Glassnode: Key on-chain indicator suggests BTC is nearing a bottom

The on-chain indicator RHODL (Realized HODL) has risen to 4.5, suggesting the market is nearing a bottom, according to an analysis by Glassnode reported by CoinDesk. The RHODL ratio, which tracks the balance between long-term and short-term Bitcoin holders, is now at its third-highest level ever. Glassnode noted that a recent 50% price correction over the past six months has led to a significant exit of short-term speculative funds, increasing the proportion of long-term holdings. The only two times the RHODL ratio has been higher were in 2015 and 2022, both of which coincided with market bottoms. However, the analytics firm cautioned that a complete bottom formation would require short-term demand to shrink to a near-disappearance, a level that has not yet been reached.