- This week, Bitcoin transaction fees experienced a significant decrease, according to data analytics firm IntoTheBlock, dropping by over 15% to 3.3 million dollars.
- The highest and lowest transaction numbers of the week were recorded on August 20th with 612,460 transactions and on August 24th with 399,150 transactions, respectively.
- When looked at in terms of transaction sizes, the data reveals various patterns. Small transactions between 0.00 and 1.00 dollars increased by 52.10% in the past month.
A decrease in transaction fees was observed in the Bitcoin network; the number of transactions in Bitcoin decreased throughout the week, with transactions exceeding 10 million dollars dropping by 41%!
Transaction Fees Decreased in the Bitcoin Network
This week, Bitcoin transaction fees experienced a significant decrease, according to data analytics firm IntoTheBlock, dropping by over 15% to 3.3 million dollars. The number of Bitcoin transactions also decreased throughout last week, with a seven-day average of 474,720 transactions recorded.
The highest and lowest transaction numbers of the week were recorded on August 20th with 612,460 transactions and on August 24th with 399,150 transactions, respectively. These fees incentivize individuals and organizations, known as miners, who confirm and record transactions on the Bitcoin network.
Essentially, lower fees may mean less profitability for miners but cheaper transactions for users. When looked at in terms of transaction sizes, the data reveals various patterns. Small transactions between 0.00 and 1.00 dollars increased by 52.10% in the past month.
On the other hand, transaction activity between 1.00 and 10.00 dollars decreased by 28.46%. Larger transactions also experienced significant decreases, with transactions between 1,000 and 10,000 dollars dropping by 21.66% and transactions exceeding 10 million dollars dropping by 41.97%.
Is the market weakening?
Meanwhile, a cryptocurrency analyst noted that the cryptocurrency market has been experiencing its lowest levels of futures trading volume since late December 2022. It appears that market sentiment has become indifferent and previous leveraged positions have been liquidated.
This situation requires focusing on upcoming supply events. These events include the release of 30,000 coins from the Silk Road story, FTX conducting 500 million dollars worth of transactions on major cryptocurrencies, and the Mt. Gox bankruptcy case.
It is expected that these events will impact the future market against demand-focused factors such as the possibility of a spot Bitcoin ETF, initiatives from Grayscale, and upcoming Ethereum futures ETFs.
