Bernstein: Runes usher in the "DeFi Summer" moment for the Bitcoin network

Bernstein analysts say Bitcoin is experiencing a "DeFi Summer" moment similar to Ethereum's in 2020 with the launch of token protocol Runes. On April 20, Bitcoin miners received more than $100 million in rewards, of which about $80 million came from transaction fees alone. Bitcoin's fourth halving reduced miners' block subsidy rewards from 6.25 BTC to 3.125 BTC. Before the halving, Bitcoin miners received a total of about $60 million to $70 million in subsidies and transaction fee rewards per day. However, according to Blockchain.com, this figure soared to $107.75 million on April 20, even though miners received half of the subsidy rewards for each block. According to Glassnode, about 75% of this ($80 million) came from transaction fees alone, both of which were record highs. (The Block)