Good Morning, Asia. Here is what’s making information within the markets:
Welcome to Asia Morning Briefing, a each day abstract of prime tales throughout U.S. hours and an summary of market strikes and evaluation. For an in depth overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
As Asia begins its Thursday enterprise day, ETH is buying and selling at $2,770.
ETH is up nearly 11% this month, in keeping with CoinDesk market information, outperforming BTC, which rose 5%.
A part of this might be due to institutional buying and selling demand, and the truth that it is overtaken BTC in derivatives markets as subtle buyers more and more wager on ETH’s structural progress and position as a gateway between decentralized finance (DeFi) and conventional finance (TradFi), OKX Chief Industrial Officer Lennix Lai instructed CoinDesk in an interview.
“Ethereum is overshadowing BTC on our perpetual futures market, with ETH accounting for 45.2% of trading volume over the past week. BTC, by comparison, sits at 38.1%,” Lai mentioned.
It is a comparable discovering to what’s occurring on Derebit, CoinDesk just lately reported.
That is to not say that establishments have taken a disinterest in BTC. Removed from it.
A current report from Glassnode reveals that regardless of BTC’s current volatility, establishments are fortunately shopping for up the dips.
Lengthy-term holders (LTHs) realized over $930 million in income per day throughout current rallies, Glassnode wrote, rivaling distribution ranges seen at earlier cycle peaks. But, as an alternative of triggering a cascade of promoting, the LTH provide truly grew.
“This dynamic highlights that maturation and accumulation pressures are outweighing distribution behavior,” Glassnode analysts wrote, noting that that is “highly atypical for late-stage bull markets.”
Neither, nonetheless, are resistant to geopolitical threat or black swan occasions just like the Trump-Musk blowout.
These episodes function reminders that sentiment can shift shortly, even in structurally robust markets. However beneath the surface-level volatility, institutional conviction stays intact. ETH is rising because the automobile of selection for accessing regulated DeFi, whereas BTC continues to learn from long-term accumulation by establishments through ETFs.
“Macro uncertainties remain, but $3,000 ETH looks increasingly likely,” Lai concluded.
Tron Continues to Win Stablecoin Influx
The stablecoin market simply hit an all-time excessive of $228 billion, up 17% year-to-date, in keeping with a brand new CryptoQuant report.
That surge in dollar-pegged liquidity, pushed by renewed investor confidence showcased by the blockbuster Circle IPO, rising DeFi yields, and bettering U.S. regulatory readability, is quietly redrawing the map of the place capital lives on-chain.
“The quantity of stablecoins on centralized exchanges has additionally reached report excessive ranges, supporting crypto buying and selling liquidity,” CryptoQuant reported.
CryptoQuant noted that the total value of ERC20 stablecoins on centralized exchanges has climbed to a record $50 billion.
Most of this growth in exchange stablecoin reserves has been a result of the increase in USDC reserves on exchanges, per their data, which have grown by 1.6x so far in 2025 to $8 billion.
As far as protocols that have been a net beneficiary of all of this, Tron leads the pack. Tron’s blend of fast finality and deep integrations with stablecoin issuers like Tether is credited with making it a liquidity magnet
Presto Research, which recently released a similarly themed report, wrote that it notched over $6 billion in net stablecoin inflows in May, topping all other chains and posting the second-highest number of daily active users behind Solana and was the top performer in native total value locked (TVL) growth.
By contrast, Ethereum and Solana bled capital, Presto’s data said.
Both chains experienced significant stablecoin outflows and bridge volume losses, indicating a lack of new yield opportunities or major protocol upgrades. Presto’s data confirms a broader trend: institutional and retail capital alike are rotating toward Base, Solana, and Tron.
The commonality? These chains offer faster execution, more dynamic ecosystems, and in some cases, bigger incentive programs
Agent Economies Are Coming, but They Need Crypto Rails to Work
The next generation of AI won’t just talk to us, it’ll talk to itself. As autonomous agents grow more capable, they’ll increasingly handle tasks end-to-end: booking flights, sourcing data, even commissioning other bots to complete subtasks. But there’s a problem: right now, these AI agents are trapped in silos and they need crypto to get them out.
In a recent a16z Crypto essay, Scott Duke Kominers, a Research Partner at a16z Crypto and a Faculty Affiliate at Harvard, argues that today’s agent-to-agent interactions are mostly hardcoded API calls or internal features within closed ecosystems.
There’s no shared infrastructure for agents to find each other, collaborate, or transact across systems. That’s where crypto comes in. Blockchains, with their open, composable architectures, offer a “forwards-compatible” way to build interoperable agent economies, a neutral substrate that can evolve alongside AI itself.
Early projects like Halliday are building protocol-level standards for cross-agent workflows, while firms like Catena and Skyfire are using crypto to enable autonomous agents to pay each other without a human being needed.
Coinbase has even stepped in to support infrastructure efforts here. If these rails take hold, blockchains won’t just be financial infrastructure; they’ll be the back-end of an open AI economy, where agents transact, coordinate, and enforce user intent transparently.
The message is clear: if AI agents are the future of productivity, crypto is the infrastructure that makes them play nice.
Web3 Gaming Wants Higher Video games to Develop
Gaming maintains its lead because the dominant class within the distributed app (dAPP) ecosystem, at the same time as its market share continues to slide, in keeping with a brand new report from DappRadar.
The newest information from DappRadar reveals gaming’s dominance fell for the second consecutive month, from 21% in April to 19.4% in Might.
Each day consumer exercise stays comparatively secure, hovering round 4.9 million distinctive energetic wallets, but the sharp decline in funding paints a extra troubling image: enterprise funding for gaming initiatives plummeted to only $9 million in Might, down sharply from over $220 million month-to-month on the finish of 2024.
“2025 thus far, has been a actuality examine for the gaming market. Varied initiatives that raised thousands and thousands within the earlier years, have now closed store. Amongst them, the hero shooter Nyan Heroes, the fantasy MMORPG Ember Sword, and social deduction sport The Thriller Society,” DappRadar analysts wrote in their report.
DappRadar analysts point to a fundamental flaw driving this exodus: a lack of engaging gameplay.
Projects frequently prioritized tokenomics, speculative NFT launches, and marketing blitzes, often sidelining critical gameplay testing and development.
Without fun and replayable mechanics at their core, even heavily funded Web3 games have struggled to maintain player interest, suggesting that the industry’s biggest challenge might simply be learning how to build great games.
And this narrative is nothing new: surveys have been saying this since 2022.
Market Movements:
- BTC: Bitcoin slid 2% after failing to carry the $110K degree, with worth testing key assist at $108.5K amid rising geopolitical tensions and blended sentiment, although robust institutional inflows through spot ETFs recommend underlying demand stays intact.
- ETH: ETH jumped 5% to interrupt previous $2,800 as $815M in institutional inflows poured into ETH ETFs, pushed by bullish technicals, report staking ranges, and recent SEC steerage clarifying staking and pockets software program fall exterior securities legal guidelines
- Gold: Gold rose 0.97% to $3,363 after U.S. inflation information confirmed cooling costs, boosting expectations that the Fed might resume fee cuts in September.
- Nikkei 225: Tokyo shares opened blended Thursday, as a stronger yen weighed on exporters whereas optimism over a possible U.S.-Japan commerce deal supported shopping for, with the Nikkei down 0.22% in early buying and selling.
- S&P 500: Tokyo shares opened blended Thursday, as a stronger yen weighed on exporters whereas optimism over a possible U.S.-Japan commerce deal supported shopping for, with the Nikkei down 0.22% in early buying and selling.
