Bitcoin Sell-Side Risk Hits Rare Lows as $80K Sellers Fade

The sell-side risk for Bitcoin has returned to rare lows as investors have largely given up trying to sell at $80,000. According to Glassnode, the sell-side risk ratio (SSRR) has fallen from 16 in September to just 7, one of the lowest readings on record.

This is significant because lower SSRR values are often associated with macro market bottoms and accumulation phases. The current reading suggests that selling pressure has eased, and Bitcoin has held most of its 25% August gains.

Glassnode also notes that long-term holders have been realizing profits at a slower rate this month, indicating that they may be holding onto their coins rather than selling. Additionally, the spent output profit ratio (SOPR) has remained in net profit for the longest stretch of the year, supporting a bullish trend.

ETF investors are also eyeing a breakeven point near $86,000, where they will return to aggregate profit. With Bitcoin currently below this level and ETF investors' paper losses standing at around $3.9 billion, there is still some caution to be had in the market.