Bitcoin's $80K Test Meets On-Chain Warnings Amid Rising Binance Reserves and STH-SOPR
Bitcoin's push towards $80,000 has raised concerns about potential selling pressure, as two on-chain metrics have flashed warning signals. According to CryptoQuant data, Binance reserves have reached approximately 685,000 BTC, a yearly high that indicates more Bitcoin is available within the exchange's infrastructure. However, this increase in reserves does not necessarily mean that coins are being sold.
The Short-Term Holder Spent Output Profit Ratio (STH-SOPR) has also risen to around 1.03, indicating that recently acquired coins are being spent at a profit. This metric measures the behavior of short-term holders and can be a sign of increasing profit-taking, but it is not a definitive indicator of a market top.
Experts caution that neither of these metrics proves that a sell-off has begun. To confirm stronger selling pressure, other data would need to indicate persistent net inflows, large Binance deposits, heavier spot sell volume, and ETF flows absorbing available supply.