Bitcoin [BTC] ordinals come under intense scrutiny, but traders remain optimistic

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Bitcoin ordinals are criticized by few in the crypto industry. Despite criticism, interest in ordinals remains high. Traders remain positive as the put/call ratio declines.

Over the past few months, the introduction of Bitcoin ordinals and listings [BTC] network has breathed new life into the protocol. With the increase in activity, leading to high fees generated by miners, the general sentiment has remained positive around the recent development of BTC.

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a lot to say

However, some prominent figures in the crypto space have started to criticize this technology.

For example, Enrico Rubboli, CEO of Bitcoin layer 2 sidechain Mintlayer, informed Cointelegraph that, in his opinion, the technology supporting ordinals is deeply flawed and does not correspond to the axioms of the mainstream Bitcoin community.

Rubboli also expressed concerns that ordinals could come under greater regulatory scrutiny for Bitcoin. Indeed, the new BRC-20 tokens could be considered unregulated securities.

Even though there has been some pushback from Bitcoin purists regarding the introduction of listings, many have come out in favor of the technology.

Alex Strzesniewski, the founder of AngleBlock, said it is not appropriate for a platform to engage in censoring transactions and determining which are considered valid or invalid.

Interest in ordinals remained largely unaffected by these comments. Data from Dune Analytics indicated that ordinal trading volume has continued to increase over the past few days.

Source: Dune Analysis

At press time, 87.7% of all listing transaction activity is attributed to text listings. Image-based listings account for 8.2% of overall activity.

This spike in ordinary activity also led to an increase in royalties paid to miners. Due to all these factors, the positive sentiment around Bitcoin has started to increase.

In addition, activity on the network also began to increase.

Source: Santiment

The compromise

Traders started showing bullish sentiment towards BTC. This was revealed by the drop in the put-to-call ratio.

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A drop in the put-to-call ratio means there are fewer put options compared to call options, which shows that more traders are betting on a bullish price move for Bitcoin.

At press time, Bitcoin was trading at $26,371.99 and its price fell 3.81% according to CoinMarketCap. Only time will tell if traders’ optimism will work in their favour.

Source: The Block

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