Fascinating to see how the dollar value of daily BTC issuance was ripping to a new high in early 2024 along with the price, only to get whacked down by the halving. Then at no point in the rest of the bull run did daily issue make a new high in dollar terms, despite six figure prices. Really emphasizes the importance of the fee market in continuing to compensate miners for protecting the ledger. Since bitcoin is already so large, expecting persistent exponential returns cycle after cycle is not rational, so the block subsidy is likely to fall in importance over time. Might get lucky here and there with a big ripper of a cycle, but it plays with the big boys now. A healthy and active fee market thusly must be hoped for, and encouraged.(𝐓𝐗𝐌𝐂)