Deep Tide TechFlow message. On July 14, according to CoinDesk, on-chain data shows that Bitcoin long-term holders are gradually transferring their holdings to a new round of buyers. After Glassnode’s RHODL ratio rose to the second-highest level in history of 6.5 in early July, it began to fall, and it has now dropped below 6, but the price of Bitcoin is still holding steady around the $60k range, with no clear panic-driven selling.

The report suggests this indicates that the current situation is more like a slow turnover of holdings rather than a sharp clearing. The market is also watching expectations that the Federal Reserve could accumulate another 50 basis points of rate hikes over the next six months; if policy tightens further, it could become a potential catalyst to push Bitcoin lower again.