Bitcoin market shows reduced selling pressure and shifting capital flows

Bitcoin market dynamics are showing signs of reduced selling pressure and shifting capital flows. Data from Glassnode indicates that Bitcoin’s sell-side risk ratio (SSRR) dropped significantly in September to 7, down from 16 in August. This decline suggests that profit-taking has cooled and investors are holding onto gains, with long-term holders' share of realized profits falling from 88% in August to 47% in September.

Despite this easing pressure, US spot Bitcoin ETF investors face estimated paper losses of approximately $3.9 billion, as the price remains below the $86,000 level required for aggregate profitability.

In terms of broader market trends, CoinMarketCap’s Alice Liu noted that while Bitcoin has rebounded from lows near $59,000, capital is increasingly moving toward tokenized real-world assets (RWAs) and perpetual futures markets. While Hyperliquid leads in decentralized trading for these assets, Binance has begun capturing market share through its own RWA perpetual offerings. Liu also highlighted aggressive buyback activity in the Hyperliquid ecosystem, noting over $400 million spent on token repurchases.