Bitcoin can be exchanged near its highest historic, but on-chain activity shows a very different reality. Although the BTC oscillates around $ 109,000, mempool of the network, the queue of unconfirmed transactions waiting to be included in a block, is almost empty. Last Saturday, less than 5,000 transactions were pending, much less than the more than 150,000 transactions observed during the last major major increase in Bitcoin at the end of 2024.
In short
- Bitcoin Mempool is almost empty, with much fewer transactions than in the previous high price phases.
- Experts indicate that this signals a low detail activity and a low on-chain request, despite a BTC above $ 100,000.
- Some warn that this could indicate a deeper problem concerning the sustainability of the network and long -term incentives for minors.
What the drought of mempool means
Mempool is often considered a real -time barometer of using the Bitcoin network. When the request is high, the mempool is filled with pending transactions and the costs increase sharply. When calm, it means that few people use Bitcoin to send funds or interact with on-chain services.
Joël Valenzuela, longtime Bitcoin defender and marketer, sees the current levels of Mempool a serious alarm signal.
It warns against a potential crisis: a network with high valuation, but without functional economy behind. According to him, the lack of incentives based on the costs for minors could ultimately lead Bitcoin to a custodial type control by institutions or governments.
What this reveals about private investors
Joao Wedson, founder of the Alphractal analytical company, offers a different interpretationfocused on user demography. According to him, the empty Mempool proves that retail traders are largely absent.
When the number of transactions in MEMPOOL begins to increase again, it is a clear sign that private users return, because growing accumulation reflects increased demand to use the network. For the moment, the activity is weak and the mempool is almost empty.
This discrepancy between the price and the use has become more visible since March 2025, when the levels of the mempool began to oscillate between 3,000 and 30,000 transactions, well below the historical standards observed during the bullish periods.
The price increases while the network remains calm
The vigor of the price of bitcoin seems more carried by institutional accumulation, ETF and speculative derivatives than by popular activity. Although this is not necessarily negative, this raises questions about the health of the decentralized and oriented Bitcoin user foundation.
The revenues of minors depend mainly on the subsidies of the blocks, that is to say new bitcoins created at each block. But as Halving cycles follow one another and these subsidies decrease, the transaction costs are supposed to compensate for this deficit. If network activity does not increase to support this change, this could pose a durability problem for the Bitcoin safety model.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
