Bitcoin Demand Cools While “Crypto Capital is Getting More Selective,” OKX’s Gracie Lin Warns

Good Morning, Asia. Here’s what’s making information within the markets:

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Bitcoin steadied in Asia Thursday at $114,610 (+1.4%), clawing again some floor after final week’s slide, whereas ether outpaced with a 5.8% leap to $4,370.73 as buyers rotated selectively throughout the market.

The CoinDesk 20, a measure of the efficiency of the biggest crypto belongings, is up 3.5%, buying and selling above 4,078.

OKX Singapore CEO Gracie Lin stated in a be aware to CoinDesk that the rising ETH/BTC ratio exhibits capital shifting into ether’s relative energy whereas Bitcoin consolidates.

“Crypto capital is getting more selective,” Lin informed CoinDesk.

She careworn that this is not a broad “altseason,” however a focused transfer into ETH as macro catalysts just like the Jackson Hole convention and U.S. inflation information loom.

Fresh figures from CryptoQuant underline why Bitcoin’s rally has cooled. Apparent demand has dropped from 174,000 BTC in July to 59,000 BTC immediately, whereas ETF inflows have slowed to their weakest since April,” the firm wrote in a recent report.

Profit-taking remains heavy, with whales realizing $2 billion in gains on Aug. 16 alone, bringing total realized profits since July to $74 billion. CryptoQuant analysts now classify the market as in a “bullish cooldown” phase, with $110,000 flagged as an important support level.

In a note to CoinDesk, analysts at Enflux, a Singapore-based market maker noted that retail enthusiasm for altseason has dropped sharply compared to last week, even as strategic bets like BNB hitting all-time highs and Hyperliquid’s operational strength continue to draw capital.

“This indicates that the altcoin market is no longer a uniform beta trade, as macro conviction is forming, but more selective and concentrated, also on the institutional side,” the firm said.

The result is a market less defined by broad rallies and more by selective winners, with ETH setting the tone as capital stays in crypto but moves with sharper focus, favoring resilience over speculation.

Market Movers

BTC: Bitcoin edged up 1.4% to just above $114,000 while U.S. stocks slipped, and altcoins showed unusual resilience as BTC dominance nears a six-month low.

ETH: Ether outperformed bitcoin, climbing 5.8% as traders rotated into majors despite slowing BTC demand.

Gold: UBS raised its gold price target to $3,600 per ounce in Q1 2026, citing the strongest bullion demand since 2011 driven by U.S. macro risks, de-dollarization, and heavy ETF and central bank buying.

S&P 500: The Nasdaq fell 0.68% and the S&P 500 slipped 0.26% Wednesday as investors rotated out of tech stocks into sectors like energy, healthcare, and consumer staples ahead of the Fed’s Jackson Hole symposium.

Elsewhere in Crypto

• Winklevoss Twins Heave $21M Toward Republicans in Next Year’s Congressional Battles (CoinDesk)
• Crypto corporations urge UK to type nationwide stablecoin technique to keep away from falling behind U.S. (CNBC)
• BitMEX Founder, Pardoned by Trump, Joins Longevity-Hacking Craze (Bloomberg)