Fees Relative to Block Subsidy shows how large total transaction fees were compared with the subsidy paid to miners on the same day. It measures the balance between user-paid demand and newly issued BTC rather than the composition of total miner revenue.
A rising series means fees are becoming large relative to issuance. A low reading means subsidy still dominates the reward structure. It is most useful with Block Subsidy, Transaction Fees, and Fee Share of Miner Revenue, where the question is fees versus issuance alone or fees versus total payout.
The main distinction is denominator choice. This metric compares fees only with subsidy, not with full miner revenue, so it should not be read as the fee-funded share of miner income.
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