Bitcoin (BTC) network fees plummeted in the days following the fourth Bitcoin halving on April 20, after hitting a record daily average of $128.
As of April 22, the average fee for a medium-priority transaction on Bitcoin was between $9 and $10, according to mempool.space.
Before the halving, Bitcoin’s network fees surged to more than 24 times that of Ethereum (ETH). Bitcoin network fees during the halving were approximately $78.3 million.
Meanwhile, Bitcoin miner ViaBTC received 37.7 Bitcoins worth $2.4 million at block 840,000, making block 840,000 the most sought-after block in Bitcoin’s 15-year history.
At block 840,000, meme coins and non-fungible tokens (NFTs) accounted for the majority of demand, with enthusiasts staking scarce satoshis on the network via the Runes protocol, a new token standard that debuted in the halving block.
Subsequently, the block recorded 3,050 transactions, pushing the average network fee to $800. This higher-than-normal block fee continued until approximately block 840,200.
Despite the surge in transaction fees, the price of Bitcoin has remained relatively flat. In the past 24 hours, the price of the market leader has risen by more than 1% to $66,167.52 at 3:15 am EST. This latest increase is enough to put Bitcoin on track for a weekly decline.
10X Research said that now that the halving has passed, Bitcoin may continue to trade sideways, and the entire market may face a "six-month stagnation period." The agency said that Bitcoin miners may sell up to $5 billion in Bitcoin in the coming weeks to make up for lost revenue.
Although a surge in network fees during the halving delayed the impact on miners, fees have since fallen back. As a result, miners may soon begin to “gradually” sell off their inventory to “prevent a sudden drop in revenue,” research director Marcus Thielen said in an April 13 research note.
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