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HomeCrypto NewsMarketBig Move Coming for Bitcoin as Sellers Exhausted: Glassnode Analyst

Big Move Coming for Bitcoin as Sellers Exhausted: Glassnode Analyst


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The Sell-side Risk Ratio nearing all-time lows often precedes significant market movements.

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Checkmate highlights growing exhaustion among Bitcoin market participants. The predictions of Bitcoin dropping to $10k due to the failure of the US debt ceiling are considered unlikely.


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On Twitter, Checkmate, the lead on-chain analyst at Glassnode, shared insights into a growing sense of “exhaustion” among market participants. Notably, Checkmate highlighted the Sell-side Risk Ratio, rapidly approaching its lowest recorded level. This metric indicates that investors are hesitant to spend coins currently in profit or loss within the current price range.

According to Checkmate, this situation typically occurs when sellers are exhausted on both sides, which could suggest significant moves on the horizon. Realized Profit and Loss metrics, considered powerful tools for analyzing Bitcoin, provide insights into BTC holders’ sentiment, capital flows, and behavioral patterns.

Checkmate’s Insights on Bitcoin’s Market Dynamics

Glassnode, Checkmate’s employer, offers several Profit/Loss dashboards that provide in-depth analysis on this topic. The dashboards serve as valuable resources for better understanding Bitcoin’s market dynamics.

While some Twitter users speculated that high fees might be involved in this trend, Checkmate clarified that fee levels become irrelevant when people are experiencing high profits or losses. Additionally, predictions about Bitcoin heading to $10k due to the potential failure of the US to raise the debt ceiling were dismissed by Checkmate, who considered it an unlikely outcome.

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Another Twitter user raised the possibility of the price entering a prolonged accumulation phase. Checkmate responded that Bitcoin typically undergoes a reaccumulation period of around 12 months after a bottom if that is the current situation. Checkmate’s base case is a macro but volatile range between $40k and $22k, aligning with the anticipated market movement.

Checkmate has drawn attention to the exhaustion among sellers in the Bitcoin market. With the Sell-side Risk Ratio nearing all-time lows, investors are cautious about spending coins currently in profit or loss. This situation often precedes significant market movements.

As reported by The Crypto Basic Peter Brandt advised caution, as he identified a bearish pennant pattern formed by BTC.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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