Bitcoin Sell-Side Risk Falls to Historic Lows Amid August Price Rebound

Bitcoin's sell-side risk ratio has dropped to historic lows, according to data from Glassnode. The metric, which measures total onchain realized profits and losses against Bitcoin's realized market cap, has fallen from 16 in September to just 7, one of the lowest readings on record.

This decrease suggests that 'macro market bottoms, accumulation phases and relatively low sell-side risk environments' may be present, Glassnode says. The August price rebound drew little supply, as measured by onchain activity, with only a small share of days in the past year running lower than today.

Data also shows that long-term holders are realizing profits at a lower rate this month, and even recent buyers are selling less. This may ease concerns about panic selling if Bitcoin's price corrects further. ETF investors have been holding losses below $86,000 for 229 sessions, with current paper losses around $3.9 billion.