- Bitcoin (BTC) fell 2.3% to ~$115,300, pressured by a third major wave of profit-taking and new US tariffs.
- $6–8 billion in realized gains were recorded in late July, with an “OG whale” selling 80,000 BTC on July 25.
- New tariff tensions, including measures targeting Canada, have rattled broader risk assets, including crypto.
Bitcoin is poised to end the trading week in Asia on a weaker note, down 2.3% on the day and changing hands above the $115,300 mark.
The leading cryptocurrency is grappling with a combination of renewed tariff pressure from the White House and a significant wave of profit-taking, following its historic run to new all-time highs.
According to a new report by on-chain analytics firm CryptoQuant, the Bitcoin market has just experienced its third major profit-taking wave of the 2023–2025 bull cycle.
A substantial $6–8 billion in realized gains were recorded in late July, indicating a significant number of investors chose to cash in on the recent price surge.
Like the previous two phases of profit-taking in this cycle, this latest wave was defined by large spikes in the Spent Output Profit Ratio (SOPR), a metric that indicates whether coins being sold are in profit or loss. This was particularly evident among short-term holders.
The wave was further intensified by a significant 80,000 BTC sell-off by an “OG whale” (an early, long-time holder) on July 25.
The data provider also noted that “new whale cohorts”—those who have accumulated their Bitcoin within the last 155 days—were the dominant sellers during this period.
In a clear sign of intent to exit positions at what were perceived as peak prices, exchange inflows surged to a massive 70,000 BTC in a single day after the OG whale’s sell-off.
The selling pressure was not confined to Bitcoin alone; Ethereum-based whales holding assets like WBTC (Wrapped Bitcoin), USDT, and USDC also realized up to $40 million in daily profits, further supporting the narrative of a broad-based capital rotation out of some positions.
Historically, these major profit-taking events have been followed by a two- to four-month period of market consolidation before the next major leg higher, CryptoQuant wrote in its report.
That very pattern may be playing out again, particularly as appetite from US investors appears to be waning. The Coinbase premium, a key indicator that tracks the price difference between Coinbase and other global exchanges, has recently flipped negative.
This suggests that American buyers are no longer willing to pay a premium for Bitcoin, a sign of cooling demand in a crucial market.
Tariff jitters return, adding to market pressure
Adding to this cautious internal market dynamic is the re-emergence of macroeconomic risk.
A new round of global tariffs from the White House is dragging down markets in Asia, with Japan’s Nikkei 225 and South Korea’s KOSPI both opening in the red.
Bitcoin, too, is not immune to these pressures. Historically, digital assets have tended to follow equity markets lower when the White House announces new tariffs, and while this correlation has shown signs of weakening, it has not disappeared entirely.
President Trump’s latest tariff escalation, which includes new measures that specifically target Canada, has rattled broader risk assets, with equities, bonds, and crypto all seeing declines amidst fears of renewed inflation and further supply chain disruptions.
Without a clear new macro catalyst or a resurgence of strong, structural inflows, risk-taking in the crypto market is likely to remain selective, with conviction being light. Market maker Enflux, in a note to CoinDesk, echoed this sentiment.
“Until BTC or ETH can post a clean reclaim of recent local highs, price action may stay choppy and rotation thematic rather than trend-driven,” the firm stated, suggesting a period of sideways, volatile trading may lie ahead.
