Glassnode RHODL Ratio Hits Historic Third High at 4.5, Market Structure Shifts Toward Long-Term Holders

Gate News message, April 17 — Glassnode's RHODL ratio has reached 4.5, marking the third highest level in history. This metric measures market structure by comparing the wealth concentration of long-term holders (holding for 6 months to 3 years) versus short-term holders (holding for 1 day to 3 months).

Historically, the RHODL ratio peaked at 5 in 2015 and 7 in 2022, both corresponding to cycle lows. The current reading of 4.5 reflects a market environment where short-term speculators have been largely liquidated following a roughly 50% price correction over the past six months, with long-term holders now dominating market structure.

Bitcoin has rebounded approximately 25% from its February lows, and perpetual futures funding rates have turned negative. Against the backdrop of the S&P 500 reaching historic highs, analysts note that the conditions required to push the ratio higher would necessitate near-complete exhaustion of short-term demand.