Author: MONK, Messari researcher; Translator: Golden Finance xiaozou

This article summarizes the key points in Messari’s latest research report.

I believe the Bitcoin Alts ecosystem (runes and ordinals) is one of the most asymmetric crypto bets you can make right now.

Let’s take a look at the ecology and its catalysts.

After the hot issuance, runes transactions basically showed a downward trend, but stabilized in the last quarter.

Despite this, the ecosystem continues to see an influx of new addresses, and the runes interactive wallet has achieved steady growth for the first time.

Kaito AI data shows that mindshare also remains highly correlated, with runes competing with some of the top crypto sectors such as DeFi.

What is often overlooked is that Bitcoin meme coins are worth up to nine figures, making them the most valuable category of cryptocurrencies. Market capitalization has essentially bottomed out and appears to be recovering.

The same goes for Ordinals. Bitcoin Puppets are among the top 10 collectibles most of the time, and the bottom price has also had a good upward trend recently.

We believe these are evidence of continued adoption and continued interest. This Bitcoin L1 has the top 15 meme coins (DOG) and the top 15 NFT series (Bitcoin Puppets and NodeMonkes). Aside from Solana and the Ethereum mainnet, no other chain can claim this.

I give a full list of upcoming catalysts in my report. Two points to emphasize: Magic Eden’s ME token will open TGE next week. ME currently has over $4 billion in FDV in pre-market trading. This could mean over $400 million in airdrops for runes and ordinals users.

It is also worth noting that the top three Runes have been nominated to be listed on Binance Futures (Binance Futures) and are currently in the review stage. This would be a significant unlock as Bitcoin’s user experience makes organic price discovery currently difficult to achieve.

Magic Eden and OKX have done a great job improving user experience, liquidity, and ecosystem accessibility. ME’s new funding will also be used to provide ongoing incentives.

As the transaction environment for Solana and Ethereum becomes increasingly crowded, we believe that the Bitcoin ecosystem can provide an exit to the early narrative, less than a year after the launch of the runes token standard .

Bitcoin’s native addressable market is one of the largest in the cryptocurrency space. Although interest in Bitcoin Alts has declined so far, we are seeing continued community growth, continued activity, and stable valuations. This forgotten ecosystem can be rejuvenated with the stimulation of the right catalysts.