ChainCatcher news, the latest data shows that the proportion of Bitcoin mining transactions to total transactions is approaching a historical low. In the past few weeks, this ratio has dropped to the lowest level in the new cycle. Usually, this trend accelerates in a bull market, especially when a large amount of external capital pours into the market. As block rewards gradually decrease and market investment increases, miners' share of total transactions continues to decline. This phenomenon may indicate a change in market structure and deserves close attention from investors and industry observers.