Bitcoin on-chain transaction activity has dropped to the lowest level in a year and a half, with the 7-day moving average transaction volume falling to 316,000 transactions last week, currently slightly rebounding to around 350,000 transactions, far below the peak of 700,000 transactions in mid-2024. The speculative frenzy surrounding Bitcoin native protocols like Runes and Ordinals has subsided, with traders' interest shifting to other blockchain ecosystems.
