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Hong Kong Desks Read Tokyo Data: Bitcoin Emerges as Asia's New Macro Anchor HONG KONG — A six-month forensic study out of XWIN Japan, circulating among Asia-Pacific macro desks this week, is reframing how regional allocators talk about the late-2025 selloff.
The Tokyo-published note argues the October-to-April drawdown was not a uniform crypto rout but a sorting exercise — capital quietly stratifying Bitcoin away from the rest of the digital-asset complex while liquidity tightened from Wall Street to Wan Chai.
The numbers, recalculated and stress-tested by traders here, are stark. Bitcoin retreated 52.5 percent from a peak near US$126,000 to roughly US$60,000. Painful, but the cleanest line on the board.
Solana absorbed the heaviest hit, sliding 71.6 percent from US$238 to US$67. Ethereum and XRP each surrendered about 63 percent.
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