Fee income for Bitcoinminers is increasing, signaling the beginning of a new wave of Bitcoin adoption. The Z-Score value of Bitcoin miner fee income turned positive after a long period of time, indicating the beginning of a big bull market.
Bitcoin’s 60% year-to-date surge may just be the first milestone in its upward trend, as miners’ income from transaction fees is increasing.
According to data from Glassnode, the Z-Score value of Bitcoin miner fee income has turned positive for the first time since mid-2021.
This positive shift indicates that miners are earning higher transaction fee income than the two-year average, indicating increased demand on the network. Historically, the return of high fee regimes has coincided with the start of major bull markets.
It should be noted that the Z-Score value measures the standard deviation of the two-year average fee income of Bitcoin miners. In a bull market, the Z-Score value is usually positive and rising, while in a bear market it is negative.
The increase in Bitcoin miner fee revenue is a clear sign that the market is headed towards a bullish trend. With this development, Bitcoin is expected to continue to rise in value, making it an attractive investment for many. However, it is important to exercise caution when investing in cryptocurrencies as the market is highly volatile.
The positive shift in the Z-Score of Bitcoin’s miner fee income clearly indicates that the cryptocurrency is headed towards a bullish trend. This could continue to attract new investors into the market, further driving up the value of Bitcoin.
However, as with any investment, caution should be exercised when investing in cryptocurrencies.