On May 19, according to TheBlock, the 7-day average transaction fee on the Bitcoin network rose to $2.40, increasing by about $1 from early May and reaching a new high for the year. Glassnode data shows that the illiquid supply (long-term held BTC) has reached a historical peak.
Analysts suggest that the recovery of Bitcoin's market dominance indicates that the previous pullback was a liquidity adjustment rather than the start of an Altcoin season. The continuous decrease in exchange reserves coupled with rising demand may lead to a more severe supply shortage, potentially driving BTC prices higher.
