Bitcoin's Price Surge Hits Hurdle as Profit-Taking Looms
Bitcoin has yet to reclaim $80,000 despite a recent price surge of over 25% in just one week. Data from CryptoQuant shows that older coins are moving on-chain as BTC/USD gains momentum.
The spent output profit ratio (SOPR), which measures the current value of recently spent UTXOs against their creation value, ticked up to 1.48 on August 22, indicating increased activity involving in-profit coins. This is particularly significant for long-term holders, who are realizing profits at a higher relative rate than short-term holders.
The Coinbase premium, which reflects US investor demand, remains negative at -0.015, underscoring weak demand from the US market. The index has been broadly negative throughout 2026 and will need to cross above zero for a stronger phase of renewed US spot demand.