Bitcoin's price dropped below $65,000 during Asian trading hours following a global tariff increase from 10% to 15% by Trump, according to QCP Capital. This decline led to approximately $230 million in long positions being liquidated. The current price remains significantly below the average mining cost of around $84,000, increasing liquidity pressures on mining companies. Bitdeer has liquidated its BTC reserves, and some miners are pivoting to AI ventures. Despite the price drop, market selling pressure is more restrained compared to earlier in the year. Options skew has not widened significantly, and ETF fund flows resemble basis trade unwinding rather than a full-scale exit, indicating that positions are being adjusted rather than abandoned.