Bitcoin sees one-year low in active addresses, raising fresh concerns over blockspace demand
Bitcoin's active addresses hit a one-year low, signaling reduced network activity and raising concerns about sustainable miner revenue.Summary
Bitcoin network activity has dropped to its lowest point in twelve months, with the 7-day moving average of active addresses falling to 660,000, a level not seen since December 2024 when Ordinals and Runes speculation peaked. This decline in activity has negatively impacted miner economics, with daily revenue dropping from $50 million in Q3 to about $40 million, primarily from the block subsidy rather than transaction fees, indicating low demand for blockspace.
An unusual trend shows that Runes transactions now constitute a larger share of total transactions but contribute only 5-10% of fee revenue because they are often submitted with very low fees. This situation creates a mismatch between network utilization and value creation; if half the throughput generates negligible fees, sustainable miner revenue, which will increasingly rely on fees as block subsidies decrease, is threatened.
(Source：The Block)