Bitcoin climbed above $80,000, wiping out unrealized losses for short-term holders. Blockchain data shows the metric tracking unrealized losses among investors holding BTC for less than 155 days fell to zero on May 8 and stayed there for five consecutive days. That marks a sharp shift from late February, when the same figure reached 27.9%, and from the late March-to-April period, when it stayed mostly between 18% and 22%.
Short-term supply share falls to a three-month low
As Bitcoin pushed higher, all short-term holders moved out of loss territory. Their share of total BTC supply also declined. This group held roughly 28% of Bitcoin supply at the beginning of March, but that figure had dropped to 22.2% by mid-May, the lowest level in three months. Fewer short-term coins in the market, along with lower unrealized loss exposure, points to a reduced risk of panic-driven selling compared with earlier weeks.
Nine straight days of profit-taking without price damage
Another closely watched signal came from the adjusted Spent Output Profit Ratio, or aSOPR. The indicator remained above 1.0 for nine consecutive days starting May 1, showing that investors were consistently selling coins at a profit while the market absorbed that supply without a meaningful hit to price. Analysts said one profitable day says little on its own. Nine in a row suggests buyers have continued to meet selling pressure. One expert said the market’s ability to withstand nine days of profit-taking shows buyers can absorb the wave of selling while price remains firm.
$82,400 still stands out as a resistance zone
CryptoQuant’s latest report still identifies $82,400 as a major resistance level because it matches Bitcoin’s 200-day moving average. The report also noted that heavy selling pressure began from this area in March 2022. At the same time, the Coinbase premium for Bitcoin has turned negative, a signal analysts read as evidence that US institutional investors have not yet clearly joined the current rally.
Altcoins show activity, but direction remains unclear
Altcoins continue to look less stable and less predictable than Bitcoin. On-chain analysts said the 30-day average trading volume for several altcoins has moved above their annual averages. Bitcoin, though, has dominated trading volumes since mid-April, a pattern that has previously appeared before a renewed move in altcoins. Research firm 10x Research said that despite the recent rise in the 30-day moving average, altcoin trading volumes have started to decline in recent days. The firm warned that if momentum drops below that level, it could become a caution signal for long positions. BNB has drawn attention after Grayscale’s ETF application and Coinbase’s addition of the token to its roadmap, but analysts said a confirmed breakout across the broader altcoin market has yet to appear.