Binance Wallet Removes Inscription Market: Where is the Bitcoin Ecosystem Headed?

At the end of yesterday's article, I saw many readers mentioning "X has removed inscriptions," and my first reaction was: Did X remove all trading pairs of inscriptions (including ORDI)?

I learned that the removal here only refers to its wallet no longer supporting inscription trading, which is quite different from the platform not supporting inscription trading.

I estimate that many users misunderstood this news.

It seems that influenced by this news, the price of ORDI dropped to $33 while I was writing the article.

There are also many comments online regarding the subsequent impact of this event, with some believing:

X's support and development of the Bitcoin ecosystem is already lagging behind many other exchanges, so this matter has limited impact on inscriptions.

I think this can be viewed in the short term, but in the long term, this incident may indirectly indicate X's assessment and judgment of this sector.

Inscriptions, especially ORDI, in my view, are a starting point and support for the current round of innovation and explosion in the Bitcoin application ecosystem.

Let's look at the most prosperous DeFi ecosystem in the Bitcoin ecosystem now; almost all support inscriptions, and many applications that go live first support ORDI.

Without inscription assets, the Bitcoin application ecosystem feels like water without a source or a tree without roots.

Therefore, any platform that pays attention to the Bitcoin application ecosystem cannot ignore inscriptions, let alone ORDI. For exchanges, it should increase various supports for inscriptions.

However, X is now removing support for inscription trading from its wallet, which indicates:

X is unlikely to focus on this as a key development direction in the future and is relatively cautious about this sector.

To some extent, I share this view. I have expressed similar opinions in several previous articles.

From the current development and progress in various aspects, the application development of the Bitcoin ecosystem is quite concerning. Currently, various technologies that were once promising seem to have not made significant waves in their subsequent development, nor have they prompted the Bitcoin application ecosystem to develop distinctive applications.

Binance no longer supports trading of inscriptions in its wallet, and I estimate that in the future, it will gradually downplay support for other Bitcoin assets (such as runes, etc.) or at least will not invest significant effort in developing new applications.

Moreover, if the Bitcoin application ecosystem continues to languish, I believe there is a possibility that other exchanges will follow suit with similar actions. After all, maintaining support for these applications or even developing new features requires considerable expenses. If there are no results, why continue to invest?

I also mentioned the operation of these assets in a previous article:

In the short term (at least until next year), I estimate that with the rotation of sectors, whether it is inscriptions, runes, or other Bitcoin ecosystem assets, there will still be a wave of increases, but in the long term, the uncertainty remains high. Therefore, I will take advantage of that wave of increases to clear most of these assets.