Bitcoin On-Chain Analysis: Transaction Fees

Hey everyone and thanks for jumping back Into the cryptoverse today we're going To talk about Bitcoin and we're going to Be putting back on an onchain analysis Hat and discussing transaction fees if You guys like the content make sure you Subscribe to the channel give the video A thumbs up and also check out the sale On into the cryptoverse premium at Intothe cryptoverse decom if you're not Familiar with transaction fees in this Chart we're just looking at the USD Value of all fees paid to minor Transaction validators stakers and or Block producers that day And this Chart you know it it used to be more Useful than it is today but it does Still I think provide value one of the Interesting things is that historically Whenever transaction fees spike it has Been Representative of a significant high Right you can see that that happened Back in 2017 it happened over here in April of 2021 both of of which ended up being Significant highs now in 2021 we ended Up going and putting in a higher high Later that Year about 6 months later or so now What's Interesting is we saw a spike back in May and I remember making a video on it

Back then and what I also remember is I Remember saying look guys transaction Fees have spiked and everyone just Saying well it's because of ordinals and I'm not saying that's not true I mean it Is true right I mean it's not you know The the Mania that we had in in in April Or May of 2023 was nowhere near what it Was in 2021 and and 2017 but one of the Things we said back then was that it Could at least be a leading into a cool Off period where this could be a local Top and what's interesting is is it Actually occurred if you look at the Nature of transaction fees right like if You look at at this one in 2017 it Spiked after the top was in and then if You look at 2021 Right the spike occurred after the high Was in and then if you look at March or May the spike occurred after the highway In and then if you go look at it today There was a spike coming just after this Potential high now it's hard to know if This is you know the high for a while or Not I mean you know there's all sorts of Reasons to believe it could be or it Could not be but the point is if you Only looked at this chart in a vacuum And you had no clue about you know maybe The reason why transaction fees are Spiking you know paint you know sort of Just pointing toward ordinals um if you Had no reason no narrative to go along

With it if you only showed me this Chart right it shows that often times There is a cool off period now a lot of People would point out that while it did Cool off here in May of 2023 we were Back to putting in new yearly highs by July right I mean so so what right but It at least did signal that there needed To be a cool off period now Again there's the having in April and There's the whole spot ETF stuff that Could be coming finally to fruition at Least a decision within the next few Weeks so it's hard to know if we're Going to get a move into that or not or If the market will just front run it Completely and everyone's waiting for Something that's not actually going to Happen um in terms of price movements Associated with posi news but the point Is that you know we are looking at Transaction fees spiking and the only Way that this I mean it could be a false Signal the other thing is that it you Know perhaps the high on transaction Fees isn't in right and then and then it Theoretically could go higher I mean It's already gone a lot higher than it Went in 2021 so who's to say it couldn't Continue to go higher from here and and You know just continue this trend um so That sort of caveat too but I did just Want to bring this chart to your Attention there's certainly a lot of a

Lot of charts out there that you can Look at to sort of paint a more bullish Picture and a lot of people have done That but I do want to you know talk About all the different charts and and At least this one is saying hey you know There could there might need to be a Cool off period here sometime in the Next few weeks and if if Bitcoin does Push higher into the end of the year it Doesn't necessarily negate this it could Just mean that it's you know being Delayed by you know another two to three Weeks but it is historically transaction Fees spiking like this are a signal that At least a few you know within a couple Of months it normally comes back down to Earth right not always immediately and Even again and even in 2021 6 months Later there was another High but historically after you know a a Couple of months after these Peaks the Market has has at least experienced some Type of significant cool off period During that window and and you know There's a a period coming up up I think Relatively soon early early mid January About mid January is often a a sort of a A unfavorable time for risk Assets in Election years um so do keep that in Mind so there are some signals that the Market is getting overheated um and and We'll see you know we'll see if it if if If there's a push Higher by Bitcoin or

Not going into the end of the year the S&P continues to go up I did just want To put this video out and say look this Has this has been a good warning sign Before Um and there have been times where the Market did go just a little bit higher Even after it topped but in all cases There was at least a even if a a very Brief one there was always a cool off Period sometime after the spike in Transaction fees if you guys like the Content make sure you subscribe to the Channel give the video a thumbs up and Again check out the sale on into the Cryptoverse premium at intothe links in the description Below thank you guys for tuning in I'll See you next time bye and


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