[The Number of Active Bitcoin Addresses Drops to the Lowest Level in a Year, Sparking New Concerns About Block Space Demand] According to The Block, as the year-end approaches, activity on the Bitcoin network has dropped to its lowest level in 12 months, with the 7-day moving average of active addresses falling to 660,000. Although a seasonal slowdown was expected, multiple network indicators have shown signs of weakness. Currently, the number of active addresses is at its lowest level since December 2024, when network activity peaked due to speculative frenzies around Ordinals and Runes. The decline in network activity has also put downward pressure on miner economics. Daily miner revenue has dropped from an average of $50 million in the third quarter to approximately $40 million. Nearly all of this revenue comes from block subsidies rather than transaction fees, highlighting the limited demand for Bitcoin block space. Unusual dynamic changes have emerged in the composition of Bitcoin transactions. Rune transactions now account for a larger proportion of the network's total transaction volume but contribute only 5% to 10% of total fee revenue, raising concerns about block space demand. When half of Bitcoin's transaction throughput generates negligible fees, it indicates a mismatch between network utilization and value creation.