- Bitcoin transactions reached a low layer of 19 months, even if BTC is traded in the vicinity of all time.
- The debate is growing on low-fee transactions and raises questions about the long-term use and goal of Bitcoin.
Even as Bitcoin [BTC] Prices are almost record highs, on-chain activity has fallen to its lowest levels in more than a year.
This raised uncomfortable questions about whether the world’s largest cryptocurrency is used … or just held.
Transaction volumes collapse despite Bitcoin trade near ATH
The Bitcoin network experiences an enigmatic decoupling: although BTC acts more than $ 100k, the activity on the chain has fallen sharply.
From June 6, the seven -day advancing average of daily transactions is only 317,000; The lowest level since October 2023, per The Block’s facts.
Source: The Block
The graph clearly shows a steady decrease in the transaction citizens since the peak of the late 2024 of more than 700,000. This sharp drop raises important questions: Does the use of Bitcoin decrease, or has the question shifted outside the chain?
Anyway, the delay stands out as a silent phase within another flowering market.
Low reimbursement in the midst of thinner demand
In a significant sign of the Bitcoin delay costs, a 0.1 SAT/VB transaction – which only cost 11 SATS (Satoshi, smallest unit of Bitcoin) or about $ 0.01 – finally docked by Mara after almost a month in the mempool for almost a month.
Source: X
A crawling spam?
As the Bitcoin transaction counts reach a low point of 19 months, a heated debate has broken out within the community.
In one open letter Sent on June 6, 31 Bitcoin Core Developers defended the recording of low-fee and non-standard transactions, with the argument that it is crucial for the censorship-resistant nature of Bitcoin.
“Bitcoin can and will be used for use cases that not everyone corresponds,” they said.
“Core devs … seem aimed at removing barriers for spammers …”
A network in waiting
With the sanitation of new lows, Bitcoin’s identity crisis is difficult to ignore.
Because it confirms its role as “digital gold” in the eyes of institutional investors, the real use of the chain dilution is, doubt About its viability as a daily transaction network.
The gap between price speculation and practical use is greater, which exerts pressure on miners and decentralization.
If activity does not return to low 1, BTC risks to become a store of value that is supported by an infrastructure that few actively use.