Bitcoin Network Transaction Activity Growth Despite Significant FUD

The throughput of the Bitcoin blockchain exceeded 90% after the halving, due to the adoption of new standards and the increase in transaction volume.

After the halving event in April, activity on the BTC network increased significantly. This growth comes despite high levels of fear, uncertainty and doubt (FUD).

The data of Dune Analytics highlight the critical moment on June 20 when the transactional dominance of Bitcoin reaches 91.4%, compared to 6.8% for Runes, 1.6% for BRC-20, and 0.2% for Ordinals.

Continued improvements to Runes

The increase in traffic after the halving is largely due to the adoption of new token standards such as Runes and BRC-20.

Dune Analytics data revealed a substantial increase in transactions involving these token standards, particularly on April 23, when Runes transactions exceeded 750,000.

Bitfinex analysts shared:

"New token standards like BRC-20 and Ordinals have spurred more development on the BTC blockchain, increasing its overall share in the space."

Runes were created to establish fungible tokens on the Bitcoin blockchain, and have seen widespread adoption, leading to high transaction volumes.

Impact of the halving

The recent halving in April caused miners to prioritize transactions with higher fees to compensate for the reduction in rewards.

Bitfinex analysts also commented:

"After the halving, there is usually increased activity on the chain as traders and investors adjust their positions, resulting in an increase in the number of transactions."