TL;DR:
- Bitcoin’s mempool, the queue for unconfirmed transactions, is at historically low levels compared to late 2024.
- Current mempool transactions number around 15,000 versus 150,000 when BTC first crossed $100,000.
- Experts warn this signals low retail participation and a looming crisis for Bitcoin’s network utility.
- The share of miner revenue from fees has dropped to nearly zero, indicating fewer real users.
- Market watchers suggest a lack of transaction demand could lead to Bitcoin becoming controlled mainly by institutions or governments.
Bitcoin’s Mempool Activity Drops Sharply Amid Price Surge
Despite Bitcoin (BTC) trading close to $108,920—near all-time highs—the Bitcoin blockchain shows a near-empty mempool. The mempool is the pool of unconfirmed transactions waiting to be included in new blocks by miners.
As of July 6, the number of pending transactions was just around 15,000, a stark contrast to the 150,000 mempool transactions seen when Bitcoin first surpassed $100,000 in late 2024. This data is sourced from Blockchain.com.
What Does an Inactive Mempool Mean?
Joël Valenzuela, Director of Marketing and Business Development, highlighted the issue on X:
“The percentage of miners’ revenue that comes from fees has dropped to a fraction of a percent. Simply put, almost all of Bitcoin’s real users are gone—even at all-time highs.”
This suggests that while Bitcoin’s price is soaring, actual on-chain usage by retail users has diminished significantly. Such a divergence between price and network activity signals a potential crisis.
The Risk of Bitcoin Becoming an Institutional Asset
Valenzuela warned that Bitcoin faces two possible futures if this trend continues:
- The network could collapse financially due to lack of fee revenue for miners.
- Or Bitcoin could transform into a fully controlled asset, dominated by governments and large institutions rather than everyday users.
Expert Insights on Retail Participation
Joao Wedson, CEO and founder of Alphractal, a crypto data analytics platform, explained the mempool’s significance:
“When the number of transactions in the mempool starts to increase again, it is a clear sign that retail is back—because the growing backlog reflects increased demand for using the network.”
Currently, the low transaction count indicates retail users are largely absent, and the network’s utility as a payment system is diminished.
Bitcoin Mempool and Price Snapshot
| Metric | Value | Source |
| BTC Price (July 6, 2025) | $108,920.73 | CoinDesk BTC Price |
| Mempool Transaction Count | ~15,000 | Blockchain.com |
| Peak Mempool Transactions (Late 2024) | ~150,000 | Blockchain.com |
| Miner Fee Revenue Percentage | <1% | Statement by Joël Valenzuela on X |
Conclusion: Is Bitcoin Losing Its Everyday Users?
Bitcoin’s soaring price contrasts sharply with its declining mempool activity. The data suggests that retail users are not actively transacting on-chain, raising concerns about Bitcoin’s long-term network health and decentralization.
Market watchers will be closely monitoring mempool trends as a barometer of retail interest and network vitality in the coming months.
