Bitcoin hodlers are “selling less” in September, Glassnode says
In the latest edition of Glassnode’s The Week Onchain newsletter, the crypto analytics platform said Bitcoin’s sell-side risk ratio (SSRR) had reset lower.
Sell-side risk sums total onchain realized profits and losses and divides that figure by Bitcoin’s realized market cap. The result is a snapshot of the US dollar value realized over a given period relative to realized cap.
Glassnode describes lower values as signals of “macro market bottoms, accumulation phases and relatively low sell-side risk environments.”
SSRR reached 16 as Bitcoin’s price hit multimonth highs above $80,000 in late August. As of this week, however, the metric has more than halved to 7, one of the lowest readings on record.
Glassnode said the August Bitcoin price rebound had “drawn little supply,” as measured by onchain activity.
“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,” it noted.
Data also shows that long-term holders — defined as wallet entities that hold a UTXO without spending it for at least six months — are realizing profits onchain at a lower rate this month.
“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,” Glassnode continued.
“The sellers this month are recent buyers, and even they are selling less.”
Bitcoin ETF buyers eye breakeven point
The SSRR reading may ease concerns that even a modest Bitcoin price correction could trigger panic selling.
Bitcoin investor cohorts have returned to aggregate profit after Bitcoin reclaimed $80,000, potentially increasing the temptation to sell if the price retraces further. As Cointelegraph reported, the spent output profit ratio (SOPR) has remained in net profit for its longest stretch of 2026.
SOPR reflects the net profitability of spent coins, with 1 representing breakeven. Sustained readings above 1 can support a bullish long-term trend change.
Glassnode added that US spot Bitcoin exchange-traded fund (ETF) investors would return to aggregate profit at $86,000. Bitcoin has closed below that level for the past 229 sessions, with ETF investors’ paper losses currently around $3.9 billion.
