Todays Top Stories

Editor: @PhoenixxDown

We Are Under Attack

It is with great sadness to tell you that we, the enjoyers of Ordinals and Runes, are once again under attack. The “gravedancing” is back in full force on the timeline, led by the Laser-Eyed Maxis gleefully declaring our investments dead.

However, aside from the Maxis, who hate us no matter the time of day, we are now also under siege by something far more formidable: data. Unlike the inebriated ramblings of a Maxi, data cannot be dismissed so easily.

Yet, even in the face of sobering statistics, not all hope is lost. Let’s examine the situation carefully—it’s not all doom and gloom.

The Case for Caution: Fidelity’s Report

Fidelity’s recent analysis paints a grim picture of Ordinals and Runes, suggesting these innovations may be fleeting fads rather than sustainable developments. The report highlights that Runes, launched during the April 2024 halving, caused a brief spike in transaction fees, but this surge quickly dissipated.

“The halving block specifically had 37.62 Bitcoin in fees, worth over $2 million,” Fidelity states. However, the report emphasizes that such fees are unsustainable, driven by speculative mania rather than meaningful adoption. Fidelity argues that Runes are simply a Bitcoin-based iteration of meme coins, resembling the rise and fall of NFTs on Ethereum and Solana.

“Like so many speculative assets before it, the Runes fad is seemingly coming to an end,” the report concludes, predicting a continued decline in activity. While Fidelity acknowledges the short-term revenue generated for miners, it remains skeptical about the long-term viability of these ecosystems.

Udi Wertheimer responded to the report by branding Fidelity "retarded," which remains the most comprehensive rebuttal thus far.

Access the full report here.

A Bullish Perspective: Bitcoin Magazine’s Take on BTCfi

However, all is not lost! Bitcoin Magazine offers a contrasting perspective, emphasizing the progress made by Bitcoin decentralized finance (BTCfi) applications, with Runes leading the charge.

For instance, Liquidium has facilitated over $360 million in loans within just a year. Runes now account for the majority of this activity, signaling their growing utility within the Bitcoin ecosystem.

“Runes is a significantly more efficient protocol that offers a lighter load on the Bitcoin blockchain and delivers a slightly improved user experience,” Bitcoin Magazine notes. The publication argues that the rise of Bitcoin-native DeFi is a testament to the blockchain’s unmatched security and its ability to attract new economic activity.

“Regardless of your personal opinion about Runes… the fact that real people trust the Bitcoin blockchain to take out decentralized loans denominated in Bitcoin should make freedom lovers stand up and cheer,” the article asserts, framing Runes as part of Bitcoin’s broader evolution.

Read the full article here.

The Data-Driven View: Blockspace Media

Let’s dive into the data. Blockspace Media adopts a neutral approach, presenting three key charts highlighting Runes’ struggles in recent months.

The protocol’s market cap has fallen below $1 billion, down from a peak of $2.1 billion in November 2024. Additionally, the largest Runes tickers—such as $DOG, $PUPS, and $BDC—have been on a two-month decline.

However, there are hints of stabilization. Analysis from @SkyChirpLogic suggests the downtrend may be slowing, with some tokens potentially reaching a local bottom. While Runes’ on-chain activity still lags behind BRC-20s, its current market cap remains well above its August 2024 low of $600 million.

“Maybe Runes haven’t fared that poorly after all… or perhaps they can go lower still,” Blockspace Media concludes, offering a cautiously optimistic outlook.

Read the full report here.

So, are Ordinals and Runes just a fad? The answer depends largely on your perspective (and how heavy your bags are). While it’s undeniable that Runes and Ordinals face challenges, their potential to expand Bitcoin’s utility cannot be dismissed outright.

For the believers, the thesis remains unchanged: as awareness and adoption of Bitcoin assets grow, it’s only logical that these assets—be it Ordinals, Runes, or BRC-20 tokens—will gain traction.

Bitcoin represents the ultimate digital store of value, and assets built atop this ecosystem carry the same potential for universal appeal as NFTs and tokens on other chains—with the upside potential being far greater. While the path forward may be rocky, the opportunity is enormous for those with vision and patience.

It’s not a matter of if but when.

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Todays Markets

Ordinals

RSIC Metaprotocol has reclaimed a spot in the top 5 after a lengthy absence, as rumors swirl in the lead-up to the one-year anniversary of the iconic day in 2024 when many OGs were airdropped RSIC miners. This historic airdrop kicked off a season that created tremendous value across the ecosystem.

After climbing yesterday, both NodeMonkes and Bitcoin Puppets have fallen back toward 0.1. Interestingly, Rocktoshi’s loading counter now sits at around 80%. Could this be related? If NodeMonkes are involved, they could soon see 0.2 again rather than hovering near 0.1.

Bitcoin Frugs continue to hold their ground in the top 10 with an impressive 187 sales over the past 24 hours, showing consistent demand for this project.

Both Pizza Pets and Pizza Ninjas are making appearances as well, marking a solid day for TO and their dedicated community.

Runes

Despite a broader market uptick following the CPI figures, Runes are trailing behind slightly (as is tradition) but still show promising signs of life.

$BDC is inching back near the 40 sats mark, signaling potential for a strong breakout. Meanwhile, $GIZMO stands out as a clear winner today, surging 27%.

The biggest gainer in the top 10 is PayMeInBitcoin, climbing an impressive 33% on the day. However, this surge seems to be driven entirely by speculation and possibly insider knowledge, as there’s minimal social activity surrounding the token. It doesn’t even have an X account or a clearly defined community yet.

In Issue #87, we revealed there are rumors that this early inscribed Rune may be linked to former NFL star Russell Okung.

As the market continues to recover, now is the time to closely watch which Runes bounce back strongest in the coming days and weeks. Those that don’t may be approaching the end of their run.

Todays Opportunities

Giveaways

There are currently six raffles live, so join the Discord below and make sure you have notifications on so you don’t miss out!