比特币[BTC]在5月22日违反了110,000美元，但区块链活动讲述了一个不同的故事。

尽管比特币的价格主导着头条新闻，但其链活动悄然下降以记录低点，突出了估值与实际用法之间的差距。

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

比特币的价格行动可能是头条新闻，但其链活动的表明是不同的叙述。

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

正如Alphractal报道的那样，这种差异突出了估值和实际用法之间的差距。

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

尽管BTC违反了$ 110,000的成绩，但其链活动悄然下降以记录低点。

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.

这种转变正在展示比特币的不断发展的作用。它正在摆脱每日交易作为点对点货币的作用，并巩固自己是高价值的财富存储，用户吸引了集中式交易所（CEXS）和更便宜的网络。

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

这是最终确认比特币已成为数字黄金功能的最终确认，而不仅仅是名称？

Mean transaction diverge from bullish narrative

平均交易与看涨的叙事不同

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

目前，平均交易费用徘徊在1.50美元左右，这在以前的牛市中是一种异常现象。

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.

如图所强调的那样，由于记忆池（Mempool）拥塞和伴随斗牛牛市的疯狂链接猜测，2017年，2021年和2023年末的过去集会均飙升至新高，甚至超过120美元，甚至超过120美元，甚至超过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，尽管比特币对新的历史最高高点的价格飙升，但这个周期使整个孟买保持平静，而没有持续的孟买压力或交易费用峰值。

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所指出的那样，这种模式表明交易需求不会增加。本质上，用户要么持有其资产或使用集中式平台，而不是目前从事链上价值转移。

So where’s the frenzy?

那么疯狂在哪里？

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.

在过去的牛市中，比特币的孟买会因成千上万的未经证实的交易而膨胀，这清楚地表明了投机性的紧迫性，因为交易者从事加热竞标。

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

然而，当前的周期尽管达到了创纪录的价格，但正在以更安静的方式展开。

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.

与2017年和2021年的潮流相比，2025年的Mempool活动很薄，当时交易积压通常超过150,000。如今，根据Alphractal的说法，STI LL可管理水平的拥塞水平表明用户之间存在明显的紧迫性。

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.

从本质上讲，交易者越来越多地以一种使基本层占据猜测的方式，而是选择更快，更便宜的交易替代方案，或者他们只是在积累并持有硬币。

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.

这种行为直接影响比特币网络本身，这不一定反映在更广阔的市场中建立的炒作。

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

这是最终确认比特币已成为数字黄金功能的最终确认，而不仅仅是名称？

SegWit adoption soars as 'retail' usage drops?

Segwit的采用飙升，因为“零售”使用情况下降了？

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

该数据还强调了自2021年以来SEGWIT采用的巨大变化，现在Segwit交易主要主导了比特币区块链。

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

这种转变归因于提高块空间效率，降低费用并为比特币网络上的交易实现更平滑的吞吐量。

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

但是，当今的Segwit交易的主导地位可能是一把双刃剑，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，它反映了优化，每笔交易使用较少的字节。但另一方面，相对缺乏非隔离交易可能表明，更多的随意或传统用户不一定会跟上最新技术趋势。

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.

该分析表明，比特币的当前用法概况似乎倾向于高效效率，也许是机构规模的交易，而不是基层交易，这些交易通常会在零售驱动的潮流期间堵塞网络。

Where is the activity going then?

那活动在哪里？

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.

现在，集中式交易所正在处理大多数交易流，而Tron等网络由于低费用和即时终止性而在零售和Stablecoin转移（尤其是USDT）方面处于领先地位。

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.

同时，每天对点对点付款的闪电网络采用似乎正在放慢速度，这可能与用户界面（UI）/用户体验（UX）挑战和有限的流动性有关。

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.

随着加密行业的不断发展，用户似乎对用于常规交易的集中式或高度优化的系统显示出偏爱。