Bitcoin transaction fees fell to $38.69 on July 7, the lowest since 2020. The decrease in transaction costs was due to lower demand for block space and data volume. Ycharts data shows that on July 7, Bitcoin miners processed 673,752 transactions on the Bitcoin network. BTC accounted for 89.7% of the transaction volume, and the rest of the bandwidth was taken up by other protocols such as Ordinals (0.7%), BRC-20 (4.1%), and Runes (5.4%).