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Bitcoin Ordinals Network Fees Reach $38.2 Million in May

According to a report by Dune Analytics, the total network fees paid for minting Bitcoin Ordinals reached $38.2 million on May 20, representing a significant increase from the previous month.

The majority of Bitcoin Ordinals have shifted to text-based inscriptions, compared to a balance of text and image inscriptions from February to April.

Bitcoin Ordinals is a numbering system that assigns a unique number to each individual Satoshi, enabling its tracking and transfer. Over 8 million Bitcoin Ordinals have been minted, along with 24,677 BRC-20 tokens created, boasting a total market cap of $612.5 million.

Bitcoin Ordinals
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