People tend to celebrate periods of low feerates. It’s time to clean house, consolidate any UTXOs you need to, open or close any Lightning channels you’ve been waiting on, and inscribe some stupid 8-bit jpeg into the blockchain. They’re perceived as a positive time. 

They are not. We have seen explosive price appreciation the last few months, finally hitting the 100k USD benchmark that everyone took for granted as preordained during the last market cycle. That’s not normal. 

The picture on the left is the average feerate each day since 2017, the picture on the right is the average price each day since 2017. When the price was pumping, when it was highly volatile,…

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