This is a very historic change in Bitcoin: not a halving.

Bitcoin's blockchain is undergoing a historic transformation led by the introduction of the Runes token standard.

This new development improves the functionality of Bitcoin by enabling the creation of fungibles. It will also significantly increase transaction fees and mining revenues, reshaping the economic landscape of the network.

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IntoTheBlock's head of research, Lucas Outumuro, recently described Runes' seismic effect as “absolutely insane.” He pointed out that 80 million dollars has reached a record. This is nearly four times higher than the all-time high recorded in December 2017.

In addition, the average Bitcoin transaction fee rose to $128, a figure that significantly overshadowed the original upset of $30.

This increase in fees has benefited miners, who, despite a 50% drop in inflation due to the halving, saw their earnings rise by 1,200% following the launch of Runes. The sudden surge resulted in a record $100 million in Bitcoin mining revenue.

Still, the introduction of Runes was associated with a sharp decline in new Bitcoin addresses, which reached a two-year low. According to Outumuro, this indicates that the current surge is mainly driven by seasoned crypto enthusiasts, with retail investors yet to join the fray.

The traditional financial sector, particularly Wall Street, was caught up in these developments. Stocks such as Marathon Digital Holdings ( MARA ) and Riot Platform ( RIOT ) fell more than 20 percent in half a month, downplaying Runes' potential and the crypto market's adaptability.

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With what many in the industry refer to as “shitcoins,” this historic network shift points to a solution to Bitcoin's long-standing security challenges. As this trend continues, the real test will be whether its sustainability and early momentum can be sustained.