Bitcoin On-Chain Metrics Say: This Is Not the Top

Bitcoin On-Chain Activity Report, July 2025

Bitcoin is taking a breather after breaking out to a new all-time high just shy of $122K.

That kind of pause isn’t unusual. It’s part of the usual push-and-pull dynamic (an expansion followed by a cooldown) that helps prevent momentum from overheating.

Still, it’s fair to ask: could this be the real top of the cycle?

It’s a big question, and one that needs to be looked at from multiple angles. But if we focus strictly on on-chain activity, there’s no clear signal yet that a reversal is near.

So let’s dig into the data and put today’s market in historical context.

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Bitcoin On-Chain Metrics Say: This Is Not the Top

The Takeaway

Bitcoin just made a new all-time high, but on-chain metrics suggest we haven’t hit the top of the cycle yet.

While short-term activity has cooled, one-year on-chain participation remains strong and rising.