Summary
- Glassnode stated that the Bitcoin RHODL indicator has reached a cycle high.
- It explained that an increase in the RHODL indicator suggests a rise in speculative buying pressure.
- Currently, long-term investors are holding more Bitcoin, while the trading volume of short-term holders remains low.
The Bitcoin (BTC) RHODL (Realized HODL) indicator has reached its highest level. RHODL is an on-chain metric used to determine whether the market is overheated; when it increases, it suggests a rise in speculative buying activity.
On the 9th (local time), Glassnode announced on X (formerly Twitter), “The Bitcoin RHODL indicator has turned bullish and has hit a new cycle high.” It added, “Unlike previous cycles, long-term investors are holding more Bitcoin during this cycle,” and “The trading volume for those holding for 1 day to 3 months remains low.”
As of 5:35 p.m., according to Binance USDT market, Bitcoin is trading at $108,793, up 0.40% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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