On-chain speculative trading, whether through inscriptions on bitcoin, or transactions interacting with non-fungible tokens (NFTs) on ether {ETH}}, is another indicator of retail participation. In bull markets, we tend to see high levels of fees as investors speculate on-chain, with the market top in 2021 being a prime example. However, currently NFT gas usage in ether is only around 2% compared to 2021, when the gas consumption percentage was 40%, according to Glassnode data.
