BITCOIN SEASON 2: Nobody Is Using Bitcoin Right Now

Bitcoin transaction fees have collapsed to near-zero levels despite BTC hitting new highs. Will Owens from Galaxy Digital breaks down the data showing "free blocks" and what this means for miners and the network's long-term sustainability.

Will Owens from Galaxy Digital joins us to talk about Bitcoin's shocking transaction fee collapse. Despite BTC ripping to new all-time highs, fees have fallen to historic lows with "free blocks" becoming common. We dive deep into the data showing how custodial adoption and speculative activity moving to other chains is creating a miner revenue crisis.

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**NOTES:**

• Bitcoin fees at all-time lows despite $120K price

• "Free blocks" with 1 sat/vB fees now common

• Miners losing 15-20% potential revenue from fees  

• 1.5M Bitcoin vulnerable to quantum attacks

• Hash price hit $35/TH all-time low recently

• Coinbase custodies over 1 million Bitcoin

Timestamps:

00:00 Start

01:05 Are fees important?

09:09 Free Block

10:37 Do miners care?

13:24 OP_RETURN

18:38 OP_RETURN & Bitcoin Core

21:34 Wallet type

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