Ordinals Dominate Bitcoin Network Activity Amid Price Volatility

• Ordinals accounted for 84.9% of Bitcoin’s activity on August 20.
• At present, BRC-20 tokens are the most often issued inscriptions.

Although Bitcoin’s price has dropped recently and there have been rumors that the euphoria around Bitcoin NFTs has faded down, ordinary inscriptions remain in control of network activity as per recent statistics.

Ordinals developer “Leonidas” said on August 21 that out of Bitcoin’s 530,788 transactions in the previous day, 450,785 were directly tied to Ordinals. While everyone is proclaiming ‘Ordinals are dead,’ they have actually accounted for 84.9% of Bitcoin’s activity, he claimed.

Dune Analytics’ data supports this trend by showing that on August 20th, there were over 400,000 ordinal inscriptions, while Bitinfocharts records a daily of 556,000 Bitcoin transactions.

Contradicting Claims

On August 20th, this indicates that Ordinals-related activity accounted for almost 75% of all traffic on the network. According to Dune, the Bitcoin network has received $53.4 million in fees from 25.5 million Ordinal inscriptions.

At present, BRC-20 tokens are the most often issued inscriptions, with 1.9 million issued only last week. DappRadar reported on August 17 that Ordinals NFT use and sales volume had dropped since peaking in May, leading some crypto analysts to proclaim the euphoria as having “died down.” However, the current data present a different picture.

A prominent on-chain analyst recently reported that funding rates for Bitcoin had fallen into the negative zone, indicating that most traders were anticipating price drops as an opportunity to make a profit. According to CMC, the price of Bitcoin at the time of writing is $26,015 and is down 0.62% in the last 24 hours.

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