Something banks cannot do; clear on weekends, as Bitcoin transactions hit record numbers over weekend

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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