Glassnode's October 26 report shows that the value of transfers on the Bitcoin network surged 26% to $5.5 billion last week, but transaction fees collected by miners decreased by 8.8% to $185,200.

The report notes that daily active addresses also fell by 2.2% to 615,200, indicating a widening divergence between the volume of funds flowing on the Bitcoin network and miners' revenue source (transaction fees). Currently, transaction fees account for less than 1% of miners' total revenue, making miners' income heavily reliant on Bitcoin price fluctuations and the upcoming block reward halving.