Bitcoin Sell-Side Pressure Drops to Rare Lows as $80K Sellers Exit

The sell-side pressure on Bitcoin has eased significantly, according to Glassnode's latest weekly onchain report. The report shows that the sell-side risk ratio has dropped to a rare low of 7, down from 16 in September.

This decline coincides with Bitcoin holding most of its August gains, and long-term holders are realizing profits more selectively. Long-term holders' share of realized profit fell to 47% from 88% at the August peak, indicating that recent buyers are selling less.

The report also highlights that US spot Bitcoin ETF investors remain deeply underwater on an aggregate basis relative to their breakeven level near $86,000. The ETF investors have spent 229 sessions below this level, with paper losses around $3.9 billion.