Analysis: Bitcoin On-Chain Activity Hits 18-Month Low as Runes and Ordinals Craze Subsides
Recent data from The Block reveals a significant decline in Bitcoin's on-chain transactions, with the 7-day moving average dropping to 316,000 last week—the lowest level in a year and a half. Although activity has slightly recovered to around 350,000 transactions, this remains far below the mid-2024 peak of 700,000.
The fading speculative interest in Bitcoin-native protocols like Runes and Ordinals has shifted trader focus toward alternative blockchain ecosystems. Transaction fees have consistently stayed below $1.50 since early 2025, indicating minimal competition for block space and a return to Bitcoin’s original use case: peer-to-peer transfers. Notably:
- Some users experiment with sub-1 sat/vB fees, prompting矿池 MARA’s "Slipstream" channel for ultra-low-fee transactions.
- This development sparked debates among Bitcoin developers regarding network standards and censorship resistance.
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Key Metrics: Ordinals Inscriptions Surpass 70M, Generating 7,000+ BTC in Fees
According to Dune Analytics, the Bitcoin NFT protocol Ordinals has reached milestone figures:
| Metric | Value |
|-----------------------|---------------------|
| Total Inscriptions | 79,335,904 |
| Cumulative Fees | 7,001 BTC (~$671M) |
Major Ecosystem Updates
1. Taproot Wizards Secures $30M Led by Standard Crypto
The Bitcoin Ordinals project Taproot Wizards closed a $30M funding round, building on its 2023 $7M seed investment. This signals growing institutional confidence in Bitcoin’s NFT infrastructure.
2. Trump Launches Ordinals-Based NFT Trading Cards
Former President Donald Trump unveiled "Trump Bitcoin Digital Trading Cards", a 160-piece collection inscribed on "Alpha sats." The series expands his NFT ventures, previously including the America First collection with perks like dinner meetups.
3. OrdinalsBot Sets Record with 3.96MB File Inscription
The project inscribed Bitcoin’s largest file to date—a 3.969MB "Pizza Ninjas" artwork—showcasing the protocol’s capacity for high-value digital artifacts.
Developer and Market Highlights
- Ordinals 0.21.2 Patch: Founder Casey Rodarmor urged users to upgrade after fixing a critical bug that risked accidental Rune transfers.
- Ordzaar’s $2M Seed Round: The decentralized marketplace raised funds from LongHash Ventures, allocating 42% of tokens to community airdrops.
- OKX Web3 Integrates FB_Ordinals: The wallet added support for Fractal Bitcoin Ordinals, enabling BRC-20 trading post-protocol activation.
FAQs: Addressing Common Queries
Q: Is ORDI still a viable investment in 2025?
A: ORDI’s potential hinges on Bitcoin’s ability to foster innovative applications. Recent ecosystem funding (e.g., Taproot Wizards) suggests ongoing development.
Q: What risks exist with low-fee Bitcoin transactions?
A: Sub-1 sat/vB fees may face delays or rejection during high-demand periods. Projects like Slipstream aim to streamline processing but remain controversial.
Q: How do Ordinals differ from traditional NFTs?
A: Ordinals are inscribed directly onto individual satoshis, leveraging Bitcoin’s security without smart contracts—a unique digital artifact approach.
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Conclusion: The Road Ahead for Bitcoin Ordinals
While the initial hype around Runes and Ordinals has cooled, 2025 data proves sustained utility:
- 7000+ BTC in cumulative fees underscores protocol adoption.
- High-profile projects (e.g., Taproot Wizards, Trump NFTs) attract mainstream attention.
- Developer activity remains robust, with critical upgrades and infrastructure expansion.
For now, Bitcoin’s NFT ecosystem balances between niche innovation and broader blockchain trends.