Mars Finance news, analyst @TXMCtrades stated on platform X that the activity indicator for Bitcoin is rising, which may indicate that this market cycle is not yet over. Activity is the sum of all lifecycle expenditures and holding activities on-chain. When tokens are net traded, activity rises; when tokens are held, activity decreases, adjusted according to the issuance time of the tokens. During a bull market, as supply changes hands at higher prices, activity typically rises, indicating new capital inflow. As demand weakens, its momentum slows, and the indicator declines. It is similar to a long-term moving average of on-chain activity and is a concise indicator. Despite falling prices, the activity in this cycle continues to rise, suggesting that there is a bottom in the demand for spot Bitcoin, which is not reflected in the price trend. Although activity generally lags behind price trends, making it not a market signal, from this perspective, its momentum remains positive. Some large entities are taking actions in the market; it's just unclear who they are.

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