Bitcoin trading in Asian markets opened lower as renewed U.S. tariffs and large-scale profit-taking by whale cohorts exerted downward pressure. Cryptocurrency on-chain data firm CryptoQuant reported a third major profit-taking wave in late July, with $6–8 billion in realized gains recorded. Bitcoin changed hands near $115,300, representing a 2.3% daily loss, while exchange inflows spiked as major holders rotated into fiat.
Ethereum posted its best month since 2022, gaining over 50% in July due to robust institutional demand and record spot ETF inflows exceeding $5.3 billion. Despite this momentum, Asian equity benchmarks such as the Nikkei 225 opened lower, and U.S. futures for the S&P 500 and Nasdaq also slipped on concerns over trade disruptions and macroeconomic headwinds. The broader risk-asset environment remained cautious as markets awaited U.S. nonfarm payrolls for clues on Fed policy direction.
Historical analysis shows that profit-taking phases often precede consolidation periods lasting two to four months before resumption of uptrends. The continued prevalence of realized selling by new whale groups—those accumulating within the past 155 days—and corresponding spikes in spent output profit ratio (SOPR) metrics suggest a maturing bull cycle. Traders will monitor support levels around $115,000 for Bitcoin and key inflation and employment data releases to gauge the next directional bias for digital assets and associated global markets.
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