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.

China Renaissance’s reported plan to raise $600 million for a BNB-focused investment vehicle, with Binance founder Changpeng Zhao’s YZi Labs investing alongside, may look like a straightforward bet on Binance’s ecosystem. But Singapore-based market maker Enflux argues it’s something deeper: a signal that Asian institutions are building a different kind of crypto exposure than their Western counterparts.

“Regional capital allocators are seeking exposure to infrastructure tokens that drive transaction flow, not just store-of-value assets,” Enflux said in a note to CoinDesk, framing the China Renaissance move as part of a broader divergence between East and West.

BNB is a great example of this. Binance, of course, isn’t a listed company, but BNB serves as something very close to a stock. Its value is a proxy for market sentiment and confidence in Binance.

While U.S. and European markets have leaned into tokenized Treasuries, funds, and real-world assets, Asia’s capital markets are increasingly constructing crypto-native liquidity networks centered around exchange, staking, and transaction infrastructure.

“This ties into the broader shift where Asian capital markets are building out their own layer of crypto-native liquidity networks while Western markets tokenized TradFi,” Enflux continued.

The logic is straightforward. Value should be accrued by activity, not scarcity. Tron’s move to create a publicly listed company to give investors listed exposure to activity on the TRX network – which is heavily used to send USDT around Latin America – follows the same train of thought.

If Enflux’s thesis is right, the China Renaissance fund could be an early blueprint for Asia’s next wave of institutional products: permanent capital vehicles that hold the pipes of the crypto economy, not just its gold.

Market Movement:

BTC: BTC is trading above $114,500, relatively flat as the market stabilizes after last weekend’s volatility.

ETH: ETH rose 1.5% to $4,230 as network activity picked up, even as U.S.-listed Ethereum ETFs saw $118 million in outflows.

Gold: Gold surged 2% to a record $4,103 an ounce as renewed U.S.-China trade tensions and expectations of further Fed rate cuts drove investors toward safe-haven assets.

Nikkei 225: Asia-Pacific markets traded mixed Tuesday as Trump’s conciliatory remarks on China failed to offset renewed trade tensions, with Japan’s Nikkei 225 down 1.34%.

Elsewhere in Crypto:

• Crypto market structure bill may need to wait until after the midterm election, says TD Cowen (The Block)
• Tom Lee’s Bitmine Bought the Dip, Adding Over 200K ETH to Ethereum Treasury (CoinDesk)
• Ripple Is Offering $200K to ‘Attack’ XRP Ledger Lending Protocol (Decrypt)