Analyst: Bitcoin on-chain activity is rising, demand remains strong, and this cycle may not be over. Analyst @TXMCtrades stated that Bitcoin's activity metrics are increasing, which could indicate that the current market cycle is not yet over. Activity refers to the total of all lifecycle spending and holding activities on-chain. When tokens are actively traded, activity rises; when tokens are held, activity decreases, adjusted based on the token's issuance time. During bull markets, as supply changes hands at higher prices, activity typically increases, signaling new capital inflows. As demand weakens, its momentum slows, and the metric declines. It’s similar to a long-term moving average of on-chain activity, serving as a concise indicator. Despite the price decline, activity in this cycle continues to rise, suggesting there is a demand floor for spot Bitcoin that is not reflected in price movements. While activity tends to lag behind price trends significantly and is not a direct market signal, its momentum remains positive from this perspective. Some large entities are taking action in the market—we just don’t know who they are.