The Bitcoin blockchain is currently exhibiting signs of declining user activity, even as the price hovers close to all-time highs. Currently, Bitcoin trades slightly under $109,000 with a decrease of 2.7% from its peak value.

Despite a recent uptick of 7% from its 14-day lows, the low transaction activity raises concerns among traders. Market observers are analyzing whether this trend indicates a potential downturn or if it is simply a temporary lull in engagement among users in the Bitcoin ecosystem.