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I think the amount of fees per block is what's "insane" here.

Going back a day shows that the fees were on the order of ~3 eth per block (https://etherscan.io/blocks?p=300) whereas now they're averaging around ~20eth per block.

In other words ETH holders are very motivated to move their tokens right now, and the amount they're paying to do so reflects this.

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I imagine much of the traffic is likely out of China?

It sounds like the CCP is moving to ban clearance and trading institutions in the space, stopping short of banning personal holdings. (something in the name of protecting people? https://www.reuters.com/technology/chinese-financial-payment...)

A lot of people probably trying to sell off now or moving their holdings to exchanges located outside of China.

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