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Bitcoin (BTC) sell-side pressure has fallen sharply in September, with new Glassnode data suggesting that investors are currently showing significantly less willingness to realize profits or losses.
According to Glassnode’s latest on-chain data, Bitcoin’s Sell-Side Risk Ratio (SSRR) has dropped from around 16 in August to just 7 in September. The metric is now close to historically low levels, a condition that has previously been associated with accumulation phases, market bottoms, and periods of reduced selling pressure
Selling Pressure Cools After August Rally
Bitcoin recorded a strong recovery in August, gaining roughly 25% and moving above the $80,000 level. However, the rally appears to have generated relatively little additional on-chain supply.
Glassnode noted that the August rebound “drawn little supply,” indicating that existing holders have not been aggressively selling into the recovery.
This is important because previous Bitcoin market highs have typically been accompanied by much stronger profit realization. At the July 2025 and October 2025 highs, the same sell-side risk measure reached approximately 35 and 23 basis points, respectively.
Compared with those periods, the current reading of 7 suggests that realized selling activity remains unusually subdued.
Long-Term Holders Are Selling Less

Long-term Bitcoin holders are also showing reduced profit-taking activity.
Glassnode defines long-term holders as entities holding unspent Bitcoin outputs for at least six months. Their share of realized profits has fallen from approximately 88% during the August peak to 47% in September.
Furthermore, the realized-profit spike recorded on September 3 was less than half the size of the August spike.
This suggests that the recent Bitcoin recovery has not resulted in widespread distribution from long-term holders.
Interestingly,Glassnode also noted that the sellers in September appear to be primarily recent buyers, rather than long-term holders, and even these investors are currently selling less.
ETF Investors Remain Below Breakeven
Another important level for Bitcoin is the aggregate breakeven price of U.S. spot Bitcoin ETF investors.
According to Glassnode, ETF investors would return to aggregate profitability around $86,000. Bitcoin has remained below this level for the past 229 sessions, leaving ETF investors with approximately $3.9 billion in unrealized losses.
A sustained move above $86,000 could therefore become an important psychological and market-structure event.
If Bitcoin reclaims this level and holds above it, ETF investors could move from aggregate unrealized losses into profit. That could potentially change investor sentiment and increase demand during subsequent pullbacks.
What Does This Mean for Bitcoin?
The combination of falling sell-side risk, reduced long-term-holder distribution, positive SOPR and relatively low realized selling pressure creates a constructive backdrop for Bitcoin.
However, low sell-side risk alone does not guarantee an immediate rally.
Bitcoin could still experience short-term consolidation or another correction before establishing its next major trend. The more important confirmation would be a sustained reclaim of major resistance levels, particularly the $86,000 ETF breakeven area.
If Bitcoin can reclaim and hold above that level while sell-side pressure remains low, the current on-chain structure could become increasingly supportive of a broader bullish trend.
For now, the data suggests that Bitcoin holders are selling less, supply pressure is cooling, and the market is entering a relatively low sell-side-risk environment—conditions that have historically been favorable for accumulation and longer-term recovery.