Runes transaction share on the Bitcoin network has dropped to new lows, reaching just 1.67% of daily transactions, marking a significant decline from its dominant position earlier in the year.

This represents a stark contrast to the period between April and November when Runes often consisted of over 50% of daily Bitcoin transactions. Daily fees for Runes transactions have remained below $250,000, indicating minimal network activity compared to previous periods.

The decline in Runes activity coincides with broader market dynamics and shifting investor focus:

The data suggests a potential cooling of the Runes ecosystem. The dramatic drop from a network share of over 50% to below 10% indicates a significant shift in Bitcoin network usage patterns. This decline may reflect a broader market trend where speculative interest has rotated into other cryptocurrency sectors.

However, as Bitcoin prices look to stabilize, history suggests that attention will return to ecosystem projects such as runes and ordinals, making it important to monitor how these verticals evolve.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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