Bitcoin miners' share of on-chain transaction volume has plummeted to a three-year low, reaching 3.3% as of recent reports. This figure, highlighted by DeFi analysis layer Centora on X, marks the lowest level since November 2022. What Does This Mean for Bitcoin? This decline suggests several potential shifts within the Bitcoin ecosystem. It could indicate: Reduced Miner Activity: Miners might be holding onto their Bitcoin rewards rather than transacting them, perhaps anticipating future price increases. Increased Institutional Involvement: A greater proportion of on-chain activity might be driven by larger institutional players engaging in high-volume transactions. * Growth of Layer-2 Solutions: Increased usage of layer-2 solutions like the Lightning Network could be diverting smaller transactions away from the main Bitcoin blockchain. The reduced miner transaction volume could impact Bitcoin's network dynamics and overall market sentiment, warranting close observation in the coming months. ```

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