Bitcoins Rune Transactions Plunge by Over 88 in June

Runes, a novel token standard on the Bitcoin blockchain, has experienced a significant decrease in its average daily transaction count, dropping by over 88% from its peak in June.
Data from Crypto Koryo’s Dune Analytics shows that the average daily Runes transactions from June 22–28 was 37,820, marking a nearly 90% decrease from the 331,040 daily average recorded between June 9–15. On June 24, the protocol saw just 23,238 transactions, the lowest since its launch at Bitcoin’s fourth halving event on April 20.
Runes transactions have represented only 4.9% to 11.1% of all Bitcoin (BTC) transactions in the last week. The substantial decrease in Runes transactions has had a notable impact on Bitcoin miner fees, which are still feeling the effects of the previous halving event.
Over the last six days, Runes have contributed less than 2 Bitcoin in miner fees, a significant drop from the record 884 Bitcoin on April 24. Fees from Ordinals inscriptions and BRC-20 tokens have been even lower over the same period.
Initially, these protocols were seen as a new revenue source for miners who previously relied on ordinary peer-to-peer Bitcoin transfers to earn network fees. However, fees from Runes and Ordinals were only able to cover the 50% reduction in block subsidy for a few days after the April 20 halving event, and since then, trading volumes have been largely unpredictable.
Runes, created by Ordinals inventor Casey Rodarmor on April 20, has been promoted as a more efficient method for generating new tokens on the Bitcoin network compared to the BRC-20 token standard and other alternatives.
The decrease in network fees, coupled with the decline in Bitcoin’s price, has led to a drop in Bitcoin’s hash price, a crucial metric for measuring miner revenue, to nearly its lowest level ever. At the same time, Bitcoin miner reserves fell to 1.90 million Bitcoin on June 19, the lowest level in over 14 years.