Bitcoin’s liveliness rising to cycle highs shows a clear shift in how participants are using the network. Older coins are moving in volumes far larger than any previous cycle, yet spot prices remain stable. This suggests a demand floor strong enough to absorb renewed supply without breaking structure. In systems with fixed issuance, these transitions often mark deeper liquidity and redistribution rather than exhaustion. The market will eventually price the change in behaviour.

https://www.perplexity.ai/page/bitcoin-network-demand-surges-KSayNEshS3ud6PrWAi5aMA