- Bitcoin transactions have decreased.
- Miners are now being paid less because rune trading has decreased.
Bitcoin after halving event [BTC] We experienced an unexpected increase in fees and a corresponding increase in miner fees.
Runes emerged as major contributors to the network’s transactions following the halving event. However, this surge has since subsided, resulting in lower transaction fees and miner revenues.
Rune continues to contribute to Bitcoin trading
According to data from glass node, Loons has contributed approximately $117 million in transaction fees to date. Notably, more than half of these fees were incurred on the day of Bitcoin’s halving.
These transactions and associated fees caused a surge in network activity and significantly increased fees for miners.
Further analysis was carried out dunes It has been revealed that Runes ranks second in terms of transactions on the network.
As of this writing, runes accounted for over 19% of total transactions. Although it is the second highest contributor to network charges, its contribution has decreased significantly.
At the time of writing, Rune accounted for over 12% of total network charges.
Source: Dune Analytics
Rune effect fading for Bitcoin miners
AMBCrypto’s analysis of Bitcoin miners’ fees revealed that there were periods when they experienced underpayments.
As shown in Glassnode’s graph, miners’ revenue has fallen into negative territory, indicating that the difficulty of mining exceeds the rewards earned.
Furthermore, Glassnode’s fee index showed a significant decline and was hovering around 45 BTC at the time of writing.
Source: Glassnode
The miner revenue percentage metric has also experienced a notable decline, remaining at around 10% at the time of writing. Before this decrease, miner revenue and fees were above 40% and 1,200 BTC, respectively.
The spike in this metric was primarily driven by the spike in transactions caused by Rune. However, as Rune transactions declined, so did fees and related metrics.
Overall, trading volumes remain low as traders wait for better trends in Bitcoin price.
BTC wipes out initial gains
According to AMBCrypto’s daily price trend chart analysis, Bitcoin was in a negative trend. As of this writing, BTC is trading around $61,900, reflecting a drop of nearly 3%.
read bitcoin [BTC] Price prediction for 2024-2025
This represents a reversal from the positive trend observed in the previous trading session, where BTC rose more than 1%.
Source: TradingView
Additionally, the Relative Strength Index (RSI) showed that the bearish trend strengthened as we moved away from the neutral line.
