<p><img src="https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=840/https://s3.cointelegraph.com/uploads/2023-07/9a8ae7d9-eedb-4c1c-90e3-2f4d206da52b.jpg"></p><p>Bitcoin on-chain spending is heating up — and so far, is "rhyming" with past BTC price cycles.</p>