Bitcoin network activity has surged to a two-year record: the main driver is the Runes protocol.
On June 23, the Bitcoin network demonstrated a record surge in on-chain activity. According to data from the analytical platform Glassnode, the daily number of transactions exceeded 820,000 — the highest figure since April 2024. Notably, this surge occurs against the backdrop of a bearish trend: at the time of analysis, the BTC price is around $62,000, approximately 50% below the all-time high.
Runes Protocol as a Catalyst
The main driver of this growth was the Runes protocol. Transactions containing messages from this protocol exceeded 600,000 per day, and their share of the total network fees reached ~25%. This indicates not just a temporary hype, but the formation of a sustainable new segment of Bitcoin blockchain usage — for recording data and creating digital artifacts.
It is important to emphasize: although overall activity has sharply increased, the network itself is not experiencing critical congestion, as the Runes protocol uses the UTXO mechanism, which allows efficient processing of many small transactions. However, such pressure on fees could create short-term discomfort for regular BTC transfers.
My expert conclusion: The increase in activity driven by Runes is a positive signal for Bitcoin's fundamental value as a platform, not just as a store of value. However, the current fee dynamics and low BTC price indicate that the market is not yet ready to fully appreciate this metamorphosis. Investors should closely monitor the protocol's development: if it becomes mainstream, it could change the mining economy and create new demand for the blockchain, independent of cyclical price fluctuations.