Bitcoin, mempool explodes; not Ordinals driven
- 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.