Original Title: "After Bitcoin Hits New Highs, 'On-Chain Transaction Count Hits 19-Month Low,' What’s Happening in the Market?"
Original Author: 0xJigglypuff, BlockTempo
Recently, a significant divergence has emerged between Bitcoin prices and on-chain activity: despite the price continuously challenging historical highs, the daily transaction count has quietly slipped. What exactly is happening? Here are some potential subtle changes occurring in the Bitcoin market.
Transaction Volume Hits Bottom, Price Soars
The seven-day moving average of Bitcoin network transactions recently reached a 19-month low. According to data from The Block, this figure is approximately 317,000 transactions, the lowest since October 2023. Additionally, YCharts indicators show that on June 1, 2025, only about 256,000 transactions were packed into blocks. The cooling of transaction activity has allowed some transactions with extremely low fees to be completed, even including transactions below the Bitcoin core preset relay minimum price (1 sat/vB).
Mempool founder Mononaut reported a transaction with a fee nearly zero (0.1 sat/vB, about $0.01), which was mined by miner MARA through its low-fee transaction channel Slipstream after being dormant for a month. Mononaut believes this was a meticulously designed transaction:
"Carefully crafted from the finest hexadecimal characters, this transaction only cost 11 Sats, approximately $0.01, and was stored in the mempool for a month." Such a deliberately designed transaction allows it to trade at a price below the market, which has sparked some controversy, with some arguing that this is Bitcoin's spam.
Core Policy Controversy: The Tug-of-War Between Openness and Order
In response, 31 Bitcoin Core developers issued an open letter on June 6, arguing that low-fee or non-standard transactions should not be rejected as long as miners are willing to package them. They believe this is crucial to Bitcoin's nature as a censorship-resistant system and emphasize that this does not endorse the use of non-financial data but rather accepts that Bitcoin may be used for purposes not agreed upon by everyone, pushing users towards private channels, which could undermine decentralization.
However, this statement has drawn criticism from some community members. Jan3 founder Samson Mow stated on the X platform: "Bitcoin Core developers have been gradually changing the network to enable spam, and now it seems they are also focused on removing barriers for spammers. Simply saying 'this is the status quo, too bad' is dishonest."
One of the core controversies lies in the Bitcoin Core developers removing the 80-byte data limit for transaction relays, allowing for larger data to be embedded. Developers believe this helps predict transaction packaging and accelerates block propagation, but critics worry it may lead to centralization and "spam" issues.
Decreasing Supply, Increasing Wallets
Despite the decline in transaction counts, other on-chain indicators present a different picture. The Bitcoin supply on exchanges has dropped to a near seven-year low (less than 11%), primarily due to the long-term holding (HODLing) trend and increased institutional adoption, with ETFs and corporate buyers continuously absorbing market liquidity.
Additionally, Santiment data shows that the inflow of Bitcoin from large holders ("whales") has significantly grown by 145% to 214% in the past 7 to 30 days. The number of wallet creations has also increased, with nearly 557,000 new wallets created in a single day on May 29, 2024, setting a record for the highest single-day count since December 2023.
At the same time, indicators show that the dollar-denominated transaction volume can still be substantial, sometimes exceeding $44 billion in a single day, suggesting that large institutional transfers are still occurring frequently.
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