Galaxy Research: Bitcoin's gibberish inscriptions are script tests, not hidden messages
- —562 inscriptions analyzed; all 26 letters appear at 3.6–4.2% frequency
- —Transactions share a pattern: one input, a new change address and an OP_RETURN output
- —The longest chain of linked transactions reached 86 transfers
- —About 3.33 million satoshis moved, roughly 24% paid in fees
Why it matters: The findings suggest the surge in "encrypted" inscriptions is a test of on-chain data publishing tools rather than a market signal.
Source: PANews