Analysis: Bitcoin on-chain transaction volume hits an 18-month low, the craze for Runes and Ordinals fades

ChainCatcher news, according to The Block, Bitcoin on-chain transaction activity has fallen to its lowest level in a year and a half, with the 7-day moving average transaction volume dropping to 316,000 last week, currently slightly rebounding to about 350,000, far below the mid-2024 peak of 700,000.

The speculative frenzy around Bitcoin-native protocols like Runes and Ordinals has subsided, and traders' interest has shifted to other blockchain ecosystems. Since the beginning of the year, Bitcoin transaction fees have remained below $1.50, indicating minimal competition for block space and a return to traditional transfer purposes. Some users are attempting to initiate transactions with fees below 1 sat/vB, and the mining pool MARA has launched the "Slipstream" channel to handle ultra-low fee transactions, sparking debates among Bitcoin developers about network standards and censorship resistance.