Bitcoin Fails to Reclaim $80K as Long-Term Holders Realize Profits

Bitcoin's price action has been closely watched as it attempts to reclaim the $80,000 mark. However, investors remain cautious, and the cryptocurrency's inability to sustain gains above this level is a key concern.

Data from onchain analytics platform CryptoQuant reveals that older coins in particular have moved onchain as Bitcoin gained more than 25% over the past week. The spent output profit ratio (SOPR) ticked up to 1.48, indicating increased onchain activity involving in-profit coins.

As price consolidated around $79,500, the SOPR ratio hit 1.4, its highest reading since July 25. This suggests that long-term holders were realizing profits at a higher relative rate than short-term holders. The ratio has since fallen to 0.93, indicating that short-term holders' realized performance is now relatively stronger.

CryptoQuant notes that all holder cohorts are now in profit on aggregate, presenting a potential hurdle to further gains. 'The key question is not whether Bitcoin can briefly touch $80,000, but whether new demand can absorb selling from profitable holders,' it summarized.