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Bitcoin network volume falls to an 18-month low as the inscription rune craze fades.
On June 20, with the craze for inscription runes fading, Bitcoin network trading activity has fallen to its lowest level in 18 months, with the 7-day average volume dropping to 316,000 transactions last week, a 50% Slump from the mid-2024 peak of 700,000 transactions. The average transaction fee remains below $1.5, indicating a return to normal competition for block space.
The speculative frenzy around Bitcoin native protocols such as Runes and Ordinals has waned. These innovative applications that once brought Ethereum-style token functionality and NFT inscriptions to Bitcoin have gradually faded from mainstream view as traders shift to other blockchain ecosystems with higher native support.