On-chain data suggests Bitcoin sellers are showing far less conviction than they were a few months ago — and retail buyers aren’t stepping in to replace them. Glassnode analyst Chris Beamish highlighted in a recent X post that the Bitcoin Sell-Side Risk Ratio has plunged to its lowest level since October 2023. The indicator compares the sum of realized profits and losses on the network to Bitcoin’s Realized Cap — a metric that values each coin at the price it last moved, effectively estimating the total capital invested in the supply. A high Sell-Side Risk Ratio indicates extensive profit-taking or loss realization relative to the invested capital; the ratio spiked during the violent price drop in November, reflecting heavy realized activity. Since that event, the ratio has fallen sharply, which Beamish interprets as “subdued conviction behind distribution at current price levels.” Lower sell-side risk implies less enthusiastic selling pressure relative to the capital base, a condition that often corresponds with lower overall volatility unless fresh catalysts arrive. That narrative is reinforced by on-chain retail data: CryptoQuant contributor IT Tech flagged on X that the 30-day change in Retail Investor Demand — a measure of dollar-volume from transactions under $10,000 — has been drifting in negative territory. In plain terms, small-dollar buyers have been dialing back activity, and that trend persisted even through Bitcoin’s recent recovery. Price context: at the time of reporting, Bitcoin was trading around $94,300, up roughly 3% over 24 hours. Together, the subdued sell-side conviction and waning retail participation suggest the market may be in a quieter phase, where significant moves could require new fundamental or macro triggers rather than momentum from existing holders or retail inflows. Read more AI-generated news on: undefined/news

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