BTC on-chain fees are 3 sat/vB, and with the mainnet running smoothly, transfers are almost free. Yet the price is still posted at $84,726, up 1.29% over the past 24 hours.
Sure, it’s up, but the chain isn’t heating up at all. This looks more like existing capital moving back and forth across exchanges, with new capital not rushing on-chain yet. The fee rate itself doesn’t point to a direction—it only indicates there’s no incremental activity stirring up the mainnet.
What’s worth watching next is just one thing: when the fee rate jumps from single digits back above 10 sat/vB. Only then, when the mainnet gets expensive again, can we say true demand has returned.
Sure, it’s up, but the chain isn’t heating up at all. This looks more like existing capital moving back and forth across exchanges, with new capital not rushing on-chain yet. The fee rate itself doesn’t point to a direction—it only indicates there’s no incremental activity stirring up the mainnet.
What’s worth watching next is just one thing: when the fee rate jumps from single digits back above 10 sat/vB. Only then, when the mainnet gets expensive again, can we say true demand has returned.