- Subscriptions accounted for more than 39% of transactions and fees on the Bitcoin network.
- BTC price fell more than 1% as volume remained neutral.
Recent reports indicated that the Bitcoin [BTC] network witnessed an unabated wave of inscriptions. These remarkable services on the network have generated significant transaction volumes and fees.
Enrollments affect Bitcoin transactions and fees
from Glassnode report sheds light on the enduring significance of inscriptions on the Bitcoin network. The data showed that the widespread adoption of BRC-20 tokens has largely caused this impact.
Remarkably, subscriptions accounted for nearly 40% of all transactions on the Bitcoin network, as detailed in the report.
Source: Glassnode
Moreover, according to Glassnode’s chart, Subscriptions contributed about 25% of the total transaction costs generated.
Source: TradingView
Current number of transactions and costs
from Glassnode data revealed an increase in Bitcoin transactions in recent weeks, with notable spikes from April. These spikes propelled the number of transactions to the highest level ever recorded on the Bitcoin network since its inception.
As of May 31, the number of transactions exceeded 420,000, though it had subsequently declined, according to the chart. Nevertheless, it remained one of the highest points for Bitcoin transactions.
When examining the fees on the Bitcoin network, it was clear that daily fees peaked at over $17 million around May 8. However, there was a subsequent drop and at the time of writing daily fees exceeded $2.2 million.
This transaction and fee data highlights the significant contribution of subscriptions and exceeds regular daily volume. This increase in volume proved beneficial to miners operating on the network.
Bitcoin miners are capitalizing on signup season
The Miner Revenue chart observed on Glassnode indicated that miners were reaping the benefits of this subscription season. In May, miner revenue saw a significant increase, surpassing 1,400 BTC.
Although it has since declined, current sales amounted to an impressive 949 BTC. The spike in miner fees can also be attributed to the recent buzz around inscriptions and BRC-20 tokens. This further emphasized the impact of these developments on BTC mining.
Source: Glassnode
Volume and price trend neutral
Despite the notable contributions of Inscriptions transactions to the total number of BTC transactions, the volume metric has remained the same.
Santiment’s volume stats indicated that Bitcoin has not experienced significant transactional movements. At the time of writing, the current transaction volume hovered around 15.6 billion.
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In addition, recent price charts revealed a downward trend in the price of Bitcoin on a daily time frame. At the time of writing, it was trading at around $26,900, down more than 1%.
Although there has been an increase in transactions in recent weeks, the price of Bitcoin has yet to initiate an upward trend according to the most recent price charts.
Source: TradingView
