Bitcoin sell-side risk returns to rare lows as $80K sellers fade from view

Onchain metrics from Glassnode show Bitcoin’s sell-side risk has eased sharply after late-August price strength, with the platform reporting the sell-side risk ratio (SSRR) has dropped to 7 from a peak of 16. The SSRR — which measures realized profits and losses divided by Bitcoin’s realized market capitalization — is used to gauge the dollar value being taken off the table relative to the market's realized cap, and Glassnode says lower readings are associated with accumulation phases and reduced sell-side pressure.

Glassnode noted that August’s rebound into the $80,000s generated comparatively little new supply onchain. By contrast, prior highs in July 2025 and October 2025 saw SSRR spikes to about 35 and 23 basis points respectively. The recent low reading places current sell-side risk among the lowest occurrences recorded over the past year.

The analytics firm also found that long-term holders — wallets that have not spent outputs for at least six months — are realizing a smaller share of profits in September than they did at August’s peak. Long-term holders’ share of realized profit has fallen to roughly 47% from about 88% at the height of August, and a September 3, 2026 profit spike was less than half the magnitude of August’s. Glassnode summarized that sellers this month are more likely recent buyers, and even they are reducing selling activity.

A related consideration is US spot Bitcoin ETF investor profitability. Glassnode calculates that ETF holders would return to aggregate profit at roughly $86,000; Bitcoin has finished below that level for 229 consecutive sessions, leaving ETF investors with an estimated $3.9 billion in paper losses. Because ETF cohorts remain underwater, a sustained move back toward their breakeven could prompt renewed selling, though the current low SSRR suggests the market’s immediate sell-side fragility is diminished.