# Bitcoin (BTC): fees, revenue multiple and fair price

Source: Chainfees, https://chainfees.fyi/chain/bitcoin/ · data through 2026-11-09 · rebuilt hourly.

Bitcoin ranks #49 of 59: at $1.49T FDV and $82.6M of yearly network fees, its revenue multiple of 18,076× sits above the median. The market is paying up for more than its fees: at the median multiple BTC would be $10,722 (−85.6%).

For comparison, Bitcoin is 14× pricier than Ethereum (1,268×).

On Bitcoin today, sending BTC costs about $0.12.

| Metric | Value |
|---|---|
| Undervalued rank | #49 of 59 |
| Type | L1 |
| Token | BTC |
| Price | $74,248 |
| FDV | $1.49T |
| Market cap | $1.49T |
| Yearly fees (90d, annualized) | $82.6M |
| Revenue multiple (FDV/Fees) | 18,076× |
| Fair price (median revenue multiple) | $10,722 (−85.6%) |
| Transfer fee | $0.12 |
| Average transaction fee | — |

## FAQ

### Is Bitcoin undervalued?

Not by its fees. Bitcoin's revenue multiple of 18,076× is above the median chain's, so it ranks #49 of 59.

### How much does Bitcoin earn in fees?

$82.6M a year, annualized from the last 90 days of network fees (DefiLlama).

### How much does a Bitcoin transfer cost?

About $0.12 to send BTC right now, read live from the network every hour.

### What would BTC be worth at a fair revenue multiple?

$10,722, −85.6% from $74,248 today. That's the price at the median revenue multiple of all ranked chains.

### Why is Bitcoin’s fair price so low?

At the median revenue multiple, BTC would be worth $10,722 (−85.6% from $74,248 today). That's because Bitcoin isn't valued for the fees its network earns: it's valued as a store of value in its own right, digital gold. Its $82.6M of yearly fees are a small fraction of its $1.49T valuation, so a fees-based fair price says little about what BTC is worth. It's on the list as a reference point.

Definitions: https://chainfees.fyi/learn/ · Methodology: https://chainfees.fyi/methodology/ · Full ranking: https://chainfees.fyi/llms-full.txt