It's an interesting phenomenon: mempools are staying within a range of 150-250k unconfirmed transactions, and yet fees are compressing. Currently in nostr:npub18d4r6wanxkyrdfjdrjqzj2ukua5cas669ew2g5w7lf4a8te7awzqey6lt3 , there are 233k transactions and 4 sat/vB will get you in the next block. That means there's an immense amount of unconfirmed transactions below 4 sat/vB.

Transactions at 1-4 sats/vB are like layers of compressed rock under the surface, and continuing to compress further! Will be interesting to see if and when mempools ever clear again. If demand slows at some point, it's going to take awhile to chip away at all of those low-fee transactions!