Bitcoin on chain trading volume hits 18 month low, Runes and Ordinals craze recedes

According to The Block, trading activity on the Bitcoin chain has dropped to its lowest level in a year and a half. The 7-day moving average trading volume fell to 316000 transactions last week and has now slightly rebounded to about 350000 transactions, far below the peak of 700000 transactions in mid-2024. The speculative frenzy of Bitcoin native protocols such as Runes and Ordinals has subsided, and traders' interest has shifted to other blockchain ecosystems. Since the beginning of the year, Bitcoin transaction fees have remained below $1.50, indicating minimal competition for block space and a return to traditional transfer purposes. Some users attempted to initiate transactions at fees below 1 sat/vB, and mining pool MARA launched the "Slipstream" channel to handle ultra-low fee transactions, sparking controversy among Bitcoin developers over network standards and censorship resistance.