Quick Take
- Since introducing Ordinals and inscriptions in January 2023, Bitcoin block space, usage, and transactions have grown exponentially.
- Last week, the 100k Ordinal was inscribed, which shows the traction that Ordinals picked up.
- However, data suggests the numbers are starting to reverse.
- Taproot adoption and utilization have dropped by half; adoption is now less than 9%, while utilization is roughly around 3%.
- As of Feb 10, the memory usage in Bitcoin exceeded over 300MB; priority fees were 21sat/vB.
- However, the memory usage has now cleared to roughly 88MB, with only 8sat/vB for high priority, which shows the demand is drying up from Ordinals.
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