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The Evolution of Bitcoin Transaction Fees Post-Halving
Following the highly anticipated Bitcoin halving event on April 20, significant shifts in the digital asset’s fee structure, transaction patterns, and hash rate resilience have become apparent. Recent data analysis by Glassnode reveals a groundbreaking trend in miner revenue, with fees reaching a historic peak of 75% on the halving day before stabilizing at around 45%, highlighting the increasing importance of fee-based income for miners.
Fluctuations in Blockchain Inscriptions
Throughout early 2023, inscriptions on the Bitcoin blockchain witnessed notable spikes in May and December, correlating with substantial upticks in miner fees. However, a detailed examination of inscription transactions this year unveils a stark decline in activity. Previously averaging approximately 8,000 transactions per period, with peaks exceeding 16,000 and lows dropping below 6,000, inscription volumes have plummeted post-halving.
Recent insights from Dune Analytics provide further illumination on the evolving Bitcoin transaction landscape. On April 23, out of a total of nearly 900,000 transactions—marking a year-to-date high—Runes dominated the scene, constituting a staggering 73% (approximately 675,000 transactions), while traditional BTC on-chain transactions comprised just 27% (roughly 250,000). Both inscriptions and BRC-20 tokens played marginal roles, accounting for only 0.1% (769 transactions) and 0.2% (1,400 transactions), respectively.
The Decline of Inscriptions
As the Bitcoin network navigates the aftermath of the halving event, the influence of inscriptions appears to be diminishing. This begs the question of whether Runes will follow a similar trajectory as the ecosystem adapts to the new norm.
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