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.

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