Bitcoin

Bitcoin sellers are now “minimal” despite prices hovering within 15% of all-time highs.
Data from onchain analytics platform CryptoQuant shows that sell-side risk is at its lowest since the start of 2024.
<h2 id="br-bitcoin-sell-side-risk-hits-minimum-zone"> Bitcoin sell-side risk hits “minimum zone”</h2>
Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) may have seen episodes of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-speculators-realize-850m-losses-50k-btc-price-dump" rel="null" target="null" text="null" title="null">knee-jerk sell-offs</a> during bouts of BTC price volatility in recent months, but overall, hardly anyone appears “willing” to capitulate.
Analyzing the sell-side risk ratio metric, CryptoQuant contributor Axel Adler Jr. revealed that would-be seller numbers have collapsed since March’s all-time high on BTC/USD.
“Since the $73K peak, the number of people willing to sell Bitcoin has dropped to a minimum zone over the past 6 months,” he commented in a post on X on Sept. 25.
<figure>
 <img alt="Bitcoin sell-side risk hits 2024 low just $10K from BTC price record" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0192286a-fdea-7497-b854-a685d0b34f64">
 <figcaption style="text-align: center;">
 Bitcoin sell-side risk ratio. Source: Axel Adler Jr.
 </figcaption>
</figure>
Sell-side risk ratio sums all onchain realized profits and losses per day and divides that by Bitcoin’s realized cap. The result is a quantified picture of potential selling pressure, and currently, its values are below 20,000. By comparison, during the March high, the metric measured nearly 80,000.
An accompanying chart uploaded by Adler describes this sell-side risk as “minimal.”
<figure>
 <img alt="Bitcoin sell-side risk hits 2024 low just $10K from BTC price record" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0192286b-bd73-741b-8616-37008e6e3186">
 <figcaption style="text-align: center;">
 Bitcoin realized profit and loss (USD). Source: Axel Adler Jr.
 </figcaption>
</figure>
Continuing, a further X <a data-ct-non-breakable="null" href="https://x.com/AxelAdlerJr/status/1838579503347433883" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/AxelAdlerJr/status/1838579503347433883">post</a> nonetheless showed healthy network activity when measured in US dollar terms.
Onchain realized profit and loss figures show a net daily tally of around $500 million — albeit still a faction of March’s $3.6 billion record.
“If you think the network is dead, you’re mistaken,” Adler summarized.
<blockquote>
 “On average, Bitcoin generates around $571M in profits each day, compared to $115M in losses. The net average profit investors are making is measured at $456,000,000 per day.”
</blockquote>
<h2 id="btc-price-support-clinches-a-comeback">BTC price support clinches a comeback</h2>
As Cointelegraph <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-rally-above-short-term-holder-metric-has-traders-calling-for-new-btc-price-highs" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-rally-above-short-term-holder-metric-has-traders-calling-for-new-btc-price-highs">continues to report</a>, the aggregate cost basis of various Bitcoin investor cohorts plays a key role in defining BTC price support and resistance.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-transactions-dive-30-6-months-btc-price-disinterest" rel="null" target="null" text="null" title="null">Bitcoin transactions dive 30% in 6 months amid BTC price ‘disinterest’</a>
Bitcoin speculators, or short-term holders (STHs), are currently “in the black” after experiencing an <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-drop-below-traders-cost-basis-warns-of-deeper-sell-off" rel="null" target="null" text="null" title="null">extended period of uncertainty</a> — and distributing their holdings to the market, often at a loss, as a result.
The STH cost basis currently sits at around $62,250, per <a data-ct-non-breakable="null" href="https://charts.bgeometrics.com/sth_realized_price.html" rel="null" target="null" text="null" title="null">data</a> from statistics resource BGeometrics.
<figure>
 <img alt="Bitcoin sell-side risk hits 2024 low just $10K from BTC price record" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0192286c-813d-7c5f-b716-8ec843be8f72">
 <figcaption style="text-align: center;">
 Bitcoin STH realized price. Source: BGeometrics
 </figcaption>
</figure>
Earlier this week, X account, The Bitcoin Researcher, offered further details on the current composition of STH entities’ BTC exposure, describing the market as being in a “pivotal state.”
<figure>
 <img alt="Bitcoin sell-side risk hits 2024 low just $10K from BTC price record" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0192286c-fe02-750b-973c-556e95e4574f">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/ResearchBTCNow/status/1838292189341798798" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/ResearchBTCNow/status/1838292189341798798">The Bitcoin Researcher</a>
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin sell-side risk hits 2024 low just $10K from BTC price record

Table of Contents

Cointelegraph

Other articles published on Sep 25, 2024

Worldcoin launches in three more countries; WLD token spikes

Analyst Predicts Optimism (OP) To Soar Driven by Superchain Interoperability

Weekly Article Recap: 9/09-9/13

Big threats on my life by Iran, says Donald Trump

Invest $500 in These 3 AI Altcoins for Potential 500% Gains by Q1 2025

Qubetics’ Gasless Transactions and Staking Rewards Take the Spotlight-Presale Launching Soon

Join our free newsletter for daily crypto updates!