Quick Take
The integration of the Ordinal Theory protocol, and the consequent use of Inscriptions in the Bitcoin ecosystem, have significantly altered the transaction dynamics over the past year.
Inscriptions Total Count: (Source: Glassnode)
Since its introduction in January 2023, the total number of inscriptions has skyrocketed, exceeding 60 million, as per Glassnode. Text data is the dominant source of these inscriptions, surpassing 50 million, while the daily tally exhibits considerable fluctuations, ranging from over 400,000 to less than 100,000.
Inscriptions New Count: (Source: Glassnode)
This rise in inscriptions, particularly between November 2023 and January 2024, resulted in a spike in transaction fees for miners due to the increased inscription activities. Cumulatively, miners have generated a substantial 3,588 Bitcoin from inscriptions.
Inscriptions: Cumulative Fees: (Source: Glassnode)
Interestingly, on Feb. 4, there was a slight increase in Bitcoin fees derived from inscri
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