Bitcoin’s Network Is Booming Even as Prices Remain Below Record Highs

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On-chain activity and fees are surging as Ordinals and Runes drive transaction volumes, signaling rising user demand despite subdued spot prices. Bitcoin remains below record highs as persistent ETF-related outflows exert downward pressure on market price. The divergence suggests growing network utility and miner fee revenue even while macro and institutional flows continue to dictate short-term price direction.

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