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Bitcoin’s sell-side risk has hit its lowest point of 2024, despite being just 15% below its all-time high price, indicating minimal selling pressure from holders. Data from on-chain analytics platform CryptoQuant highlights that Bitcoin sellers are scarce, even as the market recovers, with hodlers now back in profit.
The sell-side risk ratio, a key metric that tracks on-chain realized profits and losses relative to Bitcoin’s realized market cap, has dramatically decreased since March. According to CryptoQuant contributor Axel Adler Jr., the number of sellers has significantly dropped, hitting a “minimum zone” over the past six months. In March, the sell-side risk ratio reached nearly 80,000, but it has since fallen below 20,000, suggesting minimal selling pressure.
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Adler’s analysis shows that while Bitcoin has seen periods of price volatility and brief sell-offs, most holders appear unwilling to sell at current levels. The daily on-chain realized profit and loss is currently around $500 million, a fraction of March’s $3.6 billion high but still substantial. This reflects strong network activity and investor profitability, with Bitcoin generating an average of $571 million in profits each day, compared to $115 million in losses, leaving a net profit of around $456 million daily.
In terms of market dynamics, short-term Bitcoin holders (STHs) have returned to profitability, having endured a period of uncertainty earlier in the year. This return to the black could provide additional price support, helping to define future resistance levels. The market is currently seen as being in a “pivotal state,” according to on-chain analysts, with key investor behaviors likely to shape Bitcoin’s near-term trajectory.
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