Can Bitcoin [BTC] exploit Ordinal’s latest feat

• The increase in Ordinals fees caused an increase in miners’ income.
• However, calculations for BTC were bearish, suggesting a further price decline.

Bitcoin [BTC] Ordinals create new milestones every other day. Recently, the number of daily inscriptions reached a new all-time high.

According to Dune’s dataThe number of daily Ordinals inscribed surpassed 400,000 on May 7, pushing the total Ordinals inscribed to date to over 5 million.

Source: Dune

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During the first days of Ordinal’s launch, image type Ordinals had the highest market share. Later, things changed as, at the time of writing, the words of the text type dominated.

Miners enjoy the episode

While the daily number of inscriptions hit a new all-time high (ATH), Ordinals fees paid overtime also followed suit and set a new record on May 8.

On the other hand, according to Glassnode, miners’ earnings have skyrocketed in recent days, as evidenced by the massive peak on the chart.

Source: Glassnode

Nevertheless, the number of miners fell during that period as BTC’s hashrate dropped significantly. But it was interesting to note that at press time, BTC’s hashrate had gained upward momentum.

Source: Coinwarz

BTC failed to trade properly

However, BTC has failed to capitalize on Ordinals’ performance as price action has remained rather dormant. According to CoinMarketCap, BTC was down more than 1% in the last 24 hours. At the time of writing, it was trading at $27,704.83, with a market capitalization of over $535 billion.

A possible reason for this decline could be the FUD surrounding Bitcoin, which can be attributed to Binance. There was an outflow of 117,359 BTCand an inflow of 10,036 BTC, followed by an additional outflow of 40,184 BTC.

Due to these transactions, many assumed that Binance was liquidating its Bitcoin holdings, thus generating negative sentiment in the market.

Calculations remain bearish on Bitcoin

CryptoQuant’s data revealed quite a few metrics that suggested the downtrend could continue a bit longer.

For example, BTC’s net deposits on exchanges were high compared to the last seven days. This was a negative signal as it indicated higher selling pressure. BTC’s aSORP was also red, suggesting more investors sold at a profit.

Source: CryptoQuant

Read Bitcoins [BTC] Price prediction 2023-24

According to Coinglass, BTC’s open interest increased within days. An increase in open interest means that new or additional money is entering the market, suggesting that the current price trend may continue.

Source: Coinglass