Good morning, Asia. Here's what's making news today. 1) Bitcoin is steady on CPI data. Are investors just undecided? 2) Ordinals are hot. Bitcoins' UTXO is about to hit an all-time high. Will this lead to a price increase? TheSamReynolds writes
There’s another metric that’s important, too: unspent transaction output . And the UTXO count of bitcoin is ticking upwards, set to challenge its all-time peak of 84.6 million from November 2022 – when there was a flurry of on-chain activity as traders tried to escape the wreckage of FTX's collapse.
These UTXOs can then be used as inputs for future transactions, essentially proving that the sender has the necessary funds to make the payment. UTXOs have steadily appreciated over the last two years. They experienced a brief dip during the coldest depths of the 2022 FTX-induced, end-of-year crypto winter but resumed their climb as bitcoin rallied through January.
Tony Ling, co-founder of data portal NFTGo, and a partner at Bizantine Capital, doesn’t think the demand from Ordinals is high enough yet to drive up the price of bitcoin, although it's causing an uptick in activity on-chain.
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