{"uuid":"a68e0539-d070-4e8b-5fea-2ad94fecda23","categoryUuid":"752fce11-1913-47e4-5707-91c0b669f02b","data":{"meta":{"name":"BTC: Mempool Analysis"},"configs":[{"meta":{"content":"## The Bitcoin Mempool 🕝\n\n---\n\nThe Mempool (short for Memory Pool) can be considered the waiting room for unconfirmed transactions before miners include them in a valid block. Each node hosts their own individual mempool defined by their own rules. Nodes then propagate  unconfirmed transactions via a gossip protocol to other nodes across the network.\n\nEach unconfirmed transaction has a different size (bytes) and transaction fee associated with it. These dynamics all influence a miner's behavior as to which sets of transactions they prefer to include in the next block in order to optimize revenue streams.\n\nThus not all mempools have the same view of transactions due to latency, connection pathways, and individual mempool rules. As such, charts shown in this dashboard specifically reflect observations from the glass'node' mempool.\n\n---\n\n### The SegWit Soft Fork 🍴\n\nThe SegWit soft fork was a soft-form implementation which increased blockspace capacity, and thus network throughput. This was achieved by separating signatures (witnesses) from transaction data, creating a leaner overall data structure.\n\nBefore SegWit, a block could contain a maximum of 1MB of data. With the SegWit implementation, the blocksize denomination was changed from from bytes, to weight units (Wu), where 1,000,000 bytes = 4,000,000 Wu or 4,000,000 virtual Bytes (vBytes).\n\nA vByte refers to the size of a byte under the adopted SegWit rules, and can be considered as 1/4 the size of a byte. For non SegWit Transactions 1 byte = 1 vByte."},"uuid":"2aac9d84-4397-4d1c-92cd-59cfdce8e187","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Mempool Transaction Count ⌛\n\n---\n\nThis metric is defined as the total number of unconfirmed transactions in the mempool which are waiting for inclusion in an upcoming block.\n\nThis provides insight into the demand for transactions, and thus the demand for blockspace on any given day.\n\n---\n\n### Mempool Transaction Count by vByte\n\nThis metric provides further detail regarding unconfirmed transactions, broken down into cohorts by different size (vByte) cohorts. A higher transaction size generally leads to a higher total fee paid for inclusion in an upcoming block."},"uuid":"5d16fa46-1613-4bec-95bb-fb4d4b05fe66","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"date":1672617600000,"asset":"BTC","since":1634256000000,"until":1672617600000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.TxsCountDistribution","resolution":"1h","movingMedian":0,"movingAverage":0,"expMovingAverage":"0"},"uuid":"32546d83-e519-4abd-a6ca-191d86b5cfca","extra":{"name":"Mempool Transaction Count by Relative Fee","zoom":"YTD","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"},{"meta":{"date":1672617600000,"asset":"BTC","since":1634256000000,"until":1672617600000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.TxsCountSum","resolution":"24h"},"uuid":"b3a2b384-b023-43df-b75d-85543a79e072","extra":{"name":"Mempool Transaction Count","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"},{"meta":{"content":"### Total Size of Transactions in Mempool 🐘\n\n---\n\nThis metric displays the total size (vBytes) of all unconfirmed transactions waiting in the mempool. Following the SegWit soft fork, each block is able to store 4 million vBytes of data (assuming 100% SegWit Adoption/Utilization), which is equivalent to a theoretical limit of 4MB per block.\n\nThe average number of pending blocks required to fully clear the mempool may also be estimated under three assumptions:\n\n- 🔴 No SegWit enabled transactions - max 1MB blocks\n\n- 🔵 Full SegWit enabled transactions - max 4MB blocks\n\n- 🟢 Average Hourly Block Size"},"uuid":"fe64e204-3148-4556-a0ed-1cc5269f086f","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"date":1672617600000,"asset":"BTC","since":1634256000000,"until":1672617600000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.TxsSizeDistribution","resolution":"1h","movingMedian":0,"movingAverage":0},"uuid":"cc8d1382-85e5-4a0d-b403-44ddf33b21ee","extra":{"name":"Mempool Transactions Size by Relative Fee","zoom":"3m","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"},{"meta":{"refUuid":"50ea273a-6e41-41b7-4d9e-5d01231bb232"},"uuid":"94be3625-e9dc-4482-85c1-da1b7a0b70ed","extra":{"zoom":"3m"},"configType":"workbench"},{"meta":{"date":1672617600000,"asset":"BTC","since":1634256000000,"until":1672617600000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.TxsSizeSum","resolution":"24h"},"uuid":"3ee8adac-3e73-4e45-8baf-5fef0642c70d","extra":{"name":"Mempool Transactions Size","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"},{"meta":{"content":"### Total Coin Volume in Mempool 🪙\n\n---\n\nThis metric displays the total coin volume (BTC) spent by unconfirmed transactions in the glassnode mempool. This provides insight into the economic payload of the unconfirmed transactions.\n\n- Sustained mempool congestion by coin volume indicates an elevated level of demand for economic throughput on-chain.\n\n- Fleeting spikes in coin volumes hitting the mempool are typical during highly volatile market events as the network sees an influx of urgent transaction activity.\n\n\u003e Note: During periods of low on-chain activity, exchanges and large custodians often take advantage of the low fee environments to perform wallet management activities such as UTXO consolidation."