**Bitcoin Sellers Reach “Minimal” Levels Despite Prices Near All-Time Highs**
Recent data from the on-chain analytics platform CryptoQuant indicates that the sell-side risk for Bitcoin is at its lowest since the beginning of 2024, even as prices remain within 15% of their all-time highs.
### Bitcoin Sell-Side Risk Declines to “Minimum Zone”
Although Bitcoin (BTC) has experienced sudden sell-offs in response to price volatility in recent months, the overall willingness to sell among holders appears to be diminishing significantly.
CryptoQuant contributor Axel Adler Jr. analyzed the sell-side risk ratio and noted a sharp decline in the number of individuals inclined to sell Bitcoin since the peak of $73,000 in March. In a post on X on September 25, he commented, “Since the $73K peak, the number of people willing to sell Bitcoin has dropped to a minimum zone over the past 6 months.”
**Bitcoin Sell-Side Risk Ratio. Source: Axel Adler Jr.**
The sell-side risk ratio aggregates daily on-chain realized profits and losses and divides this by Bitcoin’s realized market cap, providing a clear indication of potential selling pressure. Currently, this metric has dipped below 20,000, a stark contrast to its nearly 80,000 reading during the March highs. Adler provided an accompanying chart that characterizes the current sell-side risk as “minimal.”
**Bitcoin Realized Profit and Loss (USD). Source: Axel Adler Jr.**
Despite the low sell-side risk, Adler noted robust network activity when assessed in U.S. dollar terms. The on-chain realized profit and loss figures indicate a net daily total of approximately $500 million, although this remains a fraction of the record $3.6 billion observed in March. “If you think the network is dead, you’re mistaken,” Adler concluded.
### BTC Price Support Signals a Potential Rebound
As reported by Cointelegraph, the overall cost basis of various Bitcoin investor groups is crucial in determining BTC price support and resistance levels.
Short-term holders (STHs) have recently found themselves “in the black” after a lengthy period of uncertainty, during which many distributed their holdings to the market, often at a loss. According to data from BGeometrics, the STH cost basis currently stands at around $62,250.
**Bitcoin STH Realized Price. Source: BGeometrics**
Earlier this week, the X account known as The Bitcoin Researcher provided additional insights into the current state of STH entities’ exposure to BTC, describing the market as being in a “pivotal state.”
**Source: The Bitcoin Researcher**
This article is not intended to serve as investment advice or recommendations. All investment and trading activities carry risks, and readers are encouraged to conduct their own research before making decisions.