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Bernstein: “Bitcoin is experiencing a DeFi summer”

Researchers at brokerage firm Bernstein have observed that Bitcoin is currently undergoing a unique trend referred to as a “DeFi summer.” This trend is characterized by a significant surge in miner fees and a multitude of tokens being introduced on the Runes platform.

Gautam Chhugani and Mahika Sapra, experts at Bernstein, have emphasized that Bitcoin is no longer simply a static blockchain where hodlers hold onto their assets. The network is now experiencing a similar phenomenon to what Ethereum went through in 2020, with numerous decentralized services and tokens being introduced on the blockchain, leading to increased liquidity and transaction fees.

According to the analysts at Bernstein, the majority of transaction activity on the Bitcoin network is currently being driven by the hype surrounding the Runes protocol, resulting in a high level of speculation and the creation of new tokens.

As of now, thousands of tokens have been launched on the Runes protocol, with a total of 1.66 million transactions completed.

Prior to this observation, Bernstein experts had predicted that Bitcoin would regain its bullish momentum after the halving event and potentially reach a price of $150,000 by the end of 2025.