Bitcoin Stalls at $80K: On-Chain Data Reveals Who Is Selling via @cryptoquant_com Bitcoin has again tested $80,000 but failed to hold above it. ETF inflows and lower U.S. Treasury yields have supported demand, while profit-taking by existing holders continues to cap the upside. On-chain data shows that nearly every investor group has returned to profit. The unrealized PnL indicator stands at 21.1 for long-term holders, 13.4 for short-term holders, 13.9 for one-day-to-one-month capital, and 5.3 for the newest investors. This signals a healthier market, but also means more holders now have profits available to realize. The SOPR Ratio, calculated by dividing LTH-SOPR by STH-SOPR, briefly rose to around 1.4 as Bitcoin approached $80,000. This suggests long-term holders were realizing profits at a higher relative rate than short-term holders. The ratio has since fallen to 0.93, indicating that short-term holders’ realized performance is now relatively stronger. A sustained break above $80,000, backed by continued ETF and spot demand, could open the way toward $88,000–$90,000. However, a loss of the $75,000–$76,000 support zone could weaken short-term holder profitability and accelerate the correction. The key question is not whether Bitcoin can briefly touch $80,000, but whether new demand can absorb selling from profitable holders. https://t.co/qtloPVR96C