RHODL surges = retail investors have finished cutting losses, a classic bottom signal

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).