An user spends $66,000 to register data on the Bitcoin blockchain.

A user, whose identity is unknown, has spent about 66,000 dollars to register data on the Bitcoin blockchain through the Ordinals protocol.

The address has performed a total of 332 transactions over the course of two days, adding metadata to the Bitcoin cryptographic network, more specifically on individual satoshis.

The use of the Ordinals technology, which allows for the generation of pseudo NFTs and pseudo fungible tokens (BRC-20 standard) on Bitcoin, has exponentially increased in recent months, reaching levels that were previously unimaginable.

There are even those who would oppose this trend, pointing out that it does not produce any new innovation and “compromises” the scalability of the network.

Let’s see all the details of the news below.

Anonymous spends record amount of 66 thousand dollars to register data on the Bitcoin blockchain with 332 Ordinals transactions

An anonymous Bitcoin wallet seems to have become interested in the cryptographic numbering system Ordinals, spending 1.5 BTC in fees to record data on the Bitcoin blockchain.

Considering the price of 44,000 dollars per BTC, in total the individual has spent about 66,000 dollars in fees 9 megabytes of metadata on the cryptographic network through 332 transactions.

We remind you that the Ordinals protocol allows anyone to generate an NFT or fungible token (BRC-20) simply by adding data such as audio files, videos, texts, images, applications, etc. to individual satoshis, which represent the smallest unit of BTC.

The crazy user in this story spent 1.5 BTC to subscribe to different sats files “OCTET-STREAMapplication/octet-stream”, also known as “octet stream”, which represent generic archives that do not have a specific format. 

They cannot be opened with a specific application like text or image files and, on the contrary, to open them, it is necessary to determine the actual file type that is inside the octet stream file

No one knows yet what is hidden inside these files: in particular, it seems that not even the AI chatbot AI ChatGPT is able to decode the inscriptions, as a higher computational power is required.

Not knowing what type of data has been published within the Bitcoin blockchain, we cannot provide an explanation for the unknown individual’s extravagant $66,000 expenditure.

Maybe it’s some “rich” person who didn’t hesitate to give away 1.5 BTC to miners to test a new application of the encrypted network, or we are facing a more complex enigma.

In the next few days we will see that some members of the crypto community will be able to identify what the files hide.

Meanwhile, it is interesting to note how the use of the Ordinals protocol is increasing over time, despite the opposition of some users who have deemed it useless and potentially harmful to the scalability of the network.

In order to submit data on the network, it is indeed necessary to pay a fee which nowadays averages around 200 dollars and which potentially can fill the mempool of pending transactions.

Since its inception, the protocol has accumulated over 239 million dollars in fees paid to miners.

The case of the mysterious inscriptions is not the only strange event that recently occurred on the Bitcoin blockchain: two days ago an anonymous wallet sent 1.2 million dollars to the wallet Genesis extracted from Satoshi Nakamoto dating back to 2010. The funds cannot be recovered anymore.

Analysis of ORDI crypto prices

While waiting to discover what type of data has been recorded in the Bitcoin blockchain by the anonymous user, let’s see how the first fungible token BRC-20 created with the Ordinals protocol is performing graphically, namely ORDI.

The currency has no intrinsic value, having no particular use cases except for collecting, but still enjoys a good reputation as the most well-known fungible cryptographic resource created on the Bitcoin network.

In May of last year, it was listed on many of the major centralized cryptocurrency exchanges such as Okx, Bybit, Kucoin, and Gate.io, and then arrived on Binance in November.

Since the beginning, it has attracted a lot of attention from investors, reaching excellent market volumes and an enviable capitalization compared to many cryptographic projects.

Currently ORDI is priced at $67.17 with a market cap of $1.4 billion.

From mid-October onwards, a period in which the FOMO on Bitcoin was emphasized due to rumors about a potential launch of the first spot ETF in the USA, ORDI started an incredible bullish run.

In just two months, the crypto went from 3 dollars to 60 dollars, with a 20X increase in its price, and then completed the bullish trend with the final leg up to 90 dollars at the end of December.

Since the beginning of the year, ORDI has shown signs of weakness on the chart against the US dollar, losing 20% in the last week.

Prices are still far from the EMA 50 daily, on which they could converge in the coming days in case of a downtrend of the market king.

The main support is located at $50 while the most important resistance is at $80.

Pay attention to the price action in the medium term because ORDI is showing a strong bearish divergence in the daily RSI between the local highs in mid-November and the current values.