Analyst: The active level on the bitcoin chain has risen, the demand remains positive, and the current cycle may not end

Analyst @TXMCtrades said on the X platform that the active level indicator of Bitcoin is rising, which may mean that the current market cycle is not over yet.
The active level is the sum of all lifecycle spending versus holding activity on the chain. The active level goes up when a coin is net traded; the active level goes down when a coin is held and adjusts based on when the token was issued. In a bull market, the active level usually goes up as supply changes hands at a higher price, indicating that there is a new inflow of funds. As demand weakens, its momentum slows and the indicator declines. It is similar to a long-term moving average of activity on the chain and is a neat indicator.
Despite the lower price, the active level of this cycle continues to rise, indicating that there is a bottom in demand for spot bitcoins, which is not reflected in the price action. While the active level is usually much lagging behind the price action, so it is not a market signal, from this perspective, its momentum remains positive. Some large entities are making moves in the market, just don't know who they are.