Glassnode Metric Signals Bitcoin Bottom May Be In as RHODL Ratio Hits Third-Highest Level

Glassnode’s RHODL ratio compares the value of long-term holdings aged six months to three years with short-term holdings aged one day to three months, helping determine whether speculative buyers or long-term investors dominate the market. The metric rose following the steep corrections of 2015, 2019 and 2022, making it an important on-chain signal for identifying Bitcoin cycle bottoms.

Glassnode data showed the RHODL ratio rising to 4.5 on April 17, 2026, its third-highest level on record. Only readings of 5 in 2015 and 7 in 2022 were higher. Bitcoin had fallen 50% over the previous six months before rebounding 25% from its February low. It traded at about $60,328 when the report was published, suggesting short-term speculative holdings had been flushed out, though further demand is still needed to confirm a bottom.