Bitcoin Sell-Side Risk Falls to Rare Lows as Profit-Taking Eases

Bitcoin's sell-side risk has dropped to historic lows as profit-taking cools and sellers fade from view, according to data from Glassnode. The sell-side risk ratio (SSRR) fell to 7, a level not seen since the early days of Bitcoin's price surge above $80,000 in late August.

The SSRR measures onchain realized profits and losses relative to Bitcoin's realized market cap. Lower values are considered signals of macro market bottoms and relatively low sell-side risk environments. In this case, the ratio has more than halved from its peak of 16 in September.

Glassnode also found that long-term holders have been realizing profits onchain at a lower rate this month. 'The sellers this month are recent buyers, and even they are selling less,' Glassnode noted. This suggests that investors may be taking their gains rather than panic-selling.