In September 2026, Bitcoin holders are engaging in profit-taking, although the volume of selling appears to be less intense compared to previous market peaks. Long-term holders are liquidating portions of their Bitcoin holdings, indicating a shift in selling behavior. This current trend contrasts with the more aggressive selling patterns observed during earlier market highs.
Bitcoin Remains Resilient Amid Selling Pressure
Bitcoin is currently trading at approximately $84,100, reflecting a 4.6% increase over the past month as of September 26. Despite recent selling activity, the cryptocurrency has shown resilience, likely supported by significant buying from mid-sized wallets. According to data from Santiment, wallets holding between 100 and 1,000 BTC have collectively acquired an additional 113,950 BTC since July 15.
These wallets now hold about 5.24 million BTC. Their total holdings increased by about 2.2% between mid-July and late September. These 100-to-1,000 BTC wallets can belong to wealthy investors, hedge funds and trading firms. Long-term holders were responsible for much more selling during the major Bitcoin tops in 2025. The sell-side risk ratio was much higher during the 2025 market peaks. It reached 35 basis points per day at the July 2025 market high and 23 basis points per day at the October 2025 peak, according to Glassnode.
Because they bought earlier, long-term holders often have the biggest unrealized profits. However, wallet size alone does not reveal exactly who owns the Bitcoin or why the balance has increased. On-chain data also cannot show every type of buying activity. A large amount of Bitcoin trading happens inside exchange order books, so those trades may not appear as new movements between blockchain addresses. These investors are generally defined in the report as people who have held Bitcoin for at least five months. When these investors sell during a rally, newer buyers can end up purchasing Bitcoin at much higher prices, increasing the risk of selling pressure when demand eventually weakens. Glassnode measures this selling pressure through its sell-side risk ratio. The measure compares realized profits and losses with the overall value of the Bitcoin supply.
The June 2026 Bitcoin low was the shallowest bear-market bottom since 2017, according to Glassnode.
Glassnode said Bitcoin did not fall below its realized price, which represents the average price at which coins were last moved. Bitcoin’s recent decline was also less severe than previous bear markets. That relatively smaller decline may have helped more committed investors stay invested instead of selling during the downturn.
