Over the last few days, we've seen the mempool clear down to a hand full of blocks awaiting confirmation.
But does anybody know why?
Discussion
First reaction to your note was imagining the ocean receding silently ahead of a tsunami.
Supercycle 2025.
Do you care to see more on chain activity, higher fees?
Maybe the calm before the storm, maybe Chinese new Year holiday. Wish I’d waited a bit to do UTXO management. 🤦♂️
You'd have to wait for a non f2pool mined block, they seemed to be blocking consolidations.
Supply and demand
Yep, that'll be it 😂
Honestly, what it shows is that everyone is trading paper #Bitcoin. When MSTR buys, those sats don’t move on the blockchain. Whoever custodied them had them both before and after.
That's true, but that's always been true. Historically as well as today, when you buy / sell / trade Bitcoin on exchanges, until you move those coins to self custody, no UTXO is created.
As you say, when MSTR or TSLA buy Bitcoin, Coinbase just change an entry in their internal ledger.
Ordinals have been responsible for the deluge of transactions for over a year now, they are still in the queue, but few new ones are showing up.
What's happening?
It's dead.
Pack it up
I hear $TRUMP is the future, you can even buy aftershave with it 😂
It started when I consolidated my utxos.
end of the month 😏