Trading Volume for Bitcoin Ordinals Falls Over 97%
Bitcoin Ordinals' trading volume has plummeted by over 97% since May. The protocol experienced a peak in popularity during the Q2 of 2023. However, trading volume peaked in May at $452M and has since declined rapidly.
In June, trading volume for Ordinals plunged by 76.5% to $106 million, followed by a further decline in July and August. July's trading volume contracted by 66.9% to $35 million; as of mid-August, the volume has dwindled to a mere $3 million.
This staggering drop suggests waning market interest in Ordinals, raising concerns about the future of NFTs on the Bitcoin blockchain.
Additionally, the dwindling participation of unique active wallets in the Ordinals market reinforces this trend. In May, 79,261 UAW were engaging with the protocol, but by August, this number had shrunk drastically to only 6,708…
