The continuous accumulation by institutional investors of #BTC再创新高 has become one of the core driving forces behind the recent price surge. According to ARK Invest's June "Bitcoin Monthly" report, the proportion of Bitcoin held by long-term holders has risen to 74% of the total supply, the highest level in 15 years. This indicator suggests that although the activity of new buyers has declined in the short term, 'diamond hands' are still firmly holding on and continuously increasing their holdings within a low volatility range.

On July 9, Glassnode posted on social media indicating that the Bitcoin RHODL ratio has begun to rise and has reached the highest level of this cycle. This signal indicates that the market structure is changing, with more wealth controlled by single-cycle holders, while short-term activity from 1 day to 3 months remains low. Historical data shows that such turning points often herald a shift in market cycles and a cooling of speculative momentum.

The RHODL ratio is an on-chain metric for Bitcoin, used to measure the difference in holding proportions between short-term and long-term holders, thereby analyzing market cycles and investor behavior.