Asia Morning Briefing: BTC Market Stress Reveals a New Crypto Order

Bitcoin's recent drop below $90,000 did not trigger the usual market correction behaviors, indicating a shift towards a fundamentals-driven market. Tokens with clear utility and institutional demand have maintained their value, unlike speculative assets facing pressure. Enflux, a market maker, highlighted that during deep BTC corrections, assets lacking revenue or utility have seen declines of 60 to 80 percent, contrasting with traditional alt seasons dependent on narratives and excess liquidity. Observations in the BTC market reveal stability among the top twenty cryptocurrencies despite Bitcoin's fluctuations, suggesting a more orderly market structure separating durable assets from speculative ones. Traditional markets saw mixed results, with Japan's Nikkei 225 rising 0.5% while other areas faced declines due to tech valuation concerns. Overall, the current market dynamics reflect a focus on fundamentals over speculative trading activities, raising questions about the sustainability of this trend.

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