Cryptanalysis expert 'TXMC' stated on platform X that despite the recent decline in Bitcoin prices, the liveliness of this cycle continues to rise, indicating that there is a bottom in the demand for spot Bitcoin, which has not been reflected in the price trend. This may mean that the bull market cycle of this round has not yet ended. The analyst claims that this indicator reflects the long-term moving average of Bitcoin's on-chain activity, which is the sum of all lifecycle spending and on-chain holding activity. During a bull market, as supplies change hands at higher prices, market 'liveliness' typically increases, indicating a new influx of investment capital.
