The number of transactions on the Bitcoin network has exceeded 820 thousand in recent days, reaching the highest daily level in more than two years. According to Glassnode data, the largest share of the increase was received by transactions related to the Rune protocol.
Two-year peak in the number of transactions
While Bitcoin was traded around 62 thousand dollars, this increase in network activity attracted attention. Although the price is approximately 50 percent below its all-time peak in October, the acceleration of on-chain usage has revealed a pattern that diverges from normal market behavior.
According to the data, the total number of daily transactions has reached the highest level since April 23, 2024. The period in question stood out as the phase in which the Rune protocol came into effect right after the last halving and there was a significant jump in transaction fees.
Rune transactions moved network usage
The number of transactions carrying Rune protocol messages, called Runestone, has exceeded 600 thousand. Thus, the highest level of the last two years was seen in this category. Runes allow users to create and transfer fungible assets on Bitcoin, similar to the ERC 20 standard on the Ethereum network.
Mini dictionary: Runes is a standard developed for the generation and transfer of fungible tokens on Bitcoin. Runestone refers to the transaction messages that carry the data of this protocol.
This mobility was directly reflected in the economic structure of the network. The share of fees from rune-related transactions in total Bitcoin network fees increased to approximately 25 percent. This rate was recorded as one of the highest levels in recent years.
Glassnode data revealed that not only BTC transfers but also transactions related to the Rune protocol have become decisive in the recent rise in the Bitcoin network and have gained significant weight in fee generation.
Usage discussions on the network are on the agenda again
One of the long-stated criticisms of Bitcoin has been that the network remains limited in terms of actual on-chain usage and acts more like a speculative asset. Recent transaction data has reopened this debate. Because it seems that the demand on the network is fed not only by classical BTC transfers but also by different application areas.
On the other hand, the debate over the long-term value of Rune-based token structures on Bitcoin continues. Despite this, recent data has shown that demand for Bitcoin block space can remain strong even during a period when the market is weak.
