Bitcoin mempool gần như trống, cảnh báo rủi ro cho nhà giao dịch tiền điện tử

The Bitcoin blockchain is witnessing a significant decline in transaction activity, even though the price of this coin is nearing an all-time high.

Network activity in Bitcoin is quite low compared to previous periods, raising concerns about the sustainability of the asset, even though its value remains above high thresholds.

MAIN CONTENT

  • Bitcoin transactions in the mempool have sharply decreased to below 15,000, far from the peak period of over 150,000 transactions in 2024.

  • The impact of reduced retail transaction volumes affects network activity, not compensated by large organizations.

  • The strategy of accumulating Bitcoin in corporate treasury may not be effectively applicable to all companies.

Why is the transaction activity on the Bitcoin blockchain declining despite high prices?

Joao Wedson, head of analysis at Alphractal, noted that the empty mempool situation reflects a decrease in transactions from individual users, also known as retail. The number of pending transactions has dropped to its lowest level in the past year, currently around 15,000 compared to over 150,000 at the time BTC surpassed $100,000 in late 2024.

Data from Blockchain.com and Coingecko show that Bitcoin is currently trading around $109,000, down 2.7% from its ATH. However, the number of transactions in the mempool remains consistently low, indicating that the network is not being utilized effectively.

Bitcoin is undergoing a serious crisis regarding real users. Transactions have almost disappeared despite record-high prices. This is a time when the network may face significant changes or be dominated by centralized organizations.
Joel Valenzuela, Podcaster and Bitcoin Advocate, July 2025

Can the value and activity of institutional transactions offset this decline?

According to the CryptoQuant report on July 3, 2025, the demand for Bitcoin purchases by institutions through ETFs and businesses like MicroStrategy is weakening. In the last 30 days, total demand has decreased by over 895,000 BTC, with ETF purchases down 53% compared to the end of 2024.

MicroStrategy's purchasing volume has also decreased by up to 90% compared to the peak in December 2024. Notably, most institutional investors took profits when BTC reached $110,000 and opened short positions during the price correction.

ETFs and MicroStrategy are part of the demand for Bitcoin, but the overall decline far exceeds the compensatory capabilities of these organizations. Overall demand growth is the key factor driving price increases.
CryptoQuant, Bitcoin market report, July 3, 2025

Is the strategy of accumulating Bitcoin in corporate treasury suitable for all companies?

Anthony Scaramucci, founder of SkyBridge Capital, believes that the Bitcoin treasury strategy is not always sustainable for all businesses. He emphasizes that MicroStrategy is a special case due to its diverse Bitcoin-related activities.

He warns that investors need to consider hidden costs and risks from accumulating Bitcoin in corporate assets, although he still maintains a positive outlook on the long-term potential of cryptocurrency.

Real-world example of MicroStrategy

MicroStrategy has purchased a total of approximately 171,000 BTC by the end of 2024 at a high average price, but has only added about 16,000 BTC in the last 30 days. This shift in strategy reflects the volatility and risks of holding Bitcoin as a reserve asset.

Frequently Asked Questions (FAQ)

1. Is the decline in transaction activity on the Bitcoin network concerning?

The decline in transactions reflects a mass withdrawal of individual users, putting pressure on the network's usability, according to analysis from crypto experts and reputable blockchain data.

2. Can large organizations offset the poor transaction activity?

Data shows that purchases from ETFs and large enterprises are decreasing, insufficient to offset the drop in transaction demand from retail, reducing the upward momentum of Bitcoin's price.

3. Does the strategy of accumulating Bitcoin yield results for all businesses?

Not every business succeeds with this strategy. MicroStrategy is an exception due to its diverse business model and high-risk tolerance.

4. How does Bitcoin's price affect network transaction activity?

Although Bitcoin's price is currently above $100,000, the volume of transactions has decreased. This indicates that the price does not fully reflect the utility and actual activity of the network.

5. When will there be signs of a recovery in transaction activity on the Bitcoin network?

When transaction volumes in the mempool increase again, especially due to the participation of individual users, the Bitcoin network may be able to recover strongly.

Source: https://tintucbitcoin.com/mempool-bitcoin-gan-nhu-trong-canh-bao/

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