>\n

Nikkei 225: <\/strong>Asia-Pacific markets opened mixed Tuesday, with investors brushing off President Trump\u2019s tariff shifts and turning attention to upcoming Chinese economic data, while Japan\u2019s Nikkei 225 remained flat.<\/p>\n

S&P 500:<\/strong>RBC Capital Markets raised its 2025 S&P 500 target to 6,250 from 5,730, but unlike Goldman and BofA, it expects little upside from current levels, with the index already above 6,280 as of July 11.<\/p>\n

Elsewhere in Crypto<\/strong><\/h2>\n