Educational Post

What Are Bitcoin Runes?

Bitcoin Runes is a protocol that enables the creation of fungible tokens on the Bitcoin blockchain. Unlike BRC-20 and SRC-20 tokens that also operate on the Bitcoin blockchain, Runes are not reliant on the Ordinals protocol and are designed to be simpler and more efficient. They utilize established Bitcoin blockchain models, such as the UTXO model and the OP_RETURN opcode.

How Do Bitcoin Runes Work?

The Bitcoin Runes protocol operates through two fundamental mechanisms of the Bitcoin blockchain: Bitcoin’s UTXO (Unspent Transaction Output) transaction model and the OP_RETURN opcode.

In the UTXO transaction model, each transaction results in outputs that are treated as separate pieces of digital currency. To initiate a transaction, you use these outputs as inputs. The UTXO model allows for the tracking of every unit of cryptocurrency. In the context of Bitcoin Runes, each UTXO can hold different amounts or types of Runes, which simplifies the management of tokens.

The OP_RETURN opcode allows users to attach additional information to Bitcoin transactions. This opcode facilitates the inclusion of up to 80 bytes of extra data in an unspendable transaction. Bitcoin Runes specifically use the OP_RETURN opcode for storing the token data, such as the token’s name, ID, symbol, commands for specific actions, and other essential data. The data is stored in what is referred to as the Runestone within the OP_RETURN opcode of a Bitcoin transaction.

#NOT/USDT Update:
#NOTCOIN trying to break out.
If it does, we're bullish toward a new all-time high or the $0.01 level.

JUST IN: GameStop files to sell up to 45 million shares.

🇺🇸 Spot #BitcoinETFs Another Positive inflows with $257.34M ( 16-05-024 )

🔹 Grayscale saw +$5M Inflow
🔹 Total Value Traded: $1.50 Billion ( As of 16th May )
🔹 Total Net Assets ~$54.63 Billion in 🇺🇸 Spot ETFs
🔹 BlackRock saw +$93.70 Inflow

Total inflows of +$257.34M in Spot 🇺🇸Bitcoin ETFs
1⃣ $ARKB +$62M (+937 BTC)
2⃣ $FBTC +$67.10M (+1010 BTC)
3⃣ $BTCO +$6.20M (+94 BTC)
4⃣ $IBIT +$93.70M (+1420 BTC)
5⃣ $EZBC +$3.80M (+57.42 BTC)
6⃣ $BRRR +$18.50M (+280 BTC)
7⃣ $GBTC +$4.60M (+60.51 BTC)
8⃣ $BITB +$1.40M (+21 BTC)

🔰 8 ETFs = +ve Inflow
🔰 2 ETFs = 0 Inflow/Outflow

US Bitcoin ETFs Bought 3,890 $BTC Yesterday which is Equal to Approximately 9 days supply.

BREAKING: 🇺🇸 SEC tells exchanges to update their Ethereum ETF filings on an “accelerated basis” - CoinDesk 🤔

🇺🇸 Bitcoin ETF issuer Grayscale hires Goldman Sachs executive Peter Mintzberg as new CEO.

#Ethereum has a 75% chance of a Spot ETF approval. Ethereum is 20% up already🔥

Altcoin rally soon🚀🚀

Join on tamilbtc.com/bingx 6th Anniversary

Happy Bitcoin Pizza Day, everyone!

Today commemorates a significant milestone, marking Bitcoin's evolution from a niche hobby for tech enthusiasts to a widely recognized economic asset.

Share your celebration photos! In comment section #BitcoinPizzaDay

🚨What happened in Crypto in the last 12h?🚨

- $FLOKI $GALA Token Burn
- $XAI Halving
- $ARB Gaming Catalyst Program
- $AEVO + Binance Labs
- $JUP GUM Alliance
- Farcaster + Paradigm + a16z $DEGEN
- Trump accepts crypto $TREMP $TRUMP
- zySync Airdrop

👇

• VanEck spot ETH ETF has been listed on the DTCC under ticker $ETHV.

• $AEVO - Binance Labs announced the investment in Aevo.

• $CRO - Cronos has announced the successful upgrade of its zkEVM Testnet to Tethys. Mainnet launch planned for summer.

• $FLOKI - Floki DAO has planned the burning of 15,246,000,000 $FLOKI tokens on May 22.

• $GALA - Gala team received $20M from a hacker and has proposed the burn of ~5 billion tokens following a security incident.

• $JUP - Jupiter has announced the Giant Unified Market initiative. Team plans to index memecoins, RWAs, stocks, and forex for atomic transactions.

• $UNI - Uniswap Labs has responded to the SEC's Wells notice. The team expects the House to pass a bill tomorrow, granting the CFTC authority over digital asset trading.

• $XAI - XAI has announced the completion of the first $XAI halving event.

• Arbitrum has announced a $200M Gaming Catalyst Program on Tally. On-chain vote planned to initiate in 3 days. $DMT $XAI $MAGIC

• Farcaster raised $150M in a funding round lead by Paradigm, a16z, Standard Crypto. $DEGEN

• Trump's U.S. presidential campaign now accepts donations in SOL, BTC, ETH, and other tokens. $TREMP $TRUMP

• zkSync token airdrop is expected to occur around June 13th. $HOLD

* * *

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Thanks for reading!🫡

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JUST IN: 🇺🇸 SEC approves spot Ethereum ETFs.🚀

BAT analysis:

Price is trading in a narrow range and has been rejected from the resistance area. A move towards the support area is expected, providing an opportunity to open a long position.

Support Area: $0.22-$0.229

Resistance Area: $0.258-$0.266

According to Glassnode, small Bitcoin (BTC) holders, known as "shrimps," who own less than 1 BTC, hold about 7% of the total circulating supply.

This highlights their significant role in the ongoing trend of accumulating BTC.

JUST IN: 🇺🇸 Donald Trump says "I will ensure that the future of crypto and Bitcoin will be made in the USA…I will support the right to self custody to the nations 50 million crypto holders."

ECB Plans Rate Cut as Fed Contemplates Next Move

As the Federal Reserve deliberates on when to reduce interest rates, the European Central Bank (ECB) is already planning its next steps post-cut.