Bitcoin sell pressure drops to one-month low as long-term holders reduce profit taking

Bitcoin's on-chain sell-side risk has decreased to below half of its August peak, indicating reduced potential selling pressure. Glassnode's report on September 9, based on data through September 7, shows the Sell-Side Risk Ratio at 7 basis points per day, down from 16 basis points at the August peak. Long-term holders accounted for 47% of realized profit, a significant drop from 88% in August. While older holders are realizing less profit, this does not reflect their total share of Bitcoin sales. The Sell-Side Risk Ratio measures value realization against realized capitalization, indicating potential selling pressure. A lower ratio does not imply that Bitcoin sales on exchanges have halved. Additionally, Glassnode noted that the realized-profit spike on September 3 was less than half the size of August's spike, suggesting quieter profit realization and a shift in the mix of holders. Approximately 1.07 million BTC, acquired between 83000 and 86000 dollars, remains largely held by long-term holders with minimal change over the past 30 days. Exchange demand remains a concern, with negative exchange spot flow reported on September 8, indicating that aggressive selling still outweighs buying. Overall, Bitcoin holders are realizing less profit relative to their capital base, while a significant amount of overhead coins remains in place, suggesting that treating this block as immediate selling pressure could overstate the situation.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.