Supply absorption ‘key question’ as Bitcoin fails to reclaim $80K: Analysis
Bitcoin is still facing sell pressure near $80,000, even though broad profit-taking has not turned into a full selloff. Onchain data shows older coins moving again as BTC rose more than 25% in a week, with SOPR rising to 1.48, signaling more coins being spent at a profit. The long-term-holder vs short-term-holder SOPR ratio also shifted, suggesting long-term holders were taking profits more heavily, though that ratio has recently eased to 0.93. CryptoQuant says all holder groups are now in aggregate profit, which could cap upside unless new demand absorbs selling from profitable wallets. The main potential support would be renewed inflows into U.S. spot Bitcoin ETFs. However, U.S. demand remains weak: the Coinbase premium is still negative, indicating Binance-linked pricing is stronger than Coinbase’s, and it has stayed below zero for most of 2026.
