The article discusses how Bitcoin's network activity has significantly decreased, with the number of transactions per block reduced to 1-2 or even empty blocks. This is primarily due to holders shifting to long-term holding rather than selling during price drawdowns. The low activity is seen as a sign that most holders view Bitcoin as a long-term store of value rather than using it for regular payments. The article also mentions that stablecoins have displaced Bitcoin as a tool for moving funds, with daily transfer volumes reaching up to $345 billion. Bitcoin's average transaction fee is currently $1.18, and the mempool is almost empty, indicating minimal waiting times for transactions to be included in the next block. The article raises concerns about the fate of miners during future block reward halvings, as transaction fees may not be sufficient to sustain the network. However, the Bitcoin hashrate remains high as miners continue to compete for the block reward. Some traffic has shifted to the Lightning network and other Layer 2 solutions.



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