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Something banks cannot do: Clear on weekends as BTC transactions hit record numbers Something banks cannot do: Clear on weekends as BTC transactions hit record numbers James Van Straten · 2 years ago
Insights Bitcoin

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

Bitcoin number of transactions in the mempool hits highest for over 3 years.

James Van Straten / @jvs_btc / Mar. 12, 2023 at 2:55 pm UTC

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)
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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In this insight

Bitcoin BTC (24h)
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Vol: $79.68B MCap: $1.96T

Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.

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