In general, the lower on-chain activity can be ascribed to a bump in on-chain activity during the past two weeks caused by the merge. It was the biggest happening in several years in crypto, naturally leading to increased on-chain activity. With this event in the rearview mirror, activity returns to its depressed “normal”.The Bitcoin network will reduce its mining difficulty by 2.1% tomorrow. A highly welcomed reduction by the bitcoin miners, who have seen their revenues plummet lately. Bitcoin mining revenues also continue falling and are now only $17.2 million per day, far from the November highs of $62 million.