Bitcoin Retreats to $115K in Asian Trading as Third Round of Profit-Taking, Tariff Fears Mount

Bitcoin Falls to $115K Amid Profit-Taking and Tariff Headwinds; Market Enters Cautious Phase

Bitcoin extended its pullback Friday in Asia, weighed down by macroeconomic uncertainty and signs of exhaustion following a record-setting rally. Renewed U.S. tariffs and a sharp uptick in profit-taking have pulled capital out of the crypto market, prompting a broader consolidation.

$6–$8 Billion in Profits Realized in July

Bitcoin (BTC) is trading near $115,500, down 2.3% on the day, as fresh selling pressure hits the market. According to CryptoQuant, July marked the third major profit-taking wave of the 2023–2025 bull cycle, with on-chain data showing between $6 billion and $8 billion in realized gains.

The sell-off was led by newer whale addresses—investors who accumulated BTC within the past five months—and coincided with an 80,000 BTC liquidation by a long-term holder on July 25. That event sparked a surge in exchange inflows, which hit 70,000 BTC in a single day, typically a sign that large holders are offloading into strength.

Meanwhile, Ethereum-based whales also locked in significant gains, with wrapped assets and stablecoins such as WBTC, USDT, and USDC seeing daily realized profits of up to $40 million. This broad-scale rotation indicates a pause in bullish conviction across top digital assets.

Tariffs Return to Center Stage

Market sentiment was further dented by a new round of U.S. tariffs announced Thursday. The measures—targeting countries with trade surpluses, including Canada—revived concerns over inflation and global supply chain pressures.

Asian equities opened in the red, with Japan’s Nikkei 225 slipping 0.65% and Korea’s KOSPI also lower. Bitcoin has historically shown a strong correlation with equities during tariff escalations, and this time was no different. CoinGlass data revealed that $260 million in BTC long positions were liquidated in just four hours.

Cooling Momentum, Waning U.S. Demand

CryptoQuant analysts noted that BTC may now enter a multi-month consolidation period, similar to what followed previous profit-taking phases. The Coinbase premium—an indicator of U.S. investor demand—has turned negative, suggesting diminished interest from American buyers.

“Without a catalyst or sustained inflows, conviction is low,” wrote market maker Enflux in a note. “Unless BTC or ETH reclaim recent highs decisively, we expect range-bound and rotational price action to dominate.”

Broader Market Snapshot

• Bitcoin (BTC): Down 2.3% to $115,500 as macro headwinds and profit-taking converge.
• Ethereum (ETH): Trades near $3,800 following a 50% rally in July—its best month since 2022—buoyed by $5.3B in ETF inflows and institutional buying.
• Gold: Briefly rose to $3,296 before slipping to $3,287.39, down 0.38%, as Fed rate pause and strong U.S. dollar counteract each other.
• Nikkei 225: Fell 0.65% at open; Topix index was flat amid tariff concerns.
• S&P 500 Futures: Slightly lower Thursday night, with traders eyeing Big Tech earnings and the upcoming U.S. jobs report.