Bitcoin Sales Dwindle: Momentary Lapse or Steady Descent?

Bitcoin Sales Dwindle: Momentary Lapse or Steady Descent?

Bitcoin sales experienced a significant drop in January, particularly the sales of Bitcoin Ordinals, marking a 61% fall to $335 million from December’s peak of $868 million. The data was compiled by CryptoSlam, an NFT data aggregator, also highlighting that Ordinals were the first NFTs minted on the Bitcoin network. The Bitcoin sales decline and the devaluation of Ordinals are being linked to the oversaturated NFT market and new collections emerging from other blockchains. Despite the slump, some remain optimistic, such as blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More expert Anndy Lian, who suggests that the impending Bitcoin halving event could rejuvenate Bitcoin-native NFTs, making this downturn potentially transient. With the growing interest in Bitcoin ETFs and the expected halving event, a rebound in Bitcoin sales could be on the horizon.