The latest data on August 22 shows that the total daily fees generated from Bitcoin Ordinals on the world’s most valuable network have crashed from around $95,000 to $72,000, a 24% drop. The contraction mirrors the general performance of BTC prices which have been under pressure in the last two weeks, notably crashing last week and forcing the coin towards $25,000, looking at price action in the daily chart.
Bitcoin Ordinals Fees Sliding
According to Dune Analytics data, a platform that tracks the on-chain activity of various blockchains, including Bitcoin, the average daily fees generated from Bitcoin Ordinals stood at $71,709 as of August 21, down from $94,910 on August 14. This is a significant drop in activity and fees after an extended consolidation which saw Bitcoin Ordinals activity flat-line as BTC prices also moved horizontally for the better part of early August.
From the on-chain activity, the slump in Bitcoin prices seems to affect ordinals minting. Extending from BTC price action, how the number of ordinals will be minted going forward is yet to be seen. However, as of August 22, over 26 million inscriptions were minted, generating over $50 million in fees for Bitcoin miners.
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Author: Dalmas Ngetich
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