Transaction Drought Hits Bitcoin Network Despite Price Strength

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In a puzzling divergence from price action, Bitcoin network activity has slumped to October 2023 levels.

The seven-day transaction average fell to 317,000, with single-day volume bottoming at 256,000 on June 1.

This inactivity has forced miners to scrape the bottom of the mempool, with Marathon Digital’s Slipstream service processing transactions below the standard 1 sat/vB threshold.

“This was a bespoke handcrafted artisanal transaction,” joked Mononaut after successfully broadcasting a 0.1 sat/vB payment that lingered for a month before confirmation.