Bitcoin transaction fees have skyrocketed to new heights following the launch of the Runes protocol, causing fees to surpass the previous all-time high. According to crypto analytics firm IntoTheBlock, daily fees reached $80 million on April 20th, which is four times higher than the previous peak recorded over six years ago. Runes, a protocol developed by Casey Rodarmor, aims to enhance the efficiency of creating fungible tokens on the Bitcoin network. The surge in transaction fees has also led to an increase in miners’ rewards, compensating for the reduction in rewards after Bitcoin’s halving on April 19th. Miners earned a record $100 million-plus in revenue on April 20th, despite the halving reducing inflationary rewards by 50%. It is worth noting that the surge in Runes-related transactions appears to be driven primarily by a specific group of market participants, as new addresses on Bitcoin have reached a two-year low. Retail participation is expected to increase over time.