Market data shows a renewed compression in #Bitcoin’s Sell-Side Risk Ratio, reaching levels not seen since October 2023.

This reflects low multiple realized profits and losses, pointing to a lack of strong conviction among sellers at current price levels. Distribution pressure remains limited, with participants showing restraint rather than urgency to exit.

Historically, this type of behavior is common during consolidation phases, where the market digests prior moves and waits for a clear trigger before committing to the next direction.