- Interest in Bitcoin Ordinals continued to rise.
- FUD and speculation around the US government and Mt.GOX wallets impacted trading behavior.
At their first introduction, Bitcoin [BTC] inscriptions attracted a lot of attention from the cryptocurrency community. This led to speculation that the hype would be short-lived and that interest in ordinal numbers would quickly wane.
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Out of the ordinary (al)ry
At the time of going to press, however, it turned out that there were more than a million inscriptions. This represented about 6% of the total activity on the Bitcoin network.
Source: Dune analysis
As a result, ordinal-related fees paid to miners increased. This resulted in a decrease in selling pressure on ordinals.
Source: Dune analysis
Due to these factors, Bitcoin miners have started to see growth in terms of revenue generated in recent days blockchain. com
Speculations are starting to mount
However, the FUD surrounding Bitcoin could soon hamper this growth. Recently, there has been speculation that large transactions were being made by the US government’s BTC wallets and Mt.Gox trustees.
For context, Mt. Gox was once the largest Bitcoin exchange in the world before filing for bankruptcy in 2014. The exchange suffered a massive security breach, resulting in the loss of 850,000 bitcoin, worth about $460 million at the time.
The court appointed Nobuaki Kobayashi as trustee to oversee the fair and transparent distribution of the remaining assets and funds to the exchange’s creditors.
In addition, over the years, Kobayashi sold a significant portion of the remaining bitcoin to repay creditors. He currently holds a significant amount of bitcoins that will be distributed to the plaintiffs.
Many stated that the FUD surrounding government transactions has led to the recent drop in BTC prices.
It should be noted that the US government was the largest holder of Bitcoin at the time of writing. According to Glassnode factsthe US government and the Mt.Gox trustee held 205,514 and 137,890 BTC respectively.
Based on our labels on @glassnodeneither the USG nor Mt Gox issue coins from addresses we monitor.
Stay safe out there folks. https://t.co/1B8gUVKjon pic.twitter.com/O5CZ0VtrYh
— _Checkɱate
(@_Checkmatey_) April 26, 2023
How much are 1,10,100 BTC worth today
This FUD also affected trading behavior. As the expiration date for 105,000 Bitcoin options approaches, data from GreekLive showed that these options have a Put Call Ratio of 0.85.
Moreover, this ratio suggested that there are more investors betting on a dip in Bitcoin’s price. The options also have a maximum pain point of $27,000, which is the price point at which option holders would suffer the greatest financial loss. The estimated total value of these options was $3.1 billion.
Source: mint glass
