$BTC 👻 The on-chain network of Bitcoin is empty

📉 Transactions fall to 320K–500K, the lowest level since Oct. 2023. The frenzy of Inscriptions and Runes disappears.

🐋 But the whales dominate the base layer:

• Average transaction = $36K

• 89% of the volume = more than $100K

• $7.5B moves daily on-chain

📊 Off-chain activity on the rise:

• $57B daily in futures

• Peak of $122B

• Volume exceeds on-chain by 7–16×

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