Bitcoin Struggles Below $80K Amid Profit-Taking Fears

Bitcoin's price has failed to reclaim $80,000 despite investors broadly avoiding mass profit-taking. According to data from CryptoQuant, all Bitcoin holder cohorts are now in profit on aggregate, which could present a potential hurdle to further gains.

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. This indicates that long-term holders were realizing profits at a higher relative rate than short-term holders.

However, the SOPR ratio has formed a broad downtrend since early 2025 and hit its lowest levels in three years as BTC/USD dropped to $58,000. Despite only reversing modestly higher, price has still failed to stay above $80,000.