In this #Bitcoin chart price is plotted against total transaction fees.

In orange, you can see the first Ordinals bull market May 2023, the second Dec 2023, and the tall spike Apr 2024 was the launch of the Runes protocol at the halving.

At the cycle top I expect significant fee activity both from normal trading, and also rotation back into BTC native assets.

Right now fees remain completely flat, not even a blip. No way we see a euphoric top with fees at rock bottom.
#Bitcoin