## RHODL Ratio Indicates Bitcoin Market Shift Glassnode's latest analysis suggests a potential shift in the Bitcoin market cycle. The Realized HODL Ratio (RHODL), an on-chain metric used to gauge market overheating, has reversed its downward trend, reaching a cycle high. ## Weaker Speculative Momentum A rising RHODL ratio typically indicates a market saturated with short-term, speculative buyers. However, this cycle is unique. Glassnode notes that investors are holding Bitcoin for longer periods, demonstrating increased conviction. Conversely, trading activity among those holding assets for 1 day to 3 months remains subdued. ## Cycle Transition Ahead? Historically, this combination of long-term holding and low short-term trading volume has signaled a "cycle transition" and "weakening of speculative momentum." This suggests that the market may be maturing, with less influence from short-term traders and greater emphasis on long-term value. This could lead to a more stable and sustainable growth phase for Bitcoin. ```

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