Bitcoin Mempool Is ‘Practically Empty’


Julio Moreno, head of research at CryptoQuant, has noted that Bitcoin’s mempool, a queue of pending transactions, is “practically empty.”

Bitcoin’s transaction activity has now plunged to its lowest level since last March.

Meanwhile, Bitcoin fees have now plunged to just 1 sat/vB.

Casa co-founder Jameson Lopp has stated that the empty mempool signals that the “sovereign usage” of the flagship cryptocurrency is “extremely low.

Some commentators have attributed the anemic activity to the “hodl” mentality that is pervasive within the community: Instead of spending their holdings, some users choose to stack sats to wait for price appreciation.

Related

Bitcoin Diamond Hands Sending Bullish Signal

However, as Loop points out, it does not seem like the people who are buying Bitcoin are withdrawing to self-custody. He has explained that the total number of unspent transaction outputs (UTXOs) has been “dropping like a rock,” which indicates that fewer coins are getting spread across individual wallets.

Even though some interpreted Bitcoin’s anomaly low fees, Bart Mol, the founder and host of the “Satoshi Radio” podcast, has adopted a rather alarmist tone, arguing that the digital gold narrative is “slowly destroying the foundation of Bitcoin.

Related

'Bitcoin Didn't Win This': Top Satoshi Candidate Reacts to El Salvador's U-Turn

That said, Canadian Bitcoin developer Peter Todd believes that the low activity might be attributed to the growing popularity of the Bitcoin network. Almost every transaction buying goods or services that I’ve done with Bitcoin in the past few years has been with Lightning. None of those show up in the blockchain,” Todd said.



Source link

Leave a Reply

Your email address will not be published.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

