Runes Transactions on Bitcoin Plummet by Over 88% This Month

The number of daily Runes transactions on the Bitcoin network has plummeted by over 88% since its peak earlier this month. This decline has significantly impacted Bitcoin miner fees, which have been dwindling since the recent halving event. While Runes initially offered a potential new revenue stream for miners, their transaction volumes have become erratic and unpredictable, leading to a substantial decrease in miner fees. The sharp drop in Runes transactions has contributed to a decline in Bitcoin's hash price, a crucial metric measuring miner revenue, reaching nearly its lowest level ever. Additionally, Bitcoin miner reserves have plunged to their lowest level in over 14 years, signaling a challenging period for the mining industry. The decline in Runes transactions is a significant concern for the Bitcoin ecosystem, raising questions about the future viability of these new token standards.