Degen

The 7-day moving average of Bitcoin network transactions has fallen to 330,000, near its lowest level in 12 months. This represents a 55% decline in network activity from the previous peak of 730,000 transactions.
Bitcoin-based protocols such as Runes and Ordinals now account for just 1% of total transactions. The data suggests that the majority of market participants’ trading activity has shifted to other blockchain ecosystems such as Solana and Base.
The current level of transactions could raise questions about the use of the Bitcoin network and the sustainability of fees. The sustainability of this trend may depend on the re-attraction of users by new Bitcoin-based protocols.