Bitcoin on-chain activity is rising: demand continues, and the market cycle may not be over.

According to news from Hash World Chain, analysts point out that the on-chain activity indicator for Bitcoin is rising, which may indicate that the current market cycle has not yet ended. Activity is formed by the total of all lifecycle expenditures and holding activities on-chain. When tokens undergo net transactions, activity rises; when tokens are held, activity declines and is adjusted based on the issuance time. In a bull market, as supply is transferred at higher prices, activity usually increases, indicating that new funds are entering. As demand weakens and momentum slows, the indicator declines. This is similar to the long-term moving average of on-chain activity, which is a concise indicator. Although prices are declining, the activity in this cycle is still rising, indicating that there is a bottom in the demand for spot Bitcoin, which has not yet been reflected in the price trend. Although activity typically lags behind price trends, its momentum remains positive. Some large entities are appearing in market activities, but their identities are unknown.