My perspective is, Bitcoin not moving much on-chain typically suggests strong HODLing sentiment, meaning investors and users view Bitcoin as undervalued compared to its potential long-term value. When Bitcoin’s valuation reaches a level perceived by users as fair or appropriate—reflecting wider market acceptance or economic necessity—there will naturally be increased usage.

A low level of on-chain activity doesn’t mean irrelevance; it often indicates a mature base of holders waiting for the right conditions to use or move their coins. Additionally, with the growth of Layer 2 solutions like Lightning, more transactional activity moves off-chain, preserving the base layer primarily for security and high-value settlement. This combination is healthy for Bitcoin’s long-term adoption and stability.