Bitcoin Ordinals trading volume shows signs of recovery, but market structure has changed
The Bitcoin Ordinals market has recently shown signs of recovery, but overall performance remains below historical peak levels. According to the latest data from CryptoSlam, the single-day trading volume reached $11.56 million on July 13, marking a new high since December 6, 2024. In this wave of trends, there has been a noticeable change in the structure of market participants.
From weekly data observations, the Ordinals market is showing a trend of accelerated recovery. The total trading volume over the past 7 days reached $25.9 million, a 107% increase from the previous week. Notably, although the number of participants has decreased, the average transaction value has risen by nearly 45%, indicating that the trading scale and strength of retained investors are increasing. However, the trading volume of wash trading has increased by 42%, accounting for only 1% of the total trading volume, showing that the increase in market activity mainly comes from real demand.
In terms of market structure, the current Ordinals ecosystem shows a clear feature of decentralization. Unlike last fall when the top ten projects dominated over 40% of trading volume, currently, uncategorized Ordinals orders are in the dominant position.
Specifically, Bitcoin Puppet and Runestone lead named projects with daily trading volumes of $263,000 and $237,000, respectively, but their market shares are both below 8%. These assets, which are not tied to a specific collection, may be driven by a multitude of small or newly minted token collections.
Despite clear signs of market warming, Ordinals still face challenges in achieving substantial breakthroughs. Since July, the total trading volume is approximately $39 million, and while it is expected to exceed June's $58.1 million, based on the current average of 4,012 transactions per day and an average transaction value of $694, the total trading volume this month may remain around $86 million, making it difficult to break the $100 million mark. This performance still shows a considerable gap compared to the peak period in February, reflecting that full market recovery will still take time.
Overall, while the Bitcoin Ordinals market has regained growth momentum, investors need to pay attention to its sustainability, especially in the absence of clear market leaders, as the continuity of the market will face challenges.
