Bitcoin RHODL Ratio Reaches Third Highest Level in History, Signaling Bitcoin's Bottom Is Potentially In

April 17 (CoinDesk) — Glassnode’s Bitcoin on-chain RHODL Ratio currently stands at 4.5, its third-highest level on record. The metric signals market conditions more aligned with a cycle bottom than a top, per the data. The RHODL Ratio compares the value of Bitcoin held by long-term holders (6 months to 3 years) to that held by short-term holders (1 day to 3 months). A rising ratio typically reflects longer holding periods, reduced speculative activity, and no influx of new buyers — a dynamic seen after sharp pullbacks in 2015, 2019, and 2022. Over the past six months, Bitcoin has dropped ~50%, with young speculative coins largely washed out. Wealth has consolidated among long-term holders as a result. Historically, the ratio has only been higher twice: 5 in 2015 and 7 in 2022, both coinciding with cycle bottoms. This suggests Bitcoin may still face further downside. However, pushing the ratio to those highs usually requires near-total exhaustion of short-term holder activity — a condition not yet met. Bitcoin has rebounded ~25% from its February low, perpetual contract funding rates remain negative, and the S&P 500 has hit an all-time high. Overall, the indicator points to an in-cycle adjustment rather than a cycle top. Long-term holders are reasserting market dominance, or the metric signals a phase bottom is nearing.