As the price of bitcoin has increased closer to $12,000 from early-February lows, associated transaction fees have gotten smaller, according to Credit Suisse. It's a reversal of the trend seen in the last half of 2017, when transaction fees shot up as bitcoin increased in price.
"While this is only a two-week retracement, and continued price appreciation could still cause an increase in fees, this early indication is somewhat contrary to what we would have expected given past trends," Credit Suisse wrote.