TechFlow news, June 20 — According to The Block, Bitcoin network transaction activity has dropped to its lowest level in 18 months. The 7-day moving average of transaction volume fell to 316,000 last week and has since slightly recovered to around 350,000. This figure contrasts sharply with the daily 700,000 transactions seen during the peak of Bitcoin-native protocol applications in mid-2024.
The sharp decline in transaction volume reflects cooling speculative activity around Bitcoin-native protocols such as Runes and Ordinals. These protocols, which once brought Ethereum-like application functionality to Bitcoin, have gradually faded from mainstream attention, as trader interest shifts toward other blockchain ecosystems that natively support such activities.
