Bitcoin's 'Mempool' Nearly Empty as Prices Trade Near Lifetime Highs

Bitcoin's Mempool Activity Dwindles Despite Price Surge

The Bitcoin blockchain is experiencing unusually low on-chain activity, even as BTC trades near all-time highs. The mempool—where unconfirmed transactions wait—shows minimal demand, raising concerns about network health.

Key Observations

• Mempool transactions are at 5,000–15,000, far below the 150,000 seen during BTC's initial $100K surge in late 2024.
• Since March 2024, transaction counts have fluctuated between 3,000 and 30,000, signaling weak network demand.
• Miner fee revenue has dropped to a fraction of a percent, with most earnings coming from block rewards (inflation).

Expert Insights

• Joël Valenzuela (Marketing Director) warns of a potential crisis, suggesting Bitcoin risks becoming a "custodial asset controlled by institutions" if retail users don’t return.
• Joao Wedson (Alphractal CEO) links the empty mempool to missing retail participation, noting that a backlog resurgence would signal renewed retail interest.

Implications

Despite BTC's price strength, the lack of on-chain activity hints at speculative trading dominance over real network usage. A revival in mempool congestion could indicate broader adoption.