<ul><li>Bitcoin hit an all-time high of US$111,970 on May 23, 2025, and has since retreated to US$105,546, showing a 10% monthly gain.</li><li>Current retracement is linked to macroeconomic concerns over Trump's tariff policies causing Treasury yields to rise above 5%.</li><li>Derivatives market is overheating with options open interest reaching US$49.4 billion, indicating increased institutional activity and hedging speculation.</li><li>Whale activity has intensified with large holders representing nearly half of exchange flows and over US$1.2 billion exiting Bitcoin ETFs since May 29, signaling profit-taking behavior.</li></ul>

Whale Watching: Profit-Taking as Bitcoin Pulls Back Amid Macro Headwinds

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