It was mentioned a few weeks ago that for the first time since March 2020, the 7-day moving average of active addresses on the Bitcoin network dropped below 700,000 as transaction fees surged following the halving event due to the excitement about Runes.

This is not unexpected; High fees can turn users off and prevent them from interacting with the blockchain.

When fees become unsustainable, as happened with Runes, users who don't want to pay the fees sit idly by. Eventually, excitement subsides and fees stabilize, allowing users to return and trade at more stable prices.

However, this does not appear to be the case recently. While the 7-day moving average fell to 689,810 on April 23, it increased slightly to 839,400 on April 30 as rates stabilized. The 7-day moving average of the network's transaction fees was $39.15 on April 23 compared to $11.92 on April 30.

Source: The Block

The moving average of active addresses has dropped lower than before, to just 655,190 on May 12. Conversely, the moving average of transaction fees has also decreased. A similar trend has emerged for new addresses on the network, which generally follows a similar pattern to the number of active addresses, as transactions create changing addresses. They then send any remaining funds not deposited in a transaction to another address still controlled by the sender, just like when you get change back when paying with cash. The moving average of new addresses fell to 290,000, which is the lowest since July 2018.

Runes-related transactions still make up a significant portion of Bitcoin's activity, often accounting for more than half of daily transactions since their launch. The energy of chaos and the need to be first in has diminished, however, allowing fees to become less stressful because there is less of a need to pay a high fee to prioritize transactions.

High fees may have initially caused delays in Bitcoin's active addresses, but do not appear to be the main culprit anymore. Some people may continue to wait for further indications that interest in Runes is truly over. The broader market decline may also be playing a role in this decline.

Source: https://tapchibitcoin.io/phi-cao-su-phan-khich-cua-runes-ha-nhiet-khi-dia-chi-hoat-dong-bitcoin-giam.html