Bitcoin sell-side risk ratio drops from 16 to 7 as profit-taking cools amid $80,000 gains
Glassnode data shows Bitcoin's sell-side risk ratio fell to seven from a peak of sixteen in August. ETF investors remain below breakeven levels near $86,000.
Bitcoin sell-side pressure reached one of its rarest lows as profit-taking activity diminished, according to Glassnode onchain data released recently. The sell-side risk ratio (SSRR) declined from sixteen in September to seven this week, placing the metric among its lowest-ever readings. Glassnode defined the SSRR by dividing total onchain realized profits and losses by Bitcoin's realized market cap. Lower values indicate accumulation phases and reduced demand for selling dollar value relative to holdings.
The sharp decline occurred while Bitcoin retained most of its twenty-five percent gains achieved during August, with prices hovering above $80,000. The high price levels in late August previously drove the ratio up to sixteen. In contrast, analysts note that the recent August rebound drew little supply into the market compared to historical peaks like the July and October highs, which spiked to thirty-five and twenty-three basis points respectively.
Glassnode stated that the reduced selling pressure signals a relatively low-risk environment for accumulation. Currently, investors in Bitcoin exchange-traded funds have spent two hundred and twenty-nine trading sessions below their aggregate breakeven point near $86,000. The platform characterized these conditions as favorable for macro market bottoms.
