Asia Morning Briefing: Cautious Calm Returns to BTC Markets as Traders Rebuild Risk
Asia Pacific Region | November 3, 2025 — The Vagabond News
Markets in the Asia-Pacific region are opening this Monday with a subdued but significant shift in the digital-asset space: Bitcoin (BTC) and other major cryptos are seeing a “cautious calm” return as traders quietly rebuild risk after a recent period of heightened volatility. According to a market wrap by CoinDesk, Bitcoin is holding just above US$110,000, while Ethereum (ETH) hovers around US$3,880. (coindesk.com)
Key Market Signals
- Traders and market-makers suggest that risk exposure remains light, but there is net buying in key leading assets: Bitcoin, plus selected tokens such as HYPE and SYRUP, which are supported by stronger cash-flow or buy-back narratives. (coindesk.com)
- At the same time, the derivatives markets show signs of a moderate cleanup of over-leveraged longs: about US$155 million in crypto derivatives were recently liquidated — with roughly US$97 million from long positions and US$58 million from shorts. (coindesk.com)
- Market‐makers note elevated “put-skew” (option demand leaning toward downside protection) and say many traders remain under-exposed, indicating the field is being cleared before a potential move. (coindesk.com)
Why the Calm, and What’s Holding Traders Back
Traders explain this phase of relative stability as follows:
- After weeks of up-and-down volatility — driven by macro policy signals, global equities, and big fund flows — crypto markets are taking a breather while participants assess: What’s next?
- In Asia, particularly, the open of the week sees lower flow volumes and cautious positioning as investors await macro cues from central banks, regulatory announcements, and global equity moves.
- Another factor: widespread consolidation. BTC and ETH are both down materially over the past 30 days (–10% for BTC, –14% for ETH per CoinDesk). Traders are reassessing strategy rather than chasing momentum. (coindesk.com)
What to Watch in Coming Days
- Catalysts: With risk appetite slowly returning, the market is waiting for a trigger — could come from ETF flows, regulatory moves (especially in the U.S./Asia), or surprise macro data.
- Volatility drift: Even in calm, the “drift” of volatility lower is expected. That can mean less dramatic price swings, but also fewer clear breakout signals. Market‐makers suggest option pricing reflects this expectation. (coindesk.com)
- Altcoin divergence: While Bitcoin enjoys relative strength, other segments—especially tokens tied to newer narratives or weaker fundamentals—may lag. Careful selection is becoming more important.
- Regional flows: Asia’s role in crypto volumes remains significant. Monitoring Seoul, Hong Kong and Singapore flows may provide early signals of renewed momentum or caution.
Bottom Line
For now, crypto markets are in a phase of “quiet rebuilding.” The rally urgency of earlier months has been replaced by a more measured stance: traders are watching, waiting, and preparing rather than jumping in. The fact that Bitcoin is holding its ground around US$110k suggests resilience—but the story of how risk is incrementally rebuilt may well dictate the next leg.
The Vagabond News | Asia Markets Desk
Sources: CoinDesk, Derivatives Data, Asian Regional Market Flows
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