The Bitcoin mempool is often a point of significant debate. Today, it has grown in size to 166 MB, which is unusual. There is also a substantial increase in “larger” Bitcoin holders reducing their portfolio balances.
Bitcoin Mempool is Spiking
When the Bitcoin price moves up or down, there is often an increase in network transactions. Today doesn’t disappoint in this department, although it is unfortunate to see the BTC value plummet. Then again, the recent bull run requires a healthy correction before the momentum can resume again.
Looking at the Bitcoin mempool size, the situation is interesting. Over 165 MB in size means nearly 98,000 transactions are pending on the network right now. Users are looking to move BTC on the network. Whether that is to dump on exchanges or something other purpose remains unclear.
What is equally intriguing is how the network fees are on the rise too. Waiting for network confirmations is never pleasant. Paying a higher price can circumvent this wait time, although fees can ramp up quickly. Currently, it costs between $5.09 and $5.71 to send a Bitcoin transaction—a relatively high amount under the current circumstances.
A rising Bitcoin mempool size usually makes some people nervous. It is entirely normal for this to happen during this ongoing market correction. How big the mempool will become at its peak remains to be determined. There is also a Bitcoin mining difficulty adjustment coming up that may push back some transactions even further.
A Smaller 10 BTC Club
Statistics by Glassnode confirm that some people who own 10 BTC or more are no longer in that club. Not entirely surprising, although this decrease in members is not new either. The club had grown smaller since late November 2020, even before Bitcoin started its mega bull run. They may contribute to the growing Bitcoin mempool size, though.
This goes to show there are still many people chasing short-term gains with BTC. That is to be expected, as making money during these uncertain times will only become more critical. Moreover, there are still over 150,000 addresses holding at least 10 BTC or more. These former 10 BTC club members cannot trigger an immediate market dump at this rate.
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