Mempool Tx Count Falls to 40,448 (z=-5.03) as Fear & Greed Holds at 50
Mempool transaction count reached 40,448, a z-score of -5.03 against the 30-day baseline of 97,406. Fear & Greed sits at 50, up 166.3% from its 30-day mean of 18.78, with no matching exchange flow.
Mempool depth at a multi-week low
Mempool transaction count reached 40,448 (z-score -5.03, -58.5% vs the 30-day mean of 97,406) according to mempool.space. The deviation is the primary anomaly in today's snapshot, and it sits well outside the normal range for the window.
Historically, sharp mempool contractions have coincided with periods of reduced on-chain activity rather than immediate price dislocation. The current regime is one of thinning transaction demand, not congestion. BTC traded at $81,794 with 24h volume of $29.37B, or 0.99x the 30-day average, so spot participation has not dropped in step with the mempool.
The sentiment layer is moving in the opposite direction. The Fear & Greed Index (alternative.me) reads 50/100, a z-score of 1.9 and +166.3% against its 30-day mean of 18.78. Over the same window, CoinGlass reports zero BTC exchange netflow and zero miner outflows. Sentiment has shifted without a corresponding movement in exchange balances or miner selling, which leaves the divergence unconfirmed by flow data.
What to watch
What to watch: if mempool transaction count recovers above 97,406 (the 30-day mean) over the next 7 days, the depth collapse is likely a temporary demand lull; if it stays below 60,000 over the same window, the contraction is persisting and the sentiment reading lacks network-side support.
Not financial advice.
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