Bitcoin (BTC) fees hit lowest level since 2011 as on-chain activity slows
JH Kim
Summary
- Bitcoin (BTC) network transaction fees have fallen to their lowest level in more than a decade.
- According to Glassnode, the 30-day simple moving average of Bitcoin’s daily total transaction fees was about 2.5 BTC, the lowest level since March 2011.
- Glassnode said the sharp decline in fees suggests weaker demand for on-chain transactions and slower network activity, indicating reduced investor on-chain participation amid recent market volatility.
Forecast Trend Report by Period
Bitcoin (BTC) network transaction fees have fallen to their lowest level in more than a decade.
According to Glassnode on the 31st (local time), the 30-day simple moving average of Bitcoin’s daily total transaction fees was about 2.5 BTC, the lowest level since March 2011.
Glassnode said the sharp drop in fees "means demand for on-chain transactions has clearly declined" and is "a signal pointing to slower network activity."
This trend is interpreted as an indicator that investors’ on-chain participation is waning amid recent market volatility.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
