- Bitcoin (BTC) fell 2.3% to around $115,300, pressured by a third major wave of profit-taking and renewed U.S. tariffs.
- An estimated $6–8 billion in realized gains were recorded at the end of July, and an “OG whale” sold 80,000 BTC on July 25.
- New tariff tensions, including measures targeting Canada, shook broader risk assets, including cryptocurrencies.
Bitcoin is set to finish the Asian trading week on a weaker note, down about 2.3% on the day and trading around the $115,300 level.
The leading cryptocurrency is wrestling with a combination of renewed tariff pressure from the White House and a substantial wave of profit-taking after its historic run to new all-time highs.
According to a new report from analytics firm CryptoQuant, the Bitcoin market has just experienced the third major wave of profit-taking within the 2023–2025 bull cycle.
Significant realized gains of roughly $6–8 billion were observed at the end of July, indicating that many investors chose to cash out some of their recent price appreciation.
Like the earlier two profit-taking phases in this cycle, the latest wave was marked by sharp increases in the spent output profit ratio (SOPR), a metric that signals whether sold coins are yielding a profit or a loss. The effect was especially pronounced among short-term holders.
The wave was further intensified by a large sale of 80,000 BTC by an “OG whale” (an early, long-term holder) on July 25.
CryptoQuant also noted that “new whale cohorts”—addresses that accumulated Bitcoin within the past 155 days—were the dominant sellers during this period.
As an obvious sign of intent to exit positions near perceived peaks, exchange inflows surged to a huge 70,000 BTC in a single day following the OG whale’s sell-off.
Sales pressure was not limited to Bitcoin. Ethereum-based whales holding assets such as WBTC, USDT and USDC recorded up to $40 million in daily realized gains, reinforcing the view of a broader rotation of capital out of certain positions.
Historically, these major profit-taking events have been followed by a two- to four-month consolidation phase before the next significant upward move, CryptoQuant wrote in the report.
The same pattern could repeat, particularly as appetite among U.S. buyers appears to be cooling. The Coinbase premium—a key indicator that tracks price differences between Coinbase and other global exchanges—has recently flipped negative.
That suggests U.S. buyers are no longer willing to pay a premium for Bitcoin, a sign of waning demand in a crucial market.
Tariff volatility returns, increasing market pressure
Renewed macroeconomic risks are contributing to this cautious domestic market dynamic.
A new round of global tariffs announced by the White House has dragged down Asian markets, with Japan’s Nikkei 225 and South Korea’s KOSPI opening lower.
Bitcoin has not been immune to these pressures. Historically, digital assets have tended to follow equities lower when the White House announces new tariffs, and while that correlation has shown signs of weakening, it has not disappeared entirely.
The latest tariff escalation by President Trump, which includes measures targeting Canada, rattled broader risk assets as stocks, bonds and cryptocurrencies fell on concerns about renewed inflation and further supply-chain disruptions.
Without a clear new macro catalyst or a revival of strong, structural inflows, risk-taking in the crypto market will likely remain selective and conviction muted, market participants warn. Liquidity provider Enflux, in a note to CoinDesk, echoed that outlook.
“Until BTC or ETH can reclaim recent local highs, price action may stay choppy and thematic rotation—not trend-driven flows—may dominate,” the firm said, suggesting a period of sideways, volatile trading lies ahead.