Home›Crypto›Market Structure›Bitcoin supply rotation continues as RHODL Ratio slips…

Bitcoin supply rotation continues as RHODL Ratio slips after surge

Glassnode data shows the RHODL Ratio hit 6.5 in early July, second-highest on record, while BTC has spent five months trading in a $60,000 to $80,000 range.

Reported · Written up by our desk · Market Structure

Long-term Bitcoin holders appear to be gradually transferring coins to newer buyers even as the market waits for a potential capitulation catalyst, according to CoinDesk's analysis using Glassnode data.

CoinDesk said Glassnode’s RHODL Ratio, which compares wealth held by long-term holders versus newer investors, reached 6.5 in early July, the second-highest reading in Bitcoin’s history. The metric has since started to decline, while the price has largely remained stable rather than collapsing.

BTC has been consolidating between roughly $60,000 and $80,000 for about five months, the outlet noted, after being down about 50% from its October 2025 all-time high near $124,000. With Bitcoin reportedly trading around $62,000, the analysis suggests the ongoing compression in the ratio is happening without the kind of panic selloff seen in past cycles.

CoinDesk contrasted the current setup with earlier periods such as 2022, when the RHODL Ratio rolled over alongside a major drawdown that followed the collapse of FTX, when Bitcoin fell to around $15,000. The outlet also pointed to consolidation patterns near past lows, saying the ratio compressed before recoveries in earlier extended sideways periods.

Latest closeBitcoin $62,782.94 ▲0.9%

More like this

Sources