Runes Protocol Boosts Bitcoin Fees and Miner Profits Post-Halving

Daily Top Performer — Hedera Hashgraph (HBAR)

The SPX index is up 1.2%, ten out of 11 S&P sectors experienced gains, particularly in communication services, technology, and industrials. The broader cryptocurrency market is mixed, with Bitcoin dropping by 0.20% and Ether rising by 0.48%, in the past 24 hours.

Today’s outperformer is HBAR, which jumped 77.22% after Archax expands tokenized money market fund offerings with BlackRock MMF and HBAR partnership.

Hedera Hashgraph (HBAR), launched on September 2019, is a cryptocurrency network that supports fast transactions and application deployment, overseen by a select group of business-approved nodes. This design ensures quick finality and reliability, attracting major corporations like LG, IBM, and Boeing as participants. Archax, a regulated digital asset exchange, has broadened its portfolio by introducing tokenized shares of the BlackRock ICS US Treasury money market fund (MMF) in partnership with The HBAR Foundation. This addition builds on Archax's earlier offerings of tokenized money market funds and was facilitated through the Ownera FinP2P digital asset network. This expansion allows for instant transfer of MMF shares, serving a wider range of client needs and merging traditional and crypto financial markets through real-world asset tokenization.

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Talk of the Town:

The recent halving of Bitcoin introduced a new protocol called Runes, developed by Ordinals creator Casey Rodarmor, which has sharply increased transaction fees. This protocol allows for more efficient data inscriptions on Bitcoin and has sparked a flurry of activity as users create and register unique "Runes," driving transaction fees from about $5 at the beginning of the month to over $36. Concurrently, the value of Runestones plummeted significantly after an airdrop. Despite the halving intended to reduce their earnings, miners have gained from high fees and substantial block rewards. The vibrant trading and interest continue with platforms like Magic Eden actively listing various Runes.

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Spot Bitcoin ETF Flows:

Recent reports indicate a surge in inflows into Bitcoin ETFs, with a record $2.4 billion entering the market in a single week, primarily directed towards BlackRock's IBIT and Fidelity's FBTC. This trend coincides with notable outflows from gold ETFs, suggesting a potential shift in investor preference towards digital assets. The introduction of spot Bitcoin ETFs is seen as a significant factor driving this movement, providing institutions with regulated and secure entry points into the digital asset market. This influx of funds into Bitcoin ETFs reflects a growing acceptance and integration of cryptocurrencies within the broader financial industry, highlighting Bitcoin's emerging status as a viable investment asset.

Airdrop to Watch:

CVEX, a platform that recently raised $7 million in seed funding, is currently running an incentivized testnet. Participants in the testnet can earn XPs by trading, which might later be rewarded, potentially through an airdrop. To join, users need to connect their wallets, trade to accumulate XPs, and track their progress online. Additional achievements can be earned by completing specific tasks and minting an OAT NFT through Galxe. This testnet offers various achievement levels such as Common, Rare, Epic, and Legendary, making it an accessible option for those with limited funds for airdrop interactions.

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