Bitcoin has recently remained close to about $62,000, with the past five months being roughly between $60,000 and $80,000. Although prices were about half as high as the historical high of about $124,000 in October 2025, chain data suggest that this phase is more of a silo restructuring than of a centralized sale.

RHODL was the second highest in history.

The Rhodl Ratio of Glassnode compares the wealth of long-term holders with that of bitcoin held by new investors. The indicator rose to 6.5 in early July, the second highest in history, and then fell below 6.

It is worth noting that the fall occurred during the period of price stagnation rather than during the collapse. According to the article, this means that the market is going through a relatively smooth trade change, with long-term holders gradually transferring the hold to new buyers.

The price didn't drop. The change of hands continued.

Unlike in 2022, when RHODL returned to a sudden fall caused by the FTX incident, Bitcoin fell to about $15 million. The current market, albeit depressed, is still at a price of $60,000, and there are no clear signs of panic in the chain.

The report mentions that some of the long-standing holders have been built in 2023 and 2024, while current buyers view current prices as relatively cheap. This has led the market to complete a supply transfer without a sharp fall.

  • RHODL Ratio rose to 6.5 in early July
  • Now back to 6 below
  • Bitcoin's been running between 60,000 and 80,000 dollars for almost five months.

The Federal Reserve expects to remain a successor variable.

The article also mentioned that similar long periods of sorting had occurred near the low points of 2015, 2019 and 2023, and that there had been a more visible rebound since then. At these stages, RHODL indicators are also compressed before prices go up.

However, whether or not a similar path will be repeated in this market will depend on the macro-environment. According to the report, the market now takes into account the anticipated tightening of some 50 basis points over the next six months. A further increase in the Fed's interest rate could be a trigger to push Bitcoin down again.

Overall, bitcoin does not currently have the “last drop” that the market is generally waiting for, but the chain indicators indicate that the silos between long-term holders and new buyers are already taking place.