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The Ordinals craze is back: BRC-20 has risen 400%, accounting for 23% of Bitcoin transaction fees.
Bitcoin Ordinals Stirring Up Again: Popular BRC-20 Rises Over 400%, Accounting for 23% of Bitcoin Transaction Fees
At the end of 2023, Bitcoin Ordinals became the market focus again. Data shows that in November, the trading volume of Bitcoin Ordinals was approximately $376 million, exceeding the Ethereum NFT trading volume during the same period by 8.05%. This advantage further expanded to 18.75% in December. Unlike the beginning of the year, this wave of Ordinals is also closely related to BRC-20 tokens. The largest market cap token, ORDI, saw its price surge by 180.07% within 4 days at the beginning of December, and other BRC-20 tokens also generally rose significantly.
The popularity of Ordinals has shown the market the potential for a Bitcoin ecosystem explosion. Currently, how is the development of inscriptions and BRC-20 tokens based on the Ordinals protocol? What is the market trading situation like? What impact do on-chain activities have on the ecosystem? After a comprehensive analysis of Ordinals-related on-chain data and market data, it was found:
Since November, Ordinals has accumulated approximately 9.748 million transactions, with transaction fees of about 1263.54 BTC. However, the number of transactions on the BRC-20 chain has shown a downward trend, possibly related to the shift of transactions to centralized exchanges.
The average floor price of popular Bitcoin NFTs has risen by 311.73% in the past month. However, the increase varies greatly among different projects, with Flipped Frogs, Bitcoin Frogs, and Van Gogh's painting seeing the highest increases, all exceeding 1500%.
The Bitcoin NFT trading market is characterized by a high concentration of assets and low liquidity for most assets. Van Gogh's painting and Bitcoin Frogs accounted for 73.51% of the trading volume in the past month. Less than 50% of the inscriptions in popular projects can generate three or more public trades, and the liquidity of a single inscription is significantly affected by the overall market heat.
Since November, the average price rise of popular BRC-20 tokens has reached 446.74%. Among them, BISO has the highest rise, reaching 1690.76%, followed by PIZA and ORDI which have risen by 1168.14% and 913.10%, respectively.
The BRC-20 market shows characteristics of high concentration of trading assets and high dependence on a single trading market. An average of 97.45% of the trading volume comes from ORDI. Among the 20 popular tokens, 18 have over 50% of their daily trading volume from the same exchange. UniSat and Gate are the main trading markets for several popular BRC-20 tokens.
Since November, the average daily trading fees accounted for approximately 12.49% of total revenue, with Ordinals trading fees averaging 23.20% of total trading fees. Although Ordinals have increased miner revenue, their impact on miner income has not yet reached a dominant position.
On-chain transactions are active, with fees exceeding 1263 BTC
Since November, Ordinals on-chain transactions have been very active. As of December 7, Ordinals has accumulated approximately 9.748 million transactions. Among them, non-BRC-20 transactions accounted for 1.3783 million times, with an average of 37,300 transactions per day, showing an overall upward trend. From November 24 to 28, there was a peak in transactions, with the highest single-day transaction reaching 268,600 times.
During the same period, the cumulative BRC-20 transactions reached 8.3698 million, with an average of 226,200 transactions per day, but overall showed a declining trend. From November 4 to 25, there was a longer period of high activity, with the highest daily transactions reaching 504,200. The decline in BRC-20 on-chain transaction counts may suggest a shift of the trading market towards centralized exchanges.
The increase in on-chain transaction counts creates considerable transaction fees. Since November, the cumulative transaction fees for Ordinals have been approximately 1263.54 BTC. Among them, the cumulative fees for non-BRC-20 are about 240.27 BTC, with an average of 5.52 BTC per day, showing a clear upward trend overall. Recently, the peak daily fee occurred on December 5th, at about 36.15 BTC.
During the same period, the cumulative transaction fees for BRC-20 were approximately 1059.26 BTC, with a daily average of 28.6 BTC, remaining relatively stable with a slight decline. Recently, the daily transaction fees exceeded 100 BTC twice, reaching a maximum of 134.1 BTC.
