Bitcoin daily transaction fees hit lowest since 2011

Bitcoin daily transaction fees hit lowest since 2011


Bitcoin transaction fees have dropped to their lowest levels in more than a decade, because social feeling around the rate drops in the federal reserve reaches a pitch of fever, which raises questions about the sustainability of the market.

Summary

  • Bitcoin fees fell to the lowest levels since 2011 at 3.5 BTC average
  • Médiatique at Rate Fed is reached an 11 -month top, echoing the euphoric market for summits
  • BTC balance 70K exchange since June, signaling possible sales pressure

According to Glassnode data, daily transaction costs on Bitcoin (BTC) The network (14 -day SMA) recently dropped to 3.5 BTC. It is the lowest level since the end of 2011.

The main engine behind the recent market force was the speech of President of President Jerome Powell to Jackson Hole, where he referred to potential rate reductions by declaring that “the balance of changing risks can justify policy adjustments”.

Bitcoin daily transaction costs have reached the lowest since 2011, the discussion to reduce Fed levels have a local high - 1
Surnotes data

Social feeling reaches a territory dangerous for bulls

Mentions of keywords such as “Fed”, “Rate” and “blow” on social media platforms have increased. Santiment data show that this wave is highest in the past 11 months.

This increase in the discussion on a single bullish story historically means that euphoria can become too high.

When social feeling around a specific catalyst reaches extreme levels, it often coincides with local summits.

Glassy analysis is a worrying configuration for Bitcoin holders. A dense group of the offer accumulated between $ 113,000 and $ 120,000 since early July belongs to investors with less than three months.

The SOPR metric by age for these short -term holders currently varies from 0.96 to 1.01. These data indicate a slight decrease in recognition.

Exchange entries paint a disturbing image for Bitcoin

One of the trends concerning is the growing bitcoin offer on exchanges. Since the beginning of June, the amount of the BTC held on scholarships has increased by nearly 70,000 coins.

This reverses the long -term trend of parts that move in the storage of cold and suggests that more holders are positioned to sell.

Bitcoin daily transaction costs have reached the lowest since 2011, the discussion signals on the drop in the Fed rate have a local high - 2
Bitcoin Exchange Flow Analysis: Santiment

Historically, the increase in exchange sales preceded the sales pressure, because investors move parts on the platforms in preparation for liquidation.

Bitcoin chain health metrics show a neutral image in Pragère, with daily active addresses and cooling the volume of transactions from recent highs.

The long -term MVRV ratio is 18.5%, which is a slightly risky area for new investments.

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