• Bitcoin’s transaction fees have stabilized after the initial surge caused by Runes transactions
• Runes transactions dominated Bitcoin’s transaction volumes initially, reaching over 73% on April 23
• By April 25, Bitcoin transactions contributed around 75% of fees while Runes accounted for only 22%
The highly anticipated bitcoin halving event on April 20 led to a surge in miner fees, largely fueled by the release of Runes. However, this frenzy was short-lived as fees have now returned to pre-halving levels.
Runes Launch Drives Fee Surge
The launch of Runes following the bitcoin halving led to a spike in transaction volumes, with Runes transactions reaching over 750,000 on April 23 – approximately 73% of all transactions on the Bitcoin network. Runes dominated fees, accounting for 75% of total transaction fees at its peak.
Fees Decline as Interest in Runes Wanes
In subsequent days, Runes transaction volumes gradually declined according to data from Dune Analytics. By April 25, Bitcoin on-chain transactions made up 75% of fees while Runes only accounted for 22%.
Data from Glassnode shows that total fees have regressed to levels seen prior to the halving. On April 25, Bitcoin network fees were roughly $67 million, similar to pre-halving levels. This signals diminishing interest in Runes and its share of fee distribution.
A separate CryptoSlate analysis also found a drop in transactions involving inscriptions since its launch in 2023, suggesting a similar fading trend for Runes.
Difficulty Adjustments Impact Fees
Another factor in the decline in fees after the halving is the ongoing Bitcoin difficulty epoch. The current difficulty adjustment rate remains positive at around 1%.
While fees have diminished, it remains to be seen whether the network hash rate will continue rising amid these adjustments.
