Key facts
- Transactions under 0.01 BTC now represent approximately 80% of daily Bitcoin transactions, up from 44% in 2023.
- The surge in low-value transactions is driven by protocols like Runes, Ordinals, BRC-20, and data timestamping services.
- The Bitcoin mempool has reached 128,000 transactions, its highest count since February 2025.
- CryptoQuant's Bitcoin Network Activity Index is at its highest level since late 2024, driven by transaction counts.
Microtransactions below 0.01 Bitcoin (BTC), currently worth around $630, now account for approximately 80% of all daily transactions on the network, a significant increase from about 44% in 2023, according to research firm CryptoQuant. This surge is primarily driven by protocol-level activity, such as the use of the OP_RETURN opcode for services like Runes, Ordinals, BRC-20, and data timestamping, which generate a large volume of very small transactions. The increased activity has pushed the Bitcoin mempool, the queue for unconfirmed transactions, to its highest count since February 2025, with 128,000 transactions waiting. CryptoQuant's Bitcoin Network Activity Index has reached its highest level since late 2024, driven by transaction counts rather than value. Total daily transactions have surpassed 800,000, nearing the highs seen during the 2023-2025 bull cycle.