Bitcoin sellers are now “minimal” despite prices remaining within 15% of their all-time highs.

Data from the on-chain analytics platform CryptoQuant indicates that sell-side risk is at its lowest since the beginning of 2024.

Bitcoin may have experienced knee-jerk sell-offs during recent bouts of price volatility, but overall, few seem “willing” to capitulate.

CryptoQuant contributor Axel Adler Jr. analyzed the sell-side risk ratio metric, revealing that the number of potential sellers has dropped significantly since the BTC/USD all-time high in March.

“Since the $73K peak, the number of people willing to sell Bitcoin has dropped to a minimum zone over the past 6 months,” he noted in a post on X on Sept. 25.

The sell-side risk ratio combines all on-chain realized profits and losses per day and divides that by Bitcoin’s realized cap.

Currently, its values are below 20,000, whereas, during the March peak, the metric was nearly 80,000.

An accompanying chart uploaded by Adler describes this sell-side risk as “minimal.”

Further analysis showed healthy network activity when measured in US dollar terms.

On-chain realized profit and loss figures indicate a net daily tally of around $500 million, which is a fraction of March’s $3.6 billion record.

“If you think the network is dead, you’re mistaken,” Adler summarized.

“On average, Bitcoin generates around $571 million in profits each day, compared to $115 million in losses. The net average profit investors are making is measured at $456 million per day.”

As Cointelegraph continues to report, the aggregate cost basis of various Bitcoin investor cohorts plays a critical role in defining BTC price support and resistance.

Bitcoin speculators, or short-term holders (STHs), are currently “in the black” after a prolonged period of uncertainty, often distributing their holdings to the market at a loss.

The STH cost basis currently sits at around $62,250, according to data from BGeometrics.