Bitcoin's on-chain activity is undergoing a notable shift: the majority of recent transactions now stem from Memecoins, particularly Runes and Ordinals inscriptions. This surge in blockchain-based token activity reflects a broader market pattern—while retail traders are actively engaging with these assets on-chain, institutional capital appears to be migrating toward off-chain settlement solutions. The divergence between on-chain retail activity and institutional off-chain adoption highlights an evolving Bitcoin ecosystem where different market participants are utilizing distinct transaction layers. Runes, in particular, have become a dominant force in driving transaction volume, fundamentally reshaping how we view network engagement metrics.