finance
Bitcoin Metrics Point to Possible Cycle Low in February
Onchain and derivatives indicators show bitcoin may have reached a cycle low near $60,000 in February. Realized cap, RHODL ratio, and funding rates have displayed patterns seen at prior market bottoms.
May 20, 7:57 AM·1m read1 source
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Multiple onchain and derivatives indicators suggest bitcoin may have established a cycle low during February’s decline toward $60,000, CoinDesk reported on May 20, 2026. 08 trillion. The metric has since stabilized, forming a base similar to patterns observed during the 2022 bear-market lows.
The RHODL ratio, which compares wealth held by long-term holders to newer market participants, now stands above 5. This reading is the third-highest on record, with higher values recorded only at the 2015 and 2022 cycle bottoms. Since February, long-term holder supply has increased by more than 400,000 BTC.
Bitcoin perpetual funding rates remained negative for one of the longest periods on record between February and May. Sustained negative funding has historically coincided with market bottoms, including during the Silicon Valley Bank crisis in March 2023, the yen carry unwind in August 2024, and the tariff-driven selloff in April 2025. Bitcoin is currently trading above $77,000.
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