#Gas费影响 Gas fees are a core cost indicator in the cryptocurrency market (especially in the Ethereum ecosystem), and their fluctuations directly affect on-chain activities and market sentiment. They may serve as a supplementary reference for judging bull and bear cycles, but must be assessed in conjunction with other data.

1️⃣ Market activity and cost pressure: When gas fees surge, user transaction costs skyrocket, which may suppress high-frequency interactions such as DeFi and NFTs, leading to a decline in on-chain activity, reflecting market overheating or congestion (e.g., during the peak of the bull market in 2021 when the median gas fee exceeded 200 Gwei); conversely, if gas fees remain persistently low (e.g., dropping below 20 Gwei in 2024), it may indicate market cooling or the effectiveness of expansion plans (e.g., the popularization of Layer 2). If this is accompanied by a decline in transaction volume, it could signal a bear market.