$BTC The seller’s risk ratio has fallen to about 7 bps per day, roughly half of the August peak. The proportion of profit-taking supply from long-term holders has dropped to 47%. In addition, about 1.07M BTC positions have costs above the current market price. All these figures indicate that the long-term coins willing to sell proactively are dwindling, which is good news. However, just because nobody is rushing to sell doesn’t necessarily mean someone is rushing to buy. The reality is that the price is still consolidating around $78K. BTC also still faces a short liquidation wall near $82K—about $1.649B worth—and supply pressure in the $83K–$86K range from long-term holders and earlier trapped positions.

In one sentence: market price is determined jointly by both buyers and sellers. Reduced sell pressure is only half of the good news; ETFs, spot CVD, and rising trading volume make up the other half. The former reduces downside momentum, while the latter determines how high the price can rise.