Bitcoin Ordinals break daily inscriptions record, but trading nosedives

Quick Take

  • Bitcoin Ordinal inscriptions hit a new daily record of more than 422,000, but trading volumes slid in July amid lower pricing and fewer buyers.

Bitcoin Ordinal inscriptions rebounded in a big way in July, but sales volumes measured by dollar value cratered as demand wanes.

Even though July 30 saw a new daily record with more than 422,000 inscriptions, according to Dune Analytics dashboardsales volumes for the Bitcoin NFTs are on pace to finish nearly 50% lower than last month.

Ordinals, which were launched in January, allow for the creation of NFTs on Bitcoin through a process that's been dubbed as "inscription."

Bitcoin inscriptions daily volume. Source: Dune

Bitcoin Ordinals trading volume

CryptoSlam! trading data shows that Bitcoin Ordinal trading volume in July will likely post a total of about $65 million, a nearly 50% decrease from June when volumes neared $120 million.

The average sales price and number of buyers also declined over the period to about $460 per Ordinal and roughly 27,000 unique buyers, down from $604 per Bitcoin NFTs with more than 54,000 buyers.

July’s spike in inscriptions despite depressed trading is likely due to Luminex, an Ordinals launchpad, releasing a modified BRC-20 standard earlier this month that helps reduce fees associated with inscriptions, The Block Research Analyst Rebecca Stevens said.

Bitcoin Ordinals trading volume. Source: CryptoSlam!

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.