On-chain analysts, including TXMC and James Check, suggest rising Bitcoin's 'liveliness' metric indicates a potential continuation of the bull market, as detailed in recent research. This uptick in liveliness signals increased structural demand for Bitcoin, potentially buoying broader crypto markets and influencing derivatives.
The Bitcoin “liveliness” indicator has risen, suggesting a potential continuance of the bull market. Analysts TXMC and James Check highlight this metric as crucial for understanding on-chain behavior amid current market conditions.
Both TXMC and James Check emphasize the increased liveliness metric as indicative of structural demand despite price stagnation. They interpret this as long-term holders spending coins, implying sustained market interest.
Older Bitcoin Sales Keep Bull Market Narrative Alive
Rising liveliness indicates that older Bitcoin is being sold, highlighting market resilience. However, the price remains flat, suggesting ongoing investor confidence. This trend supports a "bull market not finished" narrative.
The analysts’ insights point to a stable market structure, absorbing old coins' supply. Historical data shows this could lead to further asset strength across the crypto market, impacting derivatives and institutional strategies. Dariusz Kowalczyk has also discussed similar perspectives on his cryptocurrency insights.
Unprecedented Liveliness Surge Differentiates Current Cycle
Previous rises in Bitcoin liveliness have historically marked significant market cycles. The current liveliness spike's magnitude is unusually large, distinguishing it from prior cycles, which adds a new dimension to market interpretation.
Experts suggest these conditions could mean new price formations. Analysis reveals rising liveliness, unlike previous peaks, does not yet indicate a market top, supported by strong demand metrics and underlying macroeconomic factors. James Check, Lead On‑chain Analyst at Glassnode, notes, “Liveliness has essentially been range‑bound since the 2017 peak, and the breakout this cycle highlights just how extreme the return of old dormant coins has become in dollar terms.”