Bitcoin network activity has completed a full cycle, returning to December 2022 levels after the boom and bust of experimental protocol adoption.
From mid-2024’s frenzied peak of 700,000+ daily transactions, volume has stabilized around 350,000 – matching patterns seen before the Ordinals phenomenon began.
The cooling period reflects natural market dynamics as novelty protocols lose steam and users return to Bitcoin’s core value proposition. With fees remaining low and block space abundant, the network appears to be settling into a new equilibrium that recalls its pre-hype fundamentals.
Technical observers note the unusual emergence of sub-1 sat/vB transactions – a rare occurrence that typically only appears during extended periods of low network utilization.
