Transaction fees on the Bitcoin network have dropped significantly, reaching a record low as Layer 1 transaction volumes continue to decline. This reduction in bitcoin fees has raised concerns among market participants and miners about the broader implications for the digital asset.

According to a recent post by on-chain data provider IntoTheBlock on X, transaction fees have dropped to their lowest level in three months.

This week, the network recorded a weekly transaction fee total of $12 million, marking a substantial 45% decline from the previous week.

Data reveals that the aggregate amount of BTC across all transactions completed on the network dropped by 5% between May…

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