On the bear market, on-chain activity has become even more lively. Runes has truly figured out how to play the blockchain space, with 600k daily active transactions—no joke.

CryptoWorld reports that Bitcoin on-chain activity has surged during the bear market, with daily transaction volumes exceeding 820k, reaching a two-year high, and the price around $62k, down about 50% from the peak. The growth is closely related to the launch of the Runes protocol, which creates and transfers fungible assets on Bitcoin, with an average of about 600k messages per day, also hitting a new high. Runes-related transaction fees account for 25%, indicating that demand for block space is being driven by non-BTC transfer applications.