ChainCatcher reported that Julio Moreno, head of research at CryptoQuant, said transactions below 0.01 BTC currently account for about 80% of the Bitcoin network’s total daily transaction volume. The share is significantly higher than the roughly 44% recorded in 2023, marking a clear increase in the proportion of small-value transactions within Bitcoin’s daily network activity.
OP_RETURN-based protocols drive small transfers
Moreno said the increase has mainly been driven by OP_RETURN-based on-chain data protocols, including Runes, Ordinals, BRC-20 and data timestamping services. These protocols generate large numbers of small transactions. Some transactions are as small as 546 satoshis, which Moreno described as about $0.35, adding to the continued rise in low-value transfers on the Bitcoin network.
Moreno also noted that the Bitcoin network activity index has been rising since January this year and has now reached its highest level since the end of 2024. His comments link the growth in transactions below 0.01 BTC to the use of Runes, Ordinals, BRC-20 and data timestamping services, all of which contribute to a higher count of small on-chain transfers.