Repeated Bitcoin inscriptions that resemble cipher text are statistically closer to random pseudo-prose than encryption, Galaxy Research said in a BlockBeats report on Oct. 25.
The report said the activity produced nearly 40 inscriptions a day for about three weeks. Across 562 text segments, the 26 letters appeared at roughly 3.6% to 4.2% each, with an index of coincidence near 0.0385. A Vigenere key-length test showed no peak, according to the report.
Transaction pattern points to automation
Galaxy Research described the inscriptions’ on-chain behavior as bot-like: each transaction used one input, a new change address and an OP_RETURN output. The activity spanned about 31 funding chains, reached as many as 86 hops and continued around the clock, with daily output rising from roughly 12 to 40 transactions.
The research team estimated that the operator had spent about 3.33 million satoshis, with roughly 24% paid as miner fees and about 76% still held at its own addresses. The team called the project Babel Scribe and judged it to be a test of a mainnet data-publishing tool rather than a secret message, advising readers not to keep decoding the text.
Source: BlockBeats, 2026-10-25 12:23:39 UTC.