According to data from The Block, Bitcoin's network transaction volume has sharply declined after reaching a historical high last month. From May to mid-September, the weekly average transaction volume of Bitcoin fluctuated between 400,000 and 500,000 transactions. On September 20th, it reached a peak of 600,000, setting a new historical high. However, by October 9th, the weekly average transaction volume of BTC had sharply dropped to around 283,000 transactions, the lowest level since the end of February. Analysts from The Block Research pointed out that there is a clear correlation between the Ordinals inscription and Bitcoin transactions, and the decline in Ordinals inscription activity may lead to a decrease in BTC transaction volume.
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