Bitcoin is showing a slowdown in price momentum near the $80,000 mark. According to XWIN Japan analysts, the leading cryptocurrency is facing selling pressure from investors as the market returns to profitable territory. At the same time, demand is being supported by capital inflows into spot exchange-traded funds (ETFs) and declining long-term bond yields, which traditionally increases the appeal of risk assets.
According to XWIN Japan data, almost all major investor groups are back in profitable territory. The unrealized profit indicator stands at 21.1% for long-term holders, 13.4% for short-term holders, 13.9% for capital under one month old, and 5.3% for the newest investors. "This points to a healthier market, but it also means that more holders now have the opportunity to realize profits," the analysts noted.
The experts also drew attention to the SOPR ratio for short-term and long-term holders. Near the $80,000 level, the indicator climbed to approximately 1.4, signaling active profit-taking by long-term holders. It subsequently dropped to 0.93, which already reflects a stronger realized result among short-term investors. According to XWIN Japan's forecast, a sustained breakout above $80,000, supported by continued demand in ETFs and the spot market, could pave the way toward the $88,000–$90,000 range. A loss of support at $75,000 could erode short-term holder profitability and accelerate corrective processes.
An analyst known by the pseudonym GugaOnChain assessed the market through the Delta-Thermo Market Multiple (DTMM) index: at a price of around $78,000, the indicator reading was 2.03. The author described the situation as a transitional macro zone — Bitcoin has moved away from the accumulation area at 1.5x but has yet to gain the momentum needed to enter the expansion zone at 2.5x. "The global funding rate is at a neutral level of 0.0056, indicating the absence of directional leverage in the short term. At the same time, a negative Coinbase Premium Index points to a lack of buying pressure in the U.S. spot market," GugaOnChain added.
In parallel, analysts from Arab Chain reported that open interest in Bitcoin on Binance has risen to a three-month high in recent days, reaching approximately $9.54 billion. The growth of this indicator may signal the return of capital and activity to the futures market, but it also increases the risk of forced liquidations in the event of a sharp price reversal. Earlier, CryptoQuant experts concluded that Bitcoin may be approaching the end of its bearish phase, as on-chain metrics show the first signs of a recovery in spot demand.
***
This material is prepared exclusively for informational purposes and does not constitute financial advice or a recommendation.