cpeditor
Bitcoin’s Mempool Runs Empty Despite Near-Record Prices, Sparking Concerns Over User Exodus
Bitcoin’s on-chain activity has dwindled dramatically—even as the cryptocurrency’s price hovers near historic highs—leading some analysts to warn of a brewing crisis.
According to data from Blockchain.com, the Bitcoin network’s mempool, which serves as a queue for unconfirmed transactions waiting to be added to the blockchain, has shrunk significantly.
On Saturday, the mempool contained only about 5,000 transactions awaiting confirmation. By press time, that number had climbed modestly to 15,000, still far below the 150,000 transactions seen when bitcoin first surged past $100,000 in late 2024.
Since March, mempool volumes have fluctuated between 3,000 and 30,000 transactions, suggesting weak demand for network usage—even though bitcoin (BTC) has managed to sustain a price above $100,000. As of the latest update, BTC is trading at $108,124.52.
“Bitcoin’s mempool—the queue of transactions waiting to be processed—is almost completely empty. The percentage of miner revenue coming from fees instead of inflation is down to a fraction of a percent,” said Joël Valenzuela, director of marketing and business development, in a post on X (formerly Twitter).
Valenzuela warned that the dramatic drop in network usage signals a deeper problem:
“Simply put, almost all of Bitcoin’s actual users have gone away. At all-time price highs, too!” he added, describing the situation as a potential major crisis where the network risks going bankrupt or transforming into a “completely custodial asset run by governments and institutions.”
Joao Wedson, CEO and founder of crypto analytics firm Alphractal, also pointed to the empty mempool as an indicator that retail traders have largely exited the market.
“When mempool transactions begin to rise again, it’s a clear sign that retail is back—because the growing backlog reflects increased demand for using the network,” Wedson explained.
The contrast between soaring bitcoin prices and a nearly vacant mempool has raised fresh questions about how sustainable the rally is without robust, everyday user activity to support it.
