Bitcoin Selling Pressure Hits Rare Lows as Large Sellers Retreat
Bitcoin selling risk drops to historic levels
Bitcoin investors are showing few signs of panic as the market holds onto its price gains from August. Data from the analytics platform Glassnode shows that the sell-side risk ratio has fallen to one of its lowest levels ever recorded.
This ratio measures the total profit and loss realized on the blockchain compared to the overall size of the market. When this number is low, it usually suggests that selling pressure has cooled down and the market may be entering a phase where investors are quietly accumulating more Bitcoin.
Key data points from September
- The sell-side risk ratio dropped from 16 to 7 in September.
- Long-term holders now account for 47% of realized profits, down from 88% in August.
- Bitcoin has closed below the average break-even point for ETF investors for 229 consecutive sessions.
- Bitcoin held most of its 25% price gain from August.
Investors choose to hold as profits stabilize
Long-term holders, defined as owners who have kept their Bitcoin in a digital wallet for at least six months, are selling for profit at a much lower rate this month. Glassnode reported that the spike in realized profits on September 3 was less than half the size of the peak seen in August.
The data suggests that even people who bought Bitcoin recently are selling less. This shift indicates that the market is not currently seeing the heavy selling pressure that occurred when Bitcoin’s price moved above $80,000 late last month.
Bitcoin ETF buyers wait for break-even point
Investors in U.S. spot Bitcoin exchange-traded funds (ETFs)—which are financial products that allow people to buy into Bitcoin through regular stock markets—are currently facing paper losses. According to Glassnode, these investors would reach their collective break-even point at a price of $86,000.
As of now, ETF investors have total paper losses of approximately $3.9 billion. However, the low sell-side risk ratio may reduce concerns that a small drop in price would cause these investors to sell in a panic.
Why market stability matters
The current low risk ratio suggests the market is in a relatively stable environment. Another metric, the Spent Output Profit Ratio (SOPR), has remained in a profitable range for its longest period in 2026. This metric tracks whether coins moved on the blockchain are being spent at a profit or a loss. Staying above the break-even mark of 1 is often seen as a sign of a healthy market trend.
