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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
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James Van Straten
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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)
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James Van Straten
James Van Straten
Former Lead Analyst 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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Bitcoin BTC (24h)
$72,051.03 +1.31%
Market Cap $1.44T
24H Volume $39.72B