Asia Morning Market Update: Bitcoin Drops to $115K Amid Profit-Taking & Tariff Tensions

The crypto rally is hitting a pause button, and it’s not just the charts that are shifting. Macro headwinds and old whales are back in motion.

• Bitcoin down to $115K, slipping 2.3% as Trump-era tariff tensions return.
• $6–8B in profit-taking by whales – the third big sell-off in the bull cycle.
• Ethereum still holding strong after 50% July surge, but momentum is shaky.
• Consolidation phase might extend another 2–4 months, per historical patterns.

Why Bitcoin’s Price Is Cooling

Bitcoin is currently trading just above $115,000, down 2.3% on the day, as U.S. market volatility bleeds into Asia. The trigger? A fresh round of White House tariffs, now extending even to Canadian imports, is putting pressure on global risk assets. Asian equity markets opened in the red, and like clockwork, crypto followed.

While Bitcoin has started to show less correlation with traditional markets in recent months, macro shocks like this still leave a mark. Especially when they coincide with something even more crypto-native: profit-taking at scale.

CryptoQuant Signals: Whales Are Booking Gains

According to data from CryptoQuant, we’re seeing the third significant profit-taking wave of the current bull cycle. Roughly $6–8 billion in realized profits were recorded in July – a number that should catch any investor’s attention.

This wave was marked by a huge 80,000 BTC sell-off on July 25, believed to be from an OG whale. That alone triggered a chain reaction: exchange inflows hit 70,000 BTC in a single day, typically a strong indicator that holders are preparing to exit or hedge.

Interestingly, newer whales – those who accumulated BTC within the last 155 days – were the biggest sellers. This shows that even the most recent bulls are locking in profits at current levels.

And it’s not just Bitcoin: Ethereum whales (especially those holding WBTC, USDT, and USDC) were seen realizing $40 million+ in daily profits, suggesting capital rotation across the board.

What Happens Next?

Based on previous cycles, CryptoQuant notes that these heavy profit-taking phases usually lead to a 2–4 month consolidation period. The market may stay range-bound before a potential next leg up – depending on how global sentiment and inflows evolve.

One early warning sign: the Coinbase premium – which typically shows how eager U.S. investors are – just flipped negative. That means traders are no longer paying extra for BTC on Coinbase vs. global exchanges, a possible red flag for domestic demand.

Meanwhile, long positions worth over $260M were liquidated in the last 4 hours, showing that over-leveraged bulls are getting squeezed as the market rebalances.

To Sum Up

For Web3 investors, this isn’t panic time—but it’s not cruise control either. Bitcoin’s drop to $115K signals a cooldown, but with macro pressure and whales exiting, it’s smart to stay defensive.

If you’re holding low-liquidity or hype-driven coins, this might be a good moment to clean up your portfolio and lock in some profits. Stay patient, wait for real strength.