Bitcoin is presently about 50% below its October 2025 all‑time high of roughly $124,000, trading around $62,000 and having remained largely flat between $60,000 and $80,000 for the past five months, reflecting market apathy.
However, a closely monitored on‑chain indicator suggests that this subdued phase could be laying the groundwork for a notable move.
Glassnode’s RHODL Ratio, which measures the wealth held by long‑term holders relative to newer participants, peaked at 6.5 in early July—the second‑highest level in Bitcoin’s history. The ratio has since fallen below 6, and importantly, this decline is happening while price remains flat, not collapsing.
In 2022, the ratio rolled over together with a sharp sell‑off; the FTX collapse drove Bitcoin down to about $15,000. In 2026, conditions differ: Bitcoin trades near $60,000 and transactions proceed without panic.
This indicates a gradual shift of supply from long‑term holders—who accumulated throughout 2023 and 2024—to a new cohort of buyers who perceive the current prices as a discount.