Asia Pacific Equity Research 27 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Property & Banks Vanke's bond extension - what are the implications? Jocelyn Gao (852) 2800-8529 jocelyn.gao@jpmorgan.com J.P. Morgan Securities (Asia Pacific ...

Market Overview - Bitcoin (BTC) is trading above $90,500, but this increase is accompanied by rising realized losses and weakening demand across the market [1][5] - Investors are exiting positions at a loss, indicating a potential exhaustion in the market rather than a recovery [2] - Large deposits are driving the latest BTC inflows to exchanges, with the average deposit value significantly increasing as whales sell their coins [3] On-Chain Analysis - The recent surge in deposits coincides with weakening liquidity conditions, raising concerns about the market's ability to absorb supply [4] - Realized losses have reached levels similar to previous cycle lows, and the short-term holder profit and loss ratio has collapsed, indicating a lack of buying momentum [5] Price Movements - Bitcoin is holding above the $90,000 level, but on-chain and derivatives data suggest the rebound lacks conviction and is vulnerable without stronger demand [6] - Ether (ETH) is trading near the $2,900 zone, with rising large-holder deposits and weak demand signals indicating a fragile rebound [6] - Gold has climbed above $4,170, driven by expectations for lower U.S. interest rates boosting demand for the metal [6] Stock Market Performance - Asia-Pacific stocks have risen, with Japan's Nikkei 225 up 1.42%, influenced by Wall Street's rebound on rising hopes for Fed rate cuts [7]

Bitcoin is clinging to $100,000 — but the pain might not be over yet. The top cryptocurrency is reeling from a cocktail of adverse conditions, causing it to slump to $99,000 yesterday as investors scramble for the door. But there’s a twist: the same liquidity stress dragging Bitcoin down could force the Federal Reserve to restart money printing earlier than expected — a scenario that would be “a significant tailwind for Bitcoin and crypto assets,” according to André Dragosch, European head of research at ...

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