Bitcoin's price fell below $65,000 today, leading to approximately $230 million in long liquidations, according to QCP Group's analysis. The decline comes amid heightened market pressure from new tariff risks and geopolitical uncertainties, exacerbated by President Trump's decision to increase global tariffs from 10% to 15%. This has dampened macro risk appetite, affecting Bitcoin's market dynamics. Miners are feeling the strain as Bitcoin's price remains below the average mining cost, prompting companies like Bitdeer to liquidate reserves and shift focus towards the AI sector. Despite the downturn, the market's reaction has been more measured compared to earlier in the year, with options markets still pricing in downside risk but showing cleaner positioning structures. ETF fund flows indicate a restructuring of capital allocation rather than a full market exit.