Bitcoin network activity has surged to a two-year record thanks to the Runes protocol.
The Bitcoin network is experiencing an unexpected surge in activity, setting a new record in the last two years. According to my data, on June 23, the daily number of transactions exceeded 820,000 — the highest figure since April 2024. Notably, this surge is occurring against the backdrop of a bear market: at the time of analysis, BTC is trading around $62,000, roughly 50% below its all-time high.
The main catalyst for this growth is the Runes protocol. Its message transactions exceeded 600,000 per day, and its share of network fees reached approximately 25%. This indicates that users are actively using Bitcoin not only as a store of value but also as a platform for creating and transferring digital assets.
This dynamic demonstrates that even amid a market correction, fundamental network activity can remain high. Runes, in essence, is revitalizing the Bitcoin ecosystem, attracting a new audience and generating income for miners. However, it is worth noting that such surges are often temporary, and sustainable demand for decentralized applications is required for long-term network growth.
My expert opinion: The increase in activity driven by Runes is a positive signal, but it does not negate the bearish trend. Investors should monitor the sustainability of this momentum: if the protocol can maintain interest after the correction, Bitcoin could gain a new growth driver.