[Analysis: Bitcoin 'Liveliness' Indicator Rising Suggests Bull Market May Continue] According to a report by Jinse Finance, crypto analyst 'TXMC' posted on the X platform, pointing out that despite the recent decline in Bitcoin prices, the liveliness of this cycle has been steadily increasing. This indicates a bottom in the demand for spot Bitcoin, which is not reflected in the price trend and may suggest that the bull market cycle of this round is not yet over. The analyst stated that this indicator reflects the long-term moving average of Bitcoin's on-chain activity, representing the sum of all lifecycle spending and on-chain holding activity. During bull markets, as supply changes hands at higher prices, market 'liveliness' typically rises, indicating an inflow of new investment capital.