Bitcoin Transactions Drop to 18-Month Low

Bitcoin’s Transaction Volume Concerns

Bitcoin transaction volumes decreased significantly, hitting an 18-month low. This decline is primarily linked to the decreasing popularity of two Bitcoin-native protocols, Ordinals and Runes, which have seen decreased usage since their initial peak activity periods.

Ordinals introduced a method for NFT-like inscriptions on satoshis, while Runes facilitated transaction activity via fungible tokens on Bitcoin. Both protocols initially sparked excitement, altering the network’s transaction dynamics and congestion levels.

Fading Protocol Interest

The decrease in demand for these protocols has led to lower transaction fees and block congestion, affecting the Bitcoin network. This enables Bitcoin to revert to its original role as a value settlement layer with reduced speculative activity.

“As of June 28, 2025, there are no publicly available quotes from major KOLs including Arthur Hayes, CZ, or Vitalik regarding the decline in Bitcoin transaction volume.”

With average transaction fees consistently below $1.50, there is less network congestion. The focus shifts away from NFT and token activities as users seek alternative smart contract-capable blockchains.

No Comments from Leaders or Regulators

No new information or responses have come from major developers or regulators about the transaction volume decline. The shift resembles previous historical patterns seen in cryptocurrency during the speculative hype cycle.

Insights into potential outcomes suggest that user engagement has shifted more towards chains with richer token and DeFi capabilities. Bitcoin remains stable but sees decreased activity as a settlement-focused network.

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