Asia Morning Briefing: August ETF Flows Show the Massive Scale of BTC to ETH Rotation

GOOD MORNING, ASIA. HERE'S WHAT'S MAKING NEWS IN THE MARKETS: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. August delivered a rare reversal in the ETF tide: Bitcoin spot funds shed $751 million in net outflows just weeks after powering the asset to a $124,000 all-time high, while Ethereum ETFs quietly absorbed $3.9 billion, according to market data. The divergence is striking because it marks the first time since both products launched that BTC ETFs have lost ground, while Ethereum ETFs have posted strong inflows in the same month, suggesting that institutional investors may be rebalancing their exposure. (SoSoValue) [https://cdn.sanity.io/images/s3y3vcno/production/0ab3f632b9dd8ce613f93275b29f5d18bb1b7ae7-779x766.png?auto=format] On-chain data underscores Bitcoin’s fragility. A recent report from Glassnode shows BTC slipping below the cost basis of 1- and 3-month holders, leaving short-term investors under water and raising the risk of deeper retracement. A sustained move beneath the six-month cost basis near $107,000 could accelerate losses toward the $93,000–$95,000 support zone, where a…