The Runes protocol has heated up activity on the Bitcoin network to a two-year high.
The Bitcoin network is experiencing a surge in activity not seen since April 2024. On June 23, the daily number of transactions exceeded 820,000. This figure is the highest in the last two years, clearly demonstrating a shift in the dynamics of the first cryptocurrency's blockchain.
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. Investors are awaiting clearer signals, but the network is operating at the edge of its capacity.
The Main Driver — Runes
The key catalyst for this growth is the Runes protocol. Its message transactions have exceeded 600,000 per day, accounting for the vast majority of the total volume. Moreover, fees generated by Runes have reached ~25% of all network fees. This indicates that users are actively utilizing the protocol to create and transfer digital assets, despite the high cost of operations.
Professional Commentary: The increase in activity driven by Runes is a positive signal for the Bitcoin network, demonstrating its ability to adapt to new trends. However, the sustainability of this trend raises questions: if the bear market persists, interest in the protocol may wane, leading to a sharp decline in transaction numbers. We are currently witnessing a classic example of an "activity bubble" fueled by speculative expectations.