Bitcoin Selling Pressure Declines as Market Stabilizes

In September 2026, Bitcoin's sell-side pressure has significantly decreased, with long-term holders and recent buyers showing a reduced inclination to take profits, despite the cryptocurrency trading below its recent highs. Crypto analytics firm Glassnode reported that Bitcoin's sell-side risk ratio (SSRR) dropped to 7 this week from 16 earlier in the month, marking one of the lowest readings on record. This metric, which tracks realized profits and losses on-chain relative to Bitcoin's market capitalization, indicates a period of reduced selling activity, often associated with accumulation phases or market bottoms.

The SSRR had reached 16 when Bitcoin surged above $80,000 in late August, but this rally did not result in a significant influx of coins back into the market. Glassnode noted that long-term holders accounted for a smaller share of realized profits in September, decreasing from 88% at the August peak to 47%. The firm suggested that a sustained SSRR above 16 would signal the return of sellers from the August rally, while the current market remains short of sellers at prevailing prices.

Despite the recent rebound, which saw Bitcoin recover towards $80,000 after dipping to approximately $77,600, ETF investors are still facing losses. Glassnode estimates that buyers of US spot Bitcoin exchange-traded funds would need Bitcoin to reach around $86,000 to break even, a level it has not achieved for 229 sessions, resulting in approximately $3.9 billion in unrealized losses for this group. Other cryptocurrencies, including Ethereum and XRP, also experienced gains during this market recovery.

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Source: KLEA News