Definition. The share of miner revenue coming from transaction fees, expressed as a 2-year Z-Score, with its positive and negative phases shaded onto BTC price.

Technical. The underlying metric is fees divided by fees plus newly minted coins. The Z-Score measures how far the current share sits from its own two-year mean, in standard deviations of that window. Price is shaded while the Z-Score is above 0 and again while it is below. One-year and four-year Z-Scores are computed on the same series and can be switched on.

Interpretation. A rising fee share means blockspace demand is growing faster than the issuance subsidy - network usage expanding rather than contracting. A Z-Score above 0 marks periods when that demand runs ahead of its own two-year norm, which has tended to coincide with price uptrends.

Notes. This is one of the eight conditions in the composite momentum signal on the On-chain Trading Models dashboard.