Summary
- It reported that Bitcoin (BTC)'s on-chain activity indicator has risen, making it difficult to conclude that the bull market has ended.
- Analysts emphasized, based on the liveliness (liveliness) indicator, that spot Bitcoin demand is being sustained.
- They evaluated that the recent large-scale movement of amounts that had not moved for a long time and the increase in moved amounts indicate a restructuring of the capital structure in the Bitcoin market.
Bitcoin (BTC)'s on-chain activity indicator has risen. Accordingly, there is analysis that it is difficult to view this rising cycle as being in a terminal stage.
On the 7th (Korean time), according to virtual asset (cryptocurrency) specialist Cointelegraph, on-chain analyst TXMC cited Glassnode's liveliness indicator and analyzed, "Although the price is in a corrective phase, the on-chain activity indicator keeps rising," adding, "This means that spot Bitcoin demand is being maintained at a certain level." The liveliness indicator is a long-term trend indicator calculated by comparing the period Bitcoin is held with the scale that is actually moved. The indicator rises as the proportion used for transactions increases rather than being held for a long time, and conversely falls as holdings increase.
TXMC explained, "In a bull market, this indicator rises together when holdings at high price levels move and new capital flows in."
Another analyst, James Check, also said, "The indicator had been moving within a narrow range since 2017 but recently recorded a new peak," adding, "It is characteristic that amounts that had not moved for a long time moved on a large scale." He continued, "The scale of amounts moved in this cycle has increased significantly compared to the past," and assessed, "The capital structure within the Bitcoin market is being reorganized on a large scale."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
