4.5 still isn't the peak, it reached 5 in 2015, does it really need to shrink extremely to break?

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, bringing the market closer to a cycle bottom. Historically, the ratio was higher in May 2015 and July 2022, both associated with bottoms, but analysts say that if it rises further, it would require extremely shrinking short-term demand, and current factors such as existing rebounds, negative perpetual funding rates, and new highs in the S&P 500 suggest that extreme market conditions are less likely (MLion).