Bitcoin's Sell Side Risk Ratio has retreated to levels not seen since October 2023. This matters because the metric tracks actual profit-taking and loss-realization behavior when holders move their BTC.

What's happening now? The signal suggests minimal activity in this department. Essentially, people aren't rushing to lock in gains or cut losses at scale—they're holding steady. The muted participation in profit/loss realization could indicate either conviction in current price levels or simple market indifference.

For traders parsing on-chain signals, this quiet period in Sell Side Risk Ratio readings is worth monitoring. It reveals market psychology beyond just price action—telling you whether participants are actively repositioning or sitting pat.