Bitcoin Activity Climbs as Big Players Quietly Position

Analyst @TXMCtrades notes that Bitcoin’s on-chain Activity is rising, suggesting this cycle may not be finished. Activity shows whether coins are being spent or held—more spending lifts the metric, while holding lowers it, adjusted by coin age.

In bull markets, Activity climbs as supply changes hands at higher prices, signaling new capital inflows. When demand weakens, the metric cools.

Despite BTC’s price drop, Activity this cycle continues to rise, indicating solid spot demand that price has yet to reflect. While the metric lags price, its momentum remains positive. Large players are clearly positioning, though their identities are unknown.