Popular Bitcoin NFT floor prices rise, liquidity differentiation
Using the top 30 popular inscriptions by trading volume over the past month as samples, the average floor price of these inscriptions rose by 311.73%. However, the rise varies significantly among different projects, with Flipped Frogs, Bitcoin Frogs, and Van Gogh's painting rising over 1500%; while Twelvefold, Mesh Beatles, OrdiBots, and Bitcoin Bear Cubs saw declines of more than 10%.
As of December 8, the total trading volume of 30 popular inscriptions in nearly a month is approximately 1003.66 BTC. The trading assets are highly concentrated, with Van Gogh's painting and Bitcoin Frogs having trading volumes of 368.93 BTC and 368.85 BTC respectively, accounting for a total of 73.51%. In addition, Ordinal Maxi Biz's trading volume exceeds 100 BTC, Bitcoin Punks exceeds 40 BTC, Pixel Pepes exceeds 15 BTC, and there are another 6 projects with trading volumes exceeding 5 BTC.
In terms of trading volume increase, in the past month, Van Gogh's painting had the highest increase at 211781%. Next is MNCHRMS, with an increase of 25983%. SATS, Bitcoin Pandas, Ordrain, Battle of BTC, and Honey Badgers also had increases exceeding 5000%.
Further analysis shows that less than 50% of inscriptions in popular projects can generate three or more public transactions, and only 15% can reach five or more. The average interval between the first public transaction and Inscriptions is 123.5 days, far exceeding the intervals of subsequent transactions. This indicates that the liquidity of individual inscriptions is heavily influenced by the overall market popularity.
From the perspective of average yield, the fifth public trading had the highest yield, reaching 34.38%. The second and sixth were next, at 28.67% and 21.70%, respectively. The average yield for the seventh and eighth public trades was negative. Actual returns were highly volatile, and the yield differences for the same inscription across different trades could be enormous.
Popular BRC-20 Prices Rise Sharply, ORDI Dominates Trading Volume
Taking the top 20 BRC-20 tokens by market capitalization from CoinGecko as a sample, the average rise of popular tokens since November has reached 446.74%. Among them, BISO saw the highest increase, reaching 1690.76%, while PIZA and ORDI rose by 1168.14% and 913.10%, respectively. Additionally, there are 4 other tokens with an increase of over 500%. In contrast, during the same period, the rise of BTC was 24.80%, with only 3 out of the 20 popular tokens having increases below this level.
Since November, looking at the daily average trading volume composition, the BRC-20 market trading assets are highly concentrated, with 97.45% of the trading volume coming from ORDI. The trading volumes of DOMO and TRAC account for 0.76% and 0.62%, respectively, while other tokens account for less than 0.5%, and 12 tokens account for less than 0.01%.
Data from December 9 shows that UniSat and Gate are the main trading markets for several popular BRC-20 tokens, each monopolizing 4 types of popular assets. Binance and OKX are the main trading markets for ORDI, accounting for 52.40% and 27.40% of the trading share, respectively. Among the 20 popular tokens, 18 have over 50% of their trading volume coming from the same exchange, indicating that most BRC-20 token trading is highly dependent on a single market.
The Impact of Ordinals on Miners' Income is Significant but Not Dominant
Ordinals have sparked controversy while also bringing some positive effects. Firstly, miner income has increased. Since November, the total income of miners has reached 40,100 BTC, approximately 1.512 billion USD. Among them, the revenue from transaction fees is 5,191.30 BTC, approximately 198 million USD.
The daily trading fee as a proportion of total revenue shows an upward trend, averaging 12.49%, with a maximum daily proportion of 25.80%. The average trading fee for Ordinals accounts for 23.20%, with a maximum daily proportion of 42.55%. This indicates that although Ordinals have increased miner income, they have not yet had an absolute dominant impact on miner revenue.
Secondly, Ordinals are considered beneficial for the development of the Bitcoin ecosystem. On December 9th, the TVL of Bitcoin DeFi was $318 million, an increase of 36.92% compared to the beginning of November. During the same period, the TVL of Ethereum DeFi also showed an upward trend, reaching $29.909 billion. Currently, there is no clear data supporting the mutual growth of the two ecosystems; however, it may drive the comprehensive development of decentralized applications in the future and promote connections between different chains.