According to BitMEX Research, maintaining an open fee market for Bitcoin blockspace—where bids are placed transparently in the public mempool—is essential for the cryptocurrency’s long-term security and viability. This open system promotes free and fair competition among transactions, allowing traders to optimize fees and transaction times. BitMEX Research warns that if centralized private entities bypass the mempool to send transactions directly to miners, it could undermine market efficiency and impact on-chain trading strategies (source: BitMEX Research, May 1, 2025).