After Bitcoin reached a new high, the "on-chain transaction volume hit a 19-month low." What happened in the market?

With bitcoin prices approaching all-time highs and the number of daily on-chain transactions falling to their lowest since October 2023, the market is showing signs of a structural shift. (Synopsis: Musk quietly deleted Trump's post related to Loli Island sex crimes, Trump: Dare to support the Democratic Party, let him pay a heavy price) (Background supplement: The White House broke the news that Musk and Trump "broke up": Elon was accused of drug use and threatened to form a new political party to impeach the president) The Bitcoin market has recently emerged a significant divergence between price and on-chain activity: Although the coin price continues to challenge all-time highs, the number of daily transactions has quietly slipped, what happened, here are the subtle changes that may occur in the Bitcoin market. The seven-day moving average of transactions on the Bitcoin network recently hit a 19-month low, with around 317,000 according to The Block, the lowest since October 2023. According to the YCharts indicator, only about 256,000 transactions were packed into blocks on June 1, 2025. Trading activity has cooled, allowing some very low fees to be traded, even below the Bitcoin Core default relay minimum (1 sat/vB). Mempool founder Mononaut reported a transaction with near-zero fees (0.1 sat/vB, about $0.01) that was mined by miner MARA through its low-fee transaction channel, Slipstream, after a month of silence, which Mononaut considered an elaborate transaction: Crafted from only the finest hexadecimal characters, the transaction cost only 11 SATs, or about $0.01, for a month in the memory pool. This deliberate placement of transactions so that they can be traded at a below-market price has also sparked some controversy, with some arguing that it is bitcoin spam. Core Policy Controversy: The Tug-of-War of Openness and Order In response, 31 Bitcoin Core developers published an open letter on June 6, arguing that low-fee or non-standard transactions should not be refused, as long as miners are willing to package, believing that this move is related to the nature of Bitcoin as a censorship-resistant system, and stressed that this is not an endorsement of the use of non-financial data, but an acceptance that Bitcoin may be used for purposes that not everyone agrees to, and pushing users into private channels will weaken decentralization. However, this statement attracted criticism from some members of the community. Samson Mow, founder of Jan3, said on the X platform: "Bitcoin Core developers have been gradually changing the network to enable spamming, and now seem to be focused on removing barriers to spammers. It's dishonest to just say, 'This is the status quo, it's too bad.'" One of the core of the controversy is that Bitcoin Core developers removed the 80-byte data cap for transaction relays, allowing larger data to be embedded. Developers argue that this helps predict transaction packaging and speed up block propagation, but critics worry that it could lead to centralization and "spam" issues. Less supply, more wallets Despite the decline in the number of transactions, other on-chain indicators show a different picture. Bitcoin supply on exchanges has fallen to a nearly seven-year low (less than 11%), mainly due to the long-term holding (HODLing) trend and increased institutional adoption, ETFs and corporate buyers continue to absorb market liquidity. In addition, Santiment data shows that bitcoin inflows from large players ("whales") have grown significantly by 145% to 214% in the past 7 to 30 days. , the number of wallets created also increased, such as nearly 557,000 new wallets added in a single day on May 29, 2024, the highest single-day record since December 2023. At the same time, indicators show that dollar-denominated trading volumes are sometimes still large, exceeding $44 billion in a single day, suggesting that large institutional transfers are still occurring frequently. Related reports Nobel 6 winners of the Nobel Economic Prize "boycott Trump": The Great Beauty Act hits low-income households, and the national debt reform fattenes the rich will collapse Trump shouted: The United States should completely abolish the debt ceiling to avoid economic catastrophe Trump rarely softens: I have always liked Xi Jinping, but he is too tough to talk about agreements..."After Bitcoin hit a new high, "the number of on-chain transactions hit a 19-month low", what happened to the market? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".