Bitcoin’s Sell-Side Risk Ratio fell to 7 in September, one of its lowest readings of the past year, Glassnode said. The measure stood at 16 in late August, compared with a July 2025 high of 35 and an October high of 23. Long-term holders, defined as investors holding coins for at least six months, accounted for 47% of realized profit in September, down from 88% at August’s peak. A previously cited Glassnode analysis dated Sept. 9 and based on data through Sept. 7 measured the ratio at 7 basis points per day on a seven-day basis. The ratio compares realized on-chain gains and losses with realized capitalization, rather than directly measuring exchange sales. Glassnode also said a Sept. 3 realized-profit spike was less than half August’s spike, while $47 billion of additional profitable supply could confront Bitcoin’s next $80,000 breakout. About 1.07 million BTC acquired between $83,000 and $86,000 remained largely unchanged for 30 days and was held almost entirely by long-term holders. Exchange spot cumulative volume delta remained negative on Sept. 8 despite improving, indicating aggressive selling still exceeded aggressive buying in that measure.