Bitcoin's on-chain transaction activity has declined significantly, averaging 316,000 weekly transactions as interest in protocols like Runes and Ordinals wanes.
Bitcoin's on-chain transaction activity has dropped to an 18-month low, with a 7-day average of 316,000 transactions, down from 700,000 in mid-2024. Transaction fees remain under $1.50, indicating reduced block space competition. The decline is attributed to diminishing interest in Bitcoin-native protocols such as Runes and Ordinals, leading traders to explore other blockchain ecosystems.