Increased activity in the Rune protocol is driving Bitcoin transaction volumes and fees to levels not seen in years.
By James Van Straten|Edited by Jamie Crawley Jun 24, 2026, 9:47 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Number of New Runestones (Glassnode)SummaryShow- Bitcoin has surpassed 820,000 transactions in a single day, marking its highest daily volume in over two years, largely due to the activity linked to the Rune protocol.
- Transactions involving Rune protocol messages, referred to as Runestones, have exceeded 600,000, contributing approximately 25% to Bitcoin's total transaction fees.
- Similar to ERC-20 tokens on Ethereum, Runes enable users to create and transfer fungible assets on the Bitcoin network.
The surge in Bitcoin's on-chain activity continues even as the asset remains entrenched in a bear market.
Recent data from Glassnode indicates that Bitcoin transactions have exceeded 820,000 per day. This spike occurs while Bitcoin trades around $62,000, which is about 50% lower than its all-time high reached in October, a time when one would expect a decline in network activity.
This transaction count is the highest observed since April 23, 2024, shortly after the last halving event and the introduction of the Runes protocol, which established a standard for fungible tokens on Bitcoin, leading to a notable increase in transaction fees.
Runes allow users to create and transfer fungible assets directly on Bitcoin, akin to how ERC-20 tokens function within the Ethereum ecosystem.
Currently, the popularity of Runes is significantly boosting Bitcoin activity, with transactions carrying Rune protocol messages (Runestones) exceeding 600,000 daily, also achieving a two-year record, according to Glassnode data.
The rise in Runes is influencing Bitcoin's economic landscape, as the share of transaction fees from Rune-related activity has surged to about 25% of all network fees, marking multi-year highs. This indicates that the demand for block space is increasingly driven by applications beyond just standard BTC transfers.
Critics have long maintained that Bitcoin lacks substantial on-chain utility, primarily serving as a speculative asset. However, the recent uptick in transactions and fee generation implies that the network is experiencing significant utilization, even amid a prolonged market slump.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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