Bitcoin On-Chain Transactions Hit Two-Year High as Runes Drives Network Activity

Bitcoin's on-chain activity is picking up again. Glassnode data cited by CoinDesk shows daily transactions have climbed past 820,000, marking the network's highest level in two years. The jump appears to be led by heavier on-chain usage rather than a simple rebound in market sentiment, as Bitcoin's price remains range-bound. Runes has been the primary catalyst. The protocol enables the creation and transfer of fungible assets directly on the Bitcoin network, often compared to Ethereum's ERC-20 standard. Transactions carrying Runes messages, known as "Runestones," topped 600,000 in a single day, also a two-year high, suggesting protocol activity is now responsible for much of Bitcoin's recent network traffic. The rise is also showing up in miner revenue. Runes-related transactions are estimated to account for about 25% of total Bitcoin network transaction fees, pointing to stronger demand for on-chain settlement and tighter competition for block space. This is the first return to these activity levels since April 23, 2024, shortly after the last halving and during the early rollout of Runes, when fees briefly spiked. Bitcoin is trading near $62,000, roughly 50% below its all-time high set in October last year. On-chain activity typically cools during such price phases, but recent data indicates usage has remained resilient. While the long-term value of Bitcoin-based token protocols remains debated, the latest figures show Runes has again become a key driver of network traffic and fee growth in the near term.