Glassnode: Bitcoin RHODL ratio rises to the highest level in the current cycle, which may indicate a shift in the market cycle and a cooling of speculative enthusiasm

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With the recent downward trend in Bitcoin, breaking below $112,000, 10x Research says a “stealth trigger” is quietly building pressure in the background that could lead to BTC’s most explosive recoveries. “While markets focus on labor data and rate cuts, another force is quietly building pressure in the background,” it wrote on X , Monday. The Hidden Catalyst That Could Reverse Bitcoin’s Slide Actionable Market Insights Why this report matters Bitcoin just broke below $112,000, but the story behind the move runs deeper than most traders realize. A stealth trigger, missed by many, may soon shift the macro… pic.twitter.com/rVwtrn29OL — 10x Research (@10x_Research) August 3, 2025 The research noted that the catalyst is often overlooked and has the potential to reverse Bitcoin’s decline. “Key technical levels are converging with overlooked macro dynamics, offering a potential setup for those who know where to look.” BTC Major Rebound Mirrors Last Year’s Dynamics: Report The month of August has historically been the weakest month, with 5–20% drops. The report compares the current setup to that of last year’s dynamics. “Bitcoin has now corrected in line with typical August seasonality, coinciding with downward revisions to U.S. labor market data,” it noted, adding that the economy may be on shakier ground than investors had assumed. Last year, Bitcoin’s weakness proved temporary after the Fed responded to early signs of cooling labor market. The Fed softened with a surprise 50 basis point rate cut in September 2024, showing a long-term supportive backdrop for the BTC price . This momentum provided another near-term tailwind for Bitcoin. As reported earlier, the Federal Reserve maintained interest rates at 4.25%-4.5% last week, triggering a market selloff. 10x Research noted that we would expect further declines in risk assets after the first rate cut in September. This will be followed by a sharp rebound once a cut becomes certain and is publicly validated by Fed officials, it added. “In recent times, Bitcoin has proven its ability to weather turbulence inflicted by external factors, an encouraging sign of its increasing maturity,” Gadi Chait, Head of Investment at Xapo Bank, told Cryptonews. “Our conviction in Bitcoin’s long-term potential still stands, undeterred by short-term price fluctuations.”

PANews reported on August 4th that CryptoQuant analyst Axel Adler Jr. noted that the Bitcoin bull market has entered its late stages, with investor risk appetite gradually declining. Data shows