Bitcoin transaction fees have plummeted over 15% this week to $3.3 million, according to analytics firm IntoTheBlock
In terms of transactions by size, the data shows varying patterns. Smaller transactions ranging from $0.00 to $1.00 saw an increase of 52.10% in the past month.
Meanwhile, the activity for transactions between $1.00 and $10.00 decreased by 28.46%. Larger transactions also witnessed significant declines, including those in the $1,000 to $10,000 range dropping by 21.66%, and transactions exceeding $10 million falling by 41.97%.Meanwhile, Neon, a cryptocurrency analyst, pointed out that the cryptocurrency market is experiencing its lowest volume in derivative trading since late December 2022.
These events are expected to impact the market in the short term, as they stand in contrast to demand-side factors such as the prospect of a spot Bitcoin ETF, initiatives from Grayscale and upcoming
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