Bitcoin Stuck Around $80K as Sell-Side Pressure Persists
Bitcoin's price remains volatile around $80,000 due to ongoing sell-side pressure. According to CryptoQuant, all Bitcoin investors' unrealized profit and loss has crossed above zero for all cohorts, slowing down price momentum.
The long-term holders of Bitcoin have seen 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, which reflects US investor demand, remains negative at -0.015, underscoring lackluster US demand.
Data from CryptoQuant shows that older Bitcoin investors have reactivated around 14-week highs as BTC/USD gained more than 25% over the past week.
The spent output profit ratio (SOPR) ticked up to 1.48 on Aug. 22, indicating increased onchain activity involving in-profit coins.