Bitcoins on-chain sell-side risk has fallen to less than half its August peak, easing one measure of potential selling pressure even as a large block of older coins remains held at acquisition prices above the market.
Related Asset Bitcoin #1 BTC · $78,338.29 24-hour change: down 0.38% 24H Down 0.38% 7D Up 0.91% 30D Up 22.26%
Analytics firm Glassnode‘s Sept. 9 report, using on-chain observations through Sept. 7, puts its Sell-Side Risk Ratio at 7 basis points per day on a seven-day basis, down from 16 basis points at August’s peak.
Long-term holders also accounted for 47% of realized profit, compared with 88% at the August peak. Older holders are contributing less of the markets realized profit, although that percentage does not measure their share of all Bitcoin sales.
The Sell-Side Risk Ratio adds on-chain profits and losses and divides the total by realized capitalization. It measures value realization relative to that capital base, indicating potential selling pressure.
Related Company Glassnode On-chain analytics platform
A ratio below half its earlier level does not mean the volume of Bitcoin sold on exchanges has halved.
Infographic shows Bitcoin‘s sell-side risk ratio falling from 16 to 7 as long-term holders’ share of realized profit dropped from 88% to 47%.
Glassnode separately reports that the realized-profit spike on Sept. 3 was less than half the size of Augusts spike. That compares profit spikes, distinct from the seven-day risk measure. Together, the findings describe quieter realization and a changed mix of holders taking profits.
The report identifies roughly 1.07 million BTC acquired between $83,000 and $86,000, almost all held by long-term holders, and says that block barely changed over 30 days.
The holdings remain potential supply, while the realization data describe what holders have recently been doing.
Exchange demand is a separate test
Reports noted negative exchange spot flow in Sept. 8. Spot cumulative volume delta (CVD) remained negative despite improving, meaning aggressive exchange selling still outweighed aggressive buying in that measure.
CVD tracks the balance of executed trading, and sell-side risk tracks on-chain profit-and-loss realization relative to realized capitalization. A lower reading in the latter does not require the former to turn positive.
Bitcoin holders are realizing less profit and loss relative to the capital base, while the overhead coins remain largely in place. Treating that entire block as immediate selling pressure would overstate the evidence.
A sustained advance would still require buyers to absorb the supply that actually comes to market.