• The total number of transactions waiting in the mempool has hit a three-year high.
• This is likely due to the collapse of Silvergate and SVB banks, which are closed over the weekend and increase demand for Bitcoin as a weekend asset.
• The number of transactions in the mempool surpassed Ordinals hype, and Luna and FTX collapse, showing high transaction demand.

Bitcoin Transactions Hit Record Numbers Over Weekend

The total number of transactions waiting in the mempool has hit a three-year high. This is likely due to the collapse of Silvergate and SVB banks, which are closed over the weekend and increase demand for Bitcoin as a weekend asset. The number of transactions in the mempool surpassed Ordinals hype, and Luna and FTX collapse, showing high transaction demand.

What Banks Cannot Do

Banks cannot clear on weekends, whereas Bitcoin transactions can still be processed during this time period. This makes it an ideal asset for use during weekends when financial institutions are not available.

Mempool Number Of Transactions By Cohort

The following graph shows the mempool number of transactions by cohort: (Source: Glassnode)

Silvergate: A Postmortem

CryptoSlate’s latest report dissects the dying crypto bank to see why it went under and how other banking giants could share Silvergate’s destiny.

Latest Insights

CryptoSlate’s latest insights include reports on macro updates regarding Fed tightening as Powell loses credibility; preparing for a second wave of inflation; Bitcoin rising to over $21k; shorts getting squeezed out; returns to pre SVB price levels; among others.