PANews, December 7—Analyst @TXMCtrades stated on platform X that Bitcoin’s activity metric is rising, which could indicate that the current market cycle is not yet over. Activity is the sum of all on-chain lifecycle spending and holding activity. When tokens are net transacted, activity increases; when tokens are held, activity decreases, and it is adjusted according to the token’s issuance time.
In bull markets, as supply changes hands at higher prices, activity typically increases, indicating new capital inflow. As demand weakens, its momentum slows and the metric declines. It is similar to a long-term moving average of on-chain activity and serves as a concise indicator.
Despite the price decline, the activity in this cycle continues to rise, indicating there is a demand floor for spot Bitcoin that is not reflected in the price action. While activity usually lags behind price movements and is not a direct market signal, from this perspective, its momentum remains positive. Some large entities are taking action in the market, though it’s unclear who they are.
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