Activity in the Bitcoin network has reached a two-year maximum: daily number of transactions exceeded 820,000, according to analysts Glassnode. It is noteworthy that the increase occurred against a background of trading first cryptocurrency below $63,000, which is not typical for bear market when oncheen activity tends to decline.

The main driver of anomalous growth was the Runes protocol, which allows you to create and transmit interchangeable tokens directly into the Bitcoin blockchain. The number of transactions associated with Runes exceeded 600,000 per day, also reaching a two-year peak. The Runes token operations now account for 25% of all network commissions, indicating fierce competition for a block seat and growing demand for blockchain space.

Glassnode experts point out a dangerous discrepancy between asset price and fundamental activity of the network. This divergence indicates a lack of sustainability and dependence on short-term speculative factors rather than real demand. Similar activity rates were only seen after the Halving of 2024, when launching Runes was already causing network overload and a sharp rise in fees.