Definition. Converts miner fee revenue into a binary momentum indicator measuring how consistently blockspace demand has been rising, then reads it against its own all-time distribution.

Technical. For each of the last 30 days the indicator scores 1 if fee revenue rose day-on-day and 0 if it did not, then divides the sum by 30 — so the series runs from 0 to 1 and reports the share of the last month spent in an uptrend. That value is compared to its cumulative mean and ±1 standard deviation measured from January 2012, producing the four risk states.

Interpretation. Fee revenue is a demand-side measure: sustained increases mean competition for blockspace is intensifying, which typically accompanies periods of speculative activity. Readings above the upper band mark the blockspace demand surges seen in late-stage bull markets; readings below the lower band mark the collapse in on-chain activity typical of bear markets.