Quote from: btc-1024mining on Today at 01:00:50 PM

According to data from the Blockchain Intelligence platform, investors have been trading less with BTC since the premier cryptocurrency hit a record high. As a result, Bitcoin's on-chain activity has fallen to its lowest level since 2019.

Trading volume has nothing to do with on-chain volume, two different things!

Quote from: btc-1024mining on Today at 01:00:50 PM

By breaking down these metrics, Santiment found that the volume of transactions on Vanguard's blockchain is dropping to its lowest level in the past decade. The data analytics firm defines trading volume as a metric that tracks the total number of tokens traded for a given asset over a time frame.

So shitcoins fomo is dying, put it simply!

Quote from: btc-1024mining on Today at 01:00:50 PM

In addition, Santiment mentioned in its report that the number of daily active addresses, which measures the number of different addresses participating in BTC trading on any given day, has reached its lowest point since January 2019.

No, it hasn't, it's the same level as in 2021.
https://studio.glassnode.com/metrics?a=BTC&m=addresses.ActiveCount&s=1582858532&u=1715385600&zoom=
Again, as you can see from the graph nothing to do with the price and no correlation!

Quote from: btc-1024mining on Today at 01:00:50 PM

The analytics firm said the drop in on-chain activity is more indicative of "group fear and indecision" among traders.

Again as the above graph shows, trading and on-chain activity have nothing in common!
Once you throw ordinals and runes into the mix, the fact that you can't monitor LN activity, it's just a bunch of nonsense every company needs to make research of to look like they know how to predict stuff.

Quote from: Z-tight on Today at 01:20:17 PM

I don't know if this report is accurate, however, if on chain activity is truly this low, then it is because of the recent rise in tx fees caused by ordinals and also runes, so many people stopped using and spending BTC as a result of that, and went for other 'cheaper' alternatives.

Chain activity can be misleading.
I can do 10 transactions between 3 of my addresses and it would count as 3, someone could make a batch payment and send for the same size 200 payments and count as 200, a tumbler could use 1000 new addresses to clean coins for 10 clients and one guy could inscribe an ordinal the size of a whole block and make that day have on average less 3000 tx.
Runes also play a role in this since they use the same "active" address to mint them, adding to the mess, for example:
https://mempool.space/address/bc1qezk4tv9gdma6luqj3tpy5swfsuw34rlf4gxk45
all this would count as 1 activity!