Bitcoin Falls as Largest Corporate Buyer Strategy Turns Net Seller — Market Talk

0354 GMT - Bitcoin declines 0.2% in early Asian trading to $61,966.47. Strategy, the world's largest corporate holder of bitcoin, has become a net seller of the cryptocurrency, as it increasingly needs to generate cash to service dividend payments and other obligations, Crypto Finance's Matteo Bottacini says. "Periodic bitcoin sales may gradually become a feature of the structure rather than an exception," he adds. Bottacini sees fewer natural buyers compared with previous cycles amid continued bitcoin ETF outflows. From a technical perspective, bitcoin remains rangebound, with support at around $58,000 and resistance at $62,000-$64,000. The broader price structure of lower highs and lower lows signals a period of consolidation to come, Crypto Finance says. ([email protected])0322 GMT - Singapore's GDP growth is likely to pick up in 2026 and 2027, the Asian Development Bank says in a report. The city-state's 1Q growth expanded 6.0% on year, supported by broad-based growth across sectors. The manufacturing sector is expected to remain resilient, with improving PMI readings and business sentiment. ADB raises its 2026 and 2027 growth forecast for Singapore to 3.2% and 2.4% from its previous projections of 3.0% and 2.3%, respectively. The bank raised its 2026 growth forecast for Singapore as it reflects stronger-than-expected 1Q growth and sustained demand for artificial intelligence-enabled semiconductors.([email protected])0316 GMT - Bank of Korea Gov. Shin Hyun Song says the central bank sees the need to tighten monetary policy as strong semiconductor-led growth continues to support the economy. Speaking at a parliamentary committee meeting Thursday, Shin says it is necessary to raise interest rates "at an appropriate time in the future," and that the timing of any increase will depend on the extent of inflationary pressures, the pace of the economic recovery and financial stability conditions. Shin expects consumer inflation to remain above its target as stronger demand stemming from the economic recovery offsets downward pressure from lower global oil prices. The Bank of Korea's next policy meeting is scheduled for July 16. ([email protected])0248 GMT - The Singapore dollar consolidates against its U.S. counterpart in the Asia session on possible position adjustments. However, the greenback may be "supported by risk-off sentiment stemming from escalating Middle East tensions and hawkish FOMC minutes," say analysts of CIMB's Treasury and Markets Research in a research report. "U.S.-Iran hostilities escalated as the U.S. launched a second night of strikes," they note. The U.S. dollar is little changed at 1.2930 Singapore dollars, according to LSEG data. ([email protected])0226 GMT - Australian property auction activity remains depressed and it's far more than just the southern hemisphere winter that's eroding sales. Higher interest rates and investment tax changes have undermined confidence. At 46.0%, the current weighted average auction clearance rate is 21.9 percentage points below the 67.9% of the same week in 2025, according to property research group Cotality. Capital city clearance rates have now held below 50% for a sixth consecutive week. ([email protected]; X @JamesGlynnWSJ)0212 GMT - The end of the ceasefire in the Middle East dims the outlook for developing economies in Asia, says Albert Park, chief economist at the Asian Development Bank. A renewed escalation of the conflict will raise energy prices, drive up risk premia, intensify inflationary pressures and prolong supply chain disruptions across the region, which is heavily reliant on imported oil and gas from the Middle East, he says. As evidenced by the immediate market reactions that followed the news, escalation or persistent uncertainty will likely tighten global financial conditions as investors re-price risk, widening spreads and strengthening the dollar, thereby raising imported inflation. This will adversely affect the growth outlook for developing Asia as it will raise debt-servicing costs, while denting investment and domestic demand, Park says. ([email protected])0210 GMT - Taiwan's export growth likely stayed strong in June, pulling back only slightly as global appetite for AI-related goods remained robust. A WSJ poll of seven economists forecasts that outbound shipments rose 50% on the year last month, a touch cooler than the 51.7% expansion set in May. Economists expect the trade figures to underline the continued momentum of the AI boom, which has sparked explosive demand for chips, servers and other products. Taiwan's dominance in the AI supply chain has been a major boon for its economy, spurring GDP higher and helping offset the tariff and geopolitical headwinds that have dragged on other regional economies. Another strong exports print could prompt more upgrades of GDP growth views. Trade data is due later in the day. ([email protected])0143 GMT - Indonesia's central bank is expected to keep its benchmark interest rate unchanged at 5.75%, as improving rupiah fundamentals give policymakers room to remain patient, CIMB economists Joel Cheung and Michelle Chia say in a note. Lower oil prices would narrow the current account deficit, while easing portfolio outflows and tighter forex measures should help stabilize the rupiah. They expect the currency outlook to improve, forecasting the dollar to trade in the 17,600-18,000 rupiah range over the next 12 months. Upcoming policy announcements, including the 2027 state budget, will be key to restoring investor confidence through a more disciplined fiscal approach, they reckon. However, a rate hike later this month can't be ruled out if external risks intensify. ([email protected])0139 GMT - The PBOC's statement on its 2Q monetary policy committee meeting points to "limited appetite" for near-term broad-based easing of monetary policy, says Xinquan Chen of Goldman Sachs Research. China's central bank reiterated a "measured easing stance" though it seems to have acknowledged softer economic momentum, the economist says in a research report. GS maintains its baseline view of no policy rate or reserve requirement ratio cuts in 2026. "Near-term policy support is more likely to come through faster fiscal policy implementation, ample interbank liquidity and targeted credit easing," Chen adds. ([email protected])0114 GMT - The Thai baht is "particularly vulnerable" to higher oil prices and rising U.S. Treasury yields, MUFG Bank's Lloyd Chan says in a research report. This is partly owing to the baht's "relatively low carry profile," the senior currency analyst says. "As such, the near-term bias remains for further USD/THB upside," Chan adds. The dollar is 0.1% higher at 33.47 baht, LSEG data show. ([email protected])0114 GMT - The Bank of Korea is likely to signal a gradual pace of rate increases after it raises its base rate to 2.75% from 2.50% at the policy meeting next week, Citigroup's Jin-Wook Kim says. The economist expects BOK Gov. Shin Hyun-song to signal 25-basis-point hikes each quarter in 2H of 2026, while maintaining a data-dependent approach without any specific guidance for 1H of 2027. Citi expects the BOK to raise rates in July and October this year and again in January and April next year. The BOK could also highlight upside risks to its 2026 growth forecast, citing an upward revision to 1Q growth and resilient economic activity in 2Q, Kim adds. ([email protected])0017 GMT - Japanese stocks are higher in early trade after renewed concerns about the Iran conflict triggered sell-offs on Wednesday. Chip and other electronics stocks are leading the gains. Kioxia Holdings is up 6.5%, Advantest is up 4.9% and Murata Manufacturing is 4.5% higher. The dollar is at 162.39 yen, compared with Y162.20 as of Wednesday's Tokyo stock market close. Investors are closely watching developments in the Middle East and crude oil prices after President Trump announced the end of an eight-week ceasefire. The Nikkei Stock Average is up 1.4% at 67773.59. ([email protected]; @kosakunarioka)