Summary
Fungible Bitcoin tokens are down ahead of the Bitcoin halving and Runes protocol launch, with popular tokens like ORDI and SATS seeing significant declines. Bitcoin Pups is an exception, surging 139% for the week. Less popular BRC-20 tokens like Piza and Pepe are performing well. Ordi’s decline is attributed to correlation with altcoins, not Bitcoin. Inscription bridges and EVM tokens are also down for the week. Liquidity is shifting towards preparing for the Runes protocol launch.
Key Points
1. Fungible Bitcoin tokens, released under the BRC-20 standard, are experiencing a downturn five days before the Bitcoin halving and the launch of the Runes protocol.
2. Some of the top BRC-20-based tokens like ORDI, SATS, Multibit, and Ordiswap are down over the last week, while Bitcoin Pups has seen a significant increase of over 139%.
3. Less popular BRC-20 tokens like Piza and Pepe are performing well, with Piza up 635.9% and Pepe up 137.5% for the week.