Renaud Cuny

110 BIP-110 signaling blocks. “What are you going to do about it ?” Is this a relevant question?

https://thebitcoinportal.com/live/nodes/bip110

👀

I just shipped the Adoption dimension to The Bitcoin Portal.

It measures the direction and pace of monetary use on-chain (velocity). Right now it’s lean, focused on Value and Breadth from blockchain data. Merchants and Lightning are visible but not yet scored.

You can already see the current reading and drill-down. Full historical Adoption scoring sits behind the new Analyst tier.

Speaking of which, I also launched the Analyst tier last week (€15/month or €135/year, paid in Bitcoin). It gives you:

• 6 years of historical data across the dimensions (including the Adoption one) and on-chain metrics.
• A dedicated weekly structural read on how the BMHI is moving

Free tier stays generous.

The goal is to keep the core dashboard useful while giving serious users deeper context.

https://thebitcoinportal.com/bmhi/adoption

https://thebitcoinportal.com/login

https://blockspaceweekly.substack.com/p/the-bitcoin-portal-now-has-an-analyst

Bullish BIP-110

Spam on Bitcoin — Last 7 days:

~70% of all transactions are non-monetary 473.95 MB of non-monetary data (50.8% of Tx vsize) permanently stored on every full node

Bitcoin is being bloated by non-monetary traffic. BIP-110 is the cure.

Run Knots + BIP-110

"BIP-110 catches almost no spam."

That's become the main argument against it.

By raw transaction count, it's not entirely wrong. But count is the wrong metric.

After decoding every OP_RETURN on Bitcoin for the last 60 days:

91% is now one funded protocol: Alkanes -> Millions of tiny mints BIP-110 won't touch (and shouldn't, that's relay policy's job).

But those mints exist because contracts were deployed for them.

• Deployment = a WASM binary in a Taproot reveal. 627 of them in 60 days.
• Every single one rejected by BIP-110.

You don’t stop a metaprotocol by filtering its mints.

You stop it at deployment.

https://blockspaceweekly.substack.com/p/issue-29-counting-the-leaves

"Filtering arbitrary data is censorship. It betrays Bitcoin's neutrality."

It doesn't. Every protocol is defined by what it refuses to carry. A voice codec dropping oversized packets is not silencing speech.

A monetary network that won't defend its scope doesn't stay neutral. It just lets whoever has the most resources define its scope instead.

New issue: why Bitcoin isn't a bulletin board, even when the bulletins are noble.

https://blockspaceweekly.substack.com/p/issue28-the-freedom-text-trap

Foundry USA started mining large OP_RETURN data in May.

They likely 'just' upgraded to v30 and ran the default. The harm followed anyway.

New piece on what changed, why it matters, and why we need BIP-110.

https://blockspaceweekly.substack.com/p/issue27-default-is-not-neutral

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:

https://blockspaceweekly.substack.com/p/issue-26-block-space-health-structurally

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.

https://thebitcoinportal.com

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.

https://mempool.guide/tx/1ecf14fbbba8e5fb9bfbde9bde35b10f932c79bb4f979d3e0e477226855c7712

BIP-110 fixes this.

https://thebitcoinportal.com/onchain/spam-analysis/op-return

Issue #24 is out.

BIP-110 already shifted the game.

Here's how 👇

https://blockspaceweekly.substack.com/p/issue-24-bip-110-is-a-statement

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.

https://blockspaceweekly.substack.com/p/issue-23-the-45-problem

Bitcoin ASIC supply chain: Bitmain + MicroBT = 82% of global output. Both Chinese.

Less known: most ASIC chips are fabricated at TSMC.

The chokepoint is Taiwan.

BMHI #22:

https://blockspaceweekly.substack.com/p/issue-22-mining-health-part-2

Bitcoin Block Space Weekly #11 is out.

BIP-110 is coming. The only question is: who signals first?

This week I break down the mining landscape: Who spams, who doesn't, who's most likely to make the first move, and my take on how activation plays out.

https://blockspaceweekly.substack.com/p/issue-11-who-will-signal-first

0.08%... That's the fee premium SpiderPool earns over Ocean by filling blocks with non-financial data.

Issue #2 is out. The data on who's filling Bitcoin's blocks.

https://renaudcuny.substack.com/p/issue-2-f2pool-and-spiderpool-the

🧵 "Bitcoin is a ghost town" they say, pointing to quiet mempools But in the last 3 months, $60B+ moved on-chain daily on average That's 588,824 BTC flowing through the network every single day The "ghost town" crowd is measuring the wrong thing entirely... 👇

2/ Here's what's actually happening: While transaction COUNT dropped slightly, transaction VALUE remains massive:

$60B+ daily on-chain transfers 4.3M BTC weekly (21.6% of total supply) Same volume levels as 5 months ago

This isn't a ghost town - it's serious money moving seriously

3/ Plot twist: Bitcoin on-chain value often EXCEEDS daily spot trading volume June 11th example: 🟠 624,437 BTC moved on-chain ⚪ 467,791 BTC spot volume Real Bitcoin → Real wallets vs. Paper trading → Same coins recycling Which one matters more? 🤔

4/ What this actually signals: ✅ Less speculation, more actual utility ✅ Institutions moving capital quietly ✅ Bitcoin working as designed: final settlement layer ✅ Empty mempool = efficiency, not abandonment The network is maturing, not dying

5/ The "ghost town" narrative completely misses the point Bitcoin isn't about constant mempool chaos - it's about moving real value efficiently What other "obvious" metrics do you think tell incomplete Bitcoin stories?

🔍 Building tools to dig deeper into these questions

Bitcoin: Overpriced or undervalued? Check my latest analysis using regression trend lines to decode market signals. Find out where BTC stands today and what it means.

https://open.substack.com/pub/renaudcuny/p/riding-the-bitcoin-wave-using-regression?r=32un6z&utm_campaign=post&utm_medium=web

See my latest article on Bitcoin price modeling:

Bitcoin Price Modelling— An Alternative to Power Law https://medium.com/@renaudcuny/bitcoin-price-modelling-an-alternative-to-power-law-4f280a390974

How scarce is bitcoin?

https://www.linkedin.com/posts/renaud-cuny_bitcoin-blockchain-activity-7201550385939931136-S6qC?utm_source=share&utm_medium=member_ios

How I see #bitcoin this year:

• $80k by August
• $150k by December (assuming bull run starts in fall)