Bitcoin Network Activity Hits 8-Month Low Despite Price Strength

The Bitcoin blockchain is experiencing its lowest transaction volume since October 2023, with the seven-day moving average dropping to approximately 317,000 transactions.

This surprising decline in network activity comes while BTC continues to trade near all-time high price levels. Blockchain data reveals that on June 1, only 256,000 transactions were processed – a significant drop from typical volumes.

The reduced activity has created unusual market conditions where miners are accepting transactions with fees as low as 0.1 sat/vB, well below Bitcoin Core’s standard 1 sat/vB relay floor.

Marathon Digital’s Slipstream service recently processed one such transaction from Mempool founder Mononaut that had been waiting in the mempool for a month, costing just 11 sats (about $0.01) in total fees.