The Bitcoin blockchain is experiencing a significant reduction in on-chain activity, evidenced by its mempool, which is a holding area for unconfirmed transactions. Recently, the mempool recorded only about 15,000 transactions, a stark drop from 150,000 during the price surge above $100,000 in late 2024. This low transaction count signals a worrying trend of minimal retail participation in the market, leading some experts to warn of a potential crisis. Joël Valenzuela from Bitcoin marketing highlighted that nearly all actual users seem to have withdrawn from the network, raising concerns about its future viability, potentially leading to a network crisis. Joao Wedson from Alphractal noted that a rising mempool could indicate a resurgence of retail interest. As of now, the lack of activity comes even as Bitcoin's price remains close to record highs, casting doubt on sustainable demand for the cryptocurrency.

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