Asia Morning Briefing: Bitcoin Sets New Record With No Sell-Off in Sight

Bitcoin has shattered its previous all-time high, trading above $115,300 during the U.S. session and kicking off Asia’s trading day with strong momentum, according to CoinDesk market data.

While BTC has seen countless rallies before, new on-chain analysis suggests this one is different. Historically, sharp price gains have led to an uptick in selling. But data from CryptoQuant shows that this time, the market remains firmly in HODL mode.

“Bitcoin selling pressure remains low despite the price reaching a fresh all-time high of $112.2K yesterday,” CryptoQuant wrote in its latest report. “A declining amount of Bitcoin flowing into exchanges indicates less selling pressure from new capital flows.”

Daily BTC inflows to exchanges have plunged to around 18,000 BTC—the lowest level since April 2015.

This cautious approach isn’t limited to retail investors. Large holders—wallets sending 100 BTC or more—have also scaled back activity. Daily transfers of 100+ BTC to exchanges dropped from 62,000 BTC in November 2024 to just 7,000 BTC now, CryptoQuant noted.

Other major tokens show a similar trend. Ethereum (ETH) exchange inflows have shrunk dramatically from 1.57 million ETH in February to 584,000 currently. That coincides with an 87% rally for ETH since April.

XRP whales have also been notably quiet. Daily XRP inflows fell 85% from 1.1 billion in February to 169 million today.

Even smaller altcoins are seeing muted movement. Daily altcoin inflow transactions—a proxy for retail enthusiasm—are down to 21,000, compared with 120,000 during the market peaks of March and December 2024. CryptoQuant concludes this points to a “prevailing low-pressure environment.”

For now, the data signals that this isn’t a typical market top. Instead, it’s a breakout without an immediate rush to take profits.

In short: it’s still HODLing season.

Bitcoin Overtakes Google in Market Value

Bitcoin is now the world’s sixth-largest asset by market cap, trading around $115,595 with a valuation of $2.298 trillion. The crypto asset has surpassed Alphabet (Google) and is inching closer to Amazon’s $2.359 trillion market cap.

This milestone marks a return to territory BTC briefly touched in May, when it surpassed Amazon after hitting a record high of $109,400. Though prices consolidated afterward, renewed strength driven by macroeconomic factors and institutional interest has propelled bitcoin higher once again.

A key force behind this rally is the surge in spot bitcoin ETFs. After seeing net outflows exceeding $4.3 billion in February and March, the market rebounded in May with $5.23 billion in net inflows, followed by $4.6 billion in June and another $1.18 billion so far in July. Total net inflows now exceed $50 billion, according to SoSoValue.

With total assets under management in bitcoin ETFs approaching $140 billion, institutional demand is reshaping market dynamics rather than simply fueling a narrative. The next milestone? Overtaking Amazon and potentially closing in on giants like Apple ($3.17 trillion) and Microsoft ($3.72 trillion).

Market Snapshot

• Bitcoin (BTC): Soared past $116,000 on Thursday, setting a new all-time high and nearly doubling over the past year. Short liquidations hit $950 million, the largest single-day wipeout of bearish positions in 2025, per CoinGlass.
• Ethereum (ETH): Climbed to nearly $3,000, its highest price in over four months, fueled by strong ETF flows, growing tokenization use cases, and corporate treasury adoption.
• Gold: Dropped about 4% from its June 13 peak of $3,432.56, recently trading near $3,294.71. Some investors see the pullback as a buying opportunity amid forecasts for gold to hit $4,000 sooner than expected.
• Nikkei 225: Asia-Pacific markets traded mixed Friday after President Trump announced new 35% tariffs on Canadian goods and proposed broad 15–20% tariffs on most U.S. trading partners.
• S&P 500: U.S. equities closed at record highs Thursday, driven by gains in Nvidia and bitcoin, with the S&P 500 finishing at 6,280.46 and the Nasdaq recording its second consecutive all-time high, despite renewed tariff risks from President Trump.