Bitcoin: Are Users Losing Interest in Ordinals? These data suggest

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Bitcoin Registration transaction fees have dropped. Revenue from miners began to decline while long-term holders continued to show support for BTC.

The introduction of ordinals and listings took Bitcoin[BTC] industry by storm as new network use cases emerge. This has also led to heavy activity on the Bitcoin network.

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Based on data from Glassnodes, the proportion of Bitcoin transaction fees attributed to registrations remained relatively high at 26%. Moreover, out of 111 trading days, only 12 of them (10.8%) recorded a higher relative share of fees.

However, it should be noted that the current dominance of listing transaction fees has fallen from its peak, during which they accounted for an astonishing 62% of all transaction fees.

Source: glassnode

Currently, the cumulative fee generated from listing transactions is 1413 BTC, which equates to approximately $38 million in revenue.

While the current dominance of listing transaction fees was lower at its peak, it still accounts for a notable share of transaction fees.

This implies that the specific activities or addresses associated with registration transactions remain relevant and continue to generate revenue on the network.

Source: glassnode

The current state of minors

The drop in fees generated by registrations may have an impact on Bitcoin miners. Since registration transactions contribute a large share of transaction fees, a decrease in their share could potentially lead to a reduction in the overall fees collected by miners.

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Miners rely on transaction fees as part of their income stream, in addition to block rewards, to incentivize their mining activities. If the fees generated by TX listings decrease, miners may experience a decrease in their total revenue.

As of press time, daily miner earnings have risen from $41.74 million to $23.375 million in the past few days.

Source: Blockchain

If this decline in revenue continues, miners will be forced to sell their holdings to remain profitable. This would further lower the price of BTC.

Despite these factors, long-term holders have continued to trust the king coin.

According to recent data, it has been observed that long-term addresses holding Bitcoin have reached an all-time high. These addresses are mostly unlikely to sell and succumb to selling pressure during periods of volatility.

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Bitcoin held by long-term holders new all-time high pic.twitter.com/Ok3jqBDWCi

Will Clemente (@WClementeIII) May 20, 2023

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