The 4.5 signal: Why Glassnode’s RHODL ratio says the bitcoin bottom may be in

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email The 4.5 signal: Why Glassnode’s RHODL ratio says the bitcoin bottom may be in RHODL ratio suggests market conditions resemble cycle corrections rather than late-stage tops, as long-term holders regain dominance. By James Van Straten | Edited by Jamie Crawley Apr 17, 2026, 9:37 a.m. Make preferred on RHODL Ratio (Glassnode) What to know : The RHODL ratio has climbed to its third highest level on record, reflecting a market where long-term holders dominate following a 50% correction that flushed out short-term speculation. While higher readings were seen in 2015 and 2022, further upside in the ratio would likely require a deeper collapse in demand, a scenario that appears less likely given bitcoin’s recovery and strong macro backdrop. The RHODL ratio, by Glassnode , a key on-chain metric tracking the balance between long-term and short-term bitcoin BTC $ 75,722.62 holders, is flashing signals more consistent with a market bottom than a cycle top, after hitting a ratio of 4.5. Currently sitting at its third highest level on record, the indicator shows that wealth is increasingly concentrated in older coins, as younger, more speculative holdings have been largely flushed out during the 50% correction in bitcoin over the past six months. The ratio compares the value of coins held by longer-term investors, typically those holding for six months to three years, against coins held by short-term participants, defined as one day to three months. By measuring this balance, it offers insight into whether the market is dominated by seasoned holders or fresh demand from new entrants. A rising ratio often reflects coins aging and a decline in speculative activity, rather than an influx of new buyers. This dynamic typically emerges after sharp corrections which can be seen in 2015, 2019 and 2022. There are two occasions where the RHODL ratio has been higher than now, is 2015 (ratio of 5) and 2022 (ratio of 7), both cycle lows, which could suggest there is further downside for bitcoin. However, pushing to even higher levels typically requires an even deeper collapse in short-term holder activity and near-complete demand exhaustion, conditions that are less evident today given the 25% price recovery from the February lows, negative perpetual funding rates and broader macro risk environment which has seen S&P 500 hit new all-time highs. Bitcoin News Glassnode More For You This simple indicator has called every bottom since 2015. It hasn't triggered yet By Omkar Godbole | Edited by Shaurya Malwa 2 hours ago A bitcoin indicator based on key moving averages has accurately marked every bear market bottom since 2015. That signal hasn't fired yet. What to know : A long-term bitcoin indicator based on the 50- and 100-week moving averages has accurately coincided with every major market bottom since 2015. That signal has not occurred as of April 17. Read full story Latest Crypto News Russia-linked Grinex exchange halts operations after $13 million ‘state-backed’ hack 22 minutes ago Ethereum just had its busiest quarter ever, capping a three-year comeback 2 hours ago This simple indicator has called every bottom since 2015. It hasn't triggered yet 2 hours ago The U.S. government moves $606,000 in bitcoin linked to the 2016 Bitfinex hack to Coinbase 4 hours ago XRP leads bitcoin and ether on weekly gains, but muted volume keeps breakout in check 4 hours ago Bitcoin bulls target $125,000 as U.S.-Iran peace talks trigger risk-on mood 5 hours ago Top Stories U.S. CFTC's Selig says AI has helped make up for staffing cuts at key crypto watchdog 16 hours ago Cardano's Charles Hoskinson says Bitcoin's quantum fix is a hard fork that can't save Satoshi's coins 17 hours ago Wall Street trading-tech is coming to crypto as DoubleZero rolls out high-speed data for Solana 20 hours ago Buying coffee with bitcoin is easy, the resulting tax burden is not Apr 16, 2026 Drift gets $148 million funding from Tether and partners as it replaces Circle stablecoin with USDT after massive exploit 20 hours ago Bitcoin funding rates hit most negative since 2023, history suggests bottom is in 22 hours ago