Despite Bitcoin's price reaching record highs, network activity indicates otherwise. Current data shows low transaction activity amid price increases.
General Data on Network Status
Currently, the number of unconfirmed transactions in Bitcoin's mempool is under 5,000. In contrast, during the last major market upswing in 2024, this number exceeded 150,000.
Expert Opinions Analysis
Joël Valenzuela, a noted Bitcoin advocate, expresses concern over the current mempool levels. "Bitcoin's mempool is almost completely empty. The percentage of miner revenue from fees is down to a fraction of a percent." He warns of potential crises: a high valuation with no functional economy could lead to custodial control by institutions.
Market Influence on Bitcoin Sustainability
Joao Wedson, founder of analytics firm Alphractal, believes that the absence of mempool activity indicates a lack of retail traders in the market. "When mempool transactions begin to rise again, it's a clear sign that retail is back." This mismatch between price and usage raises questions about the health of Bitcoin's decentralized foundation.
Despite Bitcoin's price rise, low levels of network activity raise questions about the future of its security model and sustainability.
