Bitcoin struggles to hold $80,000 as investor profits rise and demand lags

Bitcoin price stalls near $80,000 despite recent gains

Bitcoin (BTC) has struggled to stay above $80,000, even after rising more than 25% in the past week. On-chain data shows that both long-term and short-term investors are taking profits, which may be slowing further price increases.

The price of Bitcoin briefly reached $79,500 but has not managed to hold above $80,000. Analysts say the key question now is whether new buyers can absorb the selling pressure from investors who are cashing in on their gains.

Key on-chain signals

• All Bitcoin investor groups are now in profit, which could lead to more selling.
• The SOPR ratio (a measure of profit-taking) for long-term holders spiked to 1.48 on August 22, showing increased selling of profitable coins.
• Short-term holders still account for most of the profitable coins moving on the blockchain.
• The Coinbase premium (the price difference between Bitcoin on Coinbase and Binance) remains negative at -0.015, signaling weak U.S. demand.

What the data shows about investor behavior

Data from CryptoQuant, an on-chain analytics platform, reveals that older Bitcoin holdings have been moving more frequently as the price rose. The spent output profit ratio (SOPR), which compares the current value of recently sold Bitcoin to its value when it was first acquired, reached 1.48 on August 22. This means investors who sold their Bitcoin made nearly 50% more than what they originally paid.

The SOPR ratio between short-term holders (who hold Bitcoin for less than six months) and long-term holders (who hold for more than six months) hit 1.4 on August 22, its highest level since July 25. This suggests long-term holders were selling at a higher rate than short-term holders. However, the ratio has since dropped to 0.93, meaning short-term holders are now selling more profitably.

U.S. demand remains weak

Despite Bitcoin’s recent price recovery, U.S. investor demand has not fully returned. The Coinbase premium, which measures the price difference between Bitcoin on Coinbase (a U.S.-based exchange) and Binance (a global exchange), has been mostly negative in 2026. A negative premium means Bitcoin is cheaper on Coinbase, indicating lower demand from U.S. buyers.

As of August 26, the Coinbase premium was -0.015, slightly better than the -0.094 recorded at the start of August. Analysts say the next key signal will be whether this premium turns positive and stays there, which could indicate stronger U.S. demand.

What is confirmed

• Bitcoin’s price has struggled to stay above $80,000 despite a 25% gain in the past week.
• All investor groups are now in profit, which may lead to increased selling.
• The SOPR ratio for long-term holders reached 1.48 on August 22, showing profit-taking.
• The Coinbase premium remains negative, signaling weak U.S. demand.

What is still unclear

• Whether new demand, such as inflows into U.S. Bitcoin ETFs, can absorb the selling pressure from profitable investors.
• If the Coinbase premium will turn positive and stay there, indicating a return of U.S. demand.
• Whether Bitcoin can sustain a move above $80,000 without stronger buying support.

Why this matters for Bitcoin investors

Bitcoin’s ability to hold above $80,000 depends on whether new buyers can offset the selling from investors taking profits. If demand remains weak, especially in the U.S., the price may struggle to rise further. However, if inflows into Bitcoin ETFs continue, they could provide the necessary support to push the price higher.

Sources

• Cointelegraph
• CryptoQuant