Glassnode's RHODL ratio rises to 4.5, the third highest in history, indicating that long-term holders are dominating the market. Over the past six months, BTC has fallen about 50%, with short-term speculation sharply decreasing, and the market is closer to a cycle bottom. Historically, the ratio was higher in May 2015 and July 2022, both associated with bottoms, but analysts say that further increases would require extremely shrinking short-term demand, and current rebounds, negative perpetual funding rates, and new highs in the S&P 500 suggest that extreme market conditions are less likely (MLion).

MeNews

2026-05-21 06:51:48

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ME News Report, April 17 (UTC+8), the on-chain data platform Glassnode's RHODL ratio has now reached 4.5, the third-highest level in history. This indicator reflects market structure by comparing the wealth share of long-term holders (holding coins for 6 months to 3 years) with short-term holders (holding coins for 1 day to 3 months). Current data indicates that, following approximately a 50% correction in Bitcoin's price over the past six months, short-term speculators have significantly decreased, and long-term holders are once again dominating the market, making the market condition more similar to a cycle low rather than a peak. Historically, the two previous instances of higher RHODL ratios were in 2015 (ratio of 5) and 2022 (ratio of 7), both associated with cycle lows. However, analysts believe that although further increases in this ratio typically require extreme contraction of short-term demand, the possibility of an extreme market condition is lower due to Bitcoin's approximately 25% rebound from the February low, the negative funding rate on perpetual contracts, and factors such as the S&P 500 reaching a record high. (Source: MLion)

BTC-0.44%

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GateUser-517aed04

· 8h ago

Negative funding rate + rebound, the bears are a bit overwhelmed and can't hold on anymore

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NeonUmbrella

· 8h ago

Glassnode data is still reliable, but the lag should be taken into account.

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ApeWithHomework

· 8h ago

RHODL high ≠ immediate rise, it may still need to consolidate sideways

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InstantNoodle-LevelResearcher

· 8h ago

Both in 2015 and 2022, it took a long time to recover afterward.

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Mint-ColoredSlippage

· 8h ago

Bottom signal +1, but don't go all in, keep some bullets.

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TheWindOnTheBridgeIsTooStrong.

· 8h ago

Short-term trades have been made, long-term positions haven't moved, this script is familiar.

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MorandiLily

· 8h ago

It reached 4.5, what happened the last two times when it was higher?

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ZkSketcher

· 8h ago

The RHODL indicator is indeed quite interesting; long-term holders are as steady as old dogs.

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Glassnode RHODL ratio rises to the third highest in history, on-chain data shows Bitcoin may have already bottomed out

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