{"id":24622,"date":"2025-06-10T19:00:00","date_gmt":"2025-06-10T16:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoins-on-chain-activity-declines-to-october-2023-levels\/"},"modified":"2025-06-10T19:00:00","modified_gmt":"2025-06-10T16:00:00","slug":"bitcoins-on-chain-activity-declines-to-october-2023-levels","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoins-on-chain-activity-declines-to-october-2023-levels\/","title":{"rendered":"Bitcoin&#8217;s On-Chain Activity Declines to October 2023 Levels"},"content":{"rendered":"<p>Despite the price nearing its <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span>, the daily number of transactions on the network of the first cryptocurrency has decreased to October 2023 levels.<\/p>\n<p><!--more--><\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"365\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2025-06-10-161156-1024x365.png\" alt=\"Snimok-ekrana-2025-06-10-161156\" class=\"wp-image-260220\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2025-06-10-161156-1024x365.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2025-06-10-161156-300x107.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2025-06-10-161156-768x273.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2025-06-10-161156-1536x547.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2025-06-10-161156.png 1781w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">The dynamics of the daily number of transactions on the Bitcoin network, smoothed by a seven-day moving average. Data: <a href=\"https:\/\/charts.coinmetrics.io\/crypto-data\/?utm_term=coinmetrics&#038;utm_campaign=Website+Traffic&#038;utm_source=adwords&#038;utm_medium=ppc&#038;hsa_acc=4768490894&#038;hsa_cam=20600940386&#038;hsa_grp=151385006302&#038;hsa_ad=675621260630&#038;hsa_src=g&#038;hsa_tgt=kwd-612759843538&#038;hsa_kw=coinmetrics&#038;hsa_mt=b&#038;hsa_net=adwords&#038;hsa_ver=3&#038;gad_source=1&#038;gclid=CjwKCAiAnpy9BhAkEiwA-P8N4gIU4cgdZISQJWJBilp_or_KdVH9w8fVnx_bQvdhS3cZ1NHPK7vLcxoCqSsQAvD_BwE\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<p>On June 1, the figure dropped to 256,000.<\/p>\n<p>Alongside the decline in activity, a number of transactions with minimal fees were included in blocks. Among them was one from a Bitcoin developer known as mononaut for just 0.1 satoshi per virtual byte.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">a few days ago Mara finally mined this 0.1 sat\/vB transaction that I started broadcasting via the public p2p relay network a month ago.<\/p>\n<p>it only cost 11 sats!<a href=\"https:\/\/t.co\/mVPxJRFjwv\">https:\/\/t.co\/mVPxJRFjwv<\/a><\/p>\n<p>\u2014 mononaut (@mononautical) <a href=\"https:\/\/twitter.com\/mononautical\/status\/1931512028444656117?ref_src=twsrc%5Etfw\">June 8, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the specialist, it took about a month to process the transaction. The fee <a href=\"https:\/\/mempool.space\/tx\/47be054cb5bf65387e972216c2e403040b50bc7449685c990ffeddbd0cc0d87f\">was only 11 satoshis<\/a> (about $0.01).<\/p>\n<p>Mononaut clarified that the transaction was processed by Bitcoin miner MARA, which uses software called Slipstream for such cases.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">this was a bespoke handcrafted artisanal transaction, lovingly carved from the finest hexadecimal characters<\/p>\n<p>\u2014 mononaut (@mononautical) <a href=\"https:\/\/twitter.com\/mononautical\/status\/1931684028911902870?ref_src=twsrc%5Etfw\">June 8, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">Open Letter<\/h2>\n<p>Bitcoin Core developers <a href=\"https:\/\/bitcoincore.org\/en\/2025\/06\/06\/relay-statement\/\">published<\/a> an open letter on June 6, expressing opposition to the filtering of non-standard transactions and low-fee operations, like the one conducted by mononaut. In their view, such restrictions contradict Bitcoin&#8217;s fundamental principles of decentralization and censorship resistance.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cWe do not support using the network for non-financial data, but we acknowledge that Bitcoin as a censorship-free system will inevitably be used for purposes not everyone likes,\u201d the authors of the letter explained.<br \/><\/cite><\/p><\/blockquote>\n<p>They also noted that redirecting users to private channels like Slipstream threatens the network&#8217;s decentralization.<\/p>\n<p>The initiative drew criticism from some prominent community members. Jan3 founder Samson Mow <a href=\"https:\/\/x.com\/Excellion\/status\/1931430881861779965\">wrote on X<\/a>:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cBitcoin Core developers are gradually changing the network, paving the way for spam. Now they want to remove the last restrictions for spammers. It&#8217;s convenient to pretend that this is just how it is, and nothing can be done.\u201d<\/cite><\/p><\/blockquote>\n<p>In the next release of Bitcoin Core, <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-core-to-remove-data-volume-limit-for-op_return\">the limit on data volume for OP_RETURN will be removed<\/a>. Node operators will be able to publish large volumes of data, such as media files, in transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the price nearing its ATH, the daily number of transactions on the network of the first cryptocurrency has decreased to October 2023 levels.<\/p>\n","protected":false},"author":1,"featured_media":24621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1268],"class_list":["post-24622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"38","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/24622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=24622"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/24622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/24621"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=24622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=24622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=24622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}