Insights

Bitcoin, mempool explodes; not Ordinals driven

exchange68September 13, 2024

0 0 1 minute read

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.

Transaction Count Share: (Source: Glassnode)

Mempool Total Size of transactions: (Source: Glassnode)

Mempool number of transactions: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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