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.

Bitcoin is stuck in a holding pattern near $112,000, according to CoinDesk market data, but the bigger story onchain might be the divide emerging between how investors treat BTC and ETH heading into September. BTC is acting more like a macro hedge, while ETH is being positioned as the real vehicle for upside.

That split reflects a mix of policy uncertainty and shifting trader flows. In a recent note, QCP Capital wrote that doubts about the Fed’s independence are keeping term premiums elevated, a setup that weakens the d

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