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 traded near $89,000 as Hong Kong started another work week after giving back last week’s post-Fed rally, with FlowDesk saying in a recent note that demand faded quickly once the 25 bps cut landed and liquidity thinned into year-end.

BTC and ETH retraced midweek highs while altcoins remained under pressure, reinforcing a market defined by macro caution and a lack of follow-through rather than outright risk aversion.

That hesitation at the surface contrasts with steadier positioning beneath it. In a Telegram note, FlowDesk said leverage remains low, volatility muted, and capital is shifting toward short-dated yield as counterparties lock in longer-term funding at compressed rates, signaling a focus on balance sheet optimization rather than directional bets.

Meanwhile, Glassnode observes that the range-bound BTC price means digital asset treasury companies are once again buying bitcoin. A pause in DATs making purchases is often cited as a reason why bitcoin remained stagnant throughout the fall.

For now, that mix of cautious trading and quiet balance sheet accumulation leaves bitcoin stuck in a broad range, with rallies fading but downside also proving limited.

Until leverage returns or macro conditions force treasury buyers to accelerate, price action is likely to remain subdued even as ownership continues to shift toward longer-term holders.

Market Movement

BTC: Bitcoin hovered near $89,000 after giving back its post-Fed gains, with weak follow-through and low liquidity keeping price action range-bound.

ETH: Ether showed relative resilience, holding recent gains better than bitcoin as selective demand and lower selling pressure supported prices despite broader market caution.

Gold: Gold is holding near record highs around $4,300 per ounce as rate cuts, heavy global debt loads, and sustained central bank demand continue to underpin prices heading into year-end.

Nikkei 225: Asian markets opened lower as investors digested Wall Street’s pullback and adopted a cautious tone toward risk, with attention turning to China’s November activity data and Japan’s Tankan survey, which showed business sentiment among large manufacturers rising to a four-year high.