  • bitcoinBitcoin (BTC) $ 118,161.00
  • ethereumEthereum (ETH) $ 3,744.33
  • xrpXRP (XRP) $ 3.18
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 784.26
  • solanaSolana (SOL) $ 186.23
  • usd-coinUSDC (USDC) $ 0.999806
  • dogecoinDogecoin (DOGE) $ 0.238103
  • staked-etherLido Staked Ether (STETH) $ 3,738.38
  • tronTRON (TRX) $ 0.319223
  • cardanoCardano (ADA) $ 0.825579
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 118,034.00
  • wrapped-stethWrapped stETH (WSTETH) $ 4,524.53
  • hyperliquidHyperliquid (HYPE) $ 43.84
  • suiSui (SUI) $ 4.20
  • stellarStellar (XLM) $ 0.438768
  • chainlinkChainlink (LINK) $ 18.49
  • hedera-hashgraphHedera (HBAR) $ 0.284624
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 4,024.26
  • bitcoin-cashBitcoin Cash (BCH) $ 559.79
  • avalanche-2Avalanche (AVAX) $ 25.26
  • wrapped-eethWrapped eETH (WEETH) $ 4,009.92
  • litecoinLitecoin (LTC) $ 114.46
  • shiba-inuShiba Inu (SHIB) $ 0.000014
  • wethWETH (WETH) $ 3,743.36
  • leo-tokenLEO Token (LEO) $ 8.98
  • the-open-networkToncoin (TON) $ 3.32
  • usdsUSDS (USDS) $ 0.999850
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • polkadotPolkadot (DOT) $ 4.18
  • whitebitWhiteBIT Coin (WBT) $ 44.15
  • uniswapUniswap (UNI) $ 10.53
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 118,140.00
  • moneroMonero (XMR) $ 321.07
  • pepePepe (PEPE) $ 0.000013
  • bitget-tokenBitget Token (BGB) $ 4.54
  • aaveAave (AAVE) $ 296.80
  • crypto-com-chainCronos (CRO) $ 0.138730
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.19
  • bittensorBittensor (TAO) $ 430.86
  • ethenaEthena (ENA) $ 0.594745
  • daiDai (DAI) $ 0.999811
  • nearNEAR Protocol (NEAR) $ 2.91
  • ethereum-classicEthereum Classic (ETC) $ 22.91
  • pi-networkPi Network (PI) $ 0.441323
  • ondo-financeOndo (ONDO) $ 1.05
  • aptosAptos (APT) $ 4.83
  • internet-computerInternet Computer (ICP) $ 5.73
  • jito-staked-solJito Staked SOL (JITOSOL) $ 226.87
  • okbOKB (OKB) $ 48.23
  • mantleMantle (MNT) $ 0.798247
  • bonkBonk (BONK) $ 0.000034
  • kaspaKaspa (KAS) $ 0.099832
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.041826
  • algorandAlgorand (ALGO) $ 0.278224
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • arbitrumArbitrum (ARB) $ 0.454279
  • binance-peg-wethBinance-Peg WETH (WETH) $ 3,744.16
  • vechainVeChain (VET) $ 0.026136
  • cosmosCosmos Hub (ATOM) $ 4.81
  • render-tokenRender (RENDER) $ 4.26
  • usd1-wlfiUSD1 (USD1) $ 1.00
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.238786
  • gatechain-tokenGate (GT) $ 17.73
  • worldcoin-wldWorldcoin (WLD) $ 1.17
  • official-trumpOfficial Trump (TRUMP) $ 10.25
  • skySky (SKY) $ 0.095036
  • sei-networkSei (SEI) $ 0.346781
  • fasttokenFasttoken (FTN) $ 4.57
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.738624
  • binance-staked-solBinance Staked SOL (BNSOL) $ 198.25
  • spx6900SPX6900 (SPX) $ 1.99
  • filecoinFilecoin (FIL) $ 2.68
  • rocket-pool-ethRocket Pool ETH (RETH) $ 4,266.86
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 118,121.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.559913
  • flare-networksFlare (FLR) $ 0.024016
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,923.25
  • susdssUSDS (SUSDS) $ 1.06
  • story-2Story (IP) $ 5.50
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.09
  • curve-dao-tokenCurve DAO (CRV) $ 1.08
  • kucoin-sharesKuCoin (KCS) $ 11.63
  • injective-protocolInjective (INJ) $ 14.97
  • xdce-crowd-saleXDC Network (XDC) $ 0.089894
  • usdtbUSDtb (USDTB) $ 0.999712
  • celestiaCelestia (TIA) $ 1.96
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 3,937.04
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,002.70
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,044.65
  • usdt0USDT0 (USDT0) $ 0.999825
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998616
  • fartcoinFartcoin (FARTCOIN) $ 1.34
  • nexoNEXO (NEXO) $ 1.31
  • blockstackStacks (STX) $ 0.814257
  • optimismOptimism (OP) $ 0.729861
  • flokiFLOKI (FLOKI) $ 0.000130
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,937.24
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • bitcoinBitcoin (BTC) $ 118,161.00
