Bitcoin (CRYPTO: BTC) falling below the $90,000 level has raised questions over whether the asset is entering a corrective phase, even as on-chain data shows a significant ownership shift.

Bitcoin Correction And Macro Pressure

According to CryptoQuant, renewed tariff policies under President Trump since 2025 have increased macro uncertainty, reduced risk appetite, and added downside pressure on Bitcoin.

During periods of trade tension and tariff escalation, Bitcoin has traded in line with equities, reinforcing its status as a macro-sensitive risk asset rather than a defensive hedge.

Investors have tended to sell Bitcoin in the short term to reduce portfolio risk amid growth and rate uncertainty, treating BTC as a liquid asset rather than a long-term store of value.

Exchange netflow data shows brief inflows during pullbacks, pointing to temporary de-risking rather than sustained distribution.

Overall, tariff-driven uncertainty continues to weigh on price action, with limited evidence of long-term structural selling.

New Whales Now Drive Market Dynamics

CryptoQuant data shows that for the first time, Bitcoin's marginal supply is primarily controlled by new whales rather than long-term holders, marking a key shift in market structure.

Realized Cap metrics indicate that short-term holder whales (wallets holding over 1,000 BTC with coins moved within the past 155 days) now account for the largest share of capital in the network.

These new whales have an average realized price near $98,000, leaving them with approximately $6 billion in unrealized losses at current prices. On chain realized profit and loss data suggests they are the primary source of ongoing selling pressure.

By contrast, long-term whales hold a realized price near $40,000, remain deeply in profit, and have shown limited selling activity.

As a result, Bitcoin's near-term price action is increasingly dictated by new whales, whose higher cost basis and loss sensitivity are keeping the market in a distribution phase until losses are resolved through either recovery or capitulation.

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