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Bitcoin's 'Mempool' Nearly Empty as Prices Trade Near Lifetime Highs
Almost all of Bitcoin's actual users have gone away, one observer said, warning of a major crisis.
Jul 6, 2025, 1:55 p.m.
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What to know:
- The mempool, a queue for unconfirmed transactions, has significantly fewer transactions compared to late 2024.
- Idle mempool suggests an impending crisis, according to one observer.
- One expert calls low activity evidence of a lack of retail participation in the bitcoin market.
The Bitcoin blockchain lacks meaningful on-chain activity, even as its native token, bitcoin , trades near a record per-unit price. That's according to mempool – a holding area for unconfirmed blockchain transactions waiting to be included in a block by miners.
On Satuday, the mempool had just 5,000 odd transactions awaiting inclusion, with the tally rising to 15,000 at press time, still a far cry from 150,000 when BTC's price first rose above $100,000 in late 2024, according to data source Blockchain.com.
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Since March this year, the tally has oscillated between $3,000 and $30,000, indicating anaemic demand for the network despite BTC establishing a foothold above $100,000.
"Bitcoin's mempool (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," Joël Valenzuela, director of marketing and business development, said on X.
"Simply put, almost all of Bitcoin's actual users have gone away. At all-time price highs, too!" Valenzuela added, calling the situation a major crisis where the network goes bankrupt or becomes "completely custodial asset run by governments and institutions."
According to Joao Wedson, CEO and founder of crypto data analysis platform Alphractal, the idle mempool is a sign of missing retail participation in 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 said.
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Mike McGlone softens bitcoin downside target to $28,000 after backlash over $10,000 call
Market analysts said the extreme downside scenario risked influencing real capital flows, prompting a heated public debate over bitcoin’s macro outlook.
Ano ang dapat malaman:
- Bloomberg Intelligence analyst Mike McGlone has shifted his bitcoin downside target from $10,000 to about $28,000 after criticism that his earlier call was alarmist and risky for investors.
- McGlone now argues that $28,000 is a more probable level based on historical price distribution and maintains that his analysis shows why investors should avoid bitcoin and other risk assets.
- Critics including Jason Fernandes and Mati Greenspan say the revised $28,000 target is still unlikely or overly deterministic, warning that such stark forecasts can distort positioning and put real capital at risk in reflexive crypto markets.
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