Bitcoin's new token standard, Runes, has seen a significant drop in daily average transactions, down by nearly 90% from its peak earlier this month. The slump has impacted Bitcoin miner fees, which are still reeling from the effects of the last halving event. Runes, launched by Ordinals inventor Casey Rodarmor, was initially seen as a new revenue stream for Bitcoin miners. However, the dip in network fees and Bitcoin's price has led to a sharp fall in Bitcoin's hash price, a key measure of miner revenue. Meanwhile, Bitcoin miner reserves hit a 14-year low on June 19.