Bitcoin’s daily transactions drop 46% since mid-September

From October 1 to October 21, 2023, the daily transaction average was 284,704

Over the past 37 days, since September 15, 2023, the number of daily Bitcoin transactions has declined significantly, with the trend of Ordinal inscriptions seeing a considerable decline. In the first two weeks of September, the average number of daily transactions confirmed on the Bitcoin blockchain dropped by over 46%.

Since mid-September, there has been a notable drop in Ordinal inscriptions, resulting in a drop in daily confirmed Bitcoin transactions. Inscriptions slumped on September 24, 2023, and have not bounced back since. As of block height 813,333, there are nearly 35,377,327 inscriptions tied to the Bitcoin blockchain.

While over 232,000 inscriptions were added on September 24, the daily count has not crossed 100,000 since then. Over the past week, it has struggled to surpass 20,000 inscriptions per day. This trend has impacted the number of daily Bitcoin transactions. On September 15, 2023, the network processed 703,692 transactions in a day, setting a new record.

From September 1 to September 15, 2023, the daily transaction average was 528,503. This month tells an completely different story. From October 1 to October 21, 2023, the daily transaction average was 284,704. That means the daily average in the first half of September was 46.13% higher than the first three weeks of October.

In September 2023, the average number of confirmed Bitcoin transactions was nearly 489,165 a day. In August, the average was 464,969 a day; in July, it was 455,893; and in June, it was 404,906. So far this year, the daily average is nearly 392,170 transactions. In 2022, the daily average was 255,085.

The data suggests that, in spite of the 46% decline from September to October 2023, there has been a 53% rise in the average number of daily transactions compared to the previous year. The striking contrast is that 2023 is not yet concluded.