Liveliness is a running sum of all lifetime spending vs holding activity onchain. It rises when coins are net transacting and falls when they're being held, scaling by the age of those coins. Liveliness usually rises in bull runs as supply changes hands at higher prices, indicating a flow of newly invested capital. As demand wanes, its momentum slows and the metric falls. It is like the long term moving average for onchain activity. An elegant metric. Liveliness continues to march higher this cycle despite lower prices, indicating a floor of demand for spot #Bitcoin that is not reflected in price action. Though not a market signal as it often turns much later than price, momentum through this lens continues to be positive. Entities whose size is size are making moves in this market, we just don't know who they are. @_Checkmatey_(𝐓𝐗𝐌𝐂)