Key facts
- Microtransactions below 0.01 BTC now account for approximately 80% of daily Bitcoin transactions.
- This is a significant increase from 44% in 2023.
- The surge is driven by protocol-level activity like Runes and Ordinals.
- Network activity is near all-time highs.
- This is occurring despite price weakness in Bitcoin.
Microtransactions, defined as those below 0.01 BTC, now constitute roughly 80% of all daily Bitcoin transactions. This represents a significant shift from the approximately 44% share they held in 2023. The primary drivers behind this surge in small-value transactions are protocol-level activities, specifically the implementation of Runes and Ordinals. These developments have led to a substantial increase in network activity, pushing it to levels near its all-time highs. Despite this heightened network utilization, the price of Bitcoin has shown weakness, indicating a divergence between on-chain activity and market valuation.