Bitcoin Blockchain Utilization Surpasses 90% After Halving

In a recent surge of activity, Bitcoin’s blockchain bandwidth utilization has surpassed 90% for the first time since the halving event in April. This significant increase in network activity is driven by the adoption of new token standards, such as Runes and BRC-20, which have led to elevated transaction volumes. Despite ongoing fear, uncertainty, and doubt (FUD) in the market, Bitcoin adoption and trading activities remain robust.
Data from Dune Analytics highlights that on June 20, Bitcoin’s transaction dominance hit 91.4%, far outpacing other tokens like Runes (6.8%), BRC-20 (1.6%), and Ordinals (0.2%). The surge in bandwidth utilization post-halving can be attributed primarily to the new token standards that incentivize developers to build on the Bitcoin blockchain. Analysts from Bitfinex noted that these tokens have made the Bitcoin ecosystem increasingly relevant.
Additionally, the halving event, which cut miners’ rewards by 50%, has led miners to prioritize transactions with higher fees to compensate for the reduced rewards, further contributing to the higher bandwidth utilization.