Bitcoin Network Transaction Activity Drops to 18-Month Low

Bitcoin network transaction activity has dropped to its lowest level in 18 months, with the 7-day moving average of transactions falling to 316,000 last week and currently rebounding slightly to around 350,000. This figure stands in stark contrast to the daily 700,000 transactions seen during the mid-2024 peak of native Bitcoin protocol applications. The sharp decline in transaction volume reflects a cooling of speculative activity around native Bitcoin protocols such as Runes and Ordinals. These protocols, which once brought Ethereum-like application functionality to Bitcoin, have gradually faded from mainstream attention as traders shift their interest to other blockchain ecosystems that natively support such activities.