Bitcoin remittance clogging becomes serious, Ethereum foundation sells ETH


Macroeconomics and financial markets

On the US NY stock market on the 5th of the previous weekend, the Dow Jones Industrial Average rebounded by $546 (1.7%) higher than the previous day. The Nasdaq Index closed 102 points (0.8%) lower.

Some believe that the short covering of overheated regional bank stocks pushed up the market.

On the other hand, according to the US employment statistics released on the 5th, both the number of employees and wages rose, greatly exceeding market expectations, reconfirming the firmness of the labor market. The speculation of halting interest rate hikes has receded.

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Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin fell 1.96% from the previous day to $28,312.

BTC/USD daily

The number of transactions waiting for confirmation has reached about 500,000 in “mempool”, which is a temporary storage place for “unconfirmed transactions” that have not been incorporated into the Bitcoin blockchain.

As a result, Binance, the largest exchange, has temporarily suspended bitcoin remittances.

Recently, with the resurgence of memecoins led by PEPE, it seems that interest in Ordinals (Inscription) and the experimental standard “BRC-20” token on the Bitcoin network has surged in the background.

In PEPE-related transactions, UniSwap, a decentralized exchange, has processed more than 400,000 transactions, and Ethereum’s transaction fee (gas fee) has risen significantly. It reached the highest level since May last year.


While there are pros and cons, Kashif Raza, who is positive, said, “The Ordinals protocol was born with the major upgrade Taproot, and developers are exploring new possibilities. This is part of the open free market, BRC-20 “The growth of the token market means the exponential growth of Bitcoin.”

Some point out that the surge in transaction fees benefits miners and contributes to the robustness of security.

Ethereum Foundation ETH Sale?

It turned out that the Ethereum Foundation transferred ETH worth $ 30 million (4 billion yen) to the US exchange Kraken on the 6th of this month. A surge in inflow to exchanges suggests trading intent and selling pressure.

The Ethereum Foundation also sold in November 2021 when the ETH price hit a record high of $4,891.

In 2021, which was in the midst of a bull market, he also sold in March and May.

According to the foundation’s financial report released on March 31, 2022, it has assets of about $1.6 billion (215 billion yen).

Ethereum (ETH) accounts for about 80% of the portfolio, and non-cryptocurrencies such as cash are 18.8%, or about $300 million.

Through the Ethereum Ecosystem Support Program, the Ethereum Foundation provides “grant” and support to open source projects to strengthen their foundations. It has a particular focus on developer tools and infrastructure, as well as research and development.

In February 2023, we published a report on the ecosystem support program in the fourth quarter of 2022. Disclosed where about $4.4 million of funds will be allocated.

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Click here for a list of market reports published in the past

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