Bitcoin sell pressure reaches one-month low as long-term holders slow down profit taking

Bitcoin’s 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.

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 market’s 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.

A ratio below half its earlier level does not mean the volume of Bitcoin sold on exchanges has halved.

Glassnode separately reports that the realized-profit spike on Sept. 3 was less than half the size of August’s 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.