Asia Morning Report: Bitcoin hovers around $89,000, traders are on the sidelines, and balance sheets are quietly intervening! Demand quickly cooled after the Fed's rate cut, and liquidity is becoming increasingly scarce as the year-end approaches. Bitcoin has given back some gains, stabilizing in the $89,000 range. Ethereum shows relative resilience, holding onto recent gains, but altcoins are generally under pressure, with market sentiment being cautiously macro-driven. The report indicates: low leverage, suppressed volatility, with capital favoring short-term gains + long-term locking, prioritizing balance sheet optimization over directional bets. On-chain data shows that during the range-bound period, digital asset treasury firms are resuming Bitcoin accumulation—autumn stagnation reasons have eased. Low leverage + long-term holders transferring ownership, price is weak in the short term but downside potential is limited. A rebound requires a return of leverage or macro catalysts. Market overview: BTC: around the $89K range, weak follow-up + low liquidity; ETH: limited demand but lower selling pressure, relatively stable; Gold: near $4,300 historical high, supported by rate cuts + central bank demand; Nikkei 225: opened lower, investors are cautious, focusing on China's November data + the Japanese Tankan survey (manufacturing confidence at a four-year high). End-of-year fluctuations may continue; risk control first! What do you think?
