Asia Morning Briefing: Bitcoin Trades at $109K as U.S. ETF Demand Fades

Bitcoin traded around $109,800 as reactions to Fed Chair Jerome Powell's recent comments lowered demand for BTC ETFs. U.S. investor interest in cryptocurrencies has significantly diminished, with spot bitcoin ETFs reporting notable outflows and institutional traders cashing in profits. Despite the launch of U.S. spot Solana ETFs, Solana's price dropped 8%, erasing its year-over-year gains. According to CryptoQuant data, U.S. ETF flows turned negative, and long-term holders are selling off their holdings, averaging 104,000 BTC per month. Additionally, BCH and other cryptocurrencies showed declines as broader market sentiment soured. The anticipation for upcoming Fed decisions influences trading as market participants seek clarity on the economic outlook and rate adjustments.

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