Bitcoin's (BTC) 60% year-to-date surge may be only the first milestone in its upward journey, as miner revenues from transaction fees are rising.

The two-year Z-score for miner revenue from fees, an indicator used to identify periods of high and low transaction fee regimes, has turned positive for the first time since mid-2021, according to data source Glassnode.

The positive flip suggests miners' revenue from transaction fees is deviating higher from the two-year mean in a sign of increased network demand. Historically, a return of the high fee regime has coincided with the beginning of major bull runs.

"Bolstered by a new demand from Ordinals and Inscriptions, the 2yr Z-Score for miner revenue from fees has turned positive," Glassnode's lead analyst James Check said in a weekly market update.

"Elevated fee pressure is a common precursor to more constructive markets, coincident with new waves of adoption, expressed via increasing demand for blockspace," Check added.

(By Omkar Godbole)