The latest data on August 22 shows that the total daily fees generated from Bitcoin Ordinals on the world’s most valuable network have crashed from around $95,000 to $72,000, a 24% drop. The contraction mirrors the general performance of BTC prices which have been under pressure in the last two weeks, notably crashing last week and forcing the coin towards $25,000, looking at price action in the daily chart.
Bitcoin Ordinals Fees Sliding
According to Dune Analytics data, a platform that tracks the on-chain activity of various blockchains, including Bitcoin, the average daily fees generated from Bitcoin Ordinals stood at $71,709 as of August 21, down from $94,910 on August 14. This is a significant drop in activity and fees after an extended consolidation which saw Bitcoin Ordinals activity flat-line as BTC prices also moved horizontally for the better part of early August.
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