Bitcoin has reclaimed $85,000, but the underlying activity on-chain presents a more nuanced picture than what is often portrayed in price-centric commentary. While many continue to interpret short-term volatility as signs of cycle exhaustion, the Unspent Transaction Output (UTXO) count offers a contrasting — and grounded — view.

Far from showing signs of distribution or complacency, UTXO data points toward sustained conviction, broad network activity, and a market still in structural build-up mode.