Bitcoin on-chain activity is a ghost town with price being controlled by corporate products

Bitcoin’s rebound to around $71,000 has reignited a familiar bullish conversation about price, liquidity, and positioning. It has also exposed a less comfortable fact inside the network itself. The fee market has barely moved. For a market that still treats on-chain congestion as a sign of organic demand, that divergence deserves more attention than another recap of macro tailwinds or ETF flow streaks. Related Readin…