Despite its recent resurgence to regain the 200-week moving average (WMA), Bitcoin’s price has remained within a tight trading range for the past week.
BlackRock’s announcement of integrating Bitcoin into their ETF portfolios and Bitwise’s refiling for a Bitcoin spot ETF are significant news that could potentially move Bitcoin’s price. Furthermore, whispers of a “seismic” move by Fidelity in crypto are adding to the anticipation.
However, analysis of various on-chain metrics, including Bitcoin’s liveliness, suggests a lack of volatility in the market.
Liveliness is a time-weighted measure of Bitcoin UTXOs (unspent transaction outputs), indicating the proportion of Bitcoin that’s been dormant for a certain period. As such, it serves as a valuable barometer of market activity and provides insight into the behavior of Bitcoin hodlers.
The liveliness metric uses “coin days,” meaning the number of days since each coin was last moved. A higher liveliness score and uptrend
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