Bitcoin is barely holding $110,000 support after falling to about $111,000, down 11.8% from last week’s all-time high.
Short-dated options show heavy put buying. Bulk puts exceeded $1.15 billion and omprised 28% of trade flow while call interest remains concentrated at $115k–$130k.
Whales trimmed exposure (10–10k BTC cohort sold 17,554 BTC), though that cohort has still added 318,610 BTC year-to-date; distribution is selective, not panic.
Ethereum slipped under $4,000 and SOL and BNB both retreated; total crypto market cap fell to about $3.77 trillion and the Fear & Greed index sits at 32.
Macro flashpoints: tariff threats and an ongoing U.S. government shutdown are amplifying headline sensitivity and forcing short-term de-risking.
ETF inflows, soft inflation, and strong on-chain data pushed BTC toward $98K, until Trump’s tariff threats reignited macro risk and sent capital back to gold.
Onchain data shows major BTC holders turning net positive after the steepest selloff since early 2023, while mid-tier investors reduce exposure, reshaping the balance of market influence.
