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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
12/07/2025

Bitcoin's 'Liveliness' Metric Hits New High, Signaling the Bull Market May Not Be Over

One of Bitcoin's key on-chain indicators — liveliness — has just hit a new high, suggesting the current bull cycle may not yet be over, according to several on-chain analysts. Liveliness Rising Despite Price Pullback: Unusual but Bullish According to technical analyst TXMC, the liveliness metric has continued trending steadily upward throughout this cycle, even as Bitcoin's price has corrected. This reflects an underlying demand base for spot BTC that hasn't yet been fully reflected in the price chart

Bitcoin's 'Liveliness' Metric Hits New High, Signaling the Bull Market May Not Be Over

One of Bitcoin's key on-chain indicators — liveliness — has just hit a new high, suggesting the current bull cycle may not yet be over, according to several on-chain analysts.

Liveliness Rising Despite Price Pullback: Unusual but Bullish

According to technical analyst TXMC, the liveliness metric has continued trending steadily upward throughout this cycle, even as Bitcoin's price has corrected. This reflects an underlying demand base for spot BTC that hasn't yet been fully priced in.

Liveliness measures the ratio of BTC being spent relative to coins being held long-term (HODLed). The metric rises when supply tends to shift hands and falls when investors are accumulating.

"Liveliness typically rises during bull runs, when supply changes hands at higher price levels — a sign that fresh capital is flowing into the market," TXMC noted.

Dormant BTC Waking Up at Scale

Analyst James Check observed that liveliness has "broken out of the sideways range it's been in since the 2017 peak." This indicates a large amount of BTC that had been dormant for an extended period is now on the move again.

Check highlighted the key difference between two cycles:

  • In 2017, transactions were mostly in the range of a few hundred to a few thousand dollars.
  • In the current cycle, transaction values have scaled up to billions and even tens of billions of dollars.

"We're witnessing massive coin days destroyed volumes. This could be one of the largest capital rotation and ownership transfer events in Bitcoin's history," he said.

Bitcoin Consolidating in the $86,000–$92,000 Range

Over the past 24 hours, BTC has shown little significant movement, trading around the $89,000–$89,500 level.

Analyst Michaël van de Poppe described the $86,000–$92,000 zone as mere "technical noise."

  • If Bitcoin retests the $92,000 level, a breakout is the most likely outcome.
  • If it fails to hold, price could pull back into the low $80,000s to form a double-bottom pattern.

"I think we're approaching the bottom of this correction. The potential scenario is a strong recovery into year-end that carries into Q1 next year," van de Poppe said.

Bottom Line: On-Chain Data Flashing Optimistic Signals

Liveliness hitting a new high, combined with a strong uptick in long-dormant BTC moving on-chain, is painting a constructive picture for the market's medium-term outlook.

Even as price remains in a corrective phase, on-chain signals suggest fresh capital continues to enter the market — keeping the door open for the bull cycle to continue.