Older Bitcoin investors have reactivated at levels not seen in approximately 14 weeks, according to onchain analytics platform CryptoQuant data. The SOPR ratio measuring realized profit on recently spent coins relative to their creation value reached 1.48 on August 22, indicating increased onchain activity. However, Bitcoin failed to sustain above $80,000 despite gaining over 25% in the past week. CryptoQuant emphasizes that the critical question is not whether Bitcoin can briefly touch $80,000 but whether new demand can absorb selling from profitable holders. Meanwhile, the Coinbase premium remains negative at -0.015, reflecting hesitant US investor demand.
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