Bitcoin fees at their lowest level since 2011 – what does that mean?

It's been a long time since transactions on the Bitcoin blockchain have been as cheap as they are today. “Daily transaction fees on the BTC network have reached their lowest level since late 2011,” noted crypto channel Wu Blockchain on X. At least, measured in Bitcoin.
The fees have currently settled at 3.5 Bitcoin, according to data from the on-chain data platform Glassnode. By comparison, in December 2017, when the crypto hype reached its first major peak, the previous record was 845 Bitcoin.
Since the BTC price has risen sharply over the years, Wu Blockchain's statement is somewhat distorted. However, even in US dollars, the daily transaction fees are currently at a comparatively low level at $410,000, as the following chart illustrates:

This can be explained by a general decline in transactions on the blockchain this year. One reason for this is also the increasing use of scaling solutions such as the Lightning Network. The proliferation of Layer 2 networks is likely to keep fees low.
You can find out what advantages Bitcoin Layer-2s offer and what problems they may cause here: Why Bitcoin needs Layer-2 technologies

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