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.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 ...