币界网报道：Bitcoin's price remains strong above $100,000, but onchain activity has declined significantly, with daily transactions dropping to 320,000–500,000 from a peak of 734,000 earlier this year, according to Glassnode. The slump is attributed to reduced non-monetary activity like Inscriptions and Runes, which previously boosted metrics. Despite lower transaction counts, average transaction size has surged to $36,200, with high-value transfers (over $100,000) now accounting for 89% of total volume, up from 66% in late 2022. Miner fee revenue has also fallen to around $500,000 daily as fees hit 18-month lows, contrasting with past bull markets where demand drove congestion. Meanwhile, off-chain activity—particularly futures trading—has surged, averaging $57 billion daily, far exceeding onchain volume. U.S. spot Bitcoin ETFs and growing derivatives leverage ($96 billion open interest) reflect a shift toward a derivatives-led market, with stablecoin collateral replacing crypto-backed positions post-FTX. Analysts note this evolution challenges traditional network metrics but emphasize Bitcoin's onchain layer remains foundational to its ecosystem.