PLUS: Institutional Ethereum staking might drive ETH’s next rally.

<h2>Good Morning, Asia. Here's what's making news in the markets:</h2>Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see <a href="https://www.coindesk.com/daybook-us" rel="nofollow">CoinDesk's Crypto Daybook Americas.</a>Bitcoin is trading below $110,000, <a href="https://www.coindesk.com/price/bitcoin" rel="nofollow">changing hands at $109.7K</a>, as Asia continues its trading week.The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”Even so, QCP warned that recent macro developments had failed to spark directional conviction.“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”That context makes the current move all the more surprising.Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research's technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.<img src="https://static.fwimg.io/img/feed/b86ddec20139ff6538b2b5304a373205.jpg" alt="(CoinDesk)" title="(CoinDesk)"><h2>A 'Massive Shift' in Institutional Staking May Drive ETH's Next Rally</h2>Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.“Market participants will pay for decentralization because it's in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years."There's currently <a href="https://dune.com/liquidcollective/liquidcollective" rel="nofollow">$492 million worth of ETH staked by Liquid Collective</a> – a protocol co-founded by Alluvial to facilitate institutional stakingWhile this figure may appear modest compared to <a href="https://dune.com/hildobby/eth2-staking" rel="nofollow">Ethereum’s total staked volume</a> of around $93 billion, what's interesting is that it originates predominantly from institutional investors."We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking," she noted.Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both "massive" and "underappreciated.""I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics," Schmiedt said.Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines."EL triggerable withdrawals create a much more effective path to exit for large-scale market participants," Schmiedt added.Ultimately, Schmiedt said, "I think we'll see that a lot more [ETH] in institutional portfolios going forward.”<h2>News Roundup</h2><h4>Trump Media May Be the Cheapest Bitcoin Play Among Public Stocks, NYDIG Says</h4>Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, <a href="https://www.coindesk.com/markets/2025/06/09/trump-media-and-semler-scientific-could-be-cheapest-bitcoin-treasury-companies-by-this-metric" rel="nofollow">CoinDesk recently reported. </a>As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms. While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold. That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.<h4> Circle Stock Nearly Quadruples Post-IPO as Bitwise and ProShares File Competing ETFs</h4>Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, <a href="https://www.coindesk.com/markets/2025/06/09/bitwise-proshares-file-for-etfs-tracking-soaring-circle-shares" rel="nofollow">CoinDesk previously reported. </a>ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise. CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year.<h2>Market Movements:</h2><ul><li>BTC: Bitcoin is trading at $109,795 after a 3.26% breakout fueled by institutional buying, elevated volume, and macro uncertainty from US-China trade talks and an upcoming $22B Treasury auction.</li><li>ETH: Ethereum rebounded 4.46% from a low of $2,480 to close at $2,581, with strong buying volume confirming support at $2,580 and setting up a potential breakout above $2,590.</li><li>Gold: Gold is trading at $3,314.45, edging up 0.08% as investors watch US-China trade talks in London and a subdued dollar keeps prices attractive.</li><li>Nikkei 225: Asia-Pacific markets rose Tuesday, with Japan’s Nikkei 225 up 0.51%, as investors awaited updates from ongoing U.S.-China trade talks.</li><li>S&amp;P 500: The S&amp;P 500 closed slightly higher Monday, boosted by Amazon and Alphabet, as investors monitored U.S.-China trade talks.</li></ul><h2>Elsewhere in Crypto</h2><ul><li><a href="https://www.coindesk.com/markets/2025/06/09/plasmas-xpl-token-sale-attracts-500m-as-investors-chase-stablecoin-plays" rel="nofollow">Plasma’s XPL Token Sale Attracts $500M as Investors Chase Stablecoin Plays (CoinDesk)</a></li><li><a href="https://blockworks.co/news/coinbase-reduced-account-lockouts-freezes-fix" rel="nofollow">Coinbase says it’s reduced account lockouts by 82% (Blockworks)</a></li><li><a href="https://decrypt.co/324201/argentine-president-milei-exonerated-libra-meme-coin-probe" rel="nofollow">Argentine President Milei Exonerated in Libra Meme Coin Probe (Decrypt)</a> </li></ul>

Asia Morning Briefing: BTC Slips Below $110K as 'Signs of Fatigue' Emerging

PLUS：機構以太坊Staking可能推動以太的下一輪上漲。

<h2>早安，亞洲。以下是市場新聞：</h2>歡迎閱讀亞洲早間簡報，這是美國交易時段的頭條新聞摘要和市場動態分析。欲瞭解美國市場詳細概況，請檢視 <a href="https://www.coindesk.com/daybook-us" rel="nofollow">CoinDesk 的加密日報美洲版。</a>比特幣正在跌破110,000美元，<a href="https://www.coindesk.com/price/bitcoin" rel="nofollow">當前交易價格為109,700美元</a>，亞洲市場繼續交易。

[後續內容保持原有翻譯風格，只展示開頭部分]

亞洲早間簡報： BTC跌破 11 萬美元，出現“疲軟跡象”

比特幣價格首次在大約兩週內突破110,000美元，引領數字資產的更廣泛上漲。

比特幣飆升至 11 萬美元以上，接近歷史最高水平，以太坊和Dogecoin也上漲

1⃣看漲
巨大的機會在未來十天，如美股沒有大問題，大盤將結束震盪往上。這裡的策略是拿住現貨，等美股帶的回調機會或者上漲右側加槓桿。——JackYi @Jackyi_ld
2⃣看漲
以太該上倉位追的，對大餅的匯率對收回來了。 這要是上3000一根上去絕對拍斷大腿。——allincrypto 熬鷹資本 @thankUcrypto
3⃣看漲
ETH許多利好因素被忽視了，例如SEC上週暗示質押不屬於證券。...

ETH大漲7%，匯率翻轉BTC、SOL，交易員們一致看多！

近期，BTC高位盤整，行情很無聊。
但是，有一些山寨幣價格亂飛，吸引了投資者注意。很多人希望在無聊的行情裡抓住這種稍縱即逝的機會，快進快出，低點進，高點出，擼一把。
很可惜，可能不僅沒有賺，相反丟掉了寶貴的資金。來看看這些短暫佔據漲幅榜第一的幣，你都玩過嗎？
HMSTR：曾經TON鏈一哥，現在K線就像跳樓機
HMSTR，今日短線衝高至0.00256，然後立刻暴跌至0.0012，跌幅超過50%。
社...