2024

Rune

Bitcoin

when

April

With spot Bitcoin ETFs losing their hype and impacting BTC’s flow, the transaction fee of Rune, a standard for token issuance directly on the network, has seen a significant dip. 
<h2 id="strong-rune-transaction-fees-slump-amid-declining-interest-strong">Rune Transaction Fees Slump Amid Declining Interest</h2> 
According to crypto analytics service provider Glassnode, the transactions registered on the Rune Protocol after the Bitcoin halving event held a few days ago have a total of $117 million in revenue fees.&nbsp; 
Specifically, the protocol collected $62.4 million in revenue fees on the day of halving which coincided with its launch date. It has been nine days since the halving event, and Rune transaction fees have seen a sharp decline. 
Glassnode claimed that the “stark decline in revenue can be noted with the current Fees from Rune TXs residing at a value of $1.03M.” Compared to other transactions, Rune transactions have undergone a notable reduction, indicating how fast its hype fizzled out. It appears that investors have grown a reduced appetite for the crypto project amid declining market pricing. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Following the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Halving, Rune Transactions have accrued a total of $117M in revenue fees, with a staggering $62.4M collected on the day of the halving. 
 However, a stark decline in revenue can be noted with the current Fees from Rune TXs residing at a value of $1.03M. <a href="https://t.co/RpDnn4r88n">pic.twitter.com/RpDnn4r88n</a> 
 — glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1784883504100053291?ref_src=twsrc%5Etfw">April 29, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
It is unclear what could have led to the plunge in Rune transaction fee but it may also be a silver lining for other long-term digital asset projects. 
<h2 id="strong-are-investors-turning-away-from-rune-protocol-strong">Are Investors Turning Away from Rune Protocol?</h2> 
From the current market outlook, investors appear to likely be switching their attention from Rune Protocol to Bitcoin and its <a href="https://coingape.com/bitcoin-etf-to-welcome-over-500-advisors-in-may-bloomberg-analyst/">spot Bitcoin ETFs</a> that have been experiencing severe outflows in the last few days. Grayscale has seen huge outflows for nine consecutive weeks while BlackRock’s IBIT broke its inflow trend a while back as it recorded $0 inflow.&nbsp; 
Last week Friday, the total outflows across all ten spot Bitcoin ETFs stood at a staggering $217 million with <a href="https://coingape.com/multiple-bitcoin-etfs-report-net-outflows-grayscale-gbtc/">GBTC&nbsp;leading</a> the pack at $140 million in outflows. 
Meanwhile, when the Rune Protocol launched a few days back alongside the halving, it caused a frenzy that pushed <a href="https://coingape.com/bitcoin-transaction-fees-shoots-amid-launch-of-runes-protocol/">Bitcoin to see a strong surge in its transaction fee</a> providing miners with instant relief. The average BTC transaction fee per block surged to as high as 18.62 BTC while the average revenue per block surged to 21.74 BTC.&nbsp; 
Owing to this development, the launch of the Rune Protocol was described as being beneficial to the Bitcoin miners who have been minting huge sums in transaction fees. 
The post <a href="https://coingape.com/bitcoin-btc-rune-transaction-fee-plummets-amid-faded-hype/">Bitcoin (BTC) Rune Transaction Fee Plummets Amid Faded Hype</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Rune Transaction Fee Plummets Amid Faded Hype

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