Bitcoin sellers are currently at “minimal” levels, despite the price remaining within 15% of its all-time high.
According to data from on-chain analytics platform CryptoQuant, sell-side risk is at its lowest level since early 2024.
Bitcoin Sell Risk Reaches “Minimum Level”
Bitcoin (BTC) price volatility in recent months may have led to some spontaneous selling, but overall, few seem willing to “give in.”
CryptoQuant contributor Axel Adler Jr. analyzed the Sell Risk Ratio metric and found that the number of potential sellers has plummeted since BTC/USD’s all-time high in March.
“Since the $73,000 peak, the number of people looking to sell their bitcoin has fallen to its lowest level in the past six months,” he wrote in a September 25 post on X.
Bitcoin Sellside Risk Ratio. Source: Axel Adler Jr.
The short risk ratio adds up all realized on-chain profits and losses during the day and divides it by Bitcoin’s realized upper limit. The result is a quantifiable picture of potential selling pressure, which is currently below 20,000. By comparison, during the March highs, the indicator was measured at nearly 80,000.
The accompanying chart uploaded by Adler describes this sell risk as “minimal.”
Bitcoin realized P&L (USD). Source: Axel Adler Jr.
In turn, the additional X posts showed healthy network activity when measured in US dollars.
Onchain’s realized P&L figures show a net daily tally of around $500 million, a fraction of the $3.6 billion recorded in March.
“If you think networks are dead, you’re wrong,” Adler summarized.
“On average, Bitcoin generates about $571 million in profits per day, while losses are $115 million. The net average profit generated by investors is estimated at $456 million per day.”
BTC price support confirms comeback
According to Cointelegraph, the aggregate cost basis of various Bitcoin investor groups plays a significant role in defining BTC price support and resistance levels.
relevant: Bitcoin Trading Volume Plummets 30% in 6 Months as BTC Price ‘Lowers Interest’
Bitcoin speculators or short-term holders (STH) are currently “in the black” after experiencing a prolonged period of uncertainty and are, as a result, distributing their holdings to the market, often at a loss.
According to data from BGeometrics, the STH cost base is currently around $62,250.
Bitcoin STH Realized Price. Source: BGeometrics
Earlier this week, X account The Bitcoin Researcher provided additional details on the current composition of STH entities’ BTC exposure, describing the market as being in a “pivotal state.”
source: Bitcoin Researcher
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