Bitcoins block size reaches lowest point of the year How will BTC halving affect it

The Bitcoin network has seen a significant decrease in its average block size and transaction rates, corresponding with a drop in price to approximately $64,100. The reduction in block size, which measures the transaction data included in each block, suggests a sharp decline in Bitcoin (BTC) blockchain activity, hitting a yearly low on June 7. Additionally, the network’s transaction per second (TPS) rate has also declined in June, indicating a decrease in activity and potentially reducing miner profitability following the halving of BTC block rewards. The halving of block rewards by 50% for miners has led to a decrease in profits and incentives to contribute to the blockchain’s activity. The average TPS in June has ranged from highs of around 28 TPS to lows of below 4.5 TPS, currently standing at 9.12 TPS. Despite the current state of the BTC blockchain, the performance of the Runes minting market provides further insight into the Runes ecosystem and the network as a whole. The Runes minting market remains profitable and reflects continued strong user activity on the BTC blockchain. The secondary market performance of the top 10 largest Runes mints has shown a significant range from as low as -82.76% to as high as +1,194.42%, indicating continued strong market activity. The recent price drop and coincidental decline in network activity might be the beginning of a prolonged correction. Crypto analyst Rekt Capital has discussed the potential continued correction of BTC forming “clusters of price action near the Range High resistance at ~$71,600.” According to the analyst, BTC was “getting very close” to retesting the $64,000 and $62,500 levels on June 17, identified as daily Chicago Mercantile Exchange gaps. These gaps represent areas on the price chart where noticeable differences can be seen between the closing price on one day and the opening price the following day.