Bitcoin on-chain activity is a ghost town with price being controlled by corporate products
CryptoSlate
Bitcoin's price is rising due to institutional financial products, while native on-chain activity and transaction fees remain historically low.Summary
Bitcoin is experiencing a price recovery driven primarily by institutional financial instruments like ETFs and brokerages rather than organic on-chain demand. While the asset's price has reached approximately $71,000, the blockchain's fee market remains at floor levels, indicating a lack of urgency among native users and the absence of speculative traffic like Ordinals or Runes. This divergence suggests that Bitcoin is increasingly being treated as a financial asset held through institutional "wrappers" rather than a network utilized for active, high-volume settlement.
(Source：CryptoSlate)