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Bitcoin [BTC] Ordinals come under scrutiny, but traders remain optimistic

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Bitcoin Ordinals receive skeptical comments from figures in the crypto space. Transaction volumes remain high, traders remain optimistic.

Bitcoin [BTC] ordinals come under scrutiny, but traders remain optimistic

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  • Bitcoin Ordinals get criticized by few in the crypto industry. Despite the criticisms, interest in Ordinals remains high.
  • Traders remain positive, as put to call ratio declines.

Over the last few months, the introduction of Ordinals and Inscriptions on the Bitcoin [BTC] network has breathed new life into the protocol. With activity surging, resulting in high fees generated by the miners, overall sentiment remained positive around BTC’s recent development.


Read Bitcoin (BTC) Price Prediction 2023-24


A lot to say

However, some prominent figures in the crypto space have started to criticize this technology.

For instance, Enrico Rubboli, CEO of Bitcoin’s layer-2 sidechain Mintlayer, informed Cointelegraph that according to him, the technology supporting Ordinals is “deeply flawed” and does not align with the “axioms of the core Bitcoin community.”

Rubboli also expressed his concerns that Ordinals may draw more regulatory scrutiny for Bitcoin. This was because the new BRC-20 tokens could be deemed as unregulated securities.

Even though there was some pushback from Bitcoin “purists” regarding the introduction of inscriptions, many came out in support of the technology.

Alex Strzesniewski, the founder of AngleBlock, expressed that it is not appropriate for any platform to engage in censoring transactions and determining which ones are considered “valid” or “invalid”.

The interest surrounding Ordinals remained largely unaffected by these comments. Dune Analytics’ data indicated that the volume of Ordinal transactions continued to increase over the last few days.

Source: Dune Analytics

At press time, 87.7% of all Inscription transaction activity would be attributed to text-based inscriptions. Image-based inscriptions weighed for 8.2% of overall activity.

This spike in ordinal activity led to a surge in fees paid to the miners as well. Due to all these factors, the positive sentiment around Bitcoin started to rise.

Additionally, the activity on the network started to increase as well.

Source: Santiment

 The Trade-off

Traders have started to show bullish sentiment towards BTC. This was revealed by the falling put-to-call ratio.


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A decline in the put-to-call ratio means that there are fewer put options relative to call options, showing that more traders are betting on a bullish price movement for Bitcoin.

At press time, Bitcoin was trading at $26,371.99 and its price fell by 3.81% according to CoinMarketCap. Only time will tell whether traders’ optimism will play out in their favor.

Source: The Block

 

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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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