This Indicator Suggests Bitcoin Holders Are Selling Coins to Newbies – What Does This Mean for BTC Price?
According to data from crypto analytics firm Glassnode, the 90-Day Bitcoin’s Realized HODL Multiple has risen to its highest level since May 2022, when Bitcoin’s price was around $30,000, as opposed to current levels in the upper $22,000s.
The Realize HODL Ratio (RHODL) is a ratio of the number of Bitcoins that moved less than one week ago versus the number of coins that moved one to two years ago.Glassnode says that higher values indicate a dominance in 1-week-old coins while lower values indicate a dominance in 1y-2y old coins.
The Realized HODL Multiple is an oscillator that is calculated by dividing the current RHODL by a simple moving average (SMA) of the RHODL over the past 365 days.The crypto analytics firm states that “when the RHODL Multiple transitions into an uptrend over a 90-day window, it indicates that USD-denominated wealth is starting to shift back towards new demand inflows”.
It “indicates profits are being taken, the market is capable of absorbing them… (and) that longer-term holders are starting to spend coins” Glassnode state.The RHODL Multiple was last around 0.85, having been bottomed under 0.5 in June 2022.
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