Bitcoin's Sell-Side Pressure Drops to Rare Lows as August Fades

The sell-side pressure on Bitcoin has eased significantly in recent weeks, according to Glassnode's latest onchain report. The company's sell-side risk ratio (SSRR), which measures realized pressure versus market capitalization, has dropped to a rare low of 7, down from 16 in September.

This decline in SSRR coincides with Bitcoin holding onto most of its August gains and long-term holders realizing profits more selectively. US spot Bitcoin ETF investors, however, remain deeply underwater on an aggregate basis relative to their breakeven level near $86,000.

Glassnode notes that lower SSRR values typically align with market conditions such as macro bottoms, accumulation phases, and low sell-side risk environments. The company argues that the recent shift in realized behavior is tied to a post-rebound change in supply dynamics, with little meaningful supply emergence observed during August's price rebound.

The report also highlights how long-term holders are selling less, with their share of realized profit falling to 47% from 88% at the August peak. This shift may indicate that recent entrants, who are often more sensitive to near-term price changes, are moderating their selling impulse.