Bitcoin investors showed little sign of panic selling as BTC held on to most of its 25% gain from August, while sell-side risk slipped back to a level rarely seen in historical data.
Fresh figures from Glassnode show that Bitcoin’s sell-side risk ratio, or SSRR, remains near historic lows as profit-taking from August starts to cool.
Glassnode says Bitcoin holders are selling less in September
In the latest edition of its The Week Onchain newsletter, onchain analytics firm Glassnode said Bitcoin’s SSRR had reset lower.
The metric adds up total realized profit and realized loss onchain and divides that figure by Bitcoin’s realized market capitalization. The result offers a snapshot of how much US dollar value is being realized over a given period relative to realized cap.
Glassnode said lower values tend to appear during 「macro market bottoms, accumulation phases and relatively low sell-side risk environments」.
SSRR reached 16 in late August when Bitcoin climbed above $80,000 and hit multimonth highs. This week, the reading had fallen to 7, more than halving from that level and landing among the lowest prints ever recorded.
Glassnode said the August rebound in Bitcoin price had 「drawn little supply」 when measured through onchain activity.
It added: 「At the July 2025 and October 2025 highs the same measure spiked to 35 and 23 basis points. Only a small share of days in the past year have run lower than today.」
Separate data also shows that long-term holders are realizing profits at a slower pace this month. Glassnode defines long-term holders as wallet entities that have held a UTXO for at least six months without spending it.
The firm wrote: 「Long-term holders’ share of realized profit has fallen to 47% from 88% at the August peak, and September’s realized profit spike on September 3, 2026 was under half the size of August’s.」
ETF investors are still watching the breakeven level
The low SSRR reading may reduce concern that even a modest pullback in Bitcoin could trigger panic selling.
After Bitcoin reclaimed $80,000, investor cohorts moved back into aggregate profit, which can increase the temptation to sell if price retreats again. As Cointelegraph previously reported, the spent output profit ratio, or SOPR, has stayed in net profit for its longest stretch of 2026.
SOPR tracks the net profitability of spent coins, with a reading of 1 marking breakeven. A sustained move above 1 can support a longer-term bullish trend change.
Glassnode also said investors in US spot Bitcoin exchange-traded funds would return to aggregate profit at around $86,000. Bitcoin has closed below that level for the past 229 sessions, leaving ETF holders with paper losses of about $3.9 billion at present.