Bitcoin (CRYPTO: BTC) continues to stall below $80,000, but interest in Ethereum (CRYPTO: ETH) remains high, with funding rates on Binance hitting a one-year high.
Why Bitcoin Keeps Failing at $80,000
CryptoQuant analyst XWIN Japan wrote that on-chain data shows nearly every investor group has returned to profit, which is exactly why $80,000 keeps rejecting.
Long-term holders show an unrealized PnL indicator of 21.1, short-term holders at 13.4, and even the newest investors at 5.3, meaning more holders now have profits available to take off the table.
The SOPR Ratio, which measures long-term holder selling relative to short-term holders, briefly rose to 1.4 as Bitcoin approached $80,000 before falling back to 0.93, signaling long-term holders stepped in to sell into the strength.
