Insights

Something banks cannot do: Clear on weekends as BTC transactions hit record numbers

exchange68September 13, 2024

0 0 1 minute read

Definition

The total number of transactions waiting in the mempool in different size (vByte) cohorts.

Quick Take

The number of transactions in the mempool has surpassed three-year highs
Transaction count surpassed Ordinals hype, and Luna and FTX collapse, showing high transaction demand.
This demand is most likely from the fallout of Silvergate and SVB; as banks are closed over the weekend, Bitcoin becomes the main asset for weekend use.

Mempool number of transactions by cohort: (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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