Last week, The Block’s Data & Insights newsletter talked about the crazy impacts the hype around Runes was having on the Bitcoin network. Specifically, the new token standard that launched at the halving helped push both the number of transactions and the amount of fees being paid on the network to new all-time highs.

As is often the case, hype cannot last forever. While roughly half of the transactions on Bitcoin are still related to Runes, the number of transactions has vastly subsided. There were almost 800,000 Runes transactions on April 23; since then, the amount has stayed below 350,000.

The fees during the initial excitement around Runes did seem to reach an unsustainable level. The 7-day moving average of the average transaction fee on the network hit …