Bitcoin’s sell-side risk ratio has dropped to one of its lowest readings ever recorded, signalling that the wave of profit-taking that accompanied August’s sharp price rally has largely subsided, according to fresh onchain data from Glassnode.
Sell-side risk ratio more than halves in a week
In its latest ‘The Week Onchain’ newsletter, Glassnode reported that Bitcoin’s sell-side risk ratio (SSRR) fell from 16 to 7 between late August and early September 2026. The drop came after BTC hit multimonth highs above $80,000 in late August, posting a roughly 25% gain for the month.
The SSRR measures total onchain realised profits and losses divided by Bitcoin’s realised market cap, producing a snapshot of US dollar value moved relative to the overall cost basis of the network. Glassnode describes low SSRR readings as signals of ‘macro market bottoms, accumulation phases and relatively low sell-side risk environments.’
For context, the SSRR spiked to 35 at the July 2025 price high and hit 23 at the October 2025 high. The current reading of 7 sits among the lowest values on record, with Glassnode noting that ‘only a small share of days in the past year have run lower than today.’
Long-term holders pulling back sharply
Long-term holders, defined as wallet entities that have not spent a UTXO for at least six months, are realising onchain profits at a noticeably slower pace in September. Their share of total realised profit fell from 88% at the August peak to 47% in the current period.
Glassnode also observed that the September 3, 2026 realised profit spike was less than half the size of the equivalent August event. The platform summarised the dynamic plainly: ‘The sellers this month are recent buyers, and even they are selling less.’
Glassnode added that the August price rebound ‘drew little supply’ as measured by onchain activity, reinforcing the picture of a market in which holders are broadly choosing to sit tight despite elevated prices.
SOPR remains in net profit territory
Separately, the spent output profit ratio (SOPR) has held above 1 for its longest consecutive run of 2026. SOPR tracks whether coins are moved at a gain or a loss relative to their acquisition price, with readings above 1 indicating net profitability across all spent outputs. Sustained readings above that level are associated with bullish long-term trend conditions.
Bitcoin investor cohorts moved back into aggregate profit when BTC reclaimed $80,000 in late August, a development that could increase selling temptation if prices retrace. Bitcoin has since slipped back, trading near $78,000 on 10 September after failing to hold that level.
ETF investors still underwater, breakeven at $86,000
US spot Bitcoin exchange-traded fund investors remain in aggregate loss. Glassnode calculated that the collective breakeven price for ETF holders sits near $86,000. Bitcoin has closed below that level for 229 consecutive sessions, leaving ETF investors nursing paper losses of approximately $3.9 billion.
The low SSRR reading may temper concerns that a modest pullback from current levels would trigger a disorderly rush for the exit among recent buyers.
