Analysis: Bitcoin On-Chain Transaction Volume Hits 18-Month Low as Runes and Ordinals Hype Fades

According to The Block, on-chain Bitcoin transaction activity has dropped to its lowest level in a year and a half, with the 7-day moving average of transactions falling to 316,000 last week and currently rebounding slightly to around 350,000—still far below the mid-2024 peak of 700,000. The speculative frenzy surrounding native Bitcoin protocols such as Runes and Ordinals has subsided, with traders shifting their interest to other blockchain ecosystems. Since the beginning of the year, Bitcoin transaction fees have consistently remained below $1.50, indicating minimal competition for block space and a return to traditional transfer use cases. Some users are attempting to initiate transactions with fees below 1 sat/vB, and mining pool MARA has launched the "Slipstream" channel to process ultra-low-fee transactions, sparking debate among Bitcoin developers regarding network standards and censorship resistance.