According to BitMEX Research, claims that Bitcoin saw zero spam attacks after filtering arbitrage data above 80B are incorrect, with the team cataloging repeated spam-like waves spanning 2011 to 2023 (source: BitMEX Research on X, Sep 9, 2025). Examples cited include the 2011 Single Satoshi Spam, Satoshi Dice in 2012, April 2013 85-output transactions, 2014 Sochi spam, multiple Coinwallet.eu waves and the Aug 2015 Giv3r spam, sustained high-volume usage from Omni/Tether and Counterparty, the 2016 "busy week" spam, March 2017 51-output wallet spam, Oct 2018 Bestmixer, 2019 Veriblock, 2020 momo, and 2023 Ordinals/BRC-20 and Babylon Labs Taproot-related activity (source: BitMEX Research on X, Sep 9, 2025; source: BitMEX Research blog on the 2015 spam attacks). BitMEX Research adds that outcomes are path dependent and identifies increased mining centralisation pressure and a lack of mining incentives as the largest risks to Bitcoin's network (source: BitMEX Research on X, Sep 9, 2025). For traders, BitMEX Research’s chronology highlights Ordinals/BRC-20 activity and miner incentive sufficiency as key variables when assessing BTC network risk and blockspace usage patterns (source: BitMEX Research on X, Sep 9, 2025).