PANews reported on December 16th, citing The Block, that as the year-end approaches, Bitcoin network activity has fallen to its lowest level in 12 months, with the 7-day moving average of active addresses dropping to 660,000. While a seasonal slowdown is expected, several network metrics are already showing weakness. Currently, the number of active addresses is at its lowest level since December 2024, when network activity peaked due to the speculative frenzy surrounding Ordinals and Runes. This weak network activity is also putting downward pressure on miners' economics. Miners' daily revenue has fallen from an average of $50 million in the third quarter to approximately $40 million. Almost all of this revenue comes from block subsidies rather than transaction fees, highlighting the limited demand for Bitcoin block space.

An unusual dynamic has emerged in the composition of Bitcoin transactions. Rune transactions now account for a larger proportion of total network transaction volume, but contribute only 5% to 10% of total transaction fee revenue, raising concerns about block space requirements. When half of Bitcoin's transaction throughput generates negligible fees, it suggests a mismatch between network utilization and value creation.