25 Apr 2022

Bitcoin on-chain summary: On-chain activity is back

After almost hibernating for two weeks, we see solid growth in on-chain activity this week, as all our metrics are flashing green.
Daily miner revenues increased 6% over the past seven days and are sitting just below $40 million, an average level in 2022.The abnormally low transaction fees increased 8% over the past seven days and are now close to $400k per day. They still make up only 1% of miner revenue, which is extremely low historically.
Screenshot 2022-04-26 094811
Source: Bytetree
The daily on-chain transaction volume climbed 11% over the past seven days and is now $5.4 billion. This growth corresponds to the slight increase in spot volumes, as trading activity has been increasing but is still low historically.Another reason for the increased daily on-chain transaction volume might be that miners could confirm 5% more transactions per day due to the unusually high block production rate.The block production rate of 6.45 blocks per hour is considerably higher than the 6 blocks per hour target.To get the block production rate back to normal, Bitcoin will likely increase its difficulty by almost 5% this Wednesday, which might be the highest upward difficulty adjustment since January.
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