🚀Hey BTC enthusiasts! Glassnode's latest analysis shows a surge in block space demand, coinciding with the release of Ordinals and Inscriptions. But don't worry, there's "minimal evidence" that inscriptions are displacing monetary transfers.🚫💸

🔍Glassnode's report reveals that inscriptions act as a "buyer of last resort for cheap block space," as users set low fee rates, showing a willingness to wait for confirmation.🕰️

📊Interestingly, the percentage of block space consumed by image vs. text-based inscriptions is almost the exact inverse of the share of transactions. Image inscriptions consumed over 40% of available block space, while text inscriptions and BRC-20 tokens consumed a stable 20% or less.📉

📝Text-based inscriptions serve as a "filler" for blocks, stuffed into any remaining space once higher value monetary transfers are packed in.🧩

⛏️Inscriptions have increased the base-load demand for block space and fee revenue, but the hash rate competing for it has also risen by over 50% since February. This has intensified competition among BTC miners seeking revenue fees, especially with the halving event approaching.💰🔥

Stay tuned for more BTC updates!🌐💫