Bitcoin’s network data show that long-term holders and larger players are still active, even though the price has cooled. At the same time, a fresh breakout in the Russell 2000 index lines up with a pattern that has often preceded past Bitcoin bull runs.
Bitcoin ‘Liveliness’ Metric Climbs Even as Price Stalls
Bitcoin’s onchain “liveliness” keeps rising this cycle despite softer price action, suggesting steady demand for spot BTC, according to analyst TXMC, who cited data from Glassnode’s Liveliness Ribbon chart.
TXMC described liveliness as a running sum of all lifetime spending versus holding on the Bitcoin network. The metric rises when coins are spent and transacted, and it falls when more supply sits dormant in wallets. It also scales by the age of those coins, so movements in older holdings carry more weight than day-to-day trading.
Bitcoin Liveliness Ribbon Chart. Source: Glassnode / X
In past bull markets, liveliness has typically increased as coins change hands at higher prices and new capital enters the market. As demand cools and investors shift back to holding, the indicator’s upward momentum tends to slow or reverse. TXMC characterized it as a long-term moving average for onchain activity rather than a short-term trading tool.
This cycle, however, liveliness “continues to march higher” even while prices trade below prior peaks, TXMC noted. That pattern points to an underlying base of demand that does not yet appear fully in spot prices. It also signals that larger entities are active onchain, though the identities behind those flows remain unknown.
TXMC cautioned that liveliness is not a precise market timing signal, because it often turns after price has already moved. Even so, the continued upward trend in the metric shows that long-horizon Bitcoin holders and sizable market participants remain engaged in the network despite recent volatility.
Bitcoin Rallies Have Followed Russell 2000 Breakouts, Analyst Says
Bitcoin may be entering another upward phase after the iShares Russell 2000 ETF broke above long-standing resistance, according to analyst AO, who compared the small-cap index with past BTC market cycles.
Bitcoin and Russell 2000 Breakout Comparison Chart. Source: TradingView / AO_btc_analyst
AO’s chart highlights four previous moments — 2011, 2013, 2017, and 2021 — when the Russell 2000 pushed through major horizontal resistance. In each case, Bitcoin followed with a strong multi-month rally. The analyst notes that the index has now broken out again, marking the first such move since early 2021.
The overlay shows the Russell’s resistance tests and breakouts aligned vertically with Bitcoin’s historical surges. Earlier cycles saw BTC accelerate shortly after the index confirmed strength, a pattern AO says has repeated consistently over the past decade.
With the Russell 2000 now trading above its prior ceiling, AO suggests Bitcoin could again follow the same structural rhythm. The chart places a potential new BTC acceleration window into 2026 if the relationship holds.
While the comparison does not provide timing precision, AO argues that the recurring correlation is strong enough to monitor as markets move into the next phase of the cycle.
