Bitcoin

April

Daily

Runes, a new token standard on the Bitcoin blockchain, has seen its daily average transaction count plummet over 88% from its highest point in June.
<a href="https://dune.com/cryptokoryo/runes" target="_blank" rel="noopener nofollow">According</a> to Dune Analytics data from Crypto Koryo, the average daily Runes transactions from June 22–28 was 37,820, reflecting a nearly 90% drop from the 331,040 daily average recorded between June 9–15.
It includes 23,238 transactions made on June 24 — the lowest since the protocol launched at Bitcoin’s <a href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed">fourth halving event</a> on April 20. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/5ca53187-0803-42c1-ae82-aeb15bde2b16.png" alt="" title="">
 <figcaption style="text-align: center;">
 Daily Runes transactions since the protocol launched on April 20. Source: Dune Analytics
 </figcaption>
</figure>
Runes transactions have only accounted for between 4.9% and 11.1% of all Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;transactions in the last week. 
The sharp fall in <a href="https://cointelegraph.com/learn/bitcoin-runes">Runes transactions</a> has had a considerable impact on Bitcoin miner fees, who are still feeling the effects of the last halving event.
Runes have contributed less than 2 Bitcoin in miner fees over the last six days — marking an enormous drop from its <a href="https://cointelegraph.com/news/bitcoin-runes-earn-2500-btc-fees-2-months">record 884 Bitcoin on April 24</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/3de867b2-5f32-4628-8856-723e0dd161ca.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin fees sourced from Runes since April 20. Source: Dune Analytics
 </figcaption>
</figure>
Fees from Ordinals inscriptions and BRC-20 tokens have been even lower over the same time frame. 
These protocols were initially touted as a <a href="https://cointelegraph.com/news/runes-offering-lifeline-bitcoin-miners-terawulf">new revenue stream</a> for miners who previously relied on ordinary peer-to-peer Bitcoin transfers to cash in network fees.
Fees from these Runes and Ordinals managed to cover the 50% reduction in block subsidy for the next few days after the April 20 halving event — but since then, trading volumes have largely been unpredictable.
Related:<a href="https://cointelegraph.com/news/corporate-adoption-amateur-league-bitcoin-etfs"> Corporate adoption is in ‘amateur league’ despite Bitcoin ETFs</a>
Runes, launched by Ordinals inventor Casey Rodarmor on April 20, has been marketed as a more efficient way to create new tokens on the Bitcoin network than the <a href="https://cointelegraph.com/learn/what-is-a-brc-20-token-standard-an-overview#:~:text=The%20BRC%2D20%20token%20standard%20was%20created%20in%20early%20March,the%20BRC%2D20%20token%20list.">BRC-20 token standard</a> and alternate solutions.
The decline in network fees and Bitcoin’s price has caused Bitcoin’s hash price — a key metric for measuring miner revenue — to <a href="https://cointelegraph.com/news/bitcoin-miners-survival-mode-hash-rate-approaches-all-time-low">drop to nearly its lowest level</a>&nbsp;ever.
Meanwhile, Bitcoin miner reserves&nbsp;<a href="https://cointelegraph.com/news/bitcoin-miner-reserves-lowest-14-years">plummeted to 1.90 million</a> Bitcoin on June 19, the lowest level in Bitcoin terms in over 14 years. 
Magazine: <a href="https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/">Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame</a>

Runes TXs on Bitcoin tank over 88% in June

Cointelegraph

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