The Bitcoin blockchain is experiencing its lowest transaction volumes in a year and a half, with a 7-day moving average bottoming out at 316,000 transactions before a modest recovery to 350,000.
This represents a 50% drop from the peak activity in mid-2024, which exceeded 700,000 daily transactions, when experimental protocols such as Runes and Ordinals drove unprecedented use of the network.
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This drastic decline indicates a decline in interest in Bitcoin's foray into tokenization and NFTs, as developers and users migrate to blockchains with more robust smart contract capabilities.
With fees consistently below $1.50 and blocks operating well below capacity, the network has returned to its roots as a settlement layer for monetary transactions.