- The rise in Ordinals fees caused an increase in miners’ earnings.
- However, the stats for BTC were bearish, suggesting a further price drop.
Bitcoin [BTC] Ordinals creates new milestones every other day. Recently, the number of daily registrations reached a new record.
According to Dunes factsthe number of daily inscribed ordinal numbers passed 400,000 on May 7, bringing the total number of inscribed ordinal numbers to date to more than 5 million.
Source: Dune
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During the early days of Ordinals’ launch, the Ordinals image type had the largest market share. However, things changed later on, as at the time of writing text type ordinal numbers dominated.
Miners enjoy the episode
While daily enrollments hit a new all-time high (ATH), Ordinals overtime pay also followed suit, setting a new all-time high on May 8.
On the other hand, according to Glassnode, miner earnings have skyrocketed in recent days, as evidenced by the huge spike on the chart.
Source: Glassnode
Nevertheless, the number of miners declined during that period as BTC’s hashrate dropped significantly. But it was interesting to note that BTC’s hashrate had gained an upward momentum at the time of writing.
Source: Coinwarz
BTC has not traded appropriately
However, BTC has failed to capitalize on the performance of Ordinals as the price action has remained quite dormant. According to CoinMarketCap, BTC fell more than 1% in the past 24 hours. At the time of writing, it was trading at $27,704.83, with a market cap of over $535 billion.
One possible reason for this drop could be the FUD surrounding Bitcoin, which can be attributed to Binance. There was an outflow of 117,359 BTCand an inflow of 10,036 BTC, followed by an additional outflow of 40,184 BTC.
Because of these transactions, many assumed that Binance was liquidating its Bitcoin holdings, creating negative sentiment in the market.
Statistics remain bearish on Bitcoin
from CryptoQuant facts revealed quite a few statistics suggesting that the downtrend could continue for a bit longer.
For example, net deposits of BTC on exchanges were high compared to the past seven days. This was a negative signal as it indicated higher selling pressure. BTC’s aSORP was also red, suggesting more investors were selling at a profit.
Source: CryptoQuant
Read Bitcoins [BTC] Price prediction 2023-24
According to Coinglass, open interest in BTC has increased in recent days. An increase in outstanding interest means that new or additional money is entering the market, suggesting that the ongoing price trend could continue.
Source: Coinglass