Bitcoin's transaction fees increased up to 10x in the last month. Last time we had fees this high was in the 2021 bull run.

And we are in a bear market now.

These are the L1 fees paid per transaction, not accounting for the block rewards.. We went from an average of $1.85 per txn to a peak of $30 per transaction on 8th of May. The last time we had fees this high was in the last bull run:

Data: Nasdaq

To get the numbers, I divided the total fees paid on the day (in USD) by the total number of transactions in the network on that day. All the data is publicly available at Nasdaq.

The increase in the last month is likely due to Ordinals, which have been clogging the network. Talks have been made to do a roll out in the chain to prevent Ordinals from being launched, and I believe this is the right move. If things continue as they are now, fees during the next run might be unsustainable.