Bitcoin’s network activity has dropped to levels not seen in a year and a half, with recent data showing a steep decline in daily transactions. After peaking at over 700,000 transactions per day in mid-2024, the 7-day moving average fell as low as 316,000 last week. It’s now hovering near 350,000, still far below last year’s highs.
The drop isn’t random; it’s tied to the fading hype around Bitcoin-native protocols like Runes and Ordinals, which briefly turned the network into a hub for NFTs and token-style assets.
Just months ago, Bitcoin was buzzing with activity. Runes allowed people to create fungible tokens directly on Bitcoin, while Ordinals let users inscribe data onto individual sats, think NFT-like collectibles, but on Bitcoin.
That wave of excitement is now clearly behind us. Traders and developers have started moving away from these experiments, shifting their focus to chains like Ethereum, Solana, and Base, where smart contracts and NFT tools are more mature and scalable.
Another sign of the slowdown: fees. Since January, the average Bitcoin transaction fee has stayed below $1.50, a strong indicator that block space is no longer in high demand. During the height of the Runes and Ordinals frenzy, fees were regularly spiking. Now, the network is quiet.
In many ways, Bitcoin is going back to its roots, being used mainly for peer-to-peer transfers, long-term holding, and value settlement, rather than experimental apps and collectibles.
Unless a new catalyst appears, like a surge in Layer-2 adoption or something major tied to Taproot Assets, Bitcoin’s network activity could remain muted for a while. That’s not necessarily a bad thing. Lower congestion means cheaper and faster transactions, which many Bitcoiners see as a win.
But it also raises questions about how far Bitcoin can stretch beyond its original purpose, especially compared to chains that are evolving rapidly with new applications, ecosystems, and use cases.
Bitcoin had its moment with Runes and Ordinals. The experiment brought traffic, hype, and curiosity to the network. But with that phase cooling off, activity is now slowing down fast. For now, Bitcoin seems to be doing what it’s always done best, staying stable, secure, and simple.
