Bitcoin sub-0.01 BTC transfers rise to 80% as OP_RETURN activity nears records
CryptoQuant says low-value transfers linked to OP_RETURN, Runes, Ordinals and BRC-20 are pushing Bitcoin network activity close to all-time highs despite muted price action.
Bitcoin transactions worth less than 0.01 BTC, or about $630, now account for roughly 80% of daily transaction counts, up from about 44% in 2023, as low-value protocol activity drives Bitcoin network usage higher, CryptoQuant said. Julio Moreno, head of research at CryptoQuant, said the surge is concentrated in the smallest transaction cohorts and is linked to heavier use of OP_RETURN, alongside Runes, Ordinals, BRC-20 and data timestamping services. CryptoQuant's Bitcoin Network Activity Index has risen steadily since January and is now about 7% below its September 2024 record, while daily Bitcoin transactions have climbed above 800,000, indicating elevated on-chain usage even as prices remain weak.
- OP_RETURN: A Bitcoin function that lets users attach limited data to transactions.
- Runes: A protocol on Bitcoin that can generate large numbers of small on-chain transactions.
- BRC-20: An experimental token standard built using Bitcoin inscription mechanics.