},"uuid":"8f0e3370-a93d-4494-a55e-1601dd20d9a9","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"date":1672617600000,"asset":"BTC","since":1634256000000,"until":1672617600000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.TxsValueDistribution","resolution":"1h","movingMedian":0,"movingAverage":0},"uuid":"07aecf58-cdec-4bcf-8769-3cd1835f3d42","extra":{"name":"Mempool Total Amount of Coins by Relative Fee","zoom":"3m","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"},{"meta":{"date":1672617600000,"asset":"BTC","since":1634256000000,"until":1672617600000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.TxsValueSum","resolution":"24h"},"uuid":"018ae827-6d58-443e-a258-57c6a3308c4b","extra":{"name":"Mempool Total Amount of Coins","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"},{"meta":{"date":1672617600000,"asset":"BTC","since":1634256000000,"until":1672617600000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.FeesDistribution","resolution":"1h","movingMedian":0,"movingAverage":0},"uuid":"3bc5bd19-5ff0-4ddc-a59d-735951ba6248","extra":{"name":"Mempool Total Amount of Fees by Relative Fee","zoom":"3m","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"},{"meta":{"date":1672617600000,"asset":"BTC","since":1634256000000,"until":1672617600000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.FeesAverageRelative","resolution":"24h"},"uuid":"9c3c43f8-21e9-4994-a6af-729e83151c86","extra":{"name":"Mempool Average Relative Fee","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"},{"meta":{"date":1672617600000,"asset":"BTC","since":1634256000000,"until":1672617600000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.FeesMedianRelative","resolution":"24h"},"uuid":"66cfafc5-2f60-42d4-987d-257ba7929200","extra":{"name":"Mempool Median Relative Fee","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"},{"meta":{"content":"### Mempool Total Fees Paid\n\n---\n\nThe total sum of of all transaction fees waiting in the Mempool. This is a dynamic measure as coins are constantly entering in an unconfirmed state, and leaving via transaction confirmation. Some transactions can also be replaced by another transaction spending the same input, however with a higher fee (RBF) to incentivize priority selection.\n\nThe charts below show the mean (left) and median (right) transaction fee per unconfirmed transaction in our mempool."},"uuid":"9b85a58e-df64-48a7-b913-a9bba4fcfaea","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Disclaimer\n\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"dbcbcdf8-be15-4ab2-a47c-bd76a9d9aa5c","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Note on Bitcoin Mempool Metrics\n\nMempool metrics represent the observed state of our node mempool at the conclusion of each x-axis timestamp. As such, several metrics in this dashboard utilize an hourly resolution, and are set to a default zoom of 3-months to provide a clearer view on current mempool congestion."},"uuid":"106ad2de-aee5-4217-9ec7-7d06b8bfbbd0","extra":{"backgroundColor":"#FFF5E0"},"configType":"content"},{"meta":{"date":1672963200000,"asset":"BTC","since":1634256000000,"until":1672963200000,"currency":"native","chartType":"timeSeries","metricCode":"mempool.TxsSizeDistribution","resolution":"1h","movingMedian":0,"movingAverage":0},"uuid":"eb0237ab-57df-43e4-9868-161793bf8568","extra":{"name":"Mempool Transactions Size by Relative Fee","zoom":"1m","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line","priceScale":"lin"},"configType":"metric"}],"layouts":[{"h":8,"i":"2aac9d84-4397-4d1c-92cd-59cfdce8e187","w":3,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"5d16fa46-1613-4bec-95bb-fb4d4b05fe66","w":3,"x":0,"y":10,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"32546d83-e519-4abd-a6ca-191d86b5cfca","w":9,"x":3,"y":10,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"b3a2b384-b023-43df-b75d-85543a79e072","w":12,"x":0,"y":18,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"fe64e204-3148-4556-a0ed-1cc5269f086f","w":3,"x":0,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"cc8d1382-85e5-4a0d-b403-44ddf33b21ee","w":9,"x":3,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"94be3625-e9dc-4482-85c1-da1b7a0b70ed","w":6,"x":6,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"3ee8adac-3e73-4e45-8baf-5fef0642c70d","w":6,"x":0,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"8f0e3370-a93d-4494-a55e-1601dd20d9a9","w":3,"x":0,"y":38,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"07aecf58-cdec-4bcf-8769-3cd1835f3d42","w":9,"x":3,"y":38,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"018ae827-6d58-443e-a258-57c6a3308c4b","w":12,"x":0,"y":46,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"3bc5bd19-5ff0-4ddc-a59d-735951ba6248","w":9,"x":3,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"9c3c43f8-21e9-4994-a6af-729e83151c86","w":6,"x":0,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"66cfafc5-2f60-42d4-987d-257ba7929200","w":6,"x":6,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"9b85a58e-df64-48a7-b913-a9bba4fcfaea","w":3,"x":0,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"dbcbcdf8-be15-4ab2-a47c-bd76a9d9aa5c","w":12,"x":0,"y":66,"minH":1,"minW":3,"moved":false,"static":false},{"h":2,"i":"106ad2de-aee5-4217-9ec7-7d06b8bfbbd0","w":12,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"eb0237ab-57df-43e4-9868-161793bf8568","w":9,"x":3,"y":0,"minH":1,"minW":3,"moved":false,"static":false}]}}