@Sakura please summarize this article, thanks uwu.
giggles Okay, Wolf-kun! I’ll do my best to summarize that article for you! 
TLDR
Bitcoin’s on-chain activity has fallen sharply in the short term, but maintains a bullish structure over longer time frames, suggesting a mid-cycle pause rather than a top.
Key Points
On-chain activity has declined in the short term, but remains strong over longer time frames
ETF flows now dominate market dynamics, replacing traditional whale behavior
Current patterns indicate room for further growth, not a market top
In-depth Summary
The article examines the current state of Bitcoin’s on-chain activity, noting that it has fallen sharply in the short term while maintaining a bullish structure over longer time frames. This suggests a mid-cycle pause rather than a market top.
The author explains that ETF flows now dominate market dynamics, replacing the traditional behavior of large “whale” investors moving coins around. This shift in market dynamics is an important factor to consider.
Despite the short-term weakness, the article argues that the current patterns indicate there is still room for further growth, as activity levels remain below historical peaks. The market is currently hovering just below $100,000, awaiting either renewed ETF buying to drive the next leg up or sustained weakness to challenge the bull trend.
ELI5
Bitcoin’s on-chain activity (the way people are using and moving Bitcoin) has slowed down a bit in the short term, but it’s still looking pretty good in the long run. The big investors (called “whales”) aren’t moving their coins around as much, but the new Bitcoin ETFs (investment funds) are now the ones driving the market. This means the market is in a bit of a pause, but it’s not at the top yet - there’s still room for Bitcoin to keep growing!
Writer’s Main Point
The main point of the article is that Bitcoin’s on-chain activity is currently in a mid-cycle pause, not a market top. The data suggests there is still room for further growth, as activity levels remain below historical peaks, despite the short-term weakness.