  • ethereumEthereum (ETH) $ 3,744.33
  • xrpXRP (XRP) $ 3.18
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 784.26
  • solanaSolana (SOL) $ 186.23
  • usd-coinUSDC (USDC) $ 0.999806
  • dogecoinDogecoin (DOGE) $ 0.238103
  • staked-etherLido Staked Ether (STETH) $ 3,738.38
  • tronTRON (TRX) $ 0.319223
  • cardanoCardano (ADA) $ 0.825579
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 118,034.00
  • wrapped-stethWrapped stETH (WSTETH) $ 4,524.53
  • hyperliquidHyperliquid (HYPE) $ 43.84
  • suiSui (SUI) $ 4.20
  • stellarStellar (XLM) $ 0.438768
  • chainlinkChainlink (LINK) $ 18.49
  • hedera-hashgraphHedera (HBAR) $ 0.284624
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 4,024.26
  • bitcoin-cashBitcoin Cash (BCH) $ 559.79
  • avalanche-2Avalanche (AVAX) $ 25.26
  • wrapped-eethWrapped eETH (WEETH) $ 4,009.92
  • litecoinLitecoin (LTC) $ 114.46
  • shiba-inuShiba Inu (SHIB) $ 0.000014
  • wethWETH (WETH) $ 3,743.36
  • leo-tokenLEO Token (LEO) $ 8.98
  • the-open-networkToncoin (TON) $ 3.32
  • usdsUSDS (USDS) $ 0.999850
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • polkadotPolkadot (DOT) $ 4.18
  • whitebitWhiteBIT Coin (WBT) $ 44.15
  • uniswapUniswap (UNI) $ 10.53
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 118,140.00
  • moneroMonero (XMR) $ 321.07
  • pepePepe (PEPE) $ 0.000013
  • bitget-tokenBitget Token (BGB) $ 4.54
  • aaveAave (AAVE) $ 296.80
  • crypto-com-chainCronos (CRO) $ 0.138730
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.19
  • bittensorBittensor (TAO) $ 430.86
  • ethenaEthena (ENA) $ 0.594745
  • daiDai (DAI) $ 0.999811
  • nearNEAR Protocol (NEAR) $ 2.91
  • ethereum-classicEthereum Classic (ETC) $ 22.91
  • pi-networkPi Network (PI) $ 0.441323
  • ondo-financeOndo (ONDO) $ 1.05
  • aptosAptos (APT) $ 4.83
  • internet-computerInternet Computer (ICP) $ 5.73
  • jito-staked-solJito Staked SOL (JITOSOL) $ 226.87
  • okbOKB (OKB) $ 48.23
  • mantleMantle (MNT) $ 0.798247
  • bonkBonk (BONK) $ 0.000034
  • kaspaKaspa (KAS) $ 0.099832
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.041826
  • algorandAlgorand (ALGO) $ 0.278224
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • arbitrumArbitrum (ARB) $ 0.454279
  • binance-peg-wethBinance-Peg WETH (WETH) $ 3,744.16
  • vechainVeChain (VET) $ 0.026136
  • cosmosCosmos Hub (ATOM) $ 4.81
  • render-tokenRender (RENDER) $ 4.26
  • usd1-wlfiUSD1 (USD1) $ 1.00
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.238786
  • gatechain-tokenGate (GT) $ 17.73
  • worldcoin-wldWorldcoin (WLD) $ 1.17
  • official-trumpOfficial Trump (TRUMP) $ 10.25
  • skySky (SKY) $ 0.095036
  • sei-networkSei (SEI) $ 0.346781
  • fasttokenFasttoken (FTN) $ 4.57
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.738624
  • binance-staked-solBinance Staked SOL (BNSOL) $ 198.25
  • spx6900SPX6900 (SPX) $ 1.99
  • filecoinFilecoin (FIL) $ 2.68
  • rocket-pool-ethRocket Pool ETH (RETH) $ 4,266.86
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 118,121.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.559913
  • flare-networksFlare (FLR) $ 0.024016
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,923.25
  • susdssUSDS (SUSDS) $ 1.06
  • story-2Story (IP) $ 5.50
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.09
  • curve-dao-tokenCurve DAO (CRV) $ 1.08
  • kucoin-sharesKuCoin (KCS) $ 11.63
  • injective-protocolInjective (INJ) $ 14.97
  • xdce-crowd-saleXDC Network (XDC) $ 0.089894
  • usdtbUSDtb (USDTB) $ 0.999712
  • celestiaCelestia (TIA) $ 1.96
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 3,937.04
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,002.70
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,044.65
  • usdt0USDT0 (USDT0) $ 0.999825
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998616
  • fartcoinFartcoin (FARTCOIN) $ 1.34
  • nexoNEXO (NEXO) $ 1.31
  • blockstackStacks (STX) $ 0.814257
  • optimismOptimism (OP) $ 0.729861
  • flokiFLOKI (FLOKI) $ 0.000130
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,937.24
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00