Bitcoin mempool starts to clear as fee paid per block falls back to one

Quick Take

• This past week has been extremely wild in Bitcoin, with the emergence of BRC-20 tokens surpassing a $500 billion market cap.
• This has added momentum with Ordinals that started at the beginning of the year.
• CryptoSlate reported that miners received more Bitcoin in transaction fees than block rewards.
• However, using Glassnode data, we can see the average fees paid per block has returned to 1.0 Bitcoin per block.
• According to James Check analyst at Glassnode, “The average Bitcoin fee paid per block has only surpassed the block subsidy on five occasions, with the latest event being this week.”