Bitcoin Mempool is “Practically Empty,” Says CryptoQuant

It turns out that the Bitcoin mempool, a queue of pending transactions, is now “practically empty,” according to Julio Moreno, head of research at CryptoQuantThis pool of unprocessed transactions on the Bitcoin network saw a swift depletion on February 1, 2025. 

This coincides with the period of declines in activity on the network, which led to the mining of several blocks before they were filled with transactions.

Bitcoin Mempool Depletion Threatens Mining 

A recent decline in activity has forced Bitcoin to nearly clear its backlog of unprocessed transactions. 

As of December 2024, these transactions were around 250,000, per Johoe’s Bitcoin Mempool Statistics data. On that Saturday, several Bitcoin blocks went unfilled as mempools. These memepools, distinct for every node, cleared out, and transaction fees approached record lows.

Profitable mining may be threatened by the reduced activity, especially after the last halving event, which was held in April 2024. 

To hedge against this potential situation, some large Bitcoin mining companies are considering diversifying into other businesses, like computing for Artificial Intelligence (AI) and high-performance computing workloads.

Bitcoin Transactions at 11-month Low

Last month, the volume of transactions processed on Bitcoin’s network reached an 11-month low. Block’s data dashboard noted that this signaled a continuation of a three-month streak of declines. The monthly transactions have decreased by 43% from the Bitcoin network’s All-time-high (ATH) that was seen in October last year. 

A few days before Donald Trump’s inauguration as the 47th President of the United States (POTUS), the Bitcoin ecosystem recorded a surge in daily transactions. However, it wasn’t long before they started to decline again. 

The seven-day Moving Average (7 MA) of daily transactions has reached its lowest level since February 2024.

Bitcoin Price and Current Performance 

Bitcoin’s price has remained flat in the last 24 hours. After hovering around $101,500, the coin has plunged below $100,000. At this writing, the coin traded at $98,838.90 after losing 3.17% in 24 hours.

Despite this drawdown, the price of the coin may reclaim new local highs, drawing on the trends around spot BTC ETF product. In addition, Nation states are eyeing adopting the coin, creating a natural demand source for the digital currency. Among the countries mulling BTC adoption is the United States, Switzerland and Czech Republic.