[Analyst: Bitcoin On-Chain Activity Rises, Demand Remains Positive, Current Cycle May Not Be Over] Analyst @TXMCtrades stated on the X platform that Bitcoin's activity indicators are rising, which may suggest that the current market cycle is not yet over. Activity refers to the total lifecycle spending and holding activities on-chain. When tokens are actively traded, activity increases; when tokens are held, activity decreases, adjusted based on the token issuance time. During bull markets, as supply changes hands at higher prices, activity typically rises, indicating new capital inflows. As demand weakens, its momentum slows, and the indicator declines. It functions similarly to a long-term moving average of on-chain activity, serving as a concise metric. Despite the price decline, activity in the current cycle continues to rise, suggesting there is a bottom in spot Bitcoin demand, which is not reflected in price movements. Although activity generally lags far behind price trends and is not a direct market signal, from this perspective, its momentum remains positive. Some large entities are taking action in the market, though their identities remain unknown.