⚠️ Bitcoin network activity is showing a notable slowdown.

The number of active addresses has dropped to its lowest level in the past year, with the 7-day moving average declining to around 660k. This raises new questions about real blockspace demand.

On-chain data shows that while Ordinals and especially Runes account for a growing share of transactions, they contribute only 5–10% of total fee revenue. In other words, the network may look busy, but it’s not economically efficient.

This imbalance is increasingly reflected in miner economics. Daily miner revenues have declined from around $50M to $40M, with the majority still coming from block rewards rather than fees. Weak fee generation poses a long-term sustainability risk, particularly in the post-halving environment.

High transaction count does not necessarily equal high value creation for Bitcoin’s security model.