Asia Market Open: Bitcoin Climbs Back From Sub-$90K Drop While Stocks Struggle For Traction

Good morning, Asia. Here’s what’s moving before the bell.

Bitcoin traded slightly higher in Asia on Wednesday after briefly sinking below $90,000 to a seven-month low, as traders tiptoed back into the market while a fragile risk mood kept a lid on conviction.

The token has now given up all of this year’s gains and sits about 26% below its October peak above $126,000. It was last up nearly 2.3% at $92,361, after dropping to $89,286.75.

Across the wider market, about $1.2 trillion in crypto value has evaporated over the past six weeks.

Market participants pointed to a mix of fading confidence in future US rate cuts and a broader risk-off tone after a long rally in global equities. Crypto, one of the purest expressions of risk appetite, has borne the brunt of that shift.

Market snapshot

ETF Outflows Deepen Pressure As Asia Struggles For Direction

US spot Bitcoin ETFs have also turned into a drag. Since Oct. 10, when equity markets slumped on worries over US-China tariff tensions, about $3.7b has exited US spot Bitcoin ETFs, Morningstar data shows, with $2.3b of that in November alone.

Those outflows have compounded selling pressure and reduced the depth of dip buying.

Asian stock markets offered little support. Investors in the region struggled for direction as a bout of nerves over stretched AI valuations kept them cautious ahead of earnings from chip giant Nvidia. The tech heavy Nasdaq fell 1.2% cent overnight, logging a second straight loss and leaving it more than 6% below a record set in late October.

In early Asian trade, S&P 500 and Nasdaq 100 futures hovered around flat. Japan’s Nikkei managed an unsteady 0.4% gain, while South Korea’s Kospi slipped 0.8%, reflecting the same reluctance to add risk that is weighing on Bitcoin.

Doubts are also growing over another US rate cut in December. Investors worry that President Donald Trump’s falling approval rating could spur more fiscal spending and potentially stoke inflation, a mix that would make aggressive easing less likely and keep financial conditions tight for longer.

Panic Signals Emerge With Fear Gauge Flashing Extreme Readings

In crypto, sentiment has flipped. The Fear and Greed index has moved into “extreme fear” territory.

Ignacio Aguirre, CMO at Bitget, said this level is a classic capitulation phase that often signals an impending market bottom, fostering opportunities for strategic accumulation and long-term growth in the crypto ecosystem.

He pointed to recent forced selling as evidence of that shakeout. “The $800 million in BTC liquidations underscores crypto’s sensitivity to leveraged positions, contrasting with the S&P 500’s modest pullback and resilience, which reflects a calibrated risk appetite where equities benefit from diversified economic stability while crypto navigates its unique volatility,” he said.

The firm argues that the combination of extreme sentiment and heavy liquidations is clearing out speculative excess, setting the stage for a rebuilding phase with cleaner positioning and, potentially, stronger institutional participation ahead.

Bitcoin’s Short-Term Tech Correlation May Fade, Analyst Says Opportunity Looms

Nic Puckrin, investment analyst and co founder of The Coin Bureau, said that “when tech sneezes, it’s natural to expect Bitcoin to catch a cold.” He tied the latest moves in Bitcoin to the wobble in high growth tech shares that have dominated this year’s equity rally.

“But it’s worth remembering that this correlation shifts, and BTC has a lot more going for it than its link to tech stocks. If and when the AI bubble does burst, Bitcoin’s role as a digital store of value will be able to shine. And then, BTC under $100,000 may well seem like a missed buying opportunity.”

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