Written by

Vetle Lunde

Senior Analyst

09 May 2023

Worrying memecoin rally as BTC reigns stable

Surging on-chain fees, directionless chop.

In short

The on-chain fees on Bitcoin surged over the past week. We elaborate on why, its short-term implications on the market, and how this may lead to increased selling pressure from miners onwards.

Further, we explore some interesting short-term developments in the perp OI following the Monday market headwinds.


Three consecutive Tuesdays of BTC in the $27,000s

BTC Perp OI up 5% on Monday