Bitcoin has slipped by 2.56% in the past 24 hours, driving the price down below $114,500 briefly in the early Asia trading hours on Friday. The world’s largest crypto is trading at $115.7K at the time of writing, per CoinMarketCap.
Bitcoin, after hitting a record high of over $123,000 on July 14, has plunged lower, and is now awaiting a macro catalyst. Renewed White House tariffs on Asian markets have further pulled the price.
However, Bitcoin remains range-bound. Stability at this level suggests institutional investors are largely holding their positions rather than exiting, except for Galaxy Digital’s massive BTC sale last week.
Third Round of Profit-Taking Wave Hits BTC: CryptoQuant
Per on-chain data firm CryptoQuant, Bitcoin just experienced its third major profit-taking spike of the bull run.
“Realized profits spiked to $6–8B in late July, on par with March and Dec 2024 peaks,” the firm wrote on X. “It was new whales who led the selling above $120K.”
The data provider further said that new cohorts of whales, who accumulated BTC within the last 155 days, were among the dominant sellers.
Previous profit-taking events have led to a two- to four-month period of consolidation before the next higher level, CryptoQuant wrote in a report. It added that the pattern is playing out again with diminishing US investor appetite.
“In the near term, Bitcoin may continue to trade sideways as markets absorb macroeconomic signals, but a rise in inflation expectations or renewed institutional inflows could provide the momentum needed for another push toward its previous high and possibly even a new all‑time high,” James Toledano, Chief Operating Officer at Unity Wallet, told Cryptonews.
Besides, CryptoQuant also noted that it expects “renewed accumulation and a subsequent breakout to a new all-time high.”
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