• Bitcoin’s price remains sensitive to sell-side pressure near $80,000 as all holder cohorts are now in profit, potentially slowing momentum
• Long-term holder profitability spiked to 1.48, while short-term holders still account for most in-profit coins moving onchain
• The Coinbase premium index remains negative at -0.015, signaling lackluster U.S. demand despite price gains
• Older Bitcoin investors reactivated around 14-week highs, with onchain activity rising as BTC/USD gained over 25% in the past week
Bitcoin (BTC) remains sensitive to sell-side pressure near $80,000 even as investors broadly avoid mass profit-taking, with data from onchain analytics platform CryptoQuant revealing that all wallet cohorts are now in profit on aggregate. The spent output profit ratio (SOPR), which measures the ratio of recently spent UTXOs’ current value to their creation value, ticked up to 1.48 on Aug. 22, signaling increased onchain activity involving in-profit coins.
However, the SOPR ratio—which divides the SOPR of short-term holders (STH) by that of long-term holders (LTHs)—hit 1.4 as price consolidated around $79,500, its highest since July 25. CryptoQuant noted that this suggested long-term holders were realizing profits at a higher relative rate than short-term holders, though the ratio has since fallen to 0.93.
Meanwhile, the SOPR ratio has formed a broad downtrend since early 2025, hitting 0.62 at the end of June as BTC/USD dropped to $58,000. CryptoQuant noted that despite only reversing modestly higher, price has still failed to stay above $80,000.
The key question, according to CryptoQuant, is not whether Bitcoin can briefly touch $80,000, but whether new demand can absorb selling from profitable holders. This demand could come from ongoing return of inflows to the U.S. spot Bitcoin exchange-traded funds (ETFs).
Consequently, the Coinbase premium index—the price difference between Coinbase and Binance BTC/USDT pairs—remains negative at -0.015, up from -0.094 at the start of August. CryptoQuant analysis stated that if Bitcoin continues recovering while the Coinbase premium turns positive, the market could shift from “selling pressure is easing” to a stronger phase of renewed U.S. spot demand.
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