Bitcoin Block Space Health this week: - Decentralization: 61 - Security: 41 A 20-point gap inside the same dimension. UTXO set is fine. Composition is slowly degrading. Large OP_RETURN payloads pinning Security to the floor. Why a single score would erase the story:

Issue #26: Block Space Health - Structurally Weak, Acutely Pressured

BMHI dimension deep-dive. Composition is slow-bleeding, large OP_RETURN payloads are pinning Security to the floor

Bitcoin's price is mostly a bet on its structure. This week I launched v2 of The Bitcoin Portal, anchored by the Bitcoin Monetary Health Index, a 0–100 score across 7 dimensions of structural health. Methodology versioned, transparent, opinionated.

The Bitcoin Portal

The Bitcoin Portal — Bitcoin Monetary Health Intelligence

Daily on-chain intelligence for Bitcoin

SpiderPool's large OP_RETURN activity has been accelerating lately -> Five in the last 7 days. Most recent one: a 10KB MP3 (royalty-free UI click sound from http://SoundJay.com) inscribed in a single transaction via three OP_RETURN outputs, using a 'pwm1:' file-inscription protocol.

mempool - Bitcoin Explorer

Explore Bitcoin

BIP-110 fixes this.

The Bitcoin Portal

The Bitcoin Portal — Bitcoin Monetary Health Intelligence

Daily on-chain intelligence for Bitcoin

New issue: The 45% Problem 30% (3-year avg) → 37% (6 months ago) → 45% today. Bitcoin’s blockspace is getting flooded with non-financial data. The fee market won’t fix it. Miners won’t fix it. Here’s what will.

Issue #23: The 45% Problem

The share of non-financial blockspace crossed 45%. Six months ago it was 37%. The trend is not your friend.