Bitcoin, mempool explodes; not Ordinals driven

Quick Take

The mempool is approaching 1 gigabyte, which is a crazy feat.
Currently, transactions below five sat/vbyte will be purged, with over 60,000 unconfirmed.
However, this demand isn’t coming from inscriptions
The number of new Inscriptions per day, breakdown by file type, has hit a new low since inscriptions took place in early 2023.
While the proportion of the total number of transactions (%) associated with Inscription files, breakdown by file type, is around 2%, the lowest since early 2023.
The mempool number of transactions and size by the cohort that is 50+ is going to new highs.
Samurai Whirlpool and Wasbai’s unspent capacity is also surging. They have a joint capacity of 12,00, usually around 4,000.
We have known for some time this rally is spot-driven and not derivatives led.

New Count: (Source: Glassnode)
Transaction Count Share: (Source: Glassnode)
Mempool Total Size of transactions: (Source: Glassnode)
Mempool number of transactions: (Source: Glassnode)
Mempool: (Source:

The post Bitcoin, mempool explodes; not Ordinals driven appeared first on CryptoSlate.

Leave a Reply

Your email address will not be published. Required fields are marked *