Crypto analytics platform Glassnode is saying Bitcoin (BTC) has proven its resilience after a massive stash of the flagship digital asset was sold off last weekend.

Glassnode says an unnamed investor disposed of Bitcoin worth nearly $10 billion via Galaxy Digital last weekend, demonstrating Bitcoin’s “growing liquidity profile and market depth.”

“This liquidity was put to the test over the weekend, as an early Bitcoin investor, via Galaxy Digital’s services, distributed 80,000 BTC (approximately $9.6 billion), likely through a mix of market sales and [over-the-counter] OTC transactions. The resulting sell-side pressure drove the price down to $115,000 before stabilizing at $119,000.

This episode illustrates Bitcoin’s ability to absorb large sell-side volumes, even during typically thinner weekend trading hours, reinforcing the market’s structural robustness.”

The analytics platform says that a “super-majority” of Bitcoin holders are currently sitting on significant unrealized profits, with more than 97% of the circulating supply in the black.

“This underscores how the majority of investors are sitting on substantial paper gains, and sets up an environment of potential future sell-side pressure should prices continue to rise further.”

According to Glassnode, profit-taking could “sharply intensify” if Bitcoin goes up by around 20% from the current level.

“…Bitcoin may remain range-bound between $105,000 and $125,000 until a decisive breakout occurs. Should the market break convincingly higher, the $141,000 region is likely to present the next major zone of resistance where sell-side pressure may intensify rapidly…”

Bitcoin is trading at $117,651 at time of writing.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Although Bitcoin (BTC) has recorded slight gains over the past month – up 3.6% in the last 30 days – the leading cryptocurrency is experiencing a lack of Apparent Demand, indicating broader market weakness that could lead to a price slump in the near term.

Bitcoin Apparent Demand Enters Negative Territory

According to a recent CryptoQuant Quicktake post by contributor Crazzyblockk, Bitcoin’s new buyer demand is failing to absorb the combined supply pressure from freshly mined BTC and selling from long-term holders (LTHs). As a result, BTC’s Apparent Demand has turned negative.

The analyst noted that the imbalance between buyer demand and excessive supply has created a high-risk environment for a near-term price correction. Notably, the $100,000 level remains an important support for the flagship digital asset.

Related Reading

For the uninitiated, Bitcoin’s Apparent Demand measures the balance between new buying interest and the supply of coins entering the market from miners and LTHs selling. When this metric turns negative, it means that the amount of BTC being sold exceeds new purchases, indicating potential market weakness and downward price pressure.

BTC entering negative Apparent Demand territory can be considered a bearish development for two key reasons. First, it directly increases the “for sale” BTC supply, exerting downward pressure on the cryptocurrency’s price.

Second, significant selling by LTHs – often considered seasoned and sophisticated investors – suggests that experienced players believe the crypto market has likely reached a local top and are exiting before a potential severe market downturn. The analyst added:

Consequently, the market is in a vulnerable state. Any price rallies from here will likely struggle to overcome this wave of available supply, and market support may be weaker than anticipated. While not a guarantee, this on-chain signal strongly suggests a period of caution is warranted until demand shows clear signs of recovery.

That said, recent on-chain analysis indicates a more optimistic outlook. According to fellow CryptoQuant analyst Avocado_onchain, the 30-day moving average (MA) of Bitcoin Binary Coin Days Destroyed (CDD) shows signs of healthy consolidation rather than a potential local top.

Some Positive Signs For BTC

While BTC’s Apparent Demand might be drying up, easing global geopolitical tensions could catalyze a rally in risk-on assets, including cryptocurrencies. Further positive macroeconomic developments may also benefit BTC, potentially leading to a cycle top much higher than currently anticipated.

Related Reading

Another indicator negating the possibility of a major price pullback is the steadily rising short-term holder (STH) floor price, which has surged to as high as $98,000 according to the latest on-chain data. At press time, BTC trades at $107,500, down 0.5% in the past 24 hours.

