Supply absorption ‘key question’ as Bitcoin fails to reclaim $80K: Analysis
Bitcoin (BTC) remains sensitive to sell-side pressure at $80,000, even as investors broadly avoid mass profit-taking. Key points:Bitcoin investors unrealized profit and loss crosses above zero for all cohorts, apparently slowing price momentum.Long-term holders see a spike in profitability to 1.48, while short-term holders still account for the majority of in-profit coins moving onchain.The Coinbase premium fails to return to positive territory at -0.015, underscoring lackluster US demand. Older Bitcoin investors reactivate around 14-week highs Data from onchain analytics platform CryptoQuant reveals that older coins in particular moved onchain as BTC/USD gained more than 25% over the past week. The spent output profit ratio (SOPR), which is the ratio of the current value of recently spent UTXOs to their value at creation, ticked up to 1.48 on Aug. 22, indicating increased onchain activity involving in-profit coins. Bitcoin LTH-SOPR. Source: CryptoQuant As price consolidated around $79,500, the so-called SOPR ratio, which divides the SOPR of short-term holders (STH) by that of long-term holders (LTHs), hit 1.4, its highest reading since July 25. STH and LTH refer to wallets that hold BTC without selling for up to six months (STH) or longer than six months (LTH). “This suggests long-term holders were realizing profits at a higher relative rate than









