Definition. This chart presents a ribbon of rolling Z-Scores applied to Bitcoin miner revenue from transaction fees across four lookback windows — 1 year (red), 2 years (orange), 3 years (teal) and 4 years (purple) — around a zero reference line (grey), with price in black. It provides a statistical measurement of on-chain congestion and fee-market pressure across timeframes.

Technical. Each ribbon trace normalizes daily fee revenue against its own trailing distribution:

• Z-Score(w) = (Fee Revenue - sma(Fee Revenue, w)) / std(Fee Revenue, w) for w = 1, 2, 3 and 4 years

Interpretation. Periods of high network activity and blockspace congestion usually result in upwards pressure on transaction fees. A positive Z-Score signals the fee market is experiencing above average upwards pressure relative to the corresponding window, and a negative Z-Score signals below average pressure. Reading the windows together adds regime context: short windows react first, so the 1-year trace turning positive ahead of the longer ones indicates fee pressure is building, while confluence of all four traces above zero marks broad congestion regimes that have historically accompanied bull markets and episodic blockspace demand waves. Conversely, all windows holding below zero is characteristic of prolonged quiet, bear-market blockspace conditions.

Notes. Built from Miner Revenue (Fees). Single-window variants with red/blue regime coloring are available for the 2-year and 4-year windows.