BITCOIN已实现HODL（RHODL）比率
什么是Bitcoin RHODL比率？
RHODL比率图表是一个强大的On-chain指标，通过比较新参与者与长期持有者持有的价值来评估Bitcoin市场情绪。高RHODL比率历史上一直是识别牛市顶部的可靠信号。
BTC价格
RHODL比率
Bitcoin RHODL Ratio Explained: What Is It and How to Read the Chart?
Indicator Overview
This indicator uses a ratio of Realized Value HODL Waves. In summary, Realized Value HODL waves are different age bands of UTXOs (coins) weighted by the Realized Value of coins within each band. The Realized Value is the price of UTXOs when they were last moved from one wallet to another. The RHODL Ratio looks at the ratio between the RHODL band of 1 week versus the RHODL band of 1-2 years. It also calibrates for increased HODLing over time and for lost coins by multiplying the ratio by the age of the market in number of days. When the 1-week value is significantly higher than the 1-2yr value, it is a signal that the market is becoming overheated.
How To View The Chart
When the RHODL ratio starts to approach the red band, it can signal that the market is overheating. This has historically been a good time for investors to take profits in each cycle.Unlike some other on-chain indicators, the RHODL ratio does not give a false signal of a cycle high in April 2013. This gives it a unique advantage over indicators that may have been less reliable in earlier market cycles.
RHODL比率（已实现HODL比率）是一个On-chain指标，将1周龄代币的已实现价值与1–2年龄代币的已实现价值进行比较。由Philip Swift开发，旨在识别熊市底部与牛市扩张早期阶段之间的过渡。
当比率非常低时，长期持有者（1-2年龄代币）主导网络的已实现市值。这些持有者在熊市期间积累，尚未移动其代币——表明耐心和低卖压。当比率急剧上升时，短期代币（最近购买和最近移动）获得更大份额，反映新资金进入市场和早期周期活动增加。
历史上，RHODL比率从底部区域的急剧向上突破先于或与Bitcoin 2013年、2017年和2020-2021年牛市周期的加速阶段同时出现。该比率也在周期顶部附近达到峰值，此时短期代币的换手率达到最高强度。
RHODL比率补充了其他基于HODL的指标，如NUPL和MVRV Z-Score。当这三个指标对齐时——都从极低值向中性或偏高读数移动——它提供了一个收敛信号，表明市场周期处于早中期牛市阶段。