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BTC Bitcoin holders reduced profit-taking in September, key selling pressure indicator fell to historical lows
In September, Bitcoin (BTC) holders reduced profit-taking behavior, pushing a key selling pressure indicator to 7 basis points per day from its peak in August, setting one of the extremely low readings in history.
Core Points
- Bitcoin's seller risk ratio dropped to 7 basis points per day, a significant drop from its August peak of 16 basis points.
- Long-term holders contributed 47% of realized profits this month, compared with 88% a month ago.
- Buyers of spot bitcoin ETF are currently below the break-even point (approximately US$86,000), with a book loss of approximately US$3.9 billion.
Bitcoin seller risk hits rare lows
Analyst firm Glassnode released this data in its weekly online newsletter on September 9. The report is based on blockchain observation data as of September 7. This ratio adds up the total profit and loss realized by investors on the chain and then divides by the realized market value of Bitcoin. According to the agency, lower readings usually mark the accumulation phase and macro market bottoms, rather than the heavy disbursement phase at the end of the defined cycle-when older coins move on a large scale.
In late August, when Bitcoin exceeded $80,000 for the first time in months, the indicator reached 16 basis points. The proportion of realized profits contributed by long-term holders (wallets with unused funds for at least six months) has dropped sharply to 47% this month, well below its August peak of 88%.
Glassnode points out that Bitcoin ETF faces losses
Glassnode said that U.S. spot Bitcoin exchange-traded fund (ETF) investors can only return to overall profitability when the price reaches $86,000, and the market has now closed below that level for 229 consecutive trading days. The funds 'overall book losses are currently close to $3.9 billion. About 1.07 million bitcoins bought between $83,000 and $86,000 are still hanging above the current price, and the position has barely shrunk in the past month.
"Sellers this month are recent buyers, and they are also reducing selling." The agency wrote. Analysts warned that the lower ratio does not mean that the volume of Bitcoin transactions arriving at the exchange has halved, and the cumulative spot volume margin (CVD) on September 8 remains negative, indicating that sellers overwhelmingly outnumber buyers.
Bitcoin price volatility since August
Bitcoin rose about 25% in August, then gave up some of its gains, trading around $78,000 on Thursday, suppressed by resistance levels of $80,000 to $82,000. The rally began when prices bottomed out in the $60,000 area earlier this year and later recovered $67,000 and the $72,000 to $74,000 range. The largest profit-taking day in September occurred on September 3, which was less than half the August peak.
The previous top shape is completely different. At July 2025 and October 2025 highs, the same indicator surged to 35 and 23 basis points, well above the current reading, as the massive movement of old currencies drove profits to rise sharply. In the past year, only a few days have had lower readings than today. If the indicator continues to rise above 16 basis points, it means that sellers of the size of August have returned to the market.
