As of June 9, 2025, Bitcoin network transaction activity has dropped to its lowest level since October 2023, with a seven-day moving average transaction volume of only 317,000 transactions, a decrease of about 60% from the peak in 2024. This phenomenon has triggered a crisis in miner revenues, controversies over technical routes, and multiple chain reactions in ecological restructuring.

Core data reveals a liquidity crisis

On-chain data shows that the number of active addresses in the Bitcoin network has fallen below 942,000, and the mempool's unconfirmed transactions have plummeted by 99% to 3,000, with the median transaction fee dropping below 1 sat/vB (approximately $0.00001). Miner fee income has sharply decreased from $4.7 million/day in October 2024 to $593,000/day, hitting a historic low. Some mining pools even package transactions that have been pending for 30 days, with fees of only $0.01, exposing deep-rooted contradictions of excess hash power and network utilization rates below 40%.

Community ideologies collide

31 core developers co-signed the "Decentralization Manifesto," opposing node filtering of low-fee transactions and emphasizing that censorship resistance is the core value of Bitcoin. Samson Mow, the founder of Jan3, advocates for the cleanup of "garbage transactions," believing that allowing inefficient transactions is akin to "permitting bicycles to occupy the highway." This debate reflects the divergence in positioning Bitcoin as a "store of value" versus a "payment network."

Ecological restructuring in progress

Despite the shrinkage in transaction volume, other indicators show a structural shift in the market: the supply of Bitcoin on exchanges has dropped to a seven-year low (below 11%), whale capital inflows surged by 214%, and the number of new wallets created daily reached 557,000. Miners are beginning to explore energy arbitrage models, utilizing low-cost electricity to absorb excess hash power, while developers are promoting UTXO protocol upgrades to enhance on-chain efficiency.

This liquidity crisis may become a watershed moment in Bitcoin's evolution, as its underlying network is experiencing the growing pains of transitioning from barbaric growth to refined governance. As Satoshi Nakamoto said, "The robustness of the system lies in its tolerance for imperfection." How Bitcoin achieves a balance between censorship resistance and technical optimization will determine its value boundaries for the next decade.

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