BTC Rally Loses Steam at $105K Amid Fears of Overheated Market

Asia Morning Briefing: Market Analysis and News

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis.

Bitcoin (BTC) Market Update

Bitcoin (BTC) is trading above $105K as Asia begins its business week. The world’s largest digital asset remained relatively stable over the weekend, with a 0.4% movement, and trading volume was compressed. While overall market conditions remain bullish, a new report from CryptoQuant suggests that certain metrics indicate the BTC market is “overheating.”

The report shows bitcoin demand has climbed to 229,000 BTC over the past 30 days, approaching the December 2024 peak of 279,000 BTC. At the same time, whale-held balances have risen by 2.8 percent, a pace that often signals slowing accumulation. These indicators suggest the current rally, which pushed prices to a record $112,000, may be nearing a short-term top.

Market News and Updates

James Wynn, a trader renowned for his aggressive, high-leverage bets on Hyperliquid, has been fully liquidated, leaving him with just $23 in his account after sustaining losses totaling more than $17 million. Wynn, who attracted significant attention with trades involving bitcoin, memecoins like PEPE, and even obscure tokens such as FARTCOIN, first faced steep declines from a massive $1.25 billion long position on BTC, resulting in a loss exceeding $37 million after prices dipped below $105,000 amid geopolitical turmoil.

Brazilian fintech Méliuz plans to raise up to $78 million through a public equity offering, intending to allocate all proceeds to purchasing Bitcoin (BTC) and positioning the cryptocurrency as a primary strategic asset in its treasury. However, Méliuz’s strategy hasn’t impressed the market yet, as shares dropped more than 8% following the announcement.

New York City Comptroller Rejects ‘BitBond’ Proposal

New York City’s Comptroller Brad Lander sharply criticized Mayor Eric Adams’ plan to issue municipal bonds backed by bitcoin, labeling the prop
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image source: https://www.coindesk.com/markets/2025/06/01/asia-morning-briefing-btc-stalls-at-105k-as-analyst-says-market-looks-overheated
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