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

On‑chain data shows Bitcoin’s sell‑side risk has dropped to less than half of its August peak, indicating a slowdown in profit‑taking by long‑term holders.

Sell‑Side Risk Ratio declines

Glassnode’s September 9 report, covering observations through September 7, records the Sell‑Side Risk Ratio at 7 basis points per day on a seven‑day basis, down from 16 basis points at the August high.

Long‑term holders reduce profit contribution

Long‑term holders accounted for 47% of realized profit, a decline from 88% at the August peak. This suggests older coins are contributing less to the market’s realized profit, though the metric does not capture their total sales share.

Large block of older coins remains static

Approximately 1.07 million BTC acquired between $83,000 and $86,000 remain largely unchanged over the past 30 days, held primarily by long‑term investors.

Exchange flow and market dynamics

Spot cumulative volume delta (CVD) stayed negative on September 8, indicating that aggressive selling on exchanges still outweighed buying, even as the on‑chain risk metric improved.

Implications

The lower sell‑side risk does not imply a proportional drop in exchange‑based selling volume. Buyers would still need to absorb any supply that reaches the market for a sustained price advance.