According to The Block, Bitcoin on-chain trading activity fell to its lowest level in a year and a half. The 7-day moving average trading volume fell to 316,000 last week, and is now slightly back to about 350,000, well below the peak of 700,000 in mid-2024. Speculative frenzy for Bitcoin-native protocols such as Runes and Ordinals has subsided, and traders' interest has turned to other blockchain ecosystems. Since the beginning of the year, bitcoin transaction fees have been consistently below $1.50, indicating that there is minimal competition for block space and a return to traditional transfer uses. Some users have tried to initiate transactions at fees below 1sat/vB, and mining pool MARA has launched a "Slipstream" channel to handle ultra-low-fee transactions, sparking controversy among bitcoin developers about network standards and censorship resistance.