Bitcoin on-chain transaction volume hits 18-month low, Runes and Ordinals craze fades

PANews reported on June 20 that according to The Block, Bitcoin on-chain transaction activity has fallen to its lowest level in a year and a half, with the 7-day moving average transaction volume falling to 316,000 last week. It has now recovered slightly to about 350,000, far below the 700,000 peak in mid-2024. The speculative craze for Bitcoin native protocols such as Runes and Ordinals has subsided, and traders are turning their attention to other blockchain ecosystems. Since the beginning of the year, Bitcoin transaction fees have remained below $1.50, indicating that there is little competition for block space and a return to traditional transfer purposes. Some users tried to initiate transactions at a fee of less than 1 sat/vB, and the mining pool MARA launched the "Slipstream" channel to process ultra-low-fee transactions, sparking controversy among Bitcoin developers about network standards and anti-censorship.