Bitcoin activity data rises against the trend; whales may be quietly positioning themselves.

[Bitpush] Recently, I’ve noticed an interesting phenomenon: Bitcoin’s activity data is still rising, which could indicate that this cycle isn’t over yet.

Let me explain what activity means—it’s actually the sum of all on-chain token transactions and hoarding behavior. When tokens change hands frequently, the value goes up; when everyone is holding, it drops. The calculation also adjusts the weight based on the token’s age. In a bull market, tokens keep getting traded at higher prices, so activity naturally rises, indicating new capital is entering the market. When the hype fades and buying pressure isn’t enough, this indicator turns downward. You can think of it as a long-term moving average for on-chain dynamics—it’s pretty intuitive.

Here’s the strange part: even though prices have been falling recently, activity is still rising. This means there’s actually spot Bitcoin being quietly accumulated, but it hasn’t shown up in the price action yet. Of course, activity usually lags behind price changes, so it can’t be used as a trading signal. But from a trend perspective, momentum is still positive—there are definitely big players operating in the market, we just don’t know exactly who they are.