Bitcoin Stalls at $80,000 as Profit-Taking Caps Rally — CryptoQuant

Bitcoin tested $80,000 this week but failed to hold above the level. According to CryptoQuant data, ETF inflows and falling U.S. Treasury yields supported demand, while holders who had already accumulated unrealized gains took profits as the price climbed, limiting further upside.

Almost all investor groups are back in unrealized profit territory, and further gains could trigger additional selling. Analysts believe market metrics have already shifted into a bullish phase. Confirmation of the new regime requires a close above the 365-day moving average, which is currently around $83,000.

Demand and Macro Signals

Visible spot demand is growing at its fastest monthly pace since late December. Spot and futures demand are expanding simultaneously for the first time since early October 2025.

The rally was supported by the U.S. Treasury’s decision to double buybacks of longer-term bonds to at least $4 B per buyback operation starting September 9, as well as Donald Trump’s hint that the U.S. government could potentially buy bitcoin.

CryptoQuant’s Bull Score rose from 30 to 80 over the week, reaching its strongest reading since October 6, 2025, when bitcoin was trading at $124,000. Eight of the ten metrics included in the index are showing bullish signals.

The $80,000 Level Becomes a Test of New Demand

Unrealized profit among long-term holders stands at 21.1 on CryptoQuant’s indicator, while the figure for short-term holders is 13.4.

At $80,000, long-term holders initially became more active sellers. The SOPR ratio, which compares which group is taking more profits — long-term or short-term holders — rose to around 1.4. It then fell to 0.93, and short-term holders began taking relatively more profits. At the same time, traders’ paper profits rose to 20.5%. On August 20, large holders realized a record $614 M.

CryptoQuant analysts believe that if new spot demand and ETF inflows absorb the selling from profitable holders, bitcoin could hold above $80,000 and move toward $88,000–$90,000. A loss of support at $75,000–$76,000 could accelerate the correction.

This post is for informational purposes only and does not constitute advertising or investment advice. Please do your own research before making any decisions.