Bitcoin Transaction Fees Plunge to Lowest Levels Since 2011, Impacting Miners

Bitcoin transaction fees have experienced a dramatic drop, plummeting to their lowest point since 2011, significantly affecting miners and the broader cryptocurrency market. On-chain data from platforms like Glassnode and Alphractal confirms this significant decline, reaching around 4.09 BTC per day. This change in fee dynamics impacts miner revenue, which is now below 4 BTC daily. Miners are relying more heavily on block subsidies, especially following the most recent Bitcoin halving event. While the drop has led to a decrease in Bitcoin’s dominance from 64.5% to 59.7%, Ethereum benefits as market activity shifts.