Network Activity Explodes: Bitcoin Transactions Hit 820,000 as Runes Demand Returns

A renewed spike in activity on the Runes protocol is driving Bitcoin transaction counts and fee revenue to multi-year highs.

Even with Bitcoin still in a prolonged bear market, on-chain usage has continued to strengthen.

Glassnode data shows daily Bitcoin transactions have recently surpassed 820,000, while BTC trades near $62,000—roughly 50% below its all-time high from October. The rise is notable because network activity usually softens during extended price declines.

This marks the highest level of transaction activity since April 23, 2024, shortly after the last halving and the introduction of Runes, a fungible token standard on Bitcoin that previously triggered a surge in network fees.

Runes, similar in concept to Ethereum’s ERC-20 standard, enables the creation and transfer of fungible tokens directly on Bitcoin.

Activity tied to the protocol is again ramping up, with “Runestone” transactions exceeding 600,000 per day—also a two-year peak, according to Glassnode.

The impact is also visible in Bitcoin’s fee market. Runes-related activity now makes up roughly 25% of total network fees, hitting multi-year highs and showing that demand for block space is increasingly being driven by use cases beyond basic BTC transfers.

While Bitcoin has often been criticized for limited on-chain utility and heavy reliance on speculation, the latest surge suggests the network is still seeing meaningful real usage even through a sustained downturn.