đ° Daily Market Update:
Recent on-chain metrics are flashing important signals across the crypto market.
đ Daily Blockchain Total Fees by Chain (đ”USD)-All Protocols
The chart tracks the total amount of fees paid by users across 12 different blockchain networks, all denominated in US dollars.
đ Rising fees usually signal strong demand and network congesti.
đ Falling fees reflect weaker activity and declining interest, which often translates later into reduced exposure to crypto assets.
đŹ Key Observation
đ A sharp decline in fees on the Binance Smart Chain, where total daily fees fell to around $800,000 by Feb 19.
đ The last time fees dropped close to these levels was on January 2, 2026, when total BSC fees were slightly above $1M.
đ Shortly after that period, BTC rallied more than 10% in the days following January 2.
đ Bitcoin STH Realized / Market Cap
What is STH Market Cap?
It represents the current market value of all Bitcoin held by short-term investors, calculated using the current market price.
đŹ Key Observation
đ the chart shows a sharp drop in STH Market Cap to around $410B, breaking below the previous low of $440B recorded on April 8, 2025.
âČïž Historically, deep drawdowns in this metric have aligned with major capitulation events, similar to April 8, which later helped BTC recover from around $78k to over $108k.
đ [BTC] Exchanges NetFlow - $Value
The chart tracks the daily net Bitcoin flows across 8 major spot exchanges.
đŹ Key Observation
on Feb 18, the chart highlights a negative netflow of approximately $618M, coming specifically from Gemini.
âČïž Historically, large negative netflows from spot exchanges tend to reflect whale or institutional accumulation, as coins are moved into cold storage instead of being prepared for sale.
đ§ Final Conclusion
Such behavior often suggests that current price levels are viewed as attractive long-term accumulation zones, especially when combined with declining speculative activity and STH stress
Written by Amr Taha