Bitcoin On-Chain Activity Plunges to Bear Market Levels as Price Nears ATH

Despite Bitcoin’s price hovering around $100,000 and nearing its all-time high of $111,700, on-chain metrics have slipped into levels typically seen in bear markets. Daily transactions have fallen from over 730,000 in early 2024 to between 320,000 and 500,000. Non-monetary activity such as Inscriptions and Runes has declined sharply, leaving monetary transfers steady but overall network usage subdued. Average on-chain volume remains $7.5 billion per day, peaking at $16 billion, with an average transaction size of $36,000—signalling dominance by institutional players. Retail transactions under $1,000 now account for less than 1% of total value, down from about 4%. Miner fee revenue has dropped to $558,000 daily, reflecting weaker block-space demand. Meanwhile, off-chain trading surges: spot volumes exceed $10 billion per day, futures average $57 billion (peaking over $120 billion), and options handle $2.4 billion daily. These dynamics highlight a shift away from retail engagement toward large institutions, potentially raising questions about market resilience as on-chain activity wanes.