Bitcoin network trading volume hits lowest since October 2023

Despite the Bitcoin price trading near its all-time high, trading activity within the network has been found to be significantly reduced.
The Block reported on the 8th (local time) that the seven-day moving average number of transactions on the Bitcoin network is 1.1% in the last 19 months, according to the latest data.
According to the report, as of June 1, the total number of transactions on the Bitcoin blockchain was about 256,000, the lowest since October 2023.
The seven-day moving average number of transactions also fell to 317,000, close to the level of 269,000 in October last year.
As transaction volume declines, there are also cases of non-standard transactions and ultra-low fee transactions being mined.
Mononaut, founder of the blockchain block explorer Mempool, recently announced that a transaction with an extremely low fee of 0.1 sat/vB (satoshi per byte) had been discovered on the blockchain.
The transaction involved paying just 11 satoshis, or about 1 cent (about 1.5 yen), and was eventually mined after waiting in the mempool for nearly a month.
"The transaction was submitted to MARA, a Bitcoin mining company that changed its name from Marathon Digital, and the company is not processing non-standard transactions," Mononaut said.
He described the transaction as "a handmade piece of art carefully engraved with the finest hex characters."
He described it as a work of art.