Bitcoin Ordinals fees have dropped significantly in the last two weeks, mirroring the general performance of BTC prices which have been under pressure. According to Dune Analytics data, the average daily fees generated from Bitcoin Ordinals stood at $71,709 as of August 21, down from $94,910 on August 14. This is a 24% drop in activity and fees.The Ordinals protocol allows users to “inscribe” items, including images or texts, to the smallest unit of BTC, that is, Satoshis, and add it to a block of transactions. Miners are tasked to verify these blocks and, in the process, receive fees. As of August 22, over 26 million inscriptions were minted, generating over $50 million in fees for Bitcoin miners.The slump in Bitcoin prices seems to affect ordinals minting. It is yet to be seen how the number of ordinals will be minted going forward. However, Bitcoin Ordinals ensure blocks are full and allow miners to earn higher fees.It remains to be seen whether Ordinals activity and the minting of “NFTs” on the network will continue as it was in H1 2023. Dropping asset prices tend to affect on-chain activity, as seen in decentralized finance adversely (DeFi) total value locked (TVL) and in NFT scenes.

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	None
Currencies	Bitcoin, Ethereum, Satoshis
Securities	None