According to @TXMCtrades, Bitcoin’s on-chain Liveliness—defined as the running sum of lifetime spending versus holding scaled by coin age—continues to trend higher this cycle despite lower prices, suggesting a persistent floor of spot BTC demand not yet reflected in price action (source: @TXMCtrades on X, Dec 6, 2025). Liveliness typically rises in bull runs as supply changes hands at higher prices and slows or falls as demand wanes, functioning like a long-term moving average for on-chain activity that tracks capital rotation (source: @TXMCtrades on X, Dec 6, 2025). While momentum through this lens remains positive, the metric is not a timing signal because it often turns after price, and recent activity implies larger entities are active on-chain even if identities are unknown (source: @TXMCtrades on X, Dec 6, 2025).