Featured image from Unsplash, charts from CryptoQuant and TradingView.com

The sell-side risk ratio (SSR) is an important predictor of holder behavior. The Sell-side Risk Ratio (SSR) measures the potential “risk” of sell-side pressure entering the market. At heart, it signals how likely (or forceful) a wave of distribution could be relative to both price and the current liquidity climate.

If the SSR trends are high, it often suggests a significant supply overhang waiting in the wings: large holders might be looking to realize profits or short-term holders might be itching to sell into strength. Conversely, investors are less willing to part with their coins when the SSR is low or hovering in an equilibrium band or have no compelling reason to liquidate in size at current price levels.

Fundamentally, SSR matters because it can foreshadow significant inflection points in the market. It usually indicates accelerated profit-taking (or fear-based selling) if it spikes. When the ratio remains flat or retreats, it suggests the market has reached some level of balance between buyers and sellers, thereby signaling less near-term volatility, at least until a new catalyst emerges.

Bitcoin is famously sensitive to shifts in global liquidity. When liquidity is abundant, risk assets like Bitcoin tend to thrive; when liquidity tightens, risk assets often wilt as capital has fewer avenues (and less inclination) to chase higher-beta opportunities.

Because the SSR partly reflects the psychology of existing holders, whether they are willing to sell in bulk or continue to hold, tracking it alongside market volume can offer a unique measure of incoming or outgoing liquidity. A low or stable SSR in a declining liquidity environment often indicates that most “weak” hands have already sold, leaving a base of relatively strong hands who are more comfortable holding through volatility.

The SSR appears notably flat within a mid-range in the second half of March. This flatness suggests a kind of ceasefire between buyers and sellers. Put differently, neither side is especially motivated to take aggressive action.

This indicates a lack of heavy profit-taking. If long-term holders or short-term speculators believed Bitcoin was overvalued, we would see a noticeable uptick in SSR as more coins came onto the market. Instead, the stable ratio hints that participants are not rushing to cash out.

The data also indicates an absence of sell-offs. Typically, leading into a bear market, we see some capitulation where the realized cap starts to drop significantly, and the SSR might spike (reflecting panic or forced selling). Instead, the market has been drifting, with only marginal selling events. That keeps SSR comfortably in a range rather than skyrocketing.

Data from CryptoQuant also shows that spot trading volumes have pulled back from peaks seen late last year and earlier in the first quarter. Spot volumes dropped from around the $15 billion per day region (in some instances) to roughly $5 billion per day more recently. Meanwhile, the price has been meandering around mid-range levels, implying there is not enough fresh demand to push us significantly higher, but also not enough supply flood to tank prices outright.

The data suggests that as volume declined, price entered a sideways or consolidative phase, reinforcing the idea that large new capital inflows have momentarily slowed. With lower spot volumes, the price also struggles to break out strongly in either direction.

On-chain data shows long-term holders (LTH) have not significantly reduced their positions. Indeed, a large chunk of BTC’s realized cap is controlled by addresses that display historically low spending behavior. This indicates a sense of “conviction” that helps keep SSR from spiking since these holders are less likely to sell at current price levels.

The flat reading of the SSR ratio indicates a market at an uneasy standstill: not enough fresh capital to fuel a rally, yet no mass exodus to trigger a punishing drawdown. Despite shrinking spot volumes and ETF outflows, we are not seeing the same frantic selling or steep price declines typical of a full-blown bear.

Instead, Bitcoin’s long-term holder base continues to prop up the market, indicating that if global liquidity improves, the stage could be set for renewed upside. Meanwhile, a low-liquidity environment and a holder-dominated supply keep Bitcoin floating in a mid-range zone, waiting for the next wave of conviction, whether its bullish or bearish.

The post Bitcoin floats in a midrange limbo as sell-side risk ratio remains subdued amid downtrend in spot volume trends appeared first on CryptoSlate.