Asia Morning Briefing: Bitcoin Drops to $115K as Third Major Profit-Taking, New Tariff Tensions Add Pressure
Bitcoin (BTC) is down 2.3% today, trading above $115,300, as new global tariffs from the White House negatively impact Asian markets. This decline follows a significant profit-taking wave, the third of the 2023-2025 bull cycle, with $6-8 billion in realized gains recorded in late July. CryptoQuant data reveals that both long-term (“OG”) and short-term holders, particularly those accumulating BTC in the last 155 days, contributed to the sell-off, with a notable 80,000 BTC sale by a single whale on July 25th triggering a surge in exchange inflows. This selling wasn’t limited to BTC; Ethereum-based whales also cashed out, realizing up to $40 million in daily profits. Historically, such events are followed by 2-4 months of consolidation before the next price surge. This consolidation may be underway, with waning U.S. investor appetite evidenced by a negative Coinbase premium.
The cautious market sentiment is further fueled by Trump’s tariff escalation, impacting equities, bonds, and crypto due to inflation and supply chain disruption fears. Market maker Enflux notes that until BTC or ETH reclaim recent highs, price action will likely remain choppy and driven by rotation rather than trends. Ether (ETH) is near $3,800 following a strong July, with bullish price projections circulating despite the overall market uncertainty. Gold experienced a slight dip to $3,287.39 after reaching $3,296 earlier, partially offset by dip-buying. Asian markets opened lower, with Japan’s Nikkei 225 down 0.65%. S&P 500 futures also slipped, reflecting concerns over Big Tech earnings and upcoming jobs data.
Elsewhere in crypto news, Tyler Winklevoss expressed concerns about Trump’s CFTC pick, Brian Quintenz. A Tether-focused blockchain raised $28 million for stablecoin payments, while Hong Kong’s strict stablecoin regime is shaping its crypto future. The overall market mood suggests a period of consolidation and selective risk-taking while investors await clearer macroeconomic signals.
