#比特币市场走势# Looking back at the development of Bitcoin, it is truly remarkable to see that money laundering has fallen to its lowest point in over a decade. Back in 2011, Bitcoin was still in its infancy, and everyone was exploring this new thing. Now, upon reflection, the way the network is used has undergone a tremendous transformation.

From a payment tool to a store of value, the positioning of Bitcoin is clearly visible. In the past, people were keen on using Bitcoin to buy coffee and pizza, but now it is more often viewed as digital gold. This shift is not only reflected in the fall of transaction fees but also in the shrinking demand for block space.

Looking back, we had anticipated that after the halving in 2024, transaction fees would become the main source of income for miners. However, reality hit us hard. The sluggish fee market has made it difficult for many small miners to survive, raising concerns about the long-term sustainability of the Bitcoin economic model.

At the same time, factors such as institutional entry and the launch of ETFs are also reshaping the market structure. Retail traders are shifting to other chains, further diluting the activity on the Bitcoin network. Not long ago, we were worried about congested transaction pools, but now we are faced with the awkward situation of empty blocks.

However, history always tends to repeat itself. The price of Bitcoin has reached new highs, and the acceptance of blockchain technology by institutions and governments is continuously increasing, all signaling the arrival of a new era. Looking back at the past from the present, we may be at an important turning point. What will the future Bitcoin network look like? Will it become a pure settlement layer? These questions are worth pondering.

As witnesses and participants, we have a responsibility to document these changes and leave valuable historical experiences for future generations. After all, only by understanding the past can we better grasp the present and look forward to the future.