Despite a quarterly price decline for Bitcoin, on-chain activity for its Ordinals protocol saw a significant surge, with over 7.7 million new inscriptions minted in Q4 2025. This occurred as the BTC price fell to around $81,000 in November, a dip that creators used opportunistically to inscribe data at lower network fees. The cumulative number of Ordinals on the Bitcoin network has now surpassed 107.7 million.
The growth extends beyond simple image inscriptions to token-like assets. In December 2025 alone, nearly 3 million BRC-20 tokens were minted, representing a threefold increase from September. This activity suggests builders are preparing infrastructure in anticipation of a future price rally and renewed retail interest.
Concurrently, a major macroeconomic shift is unfolding that bolsters Bitcoin's long-term value proposition. China has reportedly reduced its holdings of U.S. Treasuries for nine consecutive months, reaching its lowest exposure since 2008. This move is part of a broader de-dollarization trend, with the U.S. dollar's share of global currency reserves falling to around 57-58%, its lowest level since the 1990s.
As faith in traditional debt instruments wanes, alternative assets like gold and Bitcoin gain attention. Gold has already responded, rising to $4,200 per ounce in late 2025. Analysts note that Bitcoin, often seen as a digital alternative to gold, tends to benefit from the same macro uncertainty and search for sovereign, non-state-controlled stores of value. While central banks are not directly buying Bitcoin, the narrative strengthens its position as a hedge for investors.
