What Happened on May. 8th | BRC-20 Frenzy could cause $BTC Price to Drop

TI Research

The BRC-20 frenzy has caused the Bitcoin network congestion. The Bitcoin blockchain has become overwhelmed with pending transactions and high fees, with nearly 400,000 unconfirmed Bitcoin transactions recorded. Does this really benefit Bitcoin Price? Probably not.

Unlike Ethereum, where part of the transaction fees will be burned hence reducing the supply of $ETH, all your rush to BRC-20 and paying higher transaction fees go to bitcoin miners.

Two months ago, the average $BTC rewards from transaction fee per block is 0.19 $BTC, and now the average $BTC rewards from fees are almost 5 $BTC, and sometimes even higher than the block rewards of 6.25 $BTC.

Bitcoin Saw First Ever Block to Have Higher Transaction Fees Than Block Subside

Bitcoin miners have been struggling to make a profit for the past years due to higher energy costs and now they are more than happy to sell these unexpected $BTC fees income to boost their revenue. Therefore, in the short term, the BRC-20 frenzy will cause more $BTC selling pressure.

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Bitcoin Saw First Ever Block to Have Higher Transaction Fees Than Block Subside: due to competitively high block space demand, Bitcoin had its first ever block that contained transaction fees greater than the block subsidy. Block 788,695 had 6.7 $BTC transaction fees, higher than the block subsidy at 6.25 $BTC.

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TI Research

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