Bitcoin Drops 2.3% as Whales Sell 80,000 BTC

1. Market Overview

Bitcoin (BTC) ended the trading week in Asia at $115,850, down 2.3%, as new global tariffs from the Trump administration dragged down risk assets. Asian markets opened in the red, with Japan’s Nikkei 225 down 0.65% and Seoul’s KOSPI also declining. Crypto markets followed equities, pressured by profit-taking after Bitcoin’s historic run past previous all-time highs.

CoinGlass data revealed over $260 million in long positions were liquidated in the past four hours, underscoring heightened volatility.

2. Third Major Profit-Taking Wave

A new report from CryptoQuant highlighted that Bitcoin has entered its third significant profit-taking phase of the 2023–2025 bull cycle:

 - $6–8 billion in realized gains were recorded in late July.

 - An OG whale sold 80,000 BTC on July 25, triggering a massive 70,000 BTC/day inflow into exchanges—a classic exit signal at peak prices.

 - Short-term holders and new whale cohorts (holding BTC <155 days) were dominant sellers.

 - Ethereum-based whales also booked up to $40 million/day in profits from WBTC, USDT, and USDC, indicating broader capital rotation.

Historically, such profit-taking waves have been followed by a 2–4 month consolidation before the next bullish move.

3. Market Sentiment and Macro Risks

The Coinbase Premium Index, which tracks the price difference between Coinbase and other exchanges, recently turned negative, suggesting U.S. buyers are no longer paying a premium.

Adding to market caution:

 - Trump’s tariff escalation now specifically targets Canada.

 - Broader risk assets, including equities and bonds, experienced declines amid fears of inflation and supply chain disruptions.

 - According to market maker Enflux, risk-taking remains limited without a clear macro catalyst or strong inflows.

  “Until BTC or ETH can reclaim recent local highs, price action is likely to stay choppy and theme-driven rather than trend-driven,” Enflux noted.

4. Other Market Movements

 - Ethereum (ETH): Hovered near $3,800 after surging over 50% in July, its best month since 2022, fueled by $5.3B in U.S. spot ETF inflows and institutional demand. Analysts predict a potential breakout to $15K–$16K this cycle.

 - Gold: Rose to $3,296 before slipping to $3,287.39, down 0.38%, as dip-buyers offset a stronger U.S. dollar. The Fed kept rates unchanged while Powell signaled no imminent September cut.

 - S&P 500 Futures: Fell Thursday night as traders digested Big Tech earnings and awaited July’s jobs report.

5. Elsewhere in Crypto

 - CFTC Concerns: Tyler Winklevoss expressed “serious concerns” over Trump’s nominee for CFTC chair, Brian Quintenz.

 - Stablecoin Payments: A blockchain startup focused on Tether raised $28M to expand stablecoin-powered payment solutions.

 - Hong Kong Regulation: HKMA’s strict stablecoin framework is set to shape the city’s crypto future.