$BTC Despite the high price of coins, on-chain trading activity has reached a 19-month low, with the seven-day moving average of transactions dropping to 317,000. Some transactions with extremely low fees (such as 0.1 sat/vB) are being packaged by miners, sparking community debates about network congestion and decentralization. Meanwhile, the supply of Bitcoin on exchanges has fallen to a nearly seven-year low (less than 11%), with inflows from large holders (whales) surging by 145%-214% in the past 30 days. The number of wallets created has also significantly increased, reflecting a structural shift in the market dominated by long-term holders (HODLers).