比特幣[BTC]在5月22日違反了110,000美元，但區塊鏈活動講述了一個不同的故事。

儘管比特幣的價格主導著頭條新聞，但其鏈活動悄然下降以記錄低點，突出了估值與實際用法之間的差距。

Bitcoin's price action may be grabbing headlines, but its on-chain activity is signaling a different narrative.

比特幣的價格行動可能是頭條新聞，但其鏈活動的表明是不同的敘述。

As reported by Alphractal, this divergence is highlighting a gap between valuation and actual usage.

正如Alphractal報導的那樣，這種差異突出了估值和實際用法之間的差距。

While BTC has breached the $110,000 mark, its on-chain activity has quietly dropped to record lows.

儘管BTC違反了$ 110,000的成績，但其鏈活動悄然下降以記錄低點。

This shift is showcasing the evolving role of Bitcoin. It's moving away from its role as a peer-to-peer currency for daily transactions and is solidifying itself as a high-value store of wealth, with users gravitating towards centralized exchanges (CEXs) and cheaper networks.

這種轉變正在展示比特幣的不斷發展的作用。它正在擺脫每日交易作為點對點貨幣的作用，並鞏固自己是高價值的財富存儲，用戶吸引了集中式交易所（CEXS）和更便宜的網絡。

Is this the final confirmation that Bitcoin has become digital gold in function, not just in name?

這是最終確認比特幣已成為數字黃金功能的最終確認，而不僅僅是名稱？

Mean transaction diverge from bullish narrative

平均交易與看漲的敘事不同

Mean transaction fees are currently hovering around $1.50, which is an anomaly in the context of previous bull markets.

目前，平均交易費用徘徊在1.50美元左右，這在以前的牛市中是一種異常現象。

As the chart highlights, past rallies in 2017, 2021, and late 2023 saw mean fees surging to new highs, at times going over $60 and even past $120, due to memory pool (mempool) congestion and the frenzied on-chain speculation that accompanies bull markets.

如圖所強調的那樣，由於記憶池（Mempool）擁塞和伴隨鬥牛牛市的瘋狂鏈接猜測，2017年，2021年和2023年末的過去集會均飆升至新高，甚至超過120美元，甚至超過120美元，甚至超過120美元。

However, this cycle has seen the mempool remaining calm throughout May with minimal to no persistent mempool pressure or transaction fee spikes, despite Bitcoin’s surging price action towards new all-time highs.

但是，儘管比特幣對新的歷史最高高點的價格飆升，但這個週期使整個孟買保持平靜，而沒有持續的孟買壓力或交易費用峰值。

This pattern, as Alphractal notes, signals that transactional demand isn't increasing; essentially, users are either holding their assets or using centralized platforms rather than engaging in on-chain value transfer at the moment.

正如Alphractal所指出的那樣，這種模式表明交易需求不會增加。本質上，用戶要么持有其資產或使用集中式平台，而不是目前從事鏈上價值轉移。

So where’s the frenzy?

那麼瘋狂在哪裡？

In past bull markets, Bitcoin’s mempool would swell with tens of thousands of unconfirmed transactions, serving as a clear indicator of speculative urgency as traders engaged in heated bidding.

在過去的牛市中，比特幣的孟買會因成千上萬的未經證實的交易而膨脹，這清楚地表明了投機性的緊迫性，因為交易者從事加熱競標。

Yet, the current cycle, despite reaching record prices, is unfolding in a quieter fashion.

然而，當前的周期儘管達到了創紀錄的價格，但正在以更安靜的方式展開。

Mempool activity in 2025 is thin compared to the surges of 2017 and 2021, when transaction backlogs routinely exceeded 150,000. Today, according to Alphractal, sti ll manageable levels of congestion indicate a notable lack of urgency among users.

與2017年和2021年的潮流相比，2025年的Mempool活動很薄，當時交易積壓通常超過150,000。如今，根據Alphractal的說法，STI LL可管理水平的擁塞水平表明用戶之間存在明顯的緊迫性。

Essentially, traders are increasingly engaging in a manner that sidelines the base layer for speculation, opting instead for faster, cheaper transactional alternatives on centralized exchanges, or they are simply accumulating and holding their coins.

從本質上講，交易者越來越多地以一種使基本層佔據猜測的方式，而是選擇更快，更便宜的交易替代方案，或者他們只是在積累並持有硬幣。

This behavior is having a direct impact on the Bitcoin network itself, which isn't necessarily reflecting the hype that's building in the broader markets.

這種行為直接影響比特幣網絡本身，這不一定反映在更廣闊的市場中建立的炒作。

Is this the final confirmation that Bitcoin has become digital gold in function, not just in name?

這是最終確認比特幣已成為數字黃金功能的最終確認，而不僅僅是名稱？

SegWit adoption soars as 'retail' usage drops?

Segwit的採用飆升，因為“零售”使用情況下降了？

The data also highlighted a massive shift in SegWit adoption since 2021, with SegWit transactions now overwhelmingly dominating the Bitcoin blockchain.

該數據還強調了自2021年以來SEGWIT採用的巨大變化，現在Segwit交易主要主導了比特幣區塊鏈。

This shift has been attributed to improving block space efficiency, reducing fees and enabling smoother throughput for transactions on the Bitcoin network.

這種轉變歸因於提高塊空間效率，降低費用並為比特幣網絡上的交易實現更平滑的吞吐量。

However, the dominance of SegWit transactions today may be presenting a double-edged sword, Alphractal noted.

但是，當今的Segwit交易的主導地位可能是一把雙刃劍，字形指出。

On one hand, it reflects optimization, with fewer bytes being used per transaction. But on the other hand, the relative absence of non-SegWit transactions may be indicating a drop in more casual or legacy users who aren't necessarily keeping up with the latest technology trends.

一方面，它反映了優化，每筆交易使用較少的字節。但另一方面，相對缺乏非隔離交易可能表明，更多的隨意或傳統用戶不一定會跟上最新技術趨勢。

This analysis suggests that Bitcoin's current usage profile seems skewed toward high-efficiency, perhaps institutional-scale transactions, rather than the grassroots, everyday traffic that would typically clog the network during retail-driven surges.

該分析表明，比特幣的當前用法概況似乎傾向於高效效率，也許是機構規模的交易，而不是基層交易，這些交易通常會在零售驅動的潮流期間堵塞網絡。

Where is the activity going then?

那活動在哪裡？

Centralized exchanges are now handling most transaction flows, while networks like TRON are taking the lead in retail and stablecoin transfers - especially USDT - due to low fees and instant finality.

現在，集中式交易所正在處理大多數交易流，而Tron等網絡由於低費用和即時終止性而在零售和Stablecoin轉移（尤其是USDT）方面處於領先地位。

Meanwhile, Lightning Network adoption for everyday peer-to-peer payments seems to be slowing down, which might be linked to user interface (UI)/user experience (UX) challenges and limited liquidity.

同時，每天對點對點付款的閃電網絡採用似乎正在放慢速度，這可能與用戶界面（UI）/用戶體驗（UX）挑戰和有限的流動性有關。

As the crypto industry continues to evolve, users appear to be showing a preference for centralized or highly optimized systems for routine transactions, Alphractal concluded.

隨著加密行業的不斷發展，用戶似乎對用於常規交易的集中式或高度優化的系統顯示出偏愛。