Happy Tuesday!

For today’s newsletter, we check the pulse of the runes token market on Bitcoin, and it ain’t pretty….

Bearish sentiment abounds as Bitcoin has pulled back a whopping 15% from its all-time high over the past month. While that price decline may barely register for anyone who’s been around a full cycle, the world of bitcoin-denominated assets is really feeling the heat.

And none are sweating quite so much as runes.

You might be asking, “Why do you keep writing about shitcoins? I want to follow Bitcoin news!” Well, dear reader, as Bitcoin evolves and matures, the nature of the economic participants changes too. 

We Bitcoiners know a couple things: 1) Bitcoin has to eventually discover a fee market and 2) shitcoins on bitcoin have been the greatest contributor to fee market activity this Halving period. If you look at the past 8 years of Bitcoin’s transaction history, it shows the impact of the post-ordinals economy on Bitcoin’s fee market. 

So…let’s talk about runes!

The famous “seppuku chart” from Geniidata shows that the total market cap for runes is down over 50% from its all time high of $2.1 billion in mid-November. 

This nod to the ancient samurai method of suicide comes from a tweet by runes creator Casey Rodarmor, which joked that, if runes assets did not surpass a $1 billion market cap, he would commit seppuku.

This isn’t the first time runes have sunk below the seppuku line; it happened multiple times this past summer, and the asset class reached an all-time market cap low of ~$600 million last August.

Continue reading here.

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