Bitcoin Transaction Fees Reach Yearly High Amid Supply Concerns

According to Odaily, the average transaction fee for Bitcoin over the past seven days has risen to $2.40, marking an increase of approximately $1 since early May and setting a new high for the year. Data from Glassnode indicates that the 'illiquid supply' of Bitcoin, which refers to BTC that has remained unmoved for a long period, has reached an all-time high. This suggests a decrease in the amount of Bitcoin available for trading on exchanges. Should demand increase in the future, this could lead to a supply shock, potentially driving prices higher. Additionally, Bitcoin's market dominance has shown signs of recovery after a previous decline. This may indicate that the recent short-term pullback relative to other cryptocurrencies is more influenced by liquidity factors rather than a structural shift towards an 'altcoin season.'