為什麼比特幣網絡活動下降？

最新的鍊鍊數據表明，在過去的幾個月中，比特幣網絡活動一直在減弱，區塊鏈指標最近達到了新的低點。

On-chain data shows that the Bitcoin network activity has been waning over the past few months, reaching a new low recently.

鏈上數據表明，比特幣網絡活動在過去幾個月中一直在減弱，最近達到了新的低點。

Why Is The Bitcoin Network Activity Falling?

為什麼比特幣網絡活動下降？

In a recent post on the X platform, CryptoQuant head of research Julio Moreno discussed how Bitcoin is experiencing an unusual period of low transaction activity, with the mempool being almost empty and transaction fees dropping to 1 sat/vB. This marks the lowest level of network activity since March 2024, indicating a significant decline in on-chain demand.

在X平台上最近的一篇文章中，CryptoQuant Research Julio Moreno負責人討論了比特幣的交易活動較低時期，其中Mempool幾乎是空的，交易費用降至1 SAT/VB。這標誌著自2024年3月以來的網絡活動水平最低，表明鏈上需求的大幅下降。

To provide some context, the mempool is a temporary storage area where pending Bitcoin transactions await processing. During periods of high on-chain demand and network activity, the mempool is usually congested. However, recent on-chain data shows that most transactions have been confirmed, leaving the mempool nearly empty.

為了提供某些上下文，Mempool是一個臨時的存儲區域，等待比特幣交易正在等待處理。在高鏈需求和網絡活動期間，孟買通常會被擁擠。但是，最近的鍊鍊數據表明，大多數交易已被確認，使Mempool幾乎空了。

An almost-empty mempool is a rare occurrence that is often linked to either waning on-chain activity or shifting market dynamics. According to Moreno, the main factor contributing to this decline is the fading excitement around Runes and BRC-20 tokens.

幾乎是空的Mempool是一種罕見的情況，通常與鏈接活動的減弱或轉移市場動態有關。根據莫雷諾（Moreno）的說法，導致這種下降的主要因素是符文和BRC-20代幣周圍的興奮。

Both Runes and the BRC-20 token standard are protocols that enable the creation and minting of fungible and non-fungible tokens on the Bitcoin blockchain. While these protocols generated significant hype upon launch, the initial excitement failed to translate into sustained usage.

符文和BRC-20代幣標準都是可以在比特幣區塊鏈上創建和鑄造可及格和無纏繞令牌的協議。儘管這些協議在發射時引起了重大炒作，但最初的興奮未能轉化為持續的用法。

However, at the peak of the Runes and BRC-20 frenzy, the number of confirmed transactions on the Bitcoin network reached a record high, crossing the 1.5 million mark in a single day. To be precise, the pioneer blockchain processed over 1.6 million unique transactions between sender and receivers on April 23, 2024, largely driven by the launch of Bitcoin Runes.

但是，在符文和BRC-20 Frenzy的峰值上，比特幣網絡上確認的交易數量達到了創紀錄的高度，一日越過150萬大關。確切地說，先鋒區塊鏈於2024年4月23日在發件人和接收器之間處理超過160萬次獨特的交易，這在很大程度上是由比特幣符文的推出。

This decline in transaction volume has broader implications for various aspects of the pioneer blockchain, including miner revenues. Miners also earn transaction fees as an additional source of income, especially since block rewards have been further reduced following the recent halving event. Therefore, an extended period of low fees could impact mining profitability, potentially influencing the distribution of network hash rate.

交易量的下降對包括礦工收入在內的先鋒區塊鏈的各個方面具有更大的影響。礦工還賺取交易費用作為額外的收入來源，尤其是因為在最近的減半事件之後，塊獎勵進一步減少了。因此，長期的低費用可能會影響採礦盈利能力，從而可能影響網絡哈希率的分佈。

How Does It Affect BTC Price?

它如何影響BTC價格？

An almost-empty mempool and low transaction activity are not ideal indicators for positive price movements. It could suggest a lack of speculative interest and enthusiasm among investors, leading to a stagnation in the Bitcoin price.

幾乎是空的Mempool和低交易活動並不是正價轉移的理想指標。這可能表明投資者缺乏投機性的興趣和熱情，從而導致比特幣價格停滯不前。

At the time of writing, BTC is valued at around $100,450, having experienced a decline of nearly 2% in the past 24 hours. According to CoinGeko data, the premier cryptocurrency has lost roughly 3.5% of its value in the last seven days.

在撰寫本文時，BTC的價值約為100,450美元，在過去的24小時中的下降近2％。根據Coingeko數據，在過去的七天中，總理加密貨幣的價值約為其價值的3.5％。