Bitcoin Briefly Dips to $114.5K as Tariff Fears and Profit-Taking Hit Markets

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. Stock markets across the Asia Pacific region closed with shares sinking further, as historic new tariffs announced by the United States weigh on their performance.

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.”

Bitcoin just saw its third major profit-taking wave of this bull run.

Realized profits spiked to $6–8B in late July, on par with March and Dec 2024 peaks.

It was new whales who led the selling above $120K. pic.twitter.com/Q4FQkLXcin

— CryptoQuant.com (@cryptoquant_com) July 31, 2025

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.”