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Bitcoin fails to hold $80,000 as investor cohorts shift into profits

Onchain data from CryptoQuant shows the spent output profit ratio rising to 1.48 on Aug. 22, then weakening as short-term holders’ realized performance turns relatively stronger.

Reported · Written up by our desk · Market Structure

Bitcoin is struggling to build lasting support near $80,000 after failing to reclaim the level, with onchain indicators pointing to persistent sell-side sensitivity around that price area, according to analysis cited by Cointelegraph.

Cointelegraph reported that CryptoQuant data shows older bitcoin coins moving on-chain as BTC/USD gained more than 25% over the past week. The spent output profit ratio, a measure of profit on recently spent outputs, ticked up to 1.48 on Aug. 22, signaling increased activity involving in-profit coins, as price consolidated around $79,500.

As consolidation continued, the SOPR ratio that compares short-term holder behavior to long-term holder behavior reached 1.4, its highest reading since July 25. CryptoQuant said the later drop of that ratio to 0.93 indicates short-term holders’ realized performance is now relatively stronger than that of long-term holders.

Cointelegraph said CryptoQuant’s broader point is that the key issue is whether new demand can absorb selling from profitable holders, not whether bitcoin can temporarily touch $80,000. It also flagged the potential role of return inflows into US spot bitcoin exchange-traded funds as a source of that demand.

Latest closeBitcoin $78,451.44 ▼0.1%

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