Rune Rune Hype Subsides, Bitcoin On-chain Transaction Volume Hits 18-Month Low

BlockBeats News, June 20, according to TheBlock, as the runic script rune craze subsides, Bitcoin network transaction activity has dropped to the lowest level in 18 months, with a 7-day average transaction volume falling to 316,000 transactions last week, compared to a 70% drop from the mid-2024 peak. The average transaction fee has remained below $1.5, indicating a return to normalcy in block space competition.

The speculative frenzy around Runes and Ordinals, among other Bitcoin-native protocol innovations, has waned. These innovations, which once brought Ethereum-style token functionality and NFT runic inscriptions to Bitcoin, have gradually faded from the mainstream view as traders have shifted to other blockchains with higher native support.