In the 37 days since September 15, 2023, there has been a notable decline in the daily volume of Bitcoin transactions, accompanied by a significant deceleration in the Ordinal inscriptions trend. During the initial two weeks of September, the average daily confirmed transactions on the Bitcoin blockchain witnessed a reduction of over 46%.
The Bitcoin Transaction Dilemma of 2023: A Year of Expansion Despite Recent Deceleration
Starting from mid-September, a noticeable deceleration in Ordinal inscriptions has resulted in a decline in the daily confirmed BTC transactions. On September 24, 2023, inscriptions experienced a sharp drop and have yet to recover. At the current block height of 813,333, approximately 35,377,327 inscriptions are associated with the Bitcoin blockchain.
The daily count of Ordinal inscriptions has displayed a distinctive pattern. Despite the addition of over 232,000 inscriptions on September 24, it has failed to surpass the 100,000 mark ever since. In the past week, it has faced difficulty in surpassing 20,000 inscriptions per day. This particular trend has had repercussions on the daily BTC transaction figures. On September 15, 2023, the network achieved an all-time high by processing 703,692 transactions in a single day.
Examining the six-month chart of confirmed Bitcoin transactions reveals a noteworthy trend.
From September 1 to September 15, 2023, the daily transaction average stood at 528,503. However, a different narrative unfolds this month. Between October 1 and October 21, 2023, the daily average plummeted to 284,704. This means that the daily average for the first half of September exceeded the first three weeks of October by a substantial 46.13%.
During September 2023, the average daily confirmed BTC transactions amounted to approximately 489,165. This figure was slightly higher than the preceding months, with an average of 464,969 daily transactions in August, 455,893 in July, and 404,906 in June. Thus, the year-to-date daily average for 2023 remains around 392,170 transactions, signifying significant growth when compared to the 2022 daily average of 255,085.
The data underscores a 46% decrease in daily transactions from September to October 2023. Nonetheless, it also highlights a remarkable 53% surge in the daily average when compared to the previous year. What makes this contrast even more intriguing is that the year 2023 is not yet concluded.
What are your thoughts on this slowdown in daily Bitcoin transactions, potentially linked to the decreased inscriptions? Feel free to share your opinions and insights on this matter in the comments section below.