Asia Morning Briefing: Michael Saylor’s BTC Buys Aren’t Making Up For Slowing Spot Demand, Say Analysts
Bitcoin (BTC) opened the Asian trading week at $109,000, reflecting a 0.8% weekly and 4.5% monthly increase. Despite significant institutional buying from Michael Saylor’s MicroStrategy (MSTR) and continued ETF inflows, BTC’s price remains below all-time highs. CryptoQuant attributes this to a decline in spot demand, reporting a 30-day contraction of -895,000 BTC. Furthermore, ETF and MSTR purchases have slowed considerably compared to December’s levels.
This lack of retail demand is evidenced by BTC’s low mempool transaction count, indicating limited spot market activity. SkyBridge Capital’s Anthony Scaramucci predicts a decline in the BTC treasury trend, although he remains bullish on Bitcoin itself. Conversely, Standard Chartered maintains a $200,000 price target for BTC.
Technically, BTC consolidated above $108,500 before a recent surge. Support currently rests around $108,200-$108,300. Ethereum (ETH) also saw gains, rallying to $2,558.63, supported by strong ETF inflows and whale accumulation, despite resistance near $2,600.
Gold prices surged 1.91% to $3,336.61, boosted by a weaker dollar, anticipated Federal Reserve rate cuts, tariff threats, and increased Chinese gold imports. The Nikkei 225 slipped 0.26% amidst continued uncertainty regarding US tariffs.
Other notable crypto news includes a decline in US recession odds on Polymarket, highlighting easing trade tensions. Ethereum’s growing role in Wall Street’s future is gaining attention, while Sweden’s police are intensifying efforts to seize criminal crypto profits. The overall market sentiment reveals a complex interplay between institutional investment, retail participation, and macroeconomic factors influencing Bitcoin’s price trajectory.
