Bitcoin Sell-Side Risk Plunges to Near-Record Lows
The sell-side risk for Bitcoin has fallen to near-record lows, indicating that investors may be accumulating rather than selling. According to Glassnode's weekly on-chain newsletter, the sell-side risk ratio fell to 7 basis points a day in September, down from 16 at the August peak.
Long-term holders produced 47% of realized profit this month, down sharply from 88% at that August peak. This suggests that recent buyers are now selling less, rather than long-term holders moving their coins to realize profits.
The ratio measures the profits and losses that investors realize on-chain, then divides that total by Bitcoin's realized capitalization. Low prints usually mark accumulation phases and macro market bottoms, according to Glassnode, rather than late-cycle tops when older coins move at scale.
U.S. spot Bitcoin exchange-traded fund (ETF) investors return to aggregate profit only at $86,000, Glassnode said, and the market has now closed below that level for 229 straight sessions. Paper losses across those funds currently run near $3.9 billion, with roughly 1.07 million Bitcoin bought between $83,000 and $86,000 still hanging above the current price.