BITCOIN RHODL
Are recent buyers or long-term holders driving Bitcoin?
Whether the market’s value sits with people who bought recently or with people who have held for years.
Right now: Mid-cycle
- Deeply washed outbelow 10
- Leaning washed out10 to 30
- Mid-cycle30 to 70
- Getting stretched70 to 90
- Overheated90 and up
Washed outOverheated
Old coins against new, through the four-year range
Where the reading has sat inside its own four-year range, year by year. The high points are past cycle peaks; the low points, the washed-out bottoms. Hover or tap for the exact reading.
Price uses its own log scale on the right. Compare timing, not vertical distance.
Inspect and compare dates
Pick two to four dates to compare the reading.
| Measure | Change | Relative change | ||
|---|---|---|---|---|
| Old against new in range | 37.7% | 33.5% | −4.2% | −11.1% |
Right now
The market’s value is split fairly evenly between coins bought recently and coins held for years. The reading is mid-cycle.
There is no strong pull toward a top or a bottom from here.
Last four years
The latest reading is at the 33rd percentile of the last four years, around the middle of it.
The percentile is taken on the reading smoothed over about a week, so the daily line on the chart can swing wider. Measured against how much it normally swings, the reading itself is an ordinary distance from its average across the whole record. Past bottoms sat near the washed-out end of this range, past tops near the overheated end.
What changed
The line fell from 34.5% to 33.5% over the past month, since 28 Aug 2026. Over the past week it edged up, a small lean toward freshly bought coins.
A rising line means value is rotating into coins bought recently. A falling line means it is settling back into coins held for years.
What would change this read
If value keeps moving into freshly bought coins and the line climbs toward the top of its range, that would echo the stretch seen near past peaks. If it keeps draining into coins held for years and sinks toward the bottom, that would line up with the washed-out lows that marked past bottoms.
The middle of the range carries no message on its own. The signal on this page lives at the two ends, so the job here is to notice when the reading leaves the middle.
How to use it
Read the cycle in broad strokes here, not day to day, and put it beside the other cycle gauges rather than on its own.
A reading can stay at one end of its range for months. It describes where the market’s value sits by coin age; it does not say what the price will do next.
Understanding
RHODL Ratio
Where it stands today
Bitcoin’s RHODL Ratio sits at the 33rd percentile of its four-year range, which the market reads as mid-cycle as of .
What does this chart measure?
The RHODL Ratio compares how much of the market’s value sits in coins that moved very recently against coins that have stayed untouched for one to two years. When freshly moved coins hold a big share of the value, new buyers have flooded in. When long-dormant coins hold most of it, the crowd has thinned out and patient holders are left in charge.
Why does the chart show a position rather than the number?
The raw ratio has slid for fourteen years as the network grew, from the hundreds of thousands down to the hundreds, and a chart of it reads as one long fall. The line here is how the reading compared with its own trailing four years on each day: 100 means it stood higher than every day in that window, and 50 means half of them were lower. That keeps every cycle on the same footing, so a peak in 2013 and a peak today sit at the same height.
What do the five bands mean?
below 10 is deeply washed out, 10 to 30 is leaning washed out, 30 to 70 is mid-cycle, 70 to 90 is getting stretched, and 90 and up is overheated. The middle band is the widest because most days are ordinary; the two bands at the ends are narrow because readings that far out are rare. Hover, tap or use the arrow keys to see the exact reading and the band it sat in.
What has happened near past tops?
Near the top of past cycles the value rushed into freshly moved coins as new money piled in fast. This reading spiked during those stretches, and the spikes tended to land close to major peaks. It is a way to see when a climb is being driven by a wave of recent arrivals rather than by steady demand.
And near past bottoms?
The opposite. Value drained out of fresh coins and settled into ones held for years. Few new buyers were around, and the people left were the ones who held through the fall. Low readings have lined up with deep lows that, looking back, turned out to be long buying windows.
What can it leave out?
It reads the cycle in broad strokes, not day to day, and it is not a crystal ball. A coin moving between two wallets owned by the same person counts as a coin that moved, so the split has fuzzy edges. It works best as a long-range gauge of how stretched or washed out the market has become, used alongside the other readings rather than on its own. Compare it with the market’s paper profit.
The numbers
behind the chart
What does the current reading show?
Old against new in range: the latest reading is 33.5%, on . The highest reading since is 100.0% on ; the lowest is 0.1% on .
Daily readings since 8 Jan 2012 let you compare the latest day with earlier months. Every reading is how the ratio compared with its own trailing four years that day: 100 means it stood higher than every day in that window, and 50 means half of them were lower. Highest and lowest cover every reading since then; month-end values use the last reading on or before that date. The latest reading is 33.5%, which the page reads as mid-cycle.
What are the latest, highest and lowest readings?
| Measure | Latest | Highest | Lowest |
|---|---|---|---|
| Old against new in range | 33.5% | 100.0% | 0.1% |
How do the readings compare with earlier dates?
| Reference date | Old against new in range |
|---|---|
| 1 month ago | 34.5% |
| 3 months ago | 27.4% |
| 6 months ago | 40.1% |
| 1 year ago | 63.1% |
| 2 years ago | 59.9% |
What was the reading at each month’s end?
| Reading date | Old against new in range |
|---|---|
| 38.3% | |
| 16.5% | |
| 26.5% | |
| 39.6% | |
| 46.9% | |
| 39.5% | |
| 35.4% | |
| 43.0% | |
| 42.4% | |
| 79.2% | |
| 50.7% | |
| 59.9% | |
| 61.6% | |
| 71.4% | |
| 57.7% | |
| 66.8% | |
| 66.1% | |
| 50.4% | |
| 60.7% | |
| 68.8% | |
| 73.4% | |
| 86.6% | |
| 60.8% | |
| 61.3% |
Source: Maketo’s daily record of where Bitcoin’s value sits by coin age. Reading for .