Bitcoin Selling Pressure Reaches Historic Lows Amid Market Recovery
Bitcoin's selling pressure has dropped to one of the lowest levels on record in September, according to crypto analytics firm Glassnode. The Sell-Side Risk Ratio (SSRR) fell from 16 at the end of August to 7 this week, indicating reduced profit-taking and potential accumulation by long-term holders. This decline suggests a lack of selling activity near current price levels, with only minor supply being reintroduced into the market following Bitcoin's recent rally above $80,000. ETF investors remain in negative territory as spot Bitcoin ETF buyers would need to reach around $86,000 for breakeven. As of now, Bitcoin has closed below this level for 229 consecutive sessions, resulting in approximately $3.9 billion in unrealized losses. Despite the recent rebound toward $80,000 and gains across other major cryptocurrencies like Ethereum and Solana, market analysts caution that macroeconomic challenges—such as potential U.S. rate hikes and rising oil prices—could hinder further recovery.
Tickers: $BTC
Topics: Bitcoin Glassnode report onchain analytics selling pressure