PANews December 16 News, according to The Block, as the end of the year approaches, Bitcoin network activity has decreased to its lowest level in 12 months, with the 7-day moving average of active addresses dropping to 660,000. Although seasonal slowdown is expected, several network metrics have shown signs of weakness. Currently, the number of active addresses is at its lowest since December 2024, when network activity peaked due to the Ordinals and Runes speculative frenzy. The decline in network activity has also put downward pressure on miner economics. Miner daily revenue has decreased from an average of $50 million in Q3 to about $40 million. Almost all of this revenue comes from block subsidies rather than transaction fees, highlighting limited demand for Bitcoin block space.
Unusual shifts have occurred in the composition of Bitcoin transactions. Today, Runes transactions constitute a larger share of total network transactions, but only contribute 5% to 10% of total fee revenue, raising concerns about demand for block space. When half of Bitcoin’s transaction throughput generates negligible fees, it indicates a mismatch between network utilization and value creation.
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