Bitcoin Transaction Fees Surge, Reaching Yearly Highs Amidst Supply Concerns

Recent data reveals that Bitcoin transaction fees have hit a yearly high. According to Odaily, the average cost for each Bitcoin transaction over the past seven days stands at $2.40, marking a significant jump from early May and setting a new record this year. This increase is further supported by Glassnode’s findings that ‘illiquid supply,’ or Bitcoin holding in long-term inactive wallets, has reached an all-time high. This suggests a decrease in available Bitcoin for trading on exchanges, potentially leading to a future supply shock if demand picks up.