The Bitcoin sell-side risk ratio is calculated by dividing the sum of all profits and losses realized on-chain by the realized capitalization, offering a comparative view of daily investor activity against the total market capitalization adjusted for real-time inflows and outflows.
A rise in this metric indicates a higher likelihood of sell-side pressure, potentially leading to increased market volatility.
Between Feb. 8 and March 13, the Bitcoin sell-side risk ratio saw a significant surge, climbing from 0.12% to 0.777%. This increase followed a significant rise in Bitcoin’s price from $45,330 to $73,104. This period marked the highest sell-side risk ratio and the first instance of the ratio surpassing the 0.75% threshold since March 9, 2021.
Following this peak, BTC dropped to $61,860 by Mar. 19 before recovering to $70,000 on Mar. 26. The sell-side risk ratio adjusted to 0.556%.
Graph showing Bitcoin’s sell-side risk ratio from Jan. 1 to Mar. 26, 2024 (Source: Glassnode)
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