Bitcoin’s transaction activity has recently reached its lowest level in over a year and a half, with the seven-day moving average falling under 316,000 transactions, before slightly recovering to around 350,000, as per data from The Block.
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This marks a significant drop from the peak of over 700,000 daily transactions seen during the height of Bitcoin-based protocol adoption in mid-2024.
The decline is attributed to fading hype around Bitcoin-native protocols like Runes and Ordinals, which previously drove substantial transaction volume by enabling token-like functionality and NFT-style inscriptions on the Bitcoin blockchain.
Transaction fees have also remained consistently low, below $1.50 since the start of the year, reflecting reduced competition for block space.
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