The bitcoin network’s activity has dropped, with the 7-day moving average of transactions falling to 330,000, a 55% decrease from its peak of 730,000 over the past year.

Transaction fees have remained steady at around US$500,000 for the past month, reflecting reduced network usage.

Runes and Ordinals, once major traffic drivers, now account for only 1% of total bitcoin transactions.

Fee revenue from Runes has plummeted, generating less than US$20,000 in the last 30 days, a sharp decline from US$60 million on its launch day.

Meanwhile, trader interest is shifting toward other blockchain ecosystems. Solana has gained traction for memecoin trading, while Base is emerging as a hub for AI agent tokens.

These trends highlight bitcoin’s return to its original role as a monetary transfer system, while other blockchains capture niche markets.

The decline raises concerns about bitcoin’s fee-based model and long-term sustainability as block rewards shrink.

Future engagement with new protocols will be crucial for the network’s direction.