The trading volume for Bitcoin Ordinals has recently surged to its highest level since May, according to an on-chain data dashboard created by anonymous analyst Domo. At the time of writing, approximately $14.7 million worth of Bitcoin-based assets were transacted using the protocol.
Bitcoin Ordinals, introduced earlier this year, enable the creation of NFT-like assets directly on the Bitcoin blockchain. This innovative protocol allows users to inscribe various forms of data—such as artwork, profile pictures, or text—onto individual satoshis, the smallest unit of Bitcoin.
Trading Activity and Exchange Impact
Tuesday’s highest trading volume occurred on the cryptocurrency exchange OKX, which is based in Seychelles. The platform began supporting Ordinals trading in May and, as of this writing, accounted for over 60% of daily Ordinals transactions—approximately 6,100 in total.
It is important to note that Domo’s dashboard did not capture the recent activity on Binance, the world’s largest crypto exchange by volume. While Binance initially introduced support for image-based Ordinals in May, it took a major step on Tuesday by listing ORDI—the very first BRC-20 token.
According to Binance’s official website, the price of ORDI surged by 124% within 24 hours, reaching $13.21—more than double its initial listing price of $5.91. Across all trading platforms, ORDI recorded a staggering $471 million in trading volume in the past day, as reported by CoinGecko.
Broader Market Impact and Expert Insight
Beyond the recent spike in Bitcoin’s price—which briefly surpassed $35,000—industry experts point to Binance’s support for ORDI as a major catalyst. Charlie Spears of Luxor Technologies, a Bitcoin mining firm, noted that the exchange’s decision has ignited interest across all Ordinals-related assets, including both tokenized and image-based inscriptions.
"Binance alone has overshadowed the entire Ordinals trading volume across all other markets," Spears explained. "There’s the fungible token side of Ordinals, and then there’s the NFT or JPEG side. These two segments often move together."
Understanding BRC-20 Tokens and ORDI
The BRC-20 token standard was pioneered by Domo, inspired by Ethereum’s widely used ERC-20 standard, which supports popular tokens like Tether’s USDT. Domo launched ORDI in March as an experiment, making it the first token of its kind on Bitcoin.
Casey Rodarmor, the creator of the Ordinals protocol, took to Twitter to clarify that ORDI is not officially associated with the Ordinals project. He emphasized that Binance inaccurately referred to the token as “Ordinals” and mistakenly linked to ordinals.com as its official website.
"ORDI has no affiliation with the Ordinals project," Rodarmor stated. "I hope this misunderstanding is resolved soon."
Market Trends and Transaction Fees
The rise in Ordinals trading coincides with a broader resurgence in the NFT market, which recently saw its highest trading volume in three months. This occurred just one day after NFTs were featured in an episode of The Simpsons.
Back in May, high demand for Ordinals led to a significant increase in Bitcoin transaction fees, with high-priority transactions costing around $26 (654 sat/vB). As of Tuesday, those fees have dropped to approximately $5 (98 sat/vB), according to data from mempool.space.
Major NFT studios like Yuga Labs, the creators of Bored Ape Yacht Club, have used Ordinals to mint artwork on Bitcoin. However, the protocol gained most of its momentum from the BRC-20 trend earlier this year. According to Spears, Binance’s latest move has reignited that momentum.
"We were losing steam after the BRC-20 frenzy peaked in May and slowed by August," he said. "Now, with ORDI listed on Binance and soaring, the entire Bitcoin NFT ecosystem is experiencing a ripple effect."
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Frequently Asked Questions
What are Bitcoin Ordinals?
Bitcoin Ordinals are digital artifacts inscribed directly onto individual satoshis, the smallest units of Bitcoin. They can represent images, text, or other data, similar to NFTs on other blockchains.
How do BRC-20 tokens work?
BRC-20 is a token standard on Bitcoin inspired by Ethereum’s ERC-20. It uses JSON-based inscriptions to deploy, mint, and transfer tokens, making it possible to create fungible tokens on the Bitcoin network.
Why did ORDI’s price increase so rapidly?
ORDI’s price surged primarily due to its listing on Binance, which significantly increased its accessibility and trading volume. Market sentiment and renewed interest in Bitcoin-based assets also contributed.
Is ORDI officially part of the Ordinals protocol?
No, ORDI is a BRC-20 token created by an independent developer. It is not affiliated with the original Ordinals project led by Casey Rodarmor.
What was the impact of Ordinals on Bitcoin transaction fees?
During peak periods of Ordinals activity, Bitcoin transaction fees rose due to increased demand for block space. However, fees have since normalized as network congestion eased.
Can users trade Ordinals on major exchanges?
Yes, several major exchanges, including OKX and Binance, now support trading of Ordinals and BRC-20 tokens, providing users with more options to engage with these